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

July 31, 2018

Title: Vice President, Investor Relations

For immediate release

Phone: 303-837-1661

 

Email: Eric.Hagen@whiting.com

 



Whiting Petroleum Corporation Announces Second Quarter 2018

Financial and Operating Results

·

Q2 2018 Average Production of 126,180 BOE/d at High End of Guidance

·

Q2 2018 Net Cash Provided by Operating Activities of $310 Million Exceeded Capital Expenditures by $107 Million

·

Q2 2018 Diluted Earnings per Share of $0.02 and Adjusted Earnings per Share of $0.62

·

Lease Operating Expense per BOE below Low End of Guidance

·

Bolt-On Acquisition Adds 55,000 Net Acres and 1,300 BOE/d for $130 Million



DENVER – July 31, 2018 – Whiting’s (NYSE: WLL) production in the second quarter 2018  totaled 11.5 million barrels of oil equivalent (MMBOE), comprised of 84% crude oil/natural gas liquids (NGLs).  Second quarter 2018  production averaged 126,180 barrels of oil equivalent per day (BOE/d) and came in at the high end of guidance.  Capital expenditures for the second quarter 2018 were $203 million.  Second quarter 2018 net cash provided by operating activities of $310 million exceeded capital expenditures by $107 million.  Lease operating expense (LOE) of $7.81 per BOE came in below the low end of guidance which called for $8.20 per BOE at the midpoint.

During the second quarter 2018, the Company added to its hedges and is now 72% hedged for 2018 and 23% hedged for the first half of 2019 as a percentage of June 2018 production as detailed later in the press release.

 

 

 


The following information was filed by Whiting Petroleum Corp (WLL) on Tuesday, July 31, 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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