Lakeway, NY -- (SBWIRE) -- 02/28/2013 -- ThePennyStockProfiler.com, an investment community with a special focus on updating investors with recent news on the U.S. stock market, issues news alert on the following stocks:-
MBIA Inc. (NYSE:MBI) shares fell by 39 cents or 4% to close at $9.59 on Thursday after the bond insurer reported a quarterly profit helped by changes in the fair value of insured credit derivaties.
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For the quarter ended the company earned net profit of $636 million, or $3.26 per share in comparison to a loss of $626 million, or $3.23 per share, a year ago.
Total premium earned in the U.S. public finance insurance segment rose 8% to $122 million.
Whiting Petroleum Corp (NYSE:WLL) announces its fourth quarter and fiscal year operating and financial results.
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Production in the fourth quarter of 2012 totaled 7.917 million barrels of oil equivalent (MMBOE), of which 86% were crude oil/natural gas liquids (NGLs) which is equivalent to a daily average production rate of 86,055 barrels of oil equivalent (BOE), representing a 22% increase over the fourth quarter 2011 average daily rate of 70,685 BOE per day and a 4% increase over the third quarter 2012 average daily rate of 82,615 BOE per day.
Production in 2012 totaled a record 30.21 MMBOE or 82,540 BOE per day representing a 22%increase over total production of 24.78 MMBOE or 67,890 BOE per day in 2011.
James J. Volker, Whiting’s Chairman and CEO, commented, “2012 was a record year for Whiting Petroleum, and we are off to a great start in 2013. The development of the fields we discovered in 2011 such as Pronghorn, Hidden Bench, Tarpon and Redtail generated excellent results in 2012. In the wake of this development, we posted records in production, proved reserves and discretionary cash flow. According to the December 2012 Oil and Gas Production Report published by the North Dakota State Industrial Commission, Department of Minerals, Oil and Gas Division, Whiting was the number one oil producer in North Dakota at 66,155.7 barrels per day.”
He said for a strong year in 2013 factors to be taken into consideration are Optimization programs that should lead to efficient, low-cost drilling and completion operations; Higher density pilot projects at Sanish, Pronghorn and Hidden Bench; Solid cash flow and balance sheet; Strong Bakken oil prices as differentials improve; and The emergence of our Redtail prospect as a major resource play.
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