Press "Enter" to skip to content

Whiting Petroleum Corporation Stock Crashed

Whiting Petroleum Corporation stock has fallen 3.4% since the company’s first-quarter 2021 earnings announcement on May 5. The industry player’s earnings and revenue results, and an improved Free Cash Flow guidance for 2021. The firm’s shares failed to display an uptrend due to a lack of guidance updates on production and capital expenditure.

Whiting Petroleum corporation reported first-quarter 2021 adjusted net income per share of $2.79, beating the Zacks Consensus Estimate of $1.45 as well as the sequential quarter’s earnings of $1.46 owing to a significant improvement in commodity price realizations. Total operating revenues came in at $307.4 million, ahead of the Zacks Consensus Estimate of $229 million. The top line improved 44.8% from the quarter-ago level of $212.3 million.

The company’s free cash flow of $108.2 million was higher than the fourth-quarter 2020 figure of $89.3 million Petroleum’s total oil and gas production reported a sequential decrease of 4.2% to 8,090 MBOE. The oil volumes at 4,822 thousand barrels were down 5.6% from the level achieved in fourth-quarter 2020.The crude oil price during the first quarter was $53.24 per barrel, reflecting a 40.5% rise from the year-ago realization of $37.89. The natural gas liquids price was $17.28 per barrel, up151.2% from the quarter-ago period. Natural gas prices were up 173.3% from the prior quarter to $2.05 per thousand cubic feet.

Whiting Petroleum Corporation had $24.7 million in cash and cash equivalents. The oil explorer’s long-term debt of $245,000 represented a debt-to-capitalization of 16.6%. In the reported quarter, the company spent $55.6 million on its capital program. Colorado-based technology company aims to become a debt-free company by this year-end, projects to generate $550 million in EBITDAX. The management anticipates free cash flow of over $300 million for 2021 if oil averages $55 per barrel.

Be First to Comment

Leave a Reply

Your email address will not be published. Required fields are marked *