Whiting Petroleum Lowers Fourth Quarter, 2011 Production Forecasts (WLL)
Oil & gas exploration and production company Whiting Petroleum Corp. has lowered its fourth-quarter and full fiscal year 2011 production estimates and provided guidance for first-quarter and full-year 2012 production. The company now plans to produce 6.5 million barrels of…
Oil & gas exploration and production company Whiting Petroleum Corp. has lowered its fourth-quarter and full fiscal year 2011 production estimates and provided guidance for first-quarter and full-year 2012 production.
The company now plans to produce 6.5 million barrels of oil equivalent in the fourth quarter of 2011 and 24.78 million barrels for the full year. The reduction is due to a shortage of service rigs in Whiting’s Sanish field in the Northern Rocky Mountains.
For the first quarter of 2012, the company expects to produce 6.6-6.8 million barrels of oil equivalent and for the full year Whiting plans production of 28-29.5 million barrels. Daily production in 2012 is estimated at 76,700-80,500 barrels.
Shares are trading down nearly -6% at $47.74 in a 52-week range of $28.87-$75.91.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.