Whiting Releases Earnings -- 1Q12

Link here.

Investors must have liked the numbers; significant share price increase today.

Highlights (some numbers rounded):

• 1Q12 production up 22 percent year-over-year; up 14% sequentially
• record production: 81,000 boepd; exceeded upper end of guidance
• cash flow at a record level ($350 million)
• despite moving 4,500 boepd to Whiting USA Trust II, still raising production guidance for 2012
• raised CAPEX from $1.6 billion to $1.8 billion
• completed 15 gross wells in the Sanish this quarter; now 233 producing wells in the Sanish
• five drilling rigs in the Lewis & Clark and Pronghorn prospects; those two prospects 3.5 x the are of the Sanish field
• Hidden Bench in McKenzie County: recently completed Tifft 21-18H, middle Bakken, 1,872 boepd
• first test (for Whiting) of the Lower Bench of the Three Forks formation: Chitwood 44-36TFH, expected to be completed in May, 2012
• Tarpon in McKenzie County: 6,000 net acres; potential for 12 middle Bakken and 8 Three Forks wells
• Missouri Breaks: acquired 13,300 net acres in March; Richland County, MT

Hedging

In a very small footnote, footnote 1 to "Other Financial and Operating Results": pre-tax cash settlement losses of $14.2 million on its crude oil hedges and gains of $0.4 million on its natural gas hedges during the first quarter of 2012. The company has about 117 million shares outstanding: $13.8 million/117 million shares --> 12 cents/share.

Remember: 83 cents net income/share and/or $1.03 adjusted net income/share