- Whiting Petroleum (NYSE:WLL) -5.1% AH after cutting its 2015 capital spending budget less than two weeks after raising it.
- WLL says it now plans to spend $2.15B this year, running eight drilling rigs instead of a previous plan for 11, after previously raising its budget by 15% to $2.3B, citing "strong results" from its Q2.
- Otherwise, actual Q2 results came in mixed, as earnings beat expectations but revenues fell short, and production totaled 15.5M boe (89% liquids), up 2% Q/Q.
- WLL says it forecasts Q3 production of 14.7M-15.1M boe, and FY 2015 guidance at 59.2M-59.8M boe.
- WLL is North Dakota's largest oil producer and tends to be seen as a key barometer of the health of the U.S. shale industry.