U.S. oil producer Whiting Petroleum Corp. reported a quarterly loss on Nov. 5, hit by weaker crude and natural gas prices.
The company reported a net loss of $19.1 million, or 21 cents per share, in the third quarter ended Sept. 30, compared with a profit of $121.4 million, or $1.32 per share, a year earlier.
Excluding items, the company recorded a loss of $35.1 million, or 38 cents per share, compared with a profit of $84.7 million, or 92 cents per share, a year earlier.
The Denver-based company's production fell to 11.4 million barrels of oil equivalent (MMboe) from 11.8 MMboe.
An air of cautious optimism was found at the recent Jeffries Global Energy Conference as strengthening oil prices suggest activity upticks.
Commodity strategy analysts with RBC Capital Markets outline the factors behind their new ‘structurally bullish’ oil market outlook.
Whiting Petroleum CEO Brad Holly told attendees at DUG Rockies that his company’s is considering exiting its D-J Basin holdings in favor of focusing on the Bakken.