By Ernest Scheyder
Oct 23 Whiting Petroleum Corp, which
drills for oil and natural gas in North Dakota, Texas and other
shale-rich states, said its quarterly profit more than doubled
as production jumped 12 percent.
The company posted third-quarter net income of $204.1
million, or $1.71 per share, compared with $82.9 million, or 70
cents per share, in the year-ago period.
Excluding a non-cash $15.7 million loss on crude oil and
natural gas derivatives and other one-time items, Whiting posted
profit of $1.28 per share.
By that measure, analysts had forecast earnings of $1.09 per
share, according to Thomson Reuters I/B/E/S.
Revenue rose 57 percent in the quarter to $830.99 million,
above analysts' expectations of $684.4 million in revenue.
Average quarterly production rose 12 percent over the same
period last year to 92,750 barrels of oil equivalent per day
Whiting sold its stake in two Oklahoma oilfields, along with
some pipelines, to BreitBurn Energy Partners LP in June
for $859.8 million. Whiting sold the land to focus more on its
Texas and Colorado projects and to cull debt. The company's debt
load sat at $2.65 billion as of Sept. 30, a 47 percent increase
over the year-ago period.
Denver-based Whiting bought a stake in 39,310 gross North
Dakota and Montana acres in August for $260 million, boosting
average daily production by roughly 2,420 boe/d.
Shares of Whiting rose 0.6 percent to $63.63 in after-hours
trading. The stock has gained 46 percent so far this year.