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Feb. 27, 2020, 10:42 a.m. EST

Whiting Petroleum's stock plunges toward a record low after downbeat outlook, mum on upcoming maturities

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By Tomi Kilgore

Shares of Whiting Petroleum Corp. /zigman2/quotes/204602363/composite WLL -3.19% took a 41% dive toward a record low in morning trading Thursday, after the oil and gas company reported a narrower-than-expected fourth-quarter loss on revenue that fell less than forecast, but disappointed analysts with its outlook and lack of comment on upcoming debt maturities. The stock was the biggest decliner listed on major U.S. exchanges, according to FactSet data. Analyst Neal Dingmann at SunTrust Robinson Humphrey more important that fourth-quarter results was Whiting's 2020 outlook, which saw a drop in capital expenditures (capex) and oil production. In addition, he said that fact that there was "no announcement regarding ongoing efforts to address upcoming maturities" should weigh on the stock. The company's post-earnings conference call with analysts is scheduled to begin at 11 a.m. Eastern. Cowen's David Deckelbaum said the 2020 production guidance was 12% lower than expectations, while the capex budget was 20% below projections. The stock has plummeted 74.0% over the past three months, while the SPDR Energy Select Sector ETF /zigman2/quotes/206420077/composite XLE +2.78% has lost 23.4% and the S&P 500 [s; spx] has declined 4.2%. The stock was now trading about one-fifth the price it was when Whiting enacted a 1-for-4 reverse stock split in November 2017.

/zigman2/quotes/204602363/composite
US : U.S.: NYSE
$ 0.89
-0.03 -3.19%
Volume: 6.05M
May 26, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$83.84 million
Rev. per Employee
$2.76M
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/zigman2/quotes/206420077/composite
US : U.S.: NYSE Arca
$ 39.55
+1.07 +2.78%
Volume: 37.44M
May 26, 2020 4:00p
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