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


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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.