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Whiting Petroleum Corporation Announces Third Quarter 2016 Financial and Operating Results

Whiting’s (WLL) 2016 third quarter capex of $85 million was under budget and relatively flat with the second quarter. Production in the third quarter came in at the high end of guidance and totaled 11.0 million barrels of oil equivalent (MMBOE), an average of 119,890 barrels of oil equivalent per day (BOE/d). Production was comprised of 85% crude oil/natural gas liquids (NGLs). Whiting continued to lower its lease operating expense (LOE). LOE for the third quarter averaged $7.98 per BOE, below the low end of guidance. Third quarter LOE benefitted from the sale of higher operating expense North Ward Estes properties, continued operating efficiencies and better than anticipated production results.

James J. Volker, Whiting’s Chairman, President and CEO, commented, “During the third quarter, we continued to improve our capital efficiency with production at the high end of guidance on lower than projected capital spending, and LOE per BOE improving to $7.98 per BOE on the sale of North Ward Estes. This resulted in our net cash from operating activities exceeding our capital spending by $66 million. In the Williston Basin, the combination of high quality acreage and innovative completion methods drove solid results. Our thirteen new wells completed in McKenzie County tested at an average rate of 3,727 BOE/d and our leading edge design 10+ million pound completions in Williams County are tracking a 1,500 MBOE type curve. We believe the focus on balance sheet strength and capital spending discipline in the first nine months of 2016 provides us with a strong financial base to continue to deliver solid operational results and realize the potential of our world class asset base.”

The following table summarizes the operating and financial results for the third quarter of 2016 and 2015, including non-cash charges recorded during those periods:

Three Months Ended
September 30,
2016 2015
Production (MBOE/d) (1) 119.89 160.59
Net cash provided by operating activities-MM $ 151.3 $ 373.1
Discretionary cash flow-MM (2) $ 163.1 $ 279.9
Realized price ($/BOE) $ 32.34 $ 37.86
Total revenues-MM $ 129.2 $ 508.0
Net loss available to common shareholders-MM (3)(4)(5)(6)(7) $ (693.1 ) $ (1,865.1 )
Per basic share $ (2.47 ) $ (9.14 )
Per diluted share $ (2.47 ) $ (9.14 )
Adjusted net loss available to common shareholders-MM (8) $ (133.1 ) $ (35.4 )
Per basic share $ (0.47 ) $ (0.17 )
Per diluted share $ (0.47 ) $ (0.17 )
(1) Third quarter 2015 includes 10,180 BOE/d from properties that have since been divested.
(2) A reconciliation of net cash provided by operating activities to discretionary cash flow is included later in this news release.
(3) For the three months ended September 30, 2016, net loss available to common shareholders included $11 million of pre-tax, non-cash derivative losses or $0.02 per basic and diluted share after tax. For the three months ended September 30, 2015, net loss available to common shareholders included $153 million of pre-tax, non-cash derivative gains or $0.47 per basic and diluted share after tax.
(4) For the three months ended September 30, 2016, net loss available to common shareholders included a $47 million pre-tax...

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