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    Whiting Petroleum Reports Second Quarter 2021 Financial and Operating Results

    8/4/21 4:05:00 PM ET
    $WLL
    Oil & Gas Production
    Energy
    Get the next $WLL alert in real time by email

    Whiting Petroleum Corporation (NYSE:WLL) ("Whiting" or the "Company") today announced second quarter 2021 results.

    Second Quarter 2021 Highlights

    • Revenue was $352 million for the quarter ending June 30, 2021
    • Net loss (GAAP) was $62 million or $1.57 per diluted share
    • Adjusted net income (non-GAAP) was $118 million or $3.01 per diluted share
    • Adjusted EBITDAX (non-GAAP) was $176 million
    • June 30, 2021 net debt of $98 million (non-GAAP)

    Lynn A. Peterson, President and CEO commented, "Our team is delivering positive results and the economic conditions continue to be in our favor. We generated net cash provided by operating activities of $183 million and $111 million in adjusted free cash flow during the quarter and over $200 million through six months. We have reinvested approximately a third of our EBITDAX back into our operations with the balance used to rapidly reduce our debt position. Subsequent to the quarter, the Company announced the purchase of assets within our Sanish field in North Dakota and the divestiture of our Redtail assets in Colorado. These transactions will increase our inventory life with higher return locations and will better focus our asset portfolio. These transactions show the flexibility provided by Whiting's balance sheet, liquidity and cash flow generation. With our operating results to date and our improving outlook for the year, we are updating our guidance for 2021 as discussed below. We have increased our expectations for production and cash flows, while maintaining our capex investments in 2021 at the higher end of our previous guidance."

    Second Quarter 2021 Results

    Revenue for the second quarter of 2021 increased $44 million to $352 million when compared to the first quarter of 2021, primarily due to increased commodity prices between periods.

    Net loss for the second quarter of 2021 was $62 million, or $1.57 per share, as compared to a net loss of $0.9 million, or $0.02 per share, for the first quarter of 2021. Adjusted net income (non-GAAP) for the second quarter of 2021 was $118 million, or $3.01 per share, as compared to $108 million, or $2.79 per share, for the first quarter of 2021. The primary difference between net loss and adjusted net income for both periods is non-cash expense related to the change in the value of the Company's hedging portfolio.

    The Company's adjusted EBITDAX (non-GAAP) for the second quarter of 2021 was $176 million compared to $170 million for the first quarter of 2021. This resulted in net cash provided by operating activities of $183 million and adjusted free cash flow (non-GAAP) of $111 million.

    Adjusted net income, adjusted net income per share, adjusted EBITDAX and adjusted free cash flow are non-GAAP financial measures. Please refer to the end of this release for disclosures and reconciliations regarding these measures.

    Production averaged 92.6 thousand barrels of oil equivalent per day (MBOE/d) and oil production averaged 53.4 thousand barrels of oil per day (MBO/d). Total production benefited from better than forecasted well performance and increased ethane recoveries from our processed natural gas.

    Capital expenditures in the second quarter of 2021 were $58 million compared to the first quarter 2021 spend of $56 million. During the quarter, the Company drilled 9 gross/5.6 net operated wells and turned in line 9 gross/5.4 net operated wells. The Company currently has one drilling rig and one completion crew operating in its Sanish Field in North Dakota.

    Lease operating expense (LOE) for the second quarter of 2021 was $64 million compared to $59 million in the first quarter of 2021. The increase was primarily due to an increase in well workover costs and certain variable expenses associated with increased activity and production. General and administrative expenses in the second quarter of 2021 of $12 million was a slight increase from the first quarter of 2021 of $10 million. Both quarters included approximately $2.4 million of non-cash stock compensation costs.

    During the second quarter, oil differentials improved reflecting a more certain expectation of continued DAPL operations during the EIS. Additionally, as basin total production levels remained relatively flat, there was decreased utilization of pipeline capacity further supporting narrowed differentials.

    Full-Year 2021 Guidance

    Based on the Company's increased expectations for the remainder of the year along with the outperformance in the first half of 2021, Whiting adjusted its guidance parameters as shown in the following table. This guidance includes the effect of its previously announced acquisition and divestiture.

     

     

     

     

     

     

    Previous Guidance

    Updated Guidance

    Production (MBOE per day)

     

    82 - 88

    88 - 92

    Oil production (MBO per day)

     

    48 - 52

    50 - 53

    Capital expenditures (MM)

     

    $ 228 - $ 252

    $ 240 - $ 252

    Lease operating expense (MM)

     

    $ 220 - $ 245

    $ 235 - $ 245

    General and administrative cash expense (MM) (1)

     

    $ 48 - $ 52

    $ 41 - $ 45

    Oil price wellhead differential to NYMEX per Bbl (2)

     

    $ 6.00 - $ 8.00

    $ 4.50 - $ 6.50

    1)

    Net of allocations to LOE and reimbursable costs and excludes non-cash equity compensation expense

    2)

    Includes gathering, transportation and compression

    As a result of this updated guidance along with WTI oil price of $60 per barrel, the Company now expects to generate over $700 million of EBITDAX and over $425 million of adjusted free cash flow in 2021.

    Liquidity

    As of June 30, 2021, the Company had a borrowing base of $750 million, borrowings of $115 million and unrestricted cash of $17 million, resulting in total liquidity of $650 million, net of outstanding letters of credit. Whiting expects to continue to fund its operations and its previously announced acquisition fully within operating cash flow and proceeds from its divestiture. Based on the above guidance, the Company forecasts to be in a positive net cash position with no outstanding balance on its credit facility by the end of the 2021.

