Why Whiting Petroleum Stock Is Crashing Today
Shares of Whiting Petroleum (NYSE: WLL) had cratered more than 37% by 12:00 p.m. EDT on Thursday. Fueling the oil driller's shellacking was its second-quarter report.
Whiting Petroleum shocked investors by posting an unexpected loss during the second quarter. While analysts anticipated that the oil company would produce a profit of $0.25 per share, Whiting turned in a loss of $0.28 per share. Not only did a slump in oil prices during the quarter hurt profitability, but the company also experienced some infrastructure issues that affected its production.
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