Whiting (WLL) Loss Narrower Than Expected In Q4, Sales Top
Zacks Investment Research | Mar 02, 2020 10:24PM ET
Whiting Petroleum Corporation (NYSE:WLL) reported fourth-quarter 2019 adjusted net loss per share of 22 cents, narrower than the Zacks Consensus Estimate of a loss of 44 cents owing to better-than-expected oil production. Precisely, the company’s realized oil price was $48.67 a barrel, beating the Zacks Consensus Estimate of $47.44.
However, the bottom line per share was wider than the year-ago loss of 5 cents. Lower-than-expected commodity prices caused this underperformance.
Total operating revenues came in at $380.6 million, beating the Zacks Consensus Estimate of $376 million. However, the top line fell 19.6% from the year-ago level of $473.2 million. The company also suffered a spike in operating expenses, which escalated 87% from the prior-year level to $412.4 million.
On an encouraging note, the company’s discretionary cash flow of $188.7 million was higher than the capital spending of $103 million, translating to a positive free cash flow of $86 million.
Production & Prices
Whiting Petroleum’s total oil and gas production reported a nominal year-over-year decrease of 5.4% to 11.32 million oil-equivalent barrels (comprising 82% liquids) and also fell short of the Zacks Consensus Estimate of 11.34 million oil-equivalent barrels. In particular, oil volumes at 7.38 million barrels were down 9.6% from the level achieved in fourth-quarter 2018.
The average realized crude oil price during the fourth quarter was $48.67 per barrel, reflecting a marginal decline from the year-ago realization of $49.26. Moreover, the average realized natural gas liquids price was $8.79 per barrel, plummeting 60.4% from the year-ago period. Natural gas prices also tumbled 84.4% year over year to 41 cents per thousand cubic feet.
Whiting Petroleum Corporation Price, Consensus and EPS Surprise
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