Morningstar Rating

Stock Research and Analysis

by Mark Hanson, CFA

Bulls Say

Whiting's sizable inventory, established base of long-lived EOR production, attractive oil/gas mix, and better-than-average cost structure should support several more years of profitable growth.
The Bakken/Three Forks system is one of the earliest and most attractive unconventional resource basins in the U.S. Whiting should remain a leading player in this region for the foreseeable future.
Whiting's unconventional oil expertise should come in handy as the firm expands its exploratory and developmental efforts across recently acquired acreage in the D-J Basin. Read more 

Bears Say

Although it has plenty of low-risk drilling opportunities, Whiting's future returns on capital are unlikely to match those of the past several years, when growth was led by the world-class Sanish Field.
The Bakken/Three Forks system is not without its challenges, including weather-shortened seasons and the potential for midstream tightness. Midstream should become less of an issue over time, however.
Excitement surrounding Whiting's Niobrara acreage has run a bit ahead of actual results; exploration and development are still in their very early stages in this region. Read more 

Management

Whiting has historically demonstrated good stewardship, with a focus on capital discipline and operational efficiency. Management employs a conservative financing strategy (although ongoing dilution remains a concern, given the company's history of   Read more 

Profile

Founded in 1980 and based in Denver, Whiting Petroleum is an independent oil and natural gas company with operations primarily in the Bakken/Three Forks system of North   Read more 

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