    Conference Call

    Whiting will host a conference call on Thursday, August 5, 2021 at 11:00 a.m. Eastern time (9:00 a.m. Mountain time) to discuss the second quarter 2021 results. The call will be conducted by President and Chief Executive Officer Lynn A. Peterson, Executive Vice President Finance and Chief Financial Officer James P. Henderson, Executive Vice President Operations and Chief Operating Officer Charles J. Rimer and Investor Relations Manager Brandon Day. A question and answer session will immediately follow the discussion of the results for the quarter.

    To participate in this call please dial:

    Domestic Dial-in Number (Toll Free U.S. & International): (877) 328-5506, (412) 317-5422 (International)

    Webcast URL: https://dpregister.com/sreg/10158599/eb183f25dc

    Replay Information:

    Conference ID #: 10158599

    Replay Dial-In (Toll Free U.S. & International): (877) 344-7529 (U.S.), (412) 317-0088 (International)

    Expiration Date: August 13, 2021

    Commodity Price Hedging

    Whiting currently has approximately 74% of its forecasted crude oil production and 71% of its forecasted natural gas production hedged for the remainder of 2021. The Company uses commodity hedges in order to reduce the effects of commodity price volatility and to satisfy the requirements of its credit facility. The following table summarizes Whiting's hedging positions as of July 31, 2021:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Weighted Average

    Settlement Period

     

    Index

     

    Derivative Instrument

     

    Total Volumes

     

    Units

     

    Swap Price

     

    Floor

     

    Ceiling

    Crude Oil

     

     

     

     

     

     

     

     

     

     

     

     

    2021(1)

     

    NYMEX WTI

     

    Fixed Price Swaps

     

    3,588,000

     

    Bbl

     

    $45.40

     

    -

     

    -

    2021(1)

     

    NYMEX WTI

     

    Two-way Collars

     

    3,162,000

     

    Bbl

     

    -

     

    $41.64

     

    $50.50

    Q1 2022

     

    NYMEX WTI

     

    Fixed Price Swaps

     

    630,000

     

    Bbl

     

    $54.30

     

    -

     

    -

    2022

     

    NYMEX WTI

     

    Two-way Collars

     

    9,559,000

     

    Bbl

     

    -

     

    $43.22

     

    $53.70

    Q1-Q3 2023

     

    NYMEX WTI

     

    Two-way Collars

     

    3,443,500

     

    Bbl

     

    -

     

    $47.87

     

    $62.53

     

     

     

     

    Total

     

    20,382,500

     

     

     

     

     

     

     

     

    Crude Oil Differentials

     

     

     

     

     

     

     

     

     

     

     

     

    2021(1)

     

    UHC Clearbrook to NYMEX

     

    Fixed Price Swaps

     

    76,500

     

    Bbl

     

    -$1.95

     

    -

     

    -

     

     

     

     

    Total

     

    76,500

     

     

     

     

     

     

     

     

    Natural Gas

     

     

     

     

     

     

     

     

     

     

     

     

    2021(1)

     

    NYMEX Henry Hub

     

    Fixed Price Swaps

     

    8,970,000

     

    MMBtu

     

    $2.81

     

    -

     

    -

    2021(1)

     

    NYMEX Henry Hub

     

    Two-way Collars

     

    5,520,000

     

    MMBtu

     

    -

     

    $2.60

     

    $2.79

    Q1-Q3 2022

     

    NYMEX Henry Hub

     

    Fixed Price Swaps

     

    5,259,000

     

    MMBtu

     

    $2.68

     

    -

     

    -

    2022

     

    NYMEX Henry Hub

     

    Two-way Collars

     

    11,824,000

     

    MMBtu

     

    -

     

    $2.40

     

    $2.90

    Q1-Q3 2023

     

    NYMEX Henry Hub

     

    Two-way Collars

     

    6,999,000

     

    MMBtu

     

    -

     

    $2.41

     

    $2.94

     

     

     

     

    Total

     

    38,572,000

     

     

     

     

     

     

     

     

    Natural Gas Basis

     

     

     

     

     

     

     

     

     

     

     

     

    2021(1)

     

    NNG Ventura to NYMEX

     

    Fixed Price Swaps

     

    3,680,000

     

    MMBtu

     

    -$0.18

     

    -

     

    -

    Q1-Q2 2022

     

    NNG Ventura to NYMEX

     

    Fixed Price Swaps

     

    3,530,000

     

    MMBtu

     

    $0.14

     

    -

     

    -

    Q1-Q2 2023

     

    NNG Ventura to NYMEX

     

    Fixed Price Swaps

     

    4,740,000

     

    MMBtu

     

    $0.07

     

    -

     

    -

     

     

     

     

    Total

     

    11,950,000

     

     

     

     

     

     

     

     

    NGL - Propane

     

     

     

     

     

     

     

     

     

     

     

     

    2021(1)

     

    Mont Belvieu

     

    Fixed Price Swaps

     

    19,320,000

     

    Gallons

     

    $0.78

     

    -

     

    -

    Q1 2022

     

    Mont Belvieu

     

    Fixed Price Swaps

     

    3,780,000

     

    Gallons

     

    $0.81

     

    -

     

    -

     

     

     

     

    Total

     

    23,100,000

     

     

     

     

     

     

     

     

    (1)

    Includes settlement periods of July through December 2021.

    Selected Operating and Financial Statistics

    References to "Successor" refer to Whiting and its financial position and results of operations after its emergence from reorganization under chapter 11 of the Bankruptcy Code. References to "Predecessor" refer to Whiting and its financial position and results of operations on or before the emergence date (September 1, 2020).

