WLL - Whiting Petroleum Corporation
| Previous Close | 11.23 |
| Open | 10.96 |
| Bid | 9.86 x 3000 |
| Ask | 9.87 x 3100 |
| Day's Range | 9.30 - 11.05 |
| 52 Week Range | 6.00 - 55.17 |
| Volume | 22,200,563 |
| Avg. Volume | 8,282,362 |
| Market Cap | 865.778M |
| Beta (3Y Monthly) | 2.77 |
| PE Ratio (TTM) | 3.67 |
| EPS (TTM) | 2.73 |
| Earnings Date | Oct 28, 2019 - Nov 1, 2019 |
| Forward Dividend & Yield | N/A (N/A) |
| Ex-Dividend Date | N/A |
| 1y Target Est | 18.68 |
- Barrons.com
Oil Prices Are Coming Back Down. Energy Stocks Are Falling.
Shares of companies that surged on Monday, such as Whiting Petroleum, are slumping. Bigger energy companies have fallen less.
- Reuters
UPDATE 2-Beleaguered U.S. energy shares soar after attacks on Saudi facilities
Shares of U.S. energy companies surged on Monday as a jump in oil prices in the wake of attacks on Saudi Arabia's oil facilities gave new juice to a sector that has been a chronic underperformer. Shares of Apache Corp jumped 16.9% and Marathon Oil Corp gained 11.6%, while major energy conglomerates, including Exxon Mobil Corp and Chevron Corp, rose 1.5% and 2.2%, respectively. Some smaller stocks registered huge gains: Whiting Petroleum Corp jumped 49%, Denbury Resources Inc gained 28% and Oasis Petroleum Inc climbed 29%.
- Bloomberg
Saudi Attack Hits More Than Oil. Here’s a Stocks Breakdown
(Bloomberg) -- A weekend strike on a Saudi Arabian oil facility is rippling beyond a surge in oil prices.Energy stocks are experiencing a massive rally, exchange stocks with commodities businesses are getting a boost and flagging banks exposed to energy loans are experiencing some relief. Cruise-ship operators and airlines, on the other hand, are struggling as fuel costs are set to rise.“The attack should prove disruptive as opposed to catastrophic,” Citi’s Tobias Levkovich wrote in a note, as the Saudis are already able to make up 40% of the lost production, and there’s potential for strategic reserve releases.Citi’s energy research team was considering a $5-$10 per barrel increase on a less-than-$60 base, with gasoline prices shifting 10c to 25c per gallon; that “becomes a costly nuisance, but not a disaster, unless other facilities are attacked or counterattacks occur on other countries,” Levkovich said.He added that “energy stocks, in theory, should benefit from higher prices, but the relative performance of the hydrocarbon sector has not been as tightly correlated with crude as seen in the past, possibly due to continued poor returns on equity.” And he said that oil prices influence inflation expectations, which can impact cyclical stocks versus defensive ones.“When expectations rise, cyclical names typically outperform and thus the recent rotation toward the value end of the market may be sustained further by the recent developments,” he said.The biggest takeaway from the attack, Fundstrat’s Thomas Lee wrote, was “the relative strategic vulnerability” of the oil supply chain. Lee noted the oil market was “disrupted by a few drones dropping less than $1 million of ordnance.”Here’s a roundup of some stock sectors in Monday trading:Oil Services, E&P StocksOil servicers and exploration & production companies with high short interest are leading the way, with Whiting Petroleum Corp. soaring as much as 48%, the most ever. Refiners such as PBF Energy Inc. are underperforming given the harmful potential impact on margins.READ MORE: U.S. to See More Completions, Higher Cash Flow, Hedges, Exports: BIOilfield Services“High uncertainty will naturally fuel short covering,” Raymond James said in a note. The bank wouldn’t be surprised to see a rally in HLX, RES and NOV given oil leverage and short interest.Offshore drillers including RIG, VAL, DO and NE are also to likely see a “large short cover bounce,” Citi said.RefinersSaudi event is a “clear negative” for U.S. refiners, RBC said in a note. “The medium and heavy grades that Saudi produces are already in short supply, and a likely increase in oil prices could have a negative impact on demand given an already tenuous economic backdrop,” analyst Brad Heffern wrote. Retail margins for DK, MPC, PARR and PSX could be hurt.Coastal refiners could see near-term headwinds, while diversified firms may be less hurt, Cowen said in a note. Integrated companies such as XOM could also see some equity price appreciation. There’s “limited direct upstream exposure to Saudi Arabia within the peer group, though TOT, BP and XOM all derive ~10% production from the Middle East,” analyst Jason Gabelman said.E&PShares most likely to gain include XOG, WLL, CPE/CRZO, according to Citi. Natural gas-focused stocks, including RRC and SWN, may also benefit from short-covering, the bank added.DNR, NOG and JAG are among E&Ps who lead Seaport Global’s E&P recommendations as companies with higher oil production as a percent of 2020 total production estimates.Additionally, KeyBanc elected to upgrade JAG, CDEV, SM and WLL on Monday, citing a “likely high beta response” to crude’s rally.In