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Whiting Petroleum Corporation Announces Fourth Quarter And Full-Year 2013 Financial And Operating Results

Stocks in this article: WLL

Whiting Petroleum Corporation’s (NYSE: WLL) production in the fourth quarter of 2013 totaled 9.289 million barrels of oil equivalent (MMBOE), of which 87% were crude oil/natural gas liquids (NGLs). This fourth quarter 2013 production total equates to an average production rate of 100,965 barrels of oil equivalent per day (BOE/d), representing a 17% increase over the fourth quarter 2012 average rate of 86,055 BOE/d and a 9% increase over the third quarter 2013 average rate of 92,750 BOE/d.

Production in 2013 totaled a record 34.34 MMBOE or 94,090 BOE/d. This represents a 14% increase over total production of 30.21 MMBOE or 82,540 BOE/d in 2012. Excluding production associated with the Postle/Northeast Hardesty sale, our production in 2013 was up 21% over 2012. (1)

James J. Volker, Whiting’s Chairman and CEO, commented, “Our tenth year as a public company was a record year for Whiting Petroleum. With full-scale development underway at such fields as Pronghorn, Hidden Bench and Missouri Breaks, we generated excellent results in 2013. In the wake of this development, we posted records in production, proved reserves and discretionary cash flow. Entering our second decade as a public company, we are a leading operator in two of the hottest plays in North America, the Bakken in North Dakota and Montana and the Niobrara in northeastern Colorado. We believe these plays set the stage for another ten years of growth.”

Mr. Volker continued, “For the foreseeable future, our objective is to generate double-digit production growth while maintaining a healthy balance sheet. Our 2014 capital budget of $2.7 billion is expected to yield year-over-year production growth in the 17% to 19% range.”

We believe the following factors will lead to a strong year in 2014 for Whiting:

● A solid cash flow outlook and a strong balance sheet;

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