     

     

     

     

     

     

     

     

     

    Successor

     

     

    Three Months Ended

     

     

    June 30, 2021

     

    March 31, 2021

    Selected operating statistics:

     

     

     

     

     

     

    Production

     

     

     

     

     

     

    Oil (MBbl)

     

     

    4,860

     

     

     

    4,822

     

    NGLs (MBbl)

     

     

    1,793

     

     

     

    1,559

     

    Natural gas (MMcf)

     

     

    10,666

     

     

     

    10,249

     

    Total production (MBOE)

     

     

    8,431

     

     

     

    8,090

     

    Average prices

     

     

     

     

     

     

    Oil (per Bbl):

     

     

     

     

     

     

    Price received

     

    $

    63.46

     

     

    $

    53.24

     

    Effect of crude oil hedging (1)

     

     

    (13.64

    )

     

     

    (8.16

    )

    Realized price

     

    $

    49.82

     

     

    $

    45.08

     

    Weighted average NYMEX price (per Bbl) (2)

     

    $

    66.03

     

     

    $

    57.83

     

    NGLs (per Bbl):

     

     

     

     

     

     

    Price received

     

    $

    15.76

     

     

    $

    17.28

     

    Effect of NGLs hedging (3)

     

     

    (0.47

    )

     

     

    -

     

    Realized price

     

    $

    15.29

     

     

    $

    17.28

     

    Natural gas (per Mcf):

     

     

     

     

     

     

    Price received

     

    $

    1.25

     

     

    $

    2.05

     

    Effect of natural gas hedging (4)

     

     

    (0.04

    )

     

     

    0.01

     

    Realized price

     

    $

    1.21

     

     

    $

    2.06

     

    Weighted average NYMEX price (per MMBtu) (2)

     

    $

    2.74

     

     

    $

    2.56

     

    Selected operating metrics

     

     

     

     

     

     

    Sales price, net of hedging ($ per BOE)

     

    $

    33.50

     

     

    $

    32.80

     

    Lease operating ($ per BOE)

     

     

    7.61

     

     

     

    7.34

     

    Transportation, gathering, compression and other ($ per BOE)

     

     

    0.88

     

     

     

    0.87

     

    Depreciation, depletion and amortization ($ per BOE)

     

     

    6.12

     

     

     

    6.64

     

    General and administrative ($ per BOE)

     

     

    1.42

     

     

     

    1.27

     

    Production and ad valorem taxes (% of sales revenue)

     

     

    7

    %

     

     

    8

    %

    (1)

    Whiting paid $66 million and $39 million in pre-tax cash settlements on crude oil hedges during the three months ended June 30, 2021 and March 31, 2021, respectively. A summary of Whiting's outstanding hedges is included in "Commodity Price Hedging" later in this release.

    (2)

    Average NYMEX prices weighted for monthly production volumes.

    (3)

    Whiting paid $0.8 million in pre-tax cash settlements on NGL hedges during the three months ended June 30, 2021. A summary of Whiting's outstanding hedges is included in "Commodity Price Hedging" later in this release.

    (4)

    Whiting paid $0.4 million in pre-tax cash settlements on natural gas hedges during the three months ended June 30, 2021. A summary of Whiting's outstanding hedges is included in "Commodity Price Hedging" later in this release.

     

     

     

     

     

     

     

     

     

     

    Successor

     

     

    Predecessor

     

     

    Six Months Ended

     

     

    Six Months Ended

     

     

    June 30, 2021

     

     

    June 30, 2020

    Selected operating statistics:

     

     

     

     

     

     

     

    Production

     

     

     

     

     

     

     

    Oil (MBbl)

     

     

    9,682

     

     

     

     

    11,811

     

    NGLs (MBbl)

     

     

    3,353

     

     

     

     

    3,440

     

    Natural gas (MMcf)

     

     

    20,916

     

     

     

     

    22,562

     

    Total production (MBOE)

     

     

    16,521

     

     

     

     

    19,011

     

    Average prices

     

     

     

     

     

     

     

    Oil (per Bbl):

     

     

     

     

     

     

     

    Price received

     

    $

    58.37

     

     

     

    $

    27.42

     

    Effect of crude oil hedging (1)

     

     

    (10.91

    )

     

     

     

    3.91

     

    Realized price

     

    $

    47.46

     

     

     

    $

    31.33

     

    Weighted average NYMEX price (per Bbl) (2)

     

    $

    61.95

     

     

     

    $

    37.25

     

    NGLs (per Bbl):

     

     

     

     

     

     

     

    Price received

     

    $

    16.47

     

     

     

    $

    3.27

     

    Effect of NGLs hedging (3)

     

     

    (0.26

    )

     

     

     

    -

     

    Realized price

     

    $

    16.21

     

     

     

    $

    3.27

     

    Natural gas (per Mcf):

     

     

     

     

     

     

     

    Price received

     

    $

    1.64

     

     

     

    $

    0.06

     

    Effect of natural gas hedging (4)

     

     

    (0.02

    )

     

     

     

    -

     

    Realized price

     

    $

    1.62

     

     

     

    $

    0.06

     

    Weighted average NYMEX price (per MMBtu) (2)

     

    $

    2.65

     

     

     

    $

    1.77

     

    Selected operating metrics

     

     

     

     

     

     

     

    Sales price, net of hedging ($ per BOE)

     

    $

    33.16

     

     

     

    $

    20.13

     

    Lease operating ($ per BOE)

     

     

    7.48

     

     

     

     

    6.61

     

    Transportation, gathering, compression and other ($ per BOE)

     

     

    0.88

     

     

     

     

    0.95

     

    Depreciation, depletion and amortization ($ per BOE)

     

     

    6.38

     

     

     

     

    14.07

     

    General and administrative ($ per BOE)

     

     

    1.35

     

     

     

     

    3.96

     

    Production and ad valorem taxes (% of sales revenue)

     

     

    8

    %

     

     

     

    9

    %

    (1)

    Whiting paid $106 million and received $46 million in pre-tax cash settlements on crude oil hedges during the six months ended June 30, 2021 and June 30, 2020, respectively. A summary of Whiting's outstanding hedges is included in "Commodity Price Hedging" later in this release.

