Whiting Petroleum Corp (NYSE:WLL) has announced its financial and operating results for the 3Q2016, recording a significant decline in capital expenditure. The company noted that its capex for the period was $85 million, well under its budget and relatively flat, when compared to the preceding quarter. In addition to this, WLL’s production for the period was also near the top end of its guidance, reaching 11 million barrels of oil.

The CEO of Whiting Petroleum, James J. Volker, pointed out that during the quarter their net cash, generated from operating activities, had exceeded their capital spending by $66 million. He also claimed that their focus on the disciplining of capex and improving balance sheet strength for the first three quarters has provided them with a strong financial base to continue delivering strong operational results. Moreover, this would also lead to the realization of the full potential of their asset base.

WLL recorded a net loss of $2.47 per share for the 3Q2016, approximately $6.67 lower than the preceding year. The company management would hold a conference call at 11 a.m. EDT, on October 27, 2016, to discuss the financial results. It should be noted here that Whiting Petroleum has made a larger capital cut, than any of its peers. Added to this, the company expects to have a highly efficient production profile, by 2017. WLL’s capex budget for the FY2016 stands at a total of $550 million, 76% lower than the FY2015.

Analysts at Zacks had claimed that the 3Q2016 financial report would serve as a test to see if the company can continue to improve, as the FY2017 approaches. The analysts had also expected the company to report an EPS loss of $8.7 per share. However, WLL successfully beat the analyst estimates, after having missed the last three estimates. It should be noted here that during the 3Q2016 there was virtually no improvement in the prices of oil, as compared to the preceding quarter, when oil advanced by 26%.

Whiting Petroleum Corp (NYSE:WLL) gained 0.98% in terms of its share value, during the October 26 trading session, to close at $8.27 per share. The stock had a trade volume of 28.01 million.

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