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Whiting Petroleum’s 4Q16 Production Highlights and 2017 Guidance

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Feb. 24 2017, Updated 9:07 a.m. ET

Whiting’s key operational highlights

Whiting Petroleum’s (WLL) total production volume in 4Q16 was ~118.9 Mboepd (thousand barrels of oil equivalent per day). In comparison, its 4Q15 production volume was 155.2 Mboepd. WLL’s 3Q16 production volumes amounted to 119.9 Mboepd. Whiting’s total liquids (crude oil and natural gas liquids) production mix in 4Q16 was 84%.

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Whiting’s 4Q16 realized prices

WLL’s average realized price for crude oil (USO) and condensates rose from $42.16 per barrel in 4Q15 to $49.26 per barrel in 4Q16. Its average realized price for natural gas (UNG) rose from $2.17 per thousand cubic feet in 4Q15 to $2.98 per thousand cubic feet in 4Q16. Its average realized price for natural gas liquids rose from $10.98 per barrel in 3Q15 to $12.11 per barrel in 4Q16.

Whiting’s 2017 production and cost guidance

WLL expects its 2017 production to increase 23% between 1Q17 and 4Q17. Full-year production guidance for 2017 is 45–46 MMboe (million barrels of oil equivalent). Production in 2016 was 47.5 MMboe.

WLL expects its lease operating expenses (or LOE) per barrel of oil equivalent (or boe) to range between $8.50 and $9.20 in 2017. LOE averaged $8.32 per boe in 2016.

WLL’s 4Q16 LOE was $8.01 per boe, which it claimed was below the low end of the guidance. WLL noted that this was due to “sale of higher cost properties and continued efficiency gains in the field.”

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