Whiting Petroleum Corporation stock has fallen 3.4% since the company’s first-quarter 2021 earnings announcement on May 5. The industry player’s earnings and revenue results, and an improved Free Cash Flow guidance for 2021. The firm’s shares failed to display an uptrend due to a lack of guidance updates on production and capital expenditure.
Whiting Petroleum corporation reported first-quarter 2021 adjusted net income per share of $2.79, beating the Zacks Consensus Estimate of $1.45 as well as the sequential quarter’s earnings of $1.46 owing to a significant improvement in commodity price realizations. Total operating revenues came in at $307.4 million, ahead of the Zacks Consensus Estimate of $229 million. The top line improved 44.8% from the quarter-ago level of $212.3 million.
Whiting Petroleum Corporation had $24.7 million in cash and cash equivalents. The oil explorer’s long-term debt of $245,000 represented a debt-to-capitalization of 16.6%. In the reported quarter, the company spent $55.6 million on its capital program. Colorado-based technology company aims to become a debt-free company by this year-end, projects to generate $550 million in EBITDAX. The management anticipates free cash flow of over $300 million for 2021 if oil averages $55 per barrel.