Picture 1

1700 Broadway, Suite 2300

Denver, CO 80290-2300

Phone: 303.837.1661

FAX: 303.861.4023



News Release

 



 

Company Contact: Eric K. Hagen

April 30, 2018

Title: Vice President, Investor Relations

For immediate release

Phone: 303-837-1661

 

Email: Eric.Hagen@whiting.com

 



Whiting Petroleum Corporation Announces First Quarter 2018

Financial and Operating Results

·

Q1 2018 Average Production of 127,050 BOE/d above Midpoint of Guidance

·

Q1 2018 Diluted Earnings per Share of $0.16 and Adjusted Earnings per Share of $0.92

·

Q1 2018 Net Cash Provided by Operating Activities Exceeded Capital Expenditures by $46 Million and Discretionary Cash Flow Exceeded Capital Expenditures by $103 Million

·

Q1 2018 DD&A per BOE Significantly below Low End of Guidance

·

Oil Differentials per Bbl and Natural Gas Differentials per Mcf below Low End of Guidance





DENVER – April 30, 2018 – Whiting’s (NYSE: WLL) production in the first quarter 2018  totaled 11.4 million barrels of oil equivalent (MMBOE), comprised of 84% crude oil/natural gas liquids (NGLs).  First quarter 2018  production averaged 127,050 barrels of oil equivalent per day (BOE/d) and came in above the midpoint of guidance.  Capex for the first quarter 2018 was $187 million.  First quarter 2018 net cash provided by operating activities of $233 million exceeded capital expenditures by $46 million and first quarter 2018 discretionary cash flow of $290 million exceeded capital expenditures by $103 million.  Whiting’s depreciation, depletion and amortization (DD&A) of $16.43 per BOE, oil differentials of $4.31 per barrel (Bbl) and natural gas differentials of $1.48 per thousand cubic feet (Mcf) all came in below the low end of guidance.  Guidance at the midpoint for such metrics called for $17.50 per BOE, $4.50 per Bbl and $1.50 per Mcf, respectively.

During the first quarter 2018 and subsequent to the quarter, the Company added to its hedges and is now 71% hedged for 2018 and 15% hedged for 2019 as a percentage of March 2018 production with a mix of swaps and collars as detailed later in the press release.

 

 

 


The following information was filed by Whiting Petroleum Corp (WLL) on Monday, April 30, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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