Whiting Transcript, 1Q15, Has Been Posted -- May 3, 2015; Whiting Has The Very Best Well In The Bakken To Date

Whiting transcript for 1Q15 has been posted over at Seeking Alpha. It most likely will be archived at the source, by the source.

This may be the most important transcript since the first couple of years of the Bakken boom. The CLR transcript, which will come soon, will be very interesting, but I think the Whiting, Oasis, and SM Energy transcripts will be the most important transcripts for 1Q15. 

Some readers will argue that Denbury should be added to that list. That's fine. There's room for five on the list. (Yes, that means there is room for one more, unannounced as of yet).

From the transcript:

Our objective this year is to rig and run the company to prosper at $50 oil. Clearly, the first quarter shows we have some of the most productive oil assets in the industry. With the reduction in well costs we're currently experiencing, by the fourth quarter, we should be able to maintain a strong production profile of approximately 160,000 BOEs to 162,000 BOEs a day on a quarterly spend of only $375 million. For 2016, as our base decline rate flattens, we believe this translates into a strong mid-single-digit growth profile on a $1.5 billion CapEx budget. This should approximate our cash flow at current strip prices.

Our total net production reached a record 167,000 BOEs a day, a 3% increase quarter-over-quarter. As you can see on slide four, 91% of our total production in the first quarter came from our Rocky Mountain region. At 133,500 BOEs a day, the Bakken Three Forks represents 80% of our total production. We are a focused company.

As recently reported in several publications, Whiting has the top two wells in the Williston Basin in terms of initial production rates. These wells are located at our Tarpon field in McKenzie County, North Dakota. The Flatland Federal 11-4TFH well produced at an initial rate of 7,800 boepd during a 24-hour test of the Three Forks formation, making this the very best well in the basin. The Flatland Federal 11-4HR well produced at an initial rate of 7,100 boepd during a 24-hour test of the Middle Bakken formation.

With our plays in the Williston Basin we control 774,000 net acres. We have over 7,500 future gross drilling locations in the Bakken and Three Forks. We control the sweet spots in the Central, Eastern and Southern Williston Basin where typical wells have cumulative production in the first 90 days of more than 50,000 boe.

Go to the linked transcript for much more information.

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First Solar Loss Wider Than Expected

Zachs is reporting:

First Solar Inc. FSLR reported adjusted first-quarter 2015 loss of 62 cents a share, much wider than the Zacks Consensus Estimate of a loss of 29 cents. In the prior-year quarter, FirstSolar had generated earnings of $1.89 per share. The downslide is attributed to a plunge in revenues.

The largest solar-panel manufacturer of the nation reported its first quarterly loss in years as it planned to form a YieldCo with fellow solar company, SunPower Corp. SPWR. Moreover, delays in multiple projects under construction, a higher proportion of modules and the sale of the SolarGen 2 project in the prior quarter led to disappointing results.

Lots of excuses.