Thursday, October 24, 2013

Let's Just Say Whiting Blew Away The Analysts

Average estimate: $1.09.

Actual earnings: $1.71/share. Earning call here (i assume this link will break over time.)


As in sweet crude.

As in Bakken sweet crude.

Reuters is reporting:
Whiting Petroleum Corp, which drills for oil and natural gas in North Dakota, Texas and other shale-rich states, said its quarterly profit more than doubled as production jumped 12 percent.
The company posted third-quarter net income of $204.1 million, or $1.71 per share, compared with $82.9 million, or 70 cents per share, in the year-ago period.
Excluding a non-cash $15.7 million loss on crude oil and natural gas derivatives and other one-time items, Whiting posted profit of $1.28 per share.
By that measure, analysts had forecast earnings of $1.09 per share, according to Thomson Reuters I/B/E/S.
Average quarterly production rose 12 percent over the same period last year to 92,750 barrels of oil equivalent per day (boe/d).
The stock is up only 46% this year.

Disclaimer: this is not an investment site. Please, whatever you do, do not make any investment decisions based on what you read here or what you think you might have read here. 

Hey, on another note, here is a video of bringing in some Percheron horses east of Williston, just west of the Epping oil field. These are colts, I assume yearlings, being brought in for the winter:

East of Williston, North Dakota, heart of the Bakken; note all the oil wells in the background. 


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