Whiting Petroleum Corp. (NYSE:WLL) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are down 0.33%.
Whiting Petroleum Corp. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 20.95% to $0.83 in the quarter versus EPS of $1.05 in the year-earlier quarter.
Revenue: Rose 15.73% to $577.1 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Whiting Petroleum Corp. reported adjusted EPS income of $0.83 per share. By that measure, the company beat the mean analyst estimate of $0.73. It beat the average revenue estimate of $535.95 million.
Quoting Management: James J. Volker, Whiting’s Chairman and CEO, commented, “2012 was a record year for Whiting Petroleum, and we are off to a great start in 2013. The development of the fields we discovered in 2011 such as Pronghorn, Hidden Bench, Tarpon and Redtail generated excellent results in 2012. In the wake of this development, we posted records in production, proved reserves and discretionary cash flow. According to the December 2012 Oil and Gas Production Report published by the North Dakota State Industrial Commission, Department of Minerals, Oil and Gas Division, Whiting was the number one oil producer in North Dakota at 66,155.7 barrels per day.”
Key Stats (on next page)…