    (2)

    Average NYMEX prices weighted for monthly production volumes.

    (3)

    Whiting paid $0.8 million in pre-tax cash settlements on NGL hedges during the six months ended June 30, 2021. A summary of Whiting's outstanding hedges is included in "Commodity Price Hedging" later in this release.

    (4)

    Whiting paid $0.4 million in pre-tax cash settlements on natural gas hedges during the six months ended June 30, 2021. A summary of Whiting's outstanding hedges is included in "Commodity Price Hedging" later in this release.

    Selected Financial Data

    For further information and discussion on the selected financial data below, please refer to Whiting Petroleum Corporation's Quarterly Report on Form 10‑Q for the quarter ended June 30, 2021 filed with the Securities and Exchange Commission.

     

     

     

     

     

     

     

     

     

    Successor

     

     

    Three Months Ended

     

     

    June 30, 2021

     

    March 31, 2021

    Selected financial data:

     

     

     

     

     

     

    (In thousands, except per share data)

     

     

     

     

     

     

    Total operating revenues

     

    $

    351,646

     

     

    $

    307,391

     

    Total operating expenses

     

     

    409,431

     

     

     

    305,754

     

    Total other expense, net

     

     

    3,704

     

     

     

    2,583

     

    Net loss

     

     

    (61,489

    )

     

     

    (946

    )

    Per basic share

     

     

    (1.57

    )

     

     

    (0.02

    )

    Per diluted share

     

     

    (1.57

    )

     

     

    (0.02

    )

    Adjusted net income (1)

     

     

    117,501

     

     

     

    107,894

     

    Per basic share

     

     

    3.01

     

     

     

    2.79

     

    Per diluted share

     

     

    3.01

     

     

     

    2.79

     

    Adjusted EBITDAX (1)

     

     

    176,351

     

     

     

    170,216

     

    Net cash provided by operating activities

     

     

    183,246

     

     

     

    153,193

     

    Adjusted free cash flow (1)

     

     

    111,295

     

     

     

    108,244

     

     

     

     

     

     

     

     

     

     

     

    Successor

     

     

    Predecessor

     

     

    Six Months Ended

     

     

    Six Months Ended

     

     

    June 30, 2021

     

     

    June 30, 2020

    Selected financial data:

     

     

     

     

     

     

     

    (In thousands, except per share data)

     

     

     

     

     

     

     

    Total operating revenues

     

    $

    659,037

     

     

     

    $

    336,446

     

    Total operating expenses

     

     

    715,185

     

     

     

     

    4,462,827

     

    Total other expense, net

     

     

    6,287

     

     

     

     

    77,533

     

    Net loss

     

     

    (62,435

    )

     

     

     

    (4,202,886

    )

    Per basic share

     

     

    (1.61

    )

     

     

     

    (45.98

    )

    Per diluted share

     

     

    (1.61

    )

     

     

     

    (45.98

    )

    Adjusted net income (loss) (1)

     

     

    225,395

     

     

     

     

    (188,526

    )

    Per basic share

     

     

    5.80

     

     

     

     

    (2.06

    )

    Per diluted share

     

     

    5.80

     

     

     

     

    (2.06

    )

    Adjusted EBITDAX (1)

     

     

    346,567

     

     

     

     

    162,814

     

    Net cash provided by operating activities

     

     

    336,439

     

     

     

     

    67,262

     

    Adjusted free cash flow (1)

     

     

    219,539

     

     

     

     

    (119,887

    )

    (1)

    Reconciliations of net loss to adjusted net income (loss) and adjusted EBITDAX and net cash provided by operating activities to adjusted free cash flow are included later in this news release.

    WHITING PETROLEUM CORPORATION

    CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)

    (in thousands, except share and per share data)

     

     

     

     

     

     

     

     

     

    Successor

     

     

    June 30,

     

    December 31,

     

     

    2021

     

    2020

    ASSETS

     

     

     

     

     

     

    Current assets:

     

     

     

     

     

     

    Cash, cash equivalents and restricted cash

     

    $

    19,053

     

     

    $

    28,367

     

    Accounts receivable trade, net

     

     

    214,223

     

     

     

    142,830

     

    Prepaid expenses and other

     

     

    14,740

     

     

     

    19,224

     

    Total current assets

     

     

    248,016

     

     

     

    190,421

     

    Property and equipment:

     

     

     

     

     

     

    Oil and gas properties, successful efforts method

     

     

    1,929,550

     

     

     

    1,812,601

     

    Other property and equipment

     

     

    68,443

     

     

     

    74,064

     

    Total property and equipment

     

     

    1,997,993

     

     

     

    1,886,665

     

    Less accumulated depreciation, depletion and amortization

     

     

    (177,084

    )

     

     

    (73,869

    )

    Total property and equipment, net

     

     

    1,820,909

     

     

     

    1,812,796

     

    Other long-term assets

     

     

    39,189

     

     

     

    40,723

     

    TOTAL ASSETS

     

    $

    2,108,114

     

     

    $

    2,043,940

     

    LIABILITIES AND EQUITY

     

