Earnings Review and Free Research Report: Whiting Petroleum Reported Q3 Results; Announced Reverse Stock Split
Research Desk Line-up: TransAtlantic PetroleumPost Earnings Coverage
LONDON, UK / ACCESSWIRE / November 21, 2017 / Pro-Trader Daily has just published a free post-earnings coverage onWhiting Petroleum Corp. (NYSE: WLL) ("Whiting"), which can be viewed by registering athttp://protraderdaily.com/optin/?symbol=WLL, following the Company's release of its financial results for the third quarter fiscal 2017 (Q3 FY17) on October 25, 2017. The Denver, Colorado-based Company's adjusted diluted loss narrowed during the in reported quarter, beating Wall Street's estimates. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
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Get more of our free earnings reports coverage from other constituents of the Oil & Gas Drilling & Exploration industry. Pro-TD has currently selected TransAtlantic Petroleum, Ltd (NYSE AMER: TAT) for due-diligence and potential coverage as the Company announced on November 08, 2017, its financial results for Q3 2017 which ended on September 30, 2017 and also provided an operations update. Register for a free membership today, and be among the early birds that get access to our report on TransAtlantic Petroleum when we publish it.
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Earnings Reviewed
During Q3 FY17, Whiting's total operating revenues came in at $324.19 million, which was above the $315.55 million recorded at the end of Q3 FY16. Operating revenues for the reported quarter also came in below market consensus estimates of $330.3 million.
The oil and gas Company reported net loss available to common shareholders of $286.43 million, or $0.79 loss per diluted share, in Q3 FY17 compared to net loss available to common shareholders of $693.05 million, or $2.47 loss per diluted share, in Q3 FY16. The Company's adjusted net loss available to common shareholders for Q3 FY17 narrowed to $50.13 million, or $0.14 loss per diluted share, from adjusted net loss available to common shareholders of $133.08 million, or $0.47 loss per diluted share, in the comparable prior year's same quarter. Market analysts had forecasted the Company to report adjusted net loss of $0.20 loss per share for Q3 FY17.
Operating Metrics
Whiting total operating expenses increased during Q3 FY17 to $805.15 million from $613.14 million in the past year's comparable quarter. The Company's loss from operations widened during Q3 FY17 to $130.98 million from $48.95 million in Q3 FY16. Furthermore, loss before income taxes for Q3 FY17 stood at $480.95 million compared to $297.58 million in the year-ago same period.
In Q3 FY17, Whiting's oil production volume was down by 9% to 7.05 million barrels (MMBbl) from 7.76 MMBbl in Q3 FY16. However, quarterly production volume of natural gas totaled 10.21 billion cubic feet (Bcf) in Q3 FY17, which was 3% above than the 9.91 Bcf reported in the prior year's comparable quarter. Natural gas liquids (NGL) production volume increased by 9% during Q3 FY17 to 1.77 MMBbl from 1.62 MMBbl in Q3 FY16. Furthermore, total production during the reported quarter was 10.52 million barrels of oil equivalent (MMBOE) compared to 11.03 MMBOE in Q3 FY16. Meanwhile, average production in Q3 FY17 was 114.35 thousand barrels of oil equivalent per day (MBOE/d) compared to 112.66 MBOE/d in Q2 FY17.
Cash Matters and Balance Sheet
In the quarter ended on December 31, 2017, Whiting generated $99.34 million as net cash provided by operating activities compared to $151.32 million in the prior year's same quarter. The Company's discretionary cash flow in the reported quarter stood at $147.87 million versus $163.05 million in Q3 FY16.
The Company's cash and cash equivalents balance declined to $11.17 million as on September 30, 2017, from $55.98 million at the close of books on December 31, 2016. Furthermore, the Company's total long-term debt fell to $2.93 billion as on September 30, 2017, from $3.54 billion as on December 31, 2016.
Reverse Stock Split
In a sperate press release on November 08, 2017, the announced approval of the reverse stock split by Whiting's stockholders at a special meeting of shareholders. The reverse stock split of the common stock will in the ratio of 1-for-4, which will change the authorized to issue common stock from 600 million shares to 225 million shares.
Guidance
For full year FY17, Whiting expects production range of 42.6 MMBOE to 43.2 MMBOE with a capital budget of $950 million. Furthermore, the Company projects a production range of 11.3 MMBOE to 11.9 MMBOE with capital expenditures of approximately $210 million. Moreover, Whiting's common stock started trading on a split-adjusted basis from November 09, 2017.
Stock Performance
On Monday, November 20, 2017, the stock closed the trading session at $21.80, declining 5.30% from its previous closing price of $23.02. A total volume of 6.67 million shares have exchanged hands, which was higher than the 3-month average volume of 5.25 million shares. Whiting Petroleum's stock price surged6.86% in the last one month and 29.45% in the past three months. The stock currently has a market cap of $1.98 billion.
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