Western Petroleum announced its financial report on Thursday with net income of US$117 million in the first quarter. The Houston-based company said the company’s profit is 15 cents. The result exceeded Wall Street's expectations. The average estimate of 8 analysts surveyed by Zacks Investment Research was 14 cents per share.
Oil and gas exploration and production companies generated revenue of $2.98 billion during the period, and four analysts surveyed by Zacks estimated that it was $3.01 billion.
Since the beginning of the year, Western stocks have fallen by 16%, while the S&P 500 has risen by about 7%. The stock has fallen by 20% in the past 12 months.