Canada, Eight Capital listed stocks with high short interest, including VET CN, BNE CN, KEL CN and ATH CN. “Expect Canadian oil stocks to rally significantly,” Haywood said in a note. Haywood recommended exposure to Canadian E&Ps including PXT CN, TOG CN, WCP CN, CPG CN, VLE CN and CVE CN.Cruise OperatorsAny impact to cruise operators will depend on “how long it takes engineers to get ~5.7m bbls/day of supply back into the markets,” Nomura Instinet’s Harry Curtis wrote. Carnival shares fell as much as 3.5%; Royal Caribbean Cruises is down 2.9%.AirlinesMacquarie airline analyst Susan Donofrio said a short-term fuel spike is likely to have the biggest negative impact on American Airlines, Spirit Airlines and JetBlue, while it would have the least impact on Alaska Air, Southwest and Delta. American Airlines fell as much as 7%, the most since July 25; JetBlue dropped 3.5% and Delta tumbled as much as 4.6%.Brazilian Carriers Azul and Gol were the two worst-performing stocks in Brazil’s Ibovespa index Monday.ExchangesPublicly traded exchanges with commodities businesses rose. CME rallied as much as 1.7% and Intercontinental Exchange jumping as much as 3.7%, the most since Oct. 31.Banks with Texas/Oil ExposureComerica and Zions Bancorp were among top KBW bank index gainers. Texas Capital Bancshares and BOK Financial rose more than 2% to their highest levels since early August. Last week, SunTrust analyst Jennifer Demba had warned Texas E&P companies had limited or no access to the capital markets, which meant problem loans and charge-offs may be poised to rise.Aerospace and DefenseRaytheon may benefit, as Saudi Arabia accounts for 5% of its total sales, Jefferies analyst Sheila Kahyaoglu wrote.Raytheon and Lockheed Martin were the principal beneficiaries of foreign military sales in deals announced over the past six years, she added. Raytheon rose as much as 3.2%, extending its recent rally, while Lockheed gained 1.6%.ChemicalsChemical stocks were volatile as analysts looked for pricing implications from the attacks. PPG Industries was among the biggest decliners, while Lyondellbasell rallied as much as 4.9%, Dow gained as much as 3.7% and Westlake Chemical rose as much as 7.9%.\--With assistance from Janet Freund, Vinícius Andrade and Anisha Sircar.To contact the reporters on this story: Michael Bellusci in Toronto at mbellusci2@bloomberg.net;Felice Maranz in New York at fmaranz@bloomberg.netTo contact the editors responsible for this story: Brad Olesen at bolesen3@bloomberg.net, Steven Fromm, Jeremy R. CookeFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- Zacks
Attack on Saudi Oil Plant Sends Oil Prices Soaring
Attack on Saudi Oil Plant Sends Oil Prices Soaring
- Bloomberg
Saudi Attacks Aren't Bullish for One Energy Market
(Bloomberg Opinion) -- There’s one energy market that won’t feast on renewed fear of conflict in the Middle East. The windfall accruing to oil producers after the weekend’s attacks in Saudi Arabia is a bad sign for U.S. natural gas.Far from scrambling for supplies, production of freedom molecules just hit a new record. Ordinarily, that would be cause for celebration. And it is for customers. Producers, meanwhile, are drowning in the stuff – or, rather, burning it off. Flaring of natural gas, when producers burn the excess that they can’t use or sell, is also hitting records. Preliminary data from Rystad Energy show producers in the Permian shale basin flared more than 800 million cubic feet per day in June. On a trailing 12-month basis, they burned off almost enough to supply the entirety of Texas residential gas demand.This is why even though the benchmark Nymex gas futures price has risen almost 30% over the past five weeks, it still trades below $2.70 per million BTU. Average swaps for 2020 are back merely to where they stood in mid-July.We’re dealing with a broken market here, and the re-emergence of oil’s geopolitical premium exacerbates that.This is because a significant portion of the growth in U.S. gas supply is effectively de-linked from the price. So much gas is being flared in the Permian basin because it’s a mere by-product of oil output. Associated gas comes out of the ground alongside oil. Producers care more about the latter, since it’s worth much more and easier to transport (oil can be trucked out if need be; not so with gas).That means gas prices can fall very low and still not persuade frackers to ease off. How low? Speaking at a forum organized last week by the Center for Strategic and International Studies, Rusty Braziel of RBN Energy estimated that if oil is trading at $55 a barrel, a typical Permian well could break even with gas priced as low as negative $4. That’s right, they could pay customers to take the gas and still do OK – which happened in West Texas already this year.As it is, after the Saudi attacks, West Texas Intermediate crude is trading back above $60. At $65, Braziel estimates the breakeven gas price would be negative $8.The renewed geopolitical premium in oil is like a windfall for