Bakken player Whiting Petroleum posted a quarterly loss on Wednesday as the company said its exploration, production and interest costs spiked.
the fourth quarter, Whiting posted a net loss of $59.3 million, or 50
cents per share, compared with a net profit $81.4 million, or 69 cents
per share, in the year-ago period, Reuters reported.
many of its peers developing US shale fields, Whiting continues to
spend massively to find and extract oil and natural gas reserves.
2014, the company expects to spend $2.7 billion on capital projects.
spending should help the company's production jump at least 10% "for the foreseeable future", Chief Executive James Volker said in a
impairment charges, hedging costs and other one-time items, the company
earned 88 cents per share. By that measure, the company's adjusted
profit met Wall Street's expectations, according to Thomson Reuters
Revenue rose 25 % to $720.5 million, topping expectations. The company's
production rose 17% to 100,960 barrels of oil equivalent per day.
said exploration and impairment charges more than tripled in the
quarter to $325.4 million and interest expense more than doubled to
Denver-based Whiting rose 2.4% in after-hours trading on
Wednesday. The stock has gained 24% in the past six months.