Whiting Petroleum sees 2013 production up 12%-16% Whiting Petroleum said its 2013 capital budget is $2.2B. Whiting expects to invest $1.9B of the 2013 capital budget in exploration and development activity, $108M for land, and $178M for facilities. Based on this level of capital spending, the company forecasts production of 33.8 MMBOE – 35.0 MMBOE for 2013, an increase of 12% - 16% over our 2012 production of 30.2 MMBOE.
Whiting Petroleum downgraded to Neutral from Buy at BofA/Merrill BofA/Merrill downgraded Continental Resources to Neutral and lowered its price target to $27 from $38. The firm downgraded shares based on potential extended commodity weakness and the impact on investment.