Whiting Petroleum Corp. recorded a net loss for first-quarter 2021 of $900,000 compared to a net loss of $1.2 million for fourth-quarter 2020. Adjusted net income for first-quarter 2021 was $108 million, as compared to $55.5 million for fourth-quarter 2020.
Revenue for first-quarter 2021 increased $95 million to $307 million when compared to fourth-quarter 2020, primarily due to increased commodity prices between periods.
Production averaged 89,900 boe/d and oil production averaged 53,500 b/d of oil. Production held consistent with levels at year-end 2020 despite winter conditions during first-quarter 2021.
Capital expenditures in the quarter increased to $56 million compared to fourth-quarter 2020 spend of $21 million, as the company resumed operations following an improvement in commodity prices in late 2020. During the quarter, the company drilled 6 gross/4.5 net operated wells, completed 15 gross/10.6 net operated wells and turned in line 14 gross/9.8 net operated wells.
The company currently has one drilling rig and one completion crew operating in Sanish field in North Dakota.
Whiting emerged from bankruptcy under Chapter 11 of the bankruptcy code in September 2020 (OGJ Online, Apr. 1, 2020).
