September 17, 2010 / 3:11 PM / in 7 years

UPDATE 1-Whiting Petroleum may miss Q3 production outlook

* Sees Q3 production at or below lower end of prior view

* Keeps FY production outlook of 23.40-23.70 MMBOE

* Cites Enbridge pipeline maintenance

Sept 17 (Reuters) - Independent oil and natural gas company Whiting Petroleum (WLL.N) cut its third-quarter production outlook, hurt by pipeline maintenance on the Enbridge (ENB.TO) system.

Last week, Enbridge Inc (ENB.TO) shut down the largest of its three major oil pipelines, reducing supply on the main transit route for Canadian crude into the United States. [ID:nSGE68901J]

The shutdown pipeline is a crucial part of Lakehead, which feeds Midwest oil refineries and the Cushing, Oklahoma, crude storage hub, the delivery point for U.S. crude.

Whiting said it now expects third-quarter production to be at or below the lower end of its prior view of 6 to 6.20 million barrels of oil equivalent (MMBOE). It, however backed its prior full-year production outlook of 23.40-23.70 MMBOE.

Earlier this month, Whiting said it acquired oil and gas leasehold interests covering 90,174 net acres in the Williston Basin from undisclosed sellers to increase its net acreage in the Bakken formation in North Dakota.[ID:nASA00PMH] Shares of the Denver-based company, which have gained about 8 percent since Whiting reported better-than-expected second-quarter results on July 28, were up about a percent at $91.22 Friday morning on the New York Stock Exchange. (Reporting by Vaishnavi Bala in Bangalore; Editing by Vyas Mohan)

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