U.S. frackers, adding dollars to the price they get and displacing competing supply from the market. It’s no accident that the strongest-performing E&P stocks on Monday morning are walking wounded such as Whiting Petroleum Corp. and California Resources Corp. Chesapeake Energy Corp., a company that exemplifies the shale-gas boom and bust, is up more than 10% as I write this.Besides adding to earnings, higher futures prices offer producers a chance to lock in revenue for next year via hedging. As of now, 2020 swaps are up by less than $3 a barrel, to just over $55, reflecting the concentration of fear in the near end of the curve. But if Saudi Arabia takes longer to fully restore output or, more ominously, we enter a cycle of retaliation and escalation, then that fear would spread further out. Anything that encourages more rather than less fracking adds to the glut weighing on gas prices.In theory, even if pricing isn’t affecting gas production, all that flaring should ultimately cause another mechanism to kick in and limit supply. Flaring requires waivers from the Railroad Commission of Texas, which regulates the state’s oil and gas industry. And the fact that a swathe of the state is now lit up like a Christmas tree most nights suggests some sort of limit ought to be near.Hopefully you’re sitting down when I tell you the Railroad Commission seems to be just fine with all that potentially salable fuel (and greenhouse gas) just being vented or burned off into the atmosphere. Remarkably, they ruled in a recent case in favor of a producer who wanted to flare gas even though its wells were connected to pipelines that could have taken it away. This was a function of cost, not physical necessity.Such actions could ultimately prove harmful to the industry, and not just in terms of provoking an environmental backlash. Gabriel Collins of Rice University’s Baker Institute points out that if pipeline operators must now contend with the possibility that producers can just flare even if pipelines are there, then those operators may demand more-stringent contract terms or just think twice about building new capacity at all. If we are entering a prolonged period of upheaval in the global oil market, however, then what is the likelihood regulators in a state exemplifying U.S. energy dominance will choose now to take a more restrictive approach? Yet, absent that, as Collins says, “ultimately, you’re putting all the optionality in the hands of the producers.” And those peculiarly Texan torches and that moribund gas market tell you exactly what producers like to do best.To contact the author of this story: Liam Denning at ldenning1@bloomberg.netTo contact the editor responsible for this story: Mark Gongloff at mgongloff1@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Liam Denning is a Bloomberg Opinion columnist covering energy, mining and commodities. He previously was editor of the Wall Street Journal's Heard on the Street column and wrote for the Financial Times' Lex column. He was also an investment banker.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
- Zacks
Oil Prices Zoom on Saudi Oil Attack, Plus Empire & Purdue
Nearly 50% of Saudi oil production knocked out in what is already considered the single-worst hit on global oil supply in history.
- Zacks
5 U.S. Shale Producers in Focus on Saudi Oil Disruptions
The Saudi Arabian supply shock has put the oil market in a fundamentally tight spot and is likely to breathe life back into the sector.
- MarketWatch
Here are oil plays Citi says will show biggest reaction to surge in crude
In an analyst note, Citi identified the companies it says will have the biggest reaction to the rise in crude oil prices following the attacks in Saudi Arabia over the weekend. Small- and mid-cap oil explorers and producers that are heavily shorted or where positioning is negative include Extraction Oil & Gas , Whiting Petroleum Corp. , Callon Petroleum Co and Carrizo Oil & Gas . Heavily shorted land drillers, pumpers and sand/logistic companies could be active including RPC , U.S. Silica Holdings , Solaris Oilfield Infrastructure and Patterson-UTI Energy . Oasis Petroleum is a stock with sensitivity to financial leverage along with Whiting Petroleum and Carrizo Oil & Gas, and heavily shorted offshore drillers Transocean , Valaris , Diamond Offshore Drilling and Noble Corp "are likely to experience a large short cover bounce given elevated short interest ratios, but long cycle offshore activity should see less of an impact unless the outages/geopolitical risk premium sustains for an extended period while structural oversupply likely remains," the broker said.
- Business Wire
Whiting Petroleum Corporation Chairman, President and CEO Brad Holly to Present at Barclays CEO Energy – Power Conference
Whiting Petroleum Corporation today announced that Brad Holly, Whiting’s Chairman, President and CEO, will present at the Barclays CEO Energy – Power Conference at the Sheraton New York Times Square in New York City.
- Simply Wall St.
