trending Market Intelligence /marketintelligence/en/news-insights/trending/dXL2G85Bi-2G4s1-S_9-iA2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

In This List

Whiting Petroleum cuts 33% of workforce; Q2 earnings miss estimates

客户案例:跨国公用事业公司有效增强对新客户信用风险的认知

S&P podcast - Coronavirus pandemic, oil price crash shake up energy sector

Case Study: A Utility Company Efficiently Sharpens Its Focus on the Credit Risk of New Customers

Energy Evolution Podcast

Energy Evolution Why solar energy could get even cheaper


Whiting Petroleum cuts 33% of workforce; Q2 earnings miss estimates

Whiting Petroleum Corp. reduced its workforce by 33%, or 254 positions, as part of a corporate restructuring, according to a July 31 news release.

The company expects $50 million in annual cost savings as a result of the restructuring, which eliminates 94 executive and corporate jobs. The reductions also include various nonemployee expenses. In connection with the layoffs, Whiting expects to incur a one-time charge of approximately $8 million in the third quarter, the release said.

Also on July 31, the company reported an adjusted net loss of $25.7 million, or a loss of 28 cents per share, for the second quarter, down significantly from the adjusted net income of $57.3 million, or 62 cents per share, posted for the second quarter of 2018.

The S&P Global Market Intelligence normalized consensus earnings estimate for the second quarter was a net income of 25 cents per share.

The company's GAAP net loss came in at $5.7 million compared to net income of $2.1 million a year ago.

Revenue was pegged at $426.3 million compared to the $526.4 million reported during the same period in 2018.

Production for the quarter averaged 127,090 barrels of oil equivalent per day, up slightly from 126,180 boe/d a year ago. However, realized prices dropped with $37.10/boe reported for the second quarter, down from $41.20/boe during the year-ago quarter.