Whiting petroleum announced second quarter earnings this week that highlighted record production and plans to complete 40 to 50 wells in the Bakken.
Whiting posted a record quarter with total production at 170,000 BOEs per day. Company operations in the Bakken/Three Forks region represented 80% of total production at 136,000 BOEs a day.
Other Q2 Highlights
- Adjusted Net Income of $9.2 Million or $0.04 per Diluted Share
- Q2 2015 Discretionary Cash Flow Totals $380.7 Million, a 53% Increase Over Q1 2015
- Enhanced Completions Deliver 40% to 50% Production Increases Across Multiple Williston Basin Areas
- Redtail Niobrara Field Production of 17,065 BOE/d in Q2 2015, Up 31% Over Q1 2015
- $185 Million Additional Q2 2015 Non-Core Property Sales; $300 Million of Total Asset Sales in 1H 2015
- 2015 Capital Budget Revised to $2.15 Billion for 6.5% Production Gro
Whiting Petroleum Corp.'s Stock Crashed 35% in July with analysts speculating that the company's profitability is very correlated to the price of crude.