October 27, 2010 / 9:06 PM / in 7 years

UPDATE 1-Whiting Petroleum Q3 profit lags Street

* Q3 adj EPS $1.30 vs est $1.32

* Revenue up 39 pct

* Backs FY production, spending view

Oct 27 (Reuters) - Independent oil and natural gas company Whiting Petroleum Corp (WLL.N) reported a lower-than-expected third-quarter profit, hurt by higher expenses.

The company backed its full-year production and spending outlook.

Net income for the quarter was $5.6 million, or 12 cents a share, compared with $30.9 million, or 59 cents a share, a year earlier. Excluding items, adjusted profit was $1.30 per share. Revenue rose 39 percent to $373.7 million.

Analysts were looking for a profit of $1.32 a share, on revenue of $365.7 million, according to Thomson Reuters I/B/E/S.

Total costs and expenses rose 35 percent to $279.3 million.

Last month, the company said third-quarter production would likely be at or below the lower end of its prior view of 6 to 6.20 million barrels of oil equivalent (mmboe), hurt by pipeline maintenance on the Enbridge (ENB.TO) system. [ID:nSGE68G0HI]

It reported quarterly production of 6.08 mmboe.

Whiting backed its full-year production outlook of 23.40-23.70 mmboe and spending outlook of about $830 million. For the fourth quarter, the company forecast production of 6.05-6.35 mmboe.

The Denver, Colorado-based company’s shares, which have gained about 65 percent in the past one year, closed at $100.01 Wednesday on the New York Stock Exchange. (Reporting by Arup Roychoudhury in Bangalore; Editing by Vinu Pilakkott)

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