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July 31 (Reuters) - Whiting Petroleum said on Wednesday it has cut its workforce by 33% after reporting a second-quarter surprise loss, hit by a drop in crude and natural gas prices.
The company expects the job cuts and other restructuring efforts, which would lead to a one-time charge of $8 million in the third quarter of 2019, to generate $50 million of annual cost savings.
Average realized price for oil fell about 2%, and for natural gas dropped about 64% in the reported quarter.
Whiting said production rose only 1% to 11.57 million barrels of oil equivalent (mmboe).
Infrastructure constraints from a lack of natural gas pipelines from the region and related operating delays reduced its oil production by about 3,000 barrels per day. The constraints are expected to continue through year end, the company said in a statement.
Whiting reported adjusted net loss of $25.7 million, or 28 cents per share, in the quarter ended June 30, from $57.3 million, or 62 cents per share, a year earlier.
Analyst were expecting a profit of 30 cents per share, according to Refinitiv IBES. (Reporting by Arunima Kumar in Bengaluru; Editing by Shinjini Ganguli)