UPDATE: Whiting Petroleum Now Little Changed - Posts Q1 Results, Updated Production Guidance

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Whiting Petroleum Corp. ( WLL ) are now little changed, with a day low of $54.50 and a day high $56.55.

WLL reported Q1 2012 net income available to common shareholders of $98.2 million, or $0.83 per diluted share, and adjusted net income of $122.0 million, or $1.03 per diluted share. Analysts surveyed by Thomson Reuters expected earnings of $1.06 per share on revenue of $538.67 mln, on average.

Production in the first quarter of 2012 totaled a record 7.348 million barrels of oil equivalent (MMBOE), of which 85% were crude oil/natural gas liquids. This first quarter 2012 production total is a new record daily average production rate of 80,747 barrels of oil equivalent ( BOE ). The first quarter average daily production rate of 80,747 BOE represented a 22% increase over the first quarter 2011 average daily rate and a 14% increase over the 70,685 BOE per day in the fourth quarter of 2011.

The company raised its production guidance for 2012, projecting a range of 29.0 MMBOE to 30.2 MMBOE or 79,235 BOE per day to 82,515 BOE per day, which equates to a 17% to 22% increase over the 24.8 MMBOE produced in 2011. This compares to prior guidance of 28.30 MMBOE to 29.70 MMBOE or 77,300 BOE per day to 81,100 BOE per day, which included Trust II volumes.

WLL is trading within the 52-wk range of 28.87 - 73.06.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

Referenced Stocks: BOE , WLL

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