     

     

     

     

     

    Current liabilities:

     

     

     

     

     

     

    Accounts payable trade

     

    $

    51,786

     

     

    $

    23,697

     

    Revenues and royalties payable

     

     

    191,248

     

     

     

    151,196

     

    Accrued capital expenditures

     

     

    22,877

     

     

     

    20,155

     

    Accrued liabilities and other

     

     

    35,143

     

     

     

    42,007

     

    Accrued lease operating expenses

     

     

    28,642

     

     

     

    23,457

     

    Taxes payable

     

     

    16,712

     

     

     

    11,997

     

    Derivative liabilities

     

     

    265,130

     

     

     

    49,485

     

    Total current liabilities

     

     

    611,538

     

     

     

    321,994

     

    Long-term debt

     

     

    115,000

     

     

     

    360,000

     

    Asset retirement obligations

     

     

    93,276

     

     

     

    91,864

     

    Operating lease obligations

     

     

    16,265

     

     

     

    17,415

     

    Long-term derivative liabilities

     

     

    89,354

     

     

     

    9,750

     

    Other long-term liabilities

     

     

    12,909

     

     

     

    14,113

     

    Total liabilities

     

     

    938,342

     

     

     

    815,136

     

    Commitments and contingencies

     

     

     

     

     

     

    Equity:

     

     

     

     

     

     

    Successor common stock, $0.001 par value, 500,000,000 shares authorized; 39,091,073 issued and outstanding as June 30, 2021 and 38,051,125 issued and outstanding as of December 31, 2020

     

     

    39

     

     

     

    38

     

    Additional paid-in capital

     

     

    1,193,095

     

     

     

    1,189,693

     

    Accumulated earnings (deficit)

     

     

    (23,362

    )

     

     

    39,073

     

    Total equity

     

     

    1,169,772

     

     

     

    1,228,804

     

    TOTAL LIABILITIES AND EQUITY

     

    $

    2,108,114

     

     

    $

    2,043,940

     

    WHITING PETROLEUM CORPORATION

    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

    (in thousands, except per share data)

     

     

     

     

     

     

     

     

     

    Successor

     

     

    Three Months Ended

     

     

    June 30, 2021

     

    March 31, 2021

    OPERATING REVENUES

     

     

     

     

     

     

    Oil, NGL and natural gas sales

     

    $

    349,983

     

     

    $

    304,679

     

    Purchased gas sales

     

     

    1,663

     

     

     

    2,712

     

    Total operating revenues

     

     

    351,646

     

     

     

    307,391

     

    OPERATING EXPENSES

     

     

     

     

     

     

    Lease operating expenses

     

     

    64,182

     

     

     

    59,339

     

    Transportation, gathering, compression and other

     

     

    7,443

     

     

     

    7,028

     

    Purchased gas expense

     

     

    1,178

     

     

     

    1,902

     

    Production and ad valorem taxes

     

     

    25,669

     

     

     

    24,150

     

    Depreciation, depletion and amortization

     

     

    51,618

     

     

     

    53,729

     

    Exploration and impairment

     

     

    2,047

     

     

     

    2,622

     

    General and administrative

     

     

    11,995

     

     

     

    10,291

     

    Derivative loss, net

     

     

    255,409

     

     

     

    146,693

     

    Gain on sale of properties

     

     

    (10,110

    )

     

     

    -

     

    Total operating expenses

     

     

    409,431

     

     

     

    305,754

     

    INCOME (LOSS) FROM OPERATIONS

     

     

    (57,785

    )

     

     

    1,637

     

    OTHER INCOME (EXPENSE)

     

     

     

     

     

     

    Interest expense

     

     

    (3,981

    )

     

     

    (5,103

    )

    Other income

     

     

    277

     

     

     

    2,520

     

    Total other expense

     

     

    (3,704

    )

     

     

    (2,583

    )

    NET LOSS

     

    $

    (61,489

    )

     

    $

    (946

    )

    LOSS PER COMMON SHARE

     

     

     

     

     

     

    Basic

     

    $

    (1.57

    )

     

    $

    (0.02

    )

    Diluted

     

    $

    (1.57

    )

     

    $

    (0.02

    )

    WEIGHTED AVERAGE SHARES OUTSTANDING

     

     

     

     

     

     

    Basic

     

     

    39,067

     

     

     

    38,698

     

    Diluted

     

     

    39,067

     

     

     

    38,698

     

    WHITING PETROLEUM CORPORATION

    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

    (in thousands, except per share data)

     

     

     

     

     

     

     

     

     

     

    Successor

     

     

    Predecessor

     

     

    Six Months Ended

     

     

    Six Months Ended

     

     

    June 30, 2021

     

     

    June 30, 2020

    OPERATING REVENUES

     

     

     

     

     

     

     

    Oil, NGL and natural gas sales

     

    $

    654,662

     

     

     

    $

    336,446

     

    Purchased gas sales

     

     

    4,375

     

     

     

     

    -

     

    Total operating revenues

     

     

    659,037

     

     

     

     

    336,446

     

    OPERATING EXPENSES

     

     

     

     

     

     

     

    Lease operating expenses

     

     

    123,521

     

     

     

     

    125,582

     

    Transportation, gathering, compression and other

     

     

    14,471

     

     

     

     

    18,007

     

    Purchased gas expense

     

     

    3,080

     

     

     

     

    -

     

    Production and ad valorem taxes

     

     

    49,819

     

     

     

     

    30,842

     

    Depreciation, depletion and amortization

     

     

    105,347

     

     

     

     

    267,517

     

    Exploration and impairment

     

     

    4,669

     

     

     

