Whiting Petroleum 3Q Profit Jumps 49 Percent on Higher Oil Prices, Production

Oil and gas company Whiting Petroleum Corp. said Monday its third-quarter profit grew 49 percent, as increased production and oil prices helped offset lower natural gas prices.

Quarterly profit jumped to $49.5 million, or $1.35 per share, from $33.3 million, or $1.12 per share, in the year-ago period. The recent quarter’s results include a gain of 15 cents per share related to a change in the company’s income tax rate and the recording of additional enhanced oil recovery tax credits.

Wall Street had expected a profit of $1.11 per share, according to an analyst poll by Thomson Financial.

Revenue during the quarter grew to $207.6 million from $139.8 million, beating analysts’ expectations of $201 million.

During the quarter, average oil prices, excluding hedges, grew to $62.11 per barrel from $57.84 in the year-ago period, while natural gas prices fell to $6.23 from $7.34.

Overall production grew to an average of 42,260 barrels of oil equivalent per day, from 32,030 barrels per day in the year-ago period. Whiting Petroleum credited the acquisitions of the Postle field in Oklahoma and the North Ward Estes field in Texas, among other factors, for the production growth.

The company also said it boosted its 2006 drilling budget to $440 million from $420 million.

Whiting Petroleum shares fell 24 cents to close at $43.68 on the New York Stock Exchange.