Whiting Petroleum Corp. (WLL) Wednesday reported first-quarter net income to common shares of $86 million or $0.72 per share, compared to $98 million or $0.83 per share last year.
Excluding items, adjusted earnings for the quarter were $111.6 million or $0.94 per share, compared to $122.6 million or $1.03 per share a year ago.
The Denver-based oil and gas company reported quarterly revenues of $613 million, compared to $563.7 million a year ago.
Analysts polled by Thomson Reuters estimated earnings of $0.89 per share on revenues of $589.70 million for the quarter. Analysts' estimates typically exclude special items.
Production in the quarter totaled 8.022 million barrels of oil equivalent, or MMBOE, of which 87 percent were crude oil/natural gas liquids (NGLs). This equates to a daily average production rate of 89,135 barrels of oil equivalent, or BOE, representing a 10 percent increase over last year.
Results were offset by operating expenses that escalated to $475.6 million from $406 million a year ago, due to increased production taxes, depreciation, and exploration & impairment charges.
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