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Why Investors Are Unhappy with Whiting Petroleum

Whiting Petroleum Corp. (NYSE: WLL) reported third quarter 2015 results after markets closed Wednesday afternoon. For the quarter, the oil & gas exploration & production company posted an adjusted diluted net loss per share of $0.17 on revenues of $508 million. In the same period a year ago, the company reported EPS of $1.24 on revenues of $813.13 million. Third-quarter results compare to the Thomson Reuters consensus estimates for a net loss of $0.25 per share and $558.92 million in revenues.

The company also took a non-cash writedown of $870 million related to its acquisition of Kodiak Oil & Gas in December 2014 and another non-cash charge of about $1.7 billion for a field in Texas the company has chosen not to develop while prices remain low. On a GAAP basis Whiting posted a net loss of $9.14 per share in the third quarter.

Whiting increased production...


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