Whiting Petroleum Corp. (NYSE: WLL) nearly doubled its 2017 capex as crude prices stabilize following a two-year rout, according to a Feb. 21 report.
However, shares of the Denver-based company were down 3.5% after the bell as the oil producer's revenue fell below analysts' expectations due to a steep drop in production.
Oil companies are betting big on a continued rise in crude prices by buying up acreage and raising capital spending. Following this trend, Whiting boosted its 2017 capex to $1.1 billion from $554 million in 2016.
The company's production fell 23.4% to 118,890 barrels of oil equivalent per day in the fourth quarter ended Dec. 31.
Whiting's net loss available to common shareholders widened to $173.3 million, or 59 cents per share, in the quarter from $98.7 million, or 48 cents per share, a year earlier.
Excluding items, Whiting posted a loss of 28 cents per share, smaller than the analysts' average estimate of 32 cents.
The company's operating revenue fell 18% to about $342.7 million. Analysts had estimated revenue of $355.2 million, according to Thomson Reuters I/B/E/S.
Whiting is North Dakota's largest oil producer. The company has about 738,479 gross (443,125 net) acres in the Williston Basin, including acreage in the Bakken/Three Forks Play, according to a Feb. 14 presentation.
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