Whiting Petroleum Corporation

Whiting Petroleum Corporation is a company engaged in hydrocarbon exploration. It is organized in Delaware and headquartered in Denver, Colorado.

Whiting Petroleum Corporation
TypePublic
IndustryPetroleum industry
Founded1980 (1980)
HeadquartersDenver, Colorado, U.S.
Key people
 James J. Volker, Former Chairman
Lynn Peterson, CEO & President
James Henderson, CFO
ProductsPetroleum
Natural gas
Natural gas liquids
Production output
125.5 thousand barrels of oil equivalent (768,000 GJ) per day (2019)
Revenue $1.572 billion (2019)
-$0.241 billion (2019)
Total assets $7.636 billion (2019)
Total equity $4.025 billion (2019)
Number of employees
505 (2019)
Websitewhiting.com
Footnotes / references
[1]

As of December 31, 2019, the company had 485.4 million barrels of oil equivalent (2.970×109 GJ) of estimated proved reserves, of which 55% was petroleum, 21% was natural gas liquids, and 24% was natural gas. Of these reserves, 91% was in the Bakken Formation and Three Forks Shale, 7% was in the Denver Basin, and 2% was in other locations.[1]

History

The company was founded in 1980 by Kenneth R. Whiting and Bert Ladd.[2]

In 1992, Alliant Energy, a Midwest public utility, acquired the company for $27.5 million.[3]

In 2003, the company became a public company via an initial public offering which raised over $400 million.[4]

In 2005, the company acquired assets in the North Ward Estes field for $459 million.[5] The property was sold in 2016 for $300 million.

In July 2013, the company sold assets in the Oklahoma Panhandle to BreitBurn Energy Partners for $846 million.[6]

In August 2013, the company acquired assets in the Williston Basin for $260 million.[7]

In 2014, the company acquired Kodiak Oil & Gas.[8] Kodiak had proven reserves of 167 million barrels of oil equivalent (1.02×109 GJ) and Whiting effectively paid $23.77 per barrel in the ground.[9]

In January 2017, the company sold midstream assets in North Dakota for $375 million.[10][11]

In August 2017, the company sold its assets near the Fort Berthold Indian Reservation in North Dakota for $500 million.[12]

On April 1, 2020, the company filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of Texas[13] due to the 2020 Russia–Saudi Arabia oil price war and the reduction in oil demand during the COVID-19 pandemic.[14]

On September 1, 2020, the company successfully emerged from bankruptcy and appointed a new CEO Lynn Peterson.[15]

References
  1. "Whiting Petroleum 2019 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. "Obituaries: Kenneth R. Whiting". The Aspen Times. June 3, 2014.
  3. "Whiting Petroleum Corporation 2003 Annual Report" (PDF).
  4. "Whiting Petroleum prices IPO". American City Business Journals. November 20, 2003.
  5. "Whiting completes North Ward Estes acquisition". Oil & Gas Journal. October 10, 2005.
  6. "BreitBurn Energy Partners L.P. Completes Acquisition of Oklahoma Panhandle Assets from Whiting Oil and Gas Corporation" (Press release). Business Wire. July 15, 2013.
  7. "Whiting Petroleum Corporation Announces Agreement to Acquire Properties in the Williston Basin for $260 Million" (Press release). Business Wire. August 27, 2013.
  8. "Whiting Petroleum Completes Acquisition of Kodiak Oil & Gas" (Press release). Business Wire. December 8, 2014.
  9. "Whiting writes off $2.57 billion in assets, including Kodiak". The Dickinson Press. October 28, 2015.
  10. "Whiting Petroleum Corporation Closes Sale of North Dakota Midstream Assets for $375 Million" (Press release). Business Wire. January 3, 2017.
  11. Brelsford, Robert (January 3, 2017). "Whiting closes sale of North Dakota midstream assets". Oil & Gas Journal.
  12. "Whiting Petroleum Corporation Announces $500 Million Sale of Fort Berthold Area Assets in North Dakota" (Press release). Business Wire. August 15, 2017.
  13. Nair, Arathy (April 1, 2020). "Whiting files for Chapter 11 bankruptcy as oil prices hover at $20". Reuters.
  14. French, David; