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Oil and Gas

Whiting Petroleum posts quarterly profit versus year-ago loss

April 30 (Reuters) - Whiting Petroleum Corp reported first-quarter profit on Monday compared with a year-ago loss as the U.S. oil producer benefited from higher oil prices and lower costs.

The largest oil producer in North Dakota’s Bakken shale formation posted a net profit of $15 million, or 16 cents per share, in the quarter ended March 31, compared with a loss of $87 million, or 96 cents per share, a year earlier.

Production rose 8.3 percent to 11.4 million barrels of oil equivalent per day. (Reporting by Ahmed Farhatha; Editing by Arun Koyyur)

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