ISI Group Maintains Perform on Whiting Petroleum
ISI Group remains Perform-rated on Whiting Petroleum (NYSE: WLL) as the company updates production targets.
ISI Group notes, "Along with 4Q results, WLL bumped up production targets, while keeping capex unchanged and reducing unit cost guidance. Select new wells disclosed in the Pronghorn project area ranged from 2.8-3.4 MBoe/d on 24-HR IP rates. Though we would note the trailing average performance of wells drilled to date at Lewis & Clark/Pronghorn remains largely unchanged (~1.3 MBoe/d 24-HR IP & 565 Boe/d 30-DAY). Nevertheless, we think the consistency will help allay investor concerns on future drilling inventory."
WLL closed at $56.56 a share on Wednesday.
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