Feb 21 Whiting Petroleum Corp, North
Dakota's largest oil producer, nearly doubled its 2017 budget
for capital spending as crude prices stabilize following a
However, shares of the company were down 3.5 percent 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.
Whiting boosted its 2017 spending to $1.1 billion from $554
million in 2016.
The company's production fell 23.4 percent to 118,890
barrels of oil equivalent per day in the fourth quarter ended
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, the company posted a loss of 28 cents per
share, smaller than the analysts' average estimate of 32 cents.
Denver-based Whiting Petroleum's operating revenue fell 18
percent to about $342.7 million. Analysts had estimated revenue
of $355.2 million, according to Thomson Reuters I/B/E/S.
(Reporting by Komal Khettry and Diptendu lahiri in Bengaluru;
Editing by Anil D'Silva)