Whiting Petroleum, the Colorado-based independent oil and natural gas producer, lowered its production forecasts for the second quarter and the full year due to power outages and pipeline maintenance.
Whiting (WLL) is now projecting second-quarter output of 5.75 million and 5.85 million barrels of oil equivalent, down from a previous estimate of 6.15 million to 6.35 million barrels.
For the full year, the company anticipates production will range from 25.15 million to 25.55 million barrels, down from its prior estimated range of 25.8 million to 26.2 million barrels, the Associated Press reported.
The company said harsh weather in North Dakota in April and May caused power outages, which disrupted output in the Bakken Shale. The company expects to have 20 to 25 wells operating there by the end of this year.