Q2 2012 Production Up 26% from Q2 2011
Q2 2012 Net Income Available to Common Shareholders of $150.6 Million or $1.27 per Diluted Share and Adjusted Net Income of $86.8 Million or $0.73 per Diluted Share (compared to my forecast of $0.94/share).
Q2 2012 Discretionary Cash Flow Totals $310.5 Million (compared to my forecast of $372.4 million)
Increasing 2012 Production Guidance to 20% - 23% over 2011 and Capital Budget to $1.9 Billion from $1.8 Billion
Company Reports Positive Results from its Williston Basin Pad Drilling Program and Continued Success in the Permian Basin
My Take:
> Production was just slightly below my forecast but realized oil prices came in lower
> Fundamentals are solid and production will accelerated into year-end.
> 20+% year-over-year production growth is rock solid.
> Whiting holds some of the very best Bakken acreage
> I will take a hard look tomorrow and update my forecast model.