Whiting Petroleum Reports Loss

Whiting says that the decrease in quarterly net income was due to 'a 34% decline in the company's realized oil price (net of hedging) and a 31% decrease in its realized natural gas price.'
Author:
Publish date:

Whiting Petroleum

(WLL) - Get Report

reported a fourth-quarter loss of $3 million, or 7 cents per share, compared with net income of $45.8 million, or $1.08 per share, during the fourth quarter of 2007.

Whiting generated quarterly revenue of $223.9 million compared to $232.4 million during the same period last year.

Analysts were expecting a net loss of 6 cents per share and revenue of $219.8 million, according to a Thomson Reuters survey.

Whiting said in a press release that the decrease in quarterly net income was due to "a 34% decline in the company's realized oil price (net of hedging) and a 31% decrease in its realized natural gas price."

Shares of Whiting were recently falling 7.9% at $23.07 per share in after-hours trading.