Whiting Petroleum Loss More Than Doubles
July 27 (Reuters) - Whiting Petroleum Corp, North Dakota's largest oil producer, posted a worse-than-expected quarterly loss on Wednesday as production fell and crude prices dropped.
The weak results reflect the broad uncertainty affecting the oil industry as depressed prices erode profitability.
Whiting posted a second-quarter net loss of $301 million, or $1.33 per share, compared with a net loss of $149.3 million, or 73 cents per share, in the year-ago period.
Excluding $1.4 million in fees to cancel drilling rig contracts early, as well as other one-time items, the company lost 70 cents per share.
By that measure, analysts expected a loss of 46 cents per share, according to Thomson Reuters I/B/E/S.
Production fell 22 percent to 12.2 million barrels of oil equivalent.
Despite the drop and weak oil prices, Whiting said it will add a drilling rig in North Dakota in October.
Whiting has been converting much of its debt into common shares in recent months, completing $810 million worth of debt-to-equity conversions so far this year.
In May, for instance, the Denver-based company converted $476.3 million of outstanding convertible notes into common stock.
Shares of Whiting fell 1.4 percent to $7.25 in after-hours trading. The stock fell 5.9 percent in regular Tuesday trading.
(Reporting by Ernest Scheyder; Editing by Phil Berlowitz and Steve Orlofsky)
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Whiting Petroleum Slashes 2017 Budget After Quarterly Loss (Jul 26)
- Whiting to Lay Off More Than 100 Workers in Texas (Sep 08)
- Whiting Petroleum Loss More Than Doubles (Jul 27)