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Whiting Petroleum profit misses Street on lower sales margins
July 25, 2012 / 9:17 PM / 5 years ago

Whiting Petroleum profit misses Street on lower sales margins

* Q2 adj EPS $0.73 vs est $0.79

* Q2 revenue down 4 pct to $502.2 mln

* Raises FY production view to 29.7-30.5 mmboe

July 25 (Reuters) - Whiting Petroleum Corp’s second-quarter profit missed analysts’ estimates as lower oil and gas sales margins offset a 26 percent jump in production.

The oil and gas company, however, raised its full-year production outlook marginally. The company said it now expects to achieve production of between 29.7 and 30.5 million barrels of oil equivalent (MMboe).

The company’s second-quarter production rose 26 percent to 7.34 MMboe. Higher production was offset by lower margin on oil and gas sales as realized sales per barrel of oil equivalent fell 16 percent.

Whiting’s net income available to common shareholders fell to $150.9 million, or $1.27 per share, from $203.1 million, or $1.71 per share, a year earlier.

Excluding items, the company earned 73 cents per share, missing analysts’ estimates by 6 cents, according to Thomson Reuters I/B/E/S.

Revenue rose 4 percent to $502.2 million, but came in below analysts’ expectations of $545 million.

Denver-based Whiting’s shares closed at $40.38 on Wednesday on the New York Stock Exchange.

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