     

    4,174,613

     

    General and administrative

     

     

    22,286

     

     

     

     

    75,303

     

    Derivative (gain) loss, net

     

     

    402,102

     

     

     

     

    (224,739

    )

    Gain on sale of properties

     

     

    (10,110

    )

     

     

     

    (353

    )

    Amortization of deferred gain on sale

     

     

    -

     

     

     

     

    (3,945

    )

    Total operating expenses

     

     

    715,185

     

     

     

     

    4,462,827

     

    LOSS FROM OPERATIONS

     

     

    (56,148

    )

     

     

     

    (4,126,381

    )

    OTHER INCOME (EXPENSE)

     

     

     

     

     

     

     

    Interest expense

     

     

    (9,084

    )

     

     

     

    (61,675

    )

    Gain on extinguishment of debt

     

     

    -

     

     

     

     

    25,883

     

    Interest income and other

     

     

    2,797

     

     

     

     

    72

     

    Reorganization items

     

     

    -

     

     

     

     

    (41,813

    )

    Total other expense

     

     

    (6,287

    )

     

     

     

    (77,533

    )

    LOSS BEFORE INCOME TAXES

     

     

    (62,435

    )

     

     

     

    (4,203,914

    )

    INCOME TAX EXPENSE (BENEFIT)

     

     

     

     

     

     

     

    Current

     

     

    -

     

     

     

     

    2,718

     

    Deferred

     

     

    -

     

     

     

     

    (3,746

    )

    Total income tax benefit

     

     

    -

     

     

     

     

    (1,028

    )

    NET LOSS

     

    $

    (62,435

    )

     

     

    $

    (4,202,886

    )

    LOSS PER COMMON SHARE

     

     

     

     

     

     

     

    Basic

     

    $

    (1.61

    )

     

     

    $

    (45.98

    )

    Diluted

     

    $

    (1.61

    )

     

     

    $

    (45.98

    )

    WEIGHTED AVERAGE SHARES OUTSTANDING

     

     

     

     

     

     

     

    Basic

     

     

    38,883

     

     

     

     

    91,409

     

    Diluted

     

     

    38,883

     

     

     

     

    91,409

     

    About Non-GAAP Financial Measures

    WHITING PETROLEUM CORPORATION

    Reconciliation of Net Loss to Adjusted Net Income

    (in thousands, except per share data)

     

     

     

     

     

     

     

     

     

    Successor

     

     

    Three Months Ended

     

     

    June 30, 2021

     

    March 31, 2021

    Net loss

     

    $

    (61,489

    )

     

    $

    (946

    )

    Adjustments:

     

     

     

     

     

     

    Gain on sale of properties

     

     

    (10,110

    )

     

     

    -

     

    Impairment expense

     

     

    1,250

     

     

     

    1,441

     

    Total measure of derivative loss reported under U.S. GAAP

     

     

    255,409

     

     

     

    146,693

     

    Total net cash settlements paid on commodity derivatives during the period

     

     

    (67,559

    )

     

     

    (39,294

    )

    Adjusted net income (1)

     

    $

    117,501

     

     

    $

    107,894

     

    Adjusted net income per share, basic (1)

     

    $

    3.01

     

     

    $

    2.79

     

    Adjusted net income per share, diluted (1)

     

    $

    3.01

     

     

    $

    2.79

     

    (1)

    Adjusted net income and adjusted net income per share are non-GAAP measures. Management believes they provide useful information to investors for analysis of Whiting's fundamental business on a recurring basis. In addition, management believes that adjusted net income is widely used by professional research analysts and others in valuation, comparison and investment recommendations of companies in the oil and gas exploration and production industry, and many investors use the published research of industry research analysts in making investment decisions. Adjusted net income and adjusted net income per share should not be considered in isolation or as a substitute for net income, income from operations, net cash provided by operating activities or other income, cash flow or liquidity measures under U.S. GAAP and may not be comparable to other similarly titled measures of other companies.

    WHITING PETROLEUM CORPORATION

    Reconciliation of Net Loss to Adjusted Net Income

    (in thousands, except per share data)

     

     

     

     

     

     

     

     

     

     

    Successor

     

     

    Predecessor

     

     

    Six Months Ended

     

     

    Six Months Ended

     

     

    June 30, 2021

     

     

    June 30, 2020

    Net loss

     

    $

    (62,435

    )

     

     

    $

    (4,202,886

    )

    Adjustments:

     

     

     

     

     

     

     

    Amortization of deferred gain on sale

     

     

    -

     

     

     

     

    (3,945

    )

    Gain on sale of properties

     

     

    (10,110

    )

     

     

     

    (353

    )

    Impairment expense

     

     

    2,691

     

     

     

     

    4,154,369

     

    Gain on extinguishment of debt

     

     

    -

     

     

     

     

    (25,883

    )

    Total measure of derivative (gain) loss reported under U.S. GAAP

     

     

    402,102

     

     

     

     

    (224,739

    )

    Total net cash settlements received (paid) on commodity derivatives during the period

     

     

    (106,853

    )

     

     

     

    46,214

     

    Reorganization items, net

     

     

    -

     

     

     

     

    41,813

     

    Restructuring and other one-time costs (1)

     

     

    -

     

     

     

     

    26,884

     

    Adjusted net income (loss) (2)

     

    $

    225,395

     

     

     

    $

    (188,526

    )

    Adjusted net income (loss) per share, basic (2)

     

    $

    5.80

     

     

     

    $

    (2.06

    )

    Adjusted net income (loss) per share, diluted (2)

     

    $

    5.80

     

     

     

    $

    (2.06

    )

    (1)

    Includes cash retention incentives paid to Predecessor executives and directors in 2020, third-party advisory and legal fees incurred prior to filing for chapter 11 bankruptcy and charges related to a legal settlement.

