Whiting Petroleum beats by $0.13, beats on revs
- Reports Q4 (Dec) loss of $0.17 per share, $0.13 better than the Capital IQ Consensus of ($0.30); revenues rose 38.4% year/year to $474.4 mln vs the $424.55 mln Capital IQ Consensus.
- Production in the fourth quarter 2017 totaled 11.8 million barrels of oil equivalent (MMBOE), comprised of 84% crude oil/natural gas liquids (NGLs). Fourth quarter 2017 production averaged 128,045 barrels of oil equivalent per day (BOE/d) and came in at the high end of guidance. Capex for the fourth quarter 2017 of $171 million was $38 million below guidance. Fourth quarter 2017 net cash provided by operating activities of $287 million exceeded capital expenditures by $116 million. Whiting's oil differentials of $4.21 per barrel (Bbl) came in below the low end of guidance and general and administrative (G&A) expense of $2.69 per BOE came in at the low end of guidance. Guidance at the midpoint called for $7.00 per Bbl and $2.80 per BOE, respectively.
- Co is 70% hedged for 2018 as a percentage of December 2017 production with a mix of swaps and collars
- 2018 CapEX expected to hit $750 mln
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