Stock Monitor: GeoPark Post Earnings Reporting
LONDON, UK / ACCESSWIRE / May 25, 2018 / If you want access to our free earnings report on Whiting Petroleum Corp. (NYSE: WLL), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=WLL. Whiting Petroleum reported its financial results for first quarter of fiscal year 2018 (Q1 FY18) on April 30, 2018. The Company surpassed analysts' estimates for revenue and earnings for first quarter 2018. Additionally, the Company provided its guidance for the second quarter 2018 and full-year 2018. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
In first quarter 2018, Whiting Petroleum's total production increased to 11.4 million barrels of oil equivalent (MMBOE) compared to 10.6 MMBOE in first quarter 2017. For Q1 FY18, the Company's production averaged 127,050 barrels of oil equivalent per day (BOE/d). The Company's revenue advanced to $515.1 million in the reported quarter in comparison to $371.3 million in prior year's comparable period, increasing 38.7% on a y-o-y basis. The Company's revenue exceeded analysts' projections of $478.9 million
In Q1 FY18, Whiting Petroleum incurred total operating expenses of $416.9 million versus $448.8 million in Q1 FY17. The Company posted income from operations of $98.2 million in the reported quarter compared to loss $77.5 million in year ago same period.
Whiting Petroleum added net income of $15.0 million in the reported quarter compared to net loss of $87.0 million in prior year's same quarter. The Company's diluted earnings per share (EPS) grew by 117% to $0.16 in Q1 FY18 compared to loss of $0.96 per share in Q1 FY17. The Company's adjusted EPS in the reported quarter rose by 253% to $0.92, which surpassed analysts' estimates of $0.22 per share.
Whiting Petroleum generates revenue through three product lines: (i) Oil sales; (ii) Natural gas liquids (NGL); and (iii) Natural Gas sales.
Whiting Petroleum generated total revenue of $453.7 million from Oil sales in the reported quarter compared to $320.5 million in year ago same quarter. Total oil production increased to 7.7 million barrels of oil (MMBbl), NGLs (other liquid hydrocarbons) in Q1 FY18 in comparison to 7.3 MMBbl Q1 FY17.
During Q1 FY18, Whiting Petroleum produced 1.8 MMBbl of NGL compared to 1.6 MMBbl in Q1 FY17. NGL sales improved by 50% to $42.8 million in Q1 FY18 compared to $28.6 million in Q1 FY17.
In first quarter 2018, Whiting Petroleum added net sales of $18.6 million compared to $22.2 million in the first quarter of 2017. The segment's production increased to 11.3 billion cubic feet (Bcf) in Q1 FY18 compared to 10.6 Bcf in Q1 FY17.
As of March 31, 2018, Whiting Petroleum's cash and cash equivalents stood at $30.5 million compared to $16.4 million as of March 31, 2017. The Company had long-term debt of $2.86 billion as of March 31, 2018, versus $2.76 billion as of December 31, 2017.
During Q1 FY18, Whiting Petroleum generated net cash inflow from operating activities of $232.9 million in comparison to $80.0 million in Q1 FY17.
Whiting Petroleum expects total production to be in range of 11.0 - 11.5 MMBOE in Q2 FY18 and 46.5 - 47.2 for FY18. The Company anticipates Lease operating expense and Interest expense per BOE to be in band of $7.90 - $8.50 and $4.00 - $4.40, respectively, for second quarter 2018.
Stock Performance Snapshot
May 24, 2018 - At Thursday's closing bell, Whiting Petroleum's stock was slightly down 0.47%, ending the trading session at $50.54.
Volume traded for the day: 4.86 million shares, which was above the 3-month average volume of 4.78 million shares.
Stock performance in the last month - up 23.63%; previous three-month period - up 75.67%; past twelve-month period - up 45.90%; and year-to-date - up 90.86%
After yesterday's close, Whiting Petroleum's market cap was at $4.57 billion.
The stock is part of the Basic Materials sector, categorized under the Oil & Gas Drilling & Exploration industry.
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