Whiting Petroleum reported revenue of $590 million for the second quarter, a 29.4% decrease from the year-ago quarter, and below analysts' estimates of $670.62 million. The company reported earnings of 4 cents a share for the quarter, above analysts' estimates of break-even earnings.
The company also lowered its 2015 capital budget to $2.15 billion with 6.5% production growth, down from its previous estimate of $2.3 billion.
"Our financial position remains strong," Chairman, President, and CEO James J. Volker said in a statement. "Year-to-date, we have sold $300 million of assets, which more than funds the increase in our capital budget. We ended the second quarter with $60 million in cash and nothing drawn on our $4.5 billion borrowing base. In addition, we anticipate further non-core asset sales by year end."
TheStreet Ratings team rates WHITING PETROLEUM CORP as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:
"We rate WHITING PETROLEUM CORP (WLL) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including feeble growth in the company's earnings per share, deteriorating net income and disappointing return on equity."
You can view the full analysis from the report here: WLL Ratings Report