(Adds earning comparison, new capital budget forecast, stock
July 30 Whiting Petroleum Corp posted a
better-than-expected quarterly profit on Wednesday as oil and
natural gas production jumped across the company's wells in
North Dakota and Colorado's shale formations.
Whiting, which is about to become the largest oil producer
in North Dakota's Bakken shale with the buyout of a smaller
rival, boosted its capital budget by $100 million to $2.8
billion and said 2014 production should beat 2013 levels by 20
percent, citing in part better-than-expected well results.
"We believe we have plenty of running room in the Williston
Basin" of North Dakota, Whiting Chief Executive James Volker
said in a statement.
The company reported net income of $151.4 million, or $1.26
per share, in the second quarter, compared with $134.7 million,
or $1.14 per share, in the year-ago period.
Excluding losses on oil and natural gas derivatives and
other one-time items, the company posted income of $1.40 per
share. By that measure, analysts expected earnings of $1.28 per
share, according to Thomson Reuters I/B/E/S.
Production jumped 18 percent to 109,760 barrels of oil
equivalent per day.
Whiting agreed earlier this month to buy smaller rival
Kodiak Oil & Gas Inc for $3.8 billion in stock, a deal
that will make it the largest oil producer in North Dakota's
prolific Bakken shale formation.
Shares of Whiting rose slightly to $87.90 in after-hours
trading. As of Wednesday's close, the stock has gained 42
percent so far this year.
(Reporting by Ernest Scheyder; Editing by Lisa Shumaker and