    (2)

    Adjusted net income (loss) and adjusted net income (loss) per share are non-GAAP measures. Management believes they provide useful information to investors for analysis of Whiting's fundamental business on a recurring basis. In addition, management believes that adjusted net income (loss) is widely used by professional research analysts and others in valuation, comparison and investment recommendations of companies in the oil and gas exploration and production industry, and many investors use the published research of industry research analysts in making investment decisions. Adjusted net income (loss) and adjusted net income (loss) per share should not be considered in isolation or as a substitute for net income, income from operations, net cash provided by operating activities or other income, cash flow or liquidity measures under U.S. GAAP and may not be comparable to other similarly titled measures of other companies.

    WHITING PETROLEUM CORPORATION

    Reconciliation of Net Loss to Adjusted EBITDA and Adjusted EBITDAX

    (in thousands)

     

     

     

     

     

     

     

     

     

    Successor

     

     

    Three Months Ended

     

     

    June 30, 2021

     

    March 31, 2021

    Net loss

     

    $

    (61,489

    )

     

    $

    (946

    )

    Interest expense

     

     

    3,981

     

     

     

    5,103

     

    Interest income

     

     

    (1

    )

     

     

    -

     

    Depreciation, depletion and amortization

     

     

    51,618

     

     

     

    53,729

     

    Total measure of derivative loss reported under U.S. GAAP

     

     

    255,409

     

     

     

    146,693

     

    Total cash settlements paid on commodity derivatives during the period

     

     

    (67,559

    )

     

     

    (39,294

    )

    Non-cash stock-based compensation

     

     

    2,455

     

     

     

    2,309

     

    Impairment expense

     

     

    1,250

     

     

     

    1,441

     

    Gain on sale of properties

     

     

    (10,110

    )

     

     

    -

     

    Adjusted EBITDA (1)

     

     

    175,554

     

     

     

    169,035

     

    Exploration expense

     

     

    797

     

     

     

    1,181

     

    Adjusted EBITDAX (1)

     

    $

    176,351

     

     

    $

    170,216

     

    (1)

    Adjusted EBITDA and Adjusted EBITDAX are non-GAAP measures. These measures are presented because management believes they provide useful information to investors for analysis of the Company's performance. Adjusted EBITDA and Adjusted EBITDAX should not be considered in isolation or as a substitute for net income, income from operations, net cash provided by operating activities or other income, cash flow or liquidity measures under U.S. GAAP and may not be comparable to other similarly titled measures of other companies.

    WHITING PETROLEUM CORPORATION

    Reconciliation of Net Loss to Adjusted EBITDA and Adjusted EBITDAX

    (in thousands)

     

     

     

     

     

     

     

     

     

     

    Successor

     

     

    Predecessor

     

     

    Six Months Ended

     

     

    Six Months Ended

     

     

    June 30, 2021

     

     

    June 30, 2020

    Net loss

     

    $

    (62,435

    )

     

     

    $

    (4,202,886

    )

    Interest expense

     

     

    9,084

     

     

     

     

    61,675

     

    Interest income

     

     

    (1

    )

     

     

     

    -

     

    Income tax benefit

     

     

    -

     

     

     

     

    (1,028

    )

    Depreciation, depletion and amortization

     

     

    105,347

     

     

     

     

    267,517

     

    Amortization of deferred gain on sale

     

     

    -

     

     

     

     

    (3,945

    )

    Total measure of derivative (gain) loss reported under U.S. GAAP

     

     

    402,102

     

     

     

     

    (224,739

    )

    Total cash settlements received (paid) on commodity derivatives during the period, net of premiums/costs

     

     

    (106,853

    )

     

     

     

    46,214

     

    Non-cash stock-based compensation

     

     

    4,764

     

     

     

     

    2,932

     

    Impairment expense

     

     

    2,691

     

     

     

     

    4,154,369

     

    Gain on extinguishment of debt

     

     

    -

     

     

     

     

    (25,883

    )

    Gain on sale of properties

     

     

    (10,110

    )

     

     

     

    (353

    )

    Reorganization items, net

     

     

    -

     

     

     

     

    41,813

     

    Restructuring and other one-time costs (1)

     

     

    -

     

     

     

     

    26,884

     

    Adjusted EBITDA (2)

     

     

    344,589

     

     

     

     

    142,570

     

    Exploration expense

     

     

    1,978

     

     

     

     

    20,244

     

    Adjusted EBITDAX (2)

     

    $

    346,567

     

     

     

    $

    162,814

     

    (1)

    Includes cash retention incentives paid to Predecessor executives and directors in 2020, third-party advisory and legal fees incurred prior to filing for chapter 11 bankruptcy and charges related to a legal settlement.

    (2)

    Adjusted EBITDA and Adjusted EBITDAX are non-GAAP measures. These measures are presented because management believes they provide useful information to investors for analysis of the Company's performance. Adjusted EBITDA and Adjusted EBITDAX should not be considered in isolation or as a substitute for net income, income from operations, net cash provided by operating activities or other income, cash flow or liquidity measures under U.S. GAAP and may not be comparable to other similarly titled measures of other companies.

    WHITING PETROLEUM CORPORATION

    Reconciliation of Net Cash Provided by Operating Activities to Adjusted Free Cash Flow

    (in thousands)

     

     

     

     

     

     

     

     

     

    Successor

     

     

    Three Months Ended

     

     

    June 30, 2021

    March 31, 2021

    Net cash provided by operating activities

     

    $

    183,246

     

     

    $

    153,193

     

    Changes in working capital

     

     

    (13,483

    )

     

     

    10,653

     

    Capital expenditures

     

     

    (58,468

    )

     

     

    (55,602

    )

    Adjusted free cash flow (1)

     

    $

    111,295

     

     

    $

    108,244

     

     

     

     

     

     

     

     

     

     

     

    Successor

     

     

    Predecessor

     

     

    Six Months Ended

     

     

    Six Months Ended

     

     

    June 30, 2021

     

     

    June 30, 2020

    Net cash provided by operating activities

     

    $

    336,439

     

     

     

    $

    67,262

     

    Changes in working capital

     

     

    (2,830

    )

     

     

     

    (8,553

    )

    Capital expenditures

     

     

    (114,070

    )

     

     

     

    (178,596

    )

    Adjusted free cash flow (1)

     

    $

    219,539

     

     

     

    $

    (119,887

    )

    (1)

    Adjusted free cash flow is a non-GAAP measure. This measure is presented because management believes it provides useful information to investors for analysis of the Company's ability to internally fund acquisitions and development activity and reduce its borrowings outstanding under its revolving credit facility. This measure should not be considered in isolation or as a substitute for net income, income from operations, net cash provided by operating activities or other income, cash flow or liquidity measures under U.S. GAAP and may not be comparable to other similarly titled measures of other companies. The Company is unable to present a reconciliation of forward-looking adjusted free cash flow because components of the calculation, including fluctuations in working capital accounts, are inherently unpredictable. Moreover, estimating the most directly comparable GAAP measure with the required precision necessary to provide a meaningful reconciliation is extremely difficult and could not be accomplished without unreasonable effort. The Company believes that forward-looking estimates of adjusted free cash flow are important to investors because they assist in the analysis of its ability to generate cash from our operations.

    About Whiting Petroleum Corporation

    Whiting Petroleum Corporation, a Delaware corporation, is an independent oil and gas company engaged in the development, production and acquisition of crude oil, NGLs and natural gas primarily in the Rocky Mountains region of the United States. The Company's largest projects are in the Bakken and Three Forks plays in North Dakota and Montana and the Niobrara play in northeast Colorado. The Company trades publicly under the symbol WLL on the New York Stock Exchange. For further information, please visit http://www.whiting.com.

    Forward-Looking Statements

    This news release contains statements that we believe to be "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than historical facts, including, without limitation, statements regarding our future financial position, business strategy, projected production, cash flows, revenues, costs, capital expenditures and debt levels, the effect of acquisitions and divestitures and plans and objectives of management for future operations, are forward-looking statements. When used in this news release, words such as "guidance," or we "expect," "intend," "plan," "estimate," "anticipate," "believe" or "should" or the negative thereof or variations thereon or similar terminology are generally intended to identify forward-looking statements. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, such statements.

    These risks and uncertainties include, but are not limited to: risks associated with our emergence from bankruptcy; declines in, or extended periods of low oil, NGL or natural gas prices; the occurrence of epidemic or pandemic diseases, including the coronavirus pandemic; actions of the Organization of Petroleum Exporting Countries and other oil exporting nations to set and maintain production levels; the potential shutdown of the Dakota Access Pipeline; our level of success in development and production activities; impacts resulting from the allocation of resources among our strategic opportunities; our ability to replace our oil and natural gas reserves; the geographic concentration of our operations; our inability to access oil and gas markets due to market conditions or operational impediments; market availability of, and risks associated with, transport of oil and gas; weakened differentials impacting the price we receive for oil and natural gas; our ability to successfully complete asset acquisitions and dispositions and the risks related thereto; the impacts of hedging on our results of operations; our ability to use net operating loss carryforwards in future periods; shortages of or delays in obtaining qualified personnel or equipment, including drilling rigs and completion services; the timing of our development expenditures; properties that we acquire may not produce as projected and may have unidentified liabilities; adverse weather conditions that may negatively impact development or production activities; we may incur substantial losses and be subject to liability claims as a result of our oil and gas operations, including uninsured or underinsured losses resulting from our oil and gas operations; lack of control over non-operated properties; unforeseen underperformance of or liabilities associated with acquired properties or other strategic partnerships or investments; competition in the oil and gas industry; cybersecurity attacks or failures of our telecommunication and other information technology infrastructure; our ability to comply with debt covenants, periodic redeterminations of the borrowing base under our Credit Agreement and our ability to generate sufficient cash flows from operations to service our indebtedness; our ability to generate sufficient cash flows from operations to meet the internally funded portion of our capital expenditures budget; revisions to reserve estimates as a result of changes in commodity prices, regulation and other factors; inaccuracies of our reserve estimates or our assumptions underlying them; impacts to financial statements as a result of impairment write-downs and other cash and noncash charges; the impact of negative shifts in investor sentiment towards the oil and gas industry; federal and state initiatives relating to the regulation of hydraulic fracturing and air emissions; the Biden administration could enact regulations that impose more onerous permitting and other costly environmental health and safety requirements; the impact and costs of compliance with laws and regulations governing our oil and gas operations; the potential impact of changes in laws that could have a negative effect on the oil and gas industry; impacts of local regulations, climate change issues, negative perception of our industry and corporate governance standards; negative impacts from litigation and legal proceedings; and other risks described under the caption "Risk Factors" in Item 1A of our Annual Report on Form 10‑K for the period ended December 31, 2020. We assume no obligation, and disclaim any duty, to update the forward-looking statements in this news release.

    View source version on businesswire.com: https://www.businesswire.com/news/home/20210804006056/en/

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