Why You Should Care About Whiting Petroleum Corporation’s (NYSE:WLL) Low Return On Capital
Today we are going to look at Whiting Petroleum Corporation (NYSE:WLL) to see whether it might be an attractive...
- Zacks
Implied Volatility Surging for Whiting (WLL) Stock Options
Investors need to pay close attention to Whiting (WLL) stock based on the movements in the options market lately.
- Business Wire
Whiting Petroleum Corporation Announces Tender Offer for its 1.25% Convertible Senior Notes Due 2020
Whiting Petroleum Corporation (the “Company”) (WLL) today announced a tender offer (the “Tender Offer”) to purchase up to $300,000,000 aggregate principal amount of its outstanding 1.25% Convertible Senior Notes due 2020 (the “Notes”). As of August 28, 2019, there was $562,075,000 aggregate principal amount of the Notes outstanding. Upon the terms and subject to the conditions set forth in the Company’s Offer to Purchase, dated August 29, 2019 (the “Offer to Purchase”), and the related Letter of Transmittal, the Company is offering to pay, for cash, an amount equal to $990 per $1,000 principal amount of Notes purchased.
- Thomson Reuters StreetEvents
Edited Transcript of WLL earnings conference call or presentation 1-Aug-19 12:30pm GMT
Q2 2019 Whiting Petroleum Corp Earnings Call
- GuruFocus.com
The Permian Basin Is Getting More Toxic to Investors
Operators in the US’s hottest oil field have not made good investment returns Continue reading...
- Motley Fool
Here's Why Oil and Gas Stocks Are Getting Crushed Today
China has decided that American oil exports, a relative strength in recent years, are fair game in the trade war.
- Business Wire
Whiting Petroleum Corporation Appoints Lyne B. Andrich and Michael G. Hutchinson to Its Board of Directors
Whiting Petroleum Corporation (WLL) today announced that it has appointed Lyne B. Andrich and Michael G. Hutchinson to its Board of Directors effective September 1, 2019. Ms. Andrich served as Executive Vice President and Chief Operating Officer since 2017 and as Chief Financial Officer since 2003 of CoBiz Financial, Inc. until 2018. Ms. Andrich has served on the board of directors of Fortis Financial Inc. since 2019.
- Zacks
Whiting (WLL) Suffers Q2 Loss on Weak Price Realizations
Whiting Petroleum's (WLL) restructuring initiative will see a 33% reduction in headcount.
- American City Business Journals
Despite Occidental's deal for Anadarko, oil and gas M&A is in the doldrums
Dealmaking in oil and gas has tailed off in 2019, and it’s not clear what might kick the industry’s mergers and acquisitions back to life. Oil and gas producers have not been clinching deals at their historic rate, despite the $57 billion deal of Occidental Petroleum (NYSE: OXY) buying The Woodlands, Texas-based Anadarko Petroleum Corp., the biggest oil and gas producer in Colorado’s Denver-Julesburg Basin. Leaving out the Anadarko (NYSE: APC) deal, the $9.2 billion in mergers and acquisition activity so far this year amounts to less than a quarter of the $38 billion people could expect over that time based on quarterly averages the past two years, according to Drillinginfo.com.
- Market Realist
Whiting Petroleum Sees Yearlong Decline
Whiting Petroleum (WLL) announced its Q2 2019 earnings results on July 31. The company's stock prices fell 38.2% and touched a new yearlong low.
- PR Newswire
Investor Alert: Ademi & O'Reilly, LLP Investigates Possible Securities Fraud of Whiting Petroleum Corporation
MILWAUKEE , Aug. 1, 2019 /PRNewswire/ -- Ademi & O'Reilly, LLP is investigating possible securities fraud claims against Whiting (NYSE: WLL) resulting from inaccurate statements Whiting made regarding ...
- American City Business Journals
Whiting Petroleum CEO explains what drove its poor quarter, triggering 254 layoffs
Whiting Petroleum Corp. blames its second-quarter loss and lowered 2019 production forecast on delayed infrastructure construction in North Dakota, and it doesn’t expect conditions there to change for months. “Infrastructure constraints were more severe than anticipated, and we did not have enough cushion for operating delays,” Brad Holly, president, CEO and chairman of the company, said on a call Thursday. The job cuts at Whiting Petroleum (NYSE: WLL) affect 94 people on its corporate teams at its downtown Denver headquarters, and others in its field operations in North Dakota and northeastern Colorado.
- Motley Fool
Why Whiting Petroleum, Owens-Illinois, and Abiomed Slumped Today
Poor earnings and other concerns took these stocks down.
- Benzinga
Whiting Petroleum's Lower Oil Production Guidance Triggers Analyst Downgrade
Whiting Petroleum Corp (NYSE: WLL ) reported its second-quarter cash flow per share that was significantly short of expectations. Although the company reiterated its full-year capex outlook, the oil production ...
