Whiting Petroleum posts strong quarter as Bakken output surges

Whiting Petroleum (NYSE:WLL) +1.2% AH after beating expectations for Q2 earnings and revenues, as production jumped across the company's wells in North Dakota and Colorado.

Q2 production jumped 18% Y/Y to 109,760 boe/day, exceeding company guidance; Bakken/Three Forks production set a record of 80,195 boe/day, up 33% Y/Y, and Niobrara production of 7,235 boe/day was up 59% Y/Y.

Raises 2014 production guidance to a mid-point of 20% over 2013, up from a mid-point of 18%, due to better than expected well results and a higher level of non-operated drilling activity; also increases its capital budget to $2.8B from $2.7B.

WLL will become the largest oil producer in the Bakken shale with its buyout of Kodiak Oil & Gas.

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