DENVER (AFX) - Whiting Petroleum Corp. on Tuesday said increased production volume and higher crude oil prices pushed second-quarter profit up 89 percent, as sales surged.
Net income increased to $45.9 million, or $1.25 per share, from $24.2 million, or 82 cents per share, in the year-earlier quarter. The recent quarter includes a favorable tax adjustment that boosted earnings by $3.2 million, or 9 cents per share.
Revenue totaled $204 million -- an 84 percent increase from $111.1 million a year ago.
In a Thomson Financial poll, analysts forecast earnings of 97 cents per share, excluding one-time items, on sales of $189.7 million.
Whiting said oil production expanded 64 percent to about 2.4 million barrels, while natural gas production grew 10 percent to 8.2 billion cubic feet. After hedging, the company's oil fetched a higher average sale price per barrel: $61.22 versus $44.40, a 38 percent jump year over year. Gas prices averaged $6.66 per thousand cubic feet, up 10 percent from $6.04.
The company raised its 2006 drilling budget from $360 million to a range of $400 million to $420 million. Third-quarter production is expected to range from 3.8 million to 3.9 million barrels of oil equivalent, the company said.
Shares of Whiting Petroleum closed the New York Stock Exchange session higher by $1.35, or 3.1 percent. The stock has ranged between $33.70 and $47.25 over the past year.
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