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WLL

Sector Update: Energy

Energy stocks were finishing widely mixed with the NYSE Energy Sector Index rising 0.1% while shares of energy companies in the S&P 500 were down 2.0% as a group. Crude oil for September delivery plunged today, settling $2.10 lower at $98.17 per barrel while September natural gas rose 6 cents to finish at $3.84 per 1 million BTU.

In company news, Whiting Petroleum ( WLL ) was holding on to earlier gains shortly before the closing bell Thursday after the exploration and production company late yesterday reporting per-share earnings and revenue during the three months ended June 30 that beat analyst estimates.

Q2 net income rose to $151.4 million, or $1.26 per share, from a $134.7 million profit during the same quarter last year. Excluding one-time items, the company earned $1.40 per share, up from $1.02 last year and topping the Capital IQ consensus by $0.13 per share.

Revenues rose 26.0% year over year to $835.6 million, beating the Street view by around $21.05 million. Overall production was up about 18% over year-ago levels at 109,760 barrels per day.

For the current quarter, the company is expecting to produce between 105,000 to 109,000 barrels per day. It also raised the mid-point of its expected increase in FY14 production to 20% over FY13 levels, a 2% increase over its prior guidance.

WLL shares recently were up 0.7% to $88.36 each, earlier climbing to a session high to $90.65 a share earlier today. The stock has a 52-week range of $48.58 to $91.00 a share, rising 72.7% over the past 12 months.

In other sector news,

(+) MPC, Reports 44% jump in Q2 profit to $2.95 per share, beating the consensus by $0.80 per share. Revenue rises 4.5% to $26.84 billion, topping estimates by $2.35 bln. Raises dividend by 19% to $0.50 per share and boosts stock buyback by another $2 bln.

(-) UPL, Q2 net income of $0.52 per share trails analyst estimates by $0.01. Revenue rises 13.3% year over year to $296.1 mln, beating Street view by $22.15 mln.

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

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