facebook
twitter
rss
account
search
search
 

Shale boosts outlook for Whiting Petroleum

Company has "plenty of running room" in U.S. shale.
By Daniel J. Graeber   |   July 31, 2014 at 9:40 AM   |   Comments

| License Photo
DENVER, July 31 (UPI) -- Production from shale basins in the Northern Plains reached record levels in the second quarter, Whiting Petroleum Corp. declared.

Whiting said net second quarter production was 10 million barrels of oil equivalent per day, of which nearly 90 percent was crude oil. For the third quarter, the company expects production to approach 11 million boe per day.

Net production from the Bakken and Three Forks area of North Dakota increased 33 percent year-on-year, while net output from the Niobrara shale increased 59 percent from the first quarter alone.

For the three months ending June 30, Whiting said oil production of 8.01 million barrels represented a 20 percent increase year-on-year. Natural gas production from its assets in North America increased 8 percent year-on-year.

The outlook for North Dakota was strong given the record production and cash flow generated from the Bakken play, Whiting Chairman and Chief Executive Officer James Volker said.

"We believe we have plenty of running room in the Williston Basin [of North Dakota]," he said in a statement Thursday.

Whiting, which has headquarters in Denver, reported total revenues for the second quarter of $835.6 million, up 26 percent from second quarter 2013.

Follow @dan_graeber and @UPI on Twitter.
Contact the Author
© 2014 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Recommended UPI Stories
Most Popular
1
U.S. Air Force orders more RQ-4 Global Hawks U.S. Air Force orders more RQ-4 Global Hawks
2
Talon rocket in full-rate production for UAE Talon rocket in full-rate production for UAE
3
Hotel chain suspending sponsorship of Minnesota Vikings Hotel chain suspending sponsorship of Minnesota Vikings
4
EU, Kiev, Moscow gas talks suspended EU, Kiev, Moscow gas talks suspended
5
Chevron gas line closed after accident Chevron gas line closed after accident
Trending News
Video
x
Feedback