Whiting Petroleum Corp. today announced the expected appointment of Lynn Peterson, a 40-year oil and gas industry veteran, as Chief Executive Officer, effective as of the Company’s anticipated emergence from chapter 11, which is projected to occur on September 1, 2020. Mr. Peterson succeeds Bradley J. Holly, who will resign effective at that time [...]
Whiting Petroleum Corp. and certain subsidiaries today announced that they have entered into a restructuring support agreement with certain holders of its 1.25% convertible senior notes due 2020, 5.750% senior notes due 2021, 6.250% senior notes due 2023 and 6.625% senior notes due 2026 . In addition, the Company has filed a consensual chapter 11 [...]
Whiting Petroleum Corp. announced today that on April 14, 2020, it received a notice from the New York Stock Exchange that the Company’s common stock is not in compliance with the NYSE’s continued listing standard that requires the average closing price of a listed company’s common stock be at least $1.00 per share over a consecutive 30 trading-day [...]
Whiting Petroleum Corp. and certain subsidiaries today announced that they had commenced voluntary Chapter 11 cases under the United States Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas . The Company has more than $585 million of cash on its balance sheet and will continue to operate its business in the normal [...]
Whiting Petroleum Corp. today announced that it has taken proactive steps to ensure it has sufficient liquidity to fund ongoing operations by drawing $650 million on its credit facility. The additional funding provides the Company with more than enough liquidity to continue its daily business and satisfy obligations to its employees and vendors [...]
Whiting Petroleum Corp. announced today that its Board of Directors adopted a shareholder rights plan designed to protect the availability of Whiting?s net operating loss carryforwards under the Internal Revenue Code . As of December 31, 2019, Whiting had approximately $3.4 billion of usable U.S. federal NOLs that could be available to offset its [...]
Whiting Petroleum Corp. today announced the Company is taking measures to reduce activity given recent commodity prices and has adopted a revised capital budget range of $400 to $435 million. At the midpoint, this represents a $185 million or 30% decrease relative to our prior 2020 capital budget. Whiting expects to drop one rig and one completion [...]
Whiting Petroleum Corp. today announced fourth quarter and full-year 2019 results. Consistent with the Company’s guidance, fourth quarter total production and oil production remained flat relative to production in the third quarter. The Company maintained strict control over capital expenditures, underspending its full-year capital budget of [...]
Whiting Petroleum Corp. will release its fourth quarter 2019 financial and operating results on Thursday, February 27, 2020 before the market opens. A conference call with investors, analysts and other interested parties is scheduled for 11:00 a.m. ET on Thursday, February 27, 2020 to discuss Whiting's fourth quarter 2019 financial and operating [...]
Whiting Petroleum Corp. today announced its financial and operating results for the third quarter of 2019. In the third quarter, Whiting delivered oil production of 80,880 barrels per day, despite adverse weather conditions and ongoing gas and natural gas liquid infrastructure and processing constraints. The Company maintained strong capital [...]
Whiting Petroleum Corp. will release its third quarter 2019 financial and operating results on Tuesday, November 5, 2019 after the market closes. A conference call with investors, analysts and other interested parties is scheduled for 11:00 a.m. ET on Wednesday, November 6, 2019 to discuss Whiting's third quarter 2019 financial and operating [...]
Whiting Petroleum Corp. today announced the results and proration of the Company’s previously announced cash tender offer to purchase up to $300,000,000 aggregate principal amount of its outstanding 1.25% Convertible Senior Notes due 2020 . The Tender Offer expired at 11:59 P.M., New York City time, on Thursday, September 26, 2019 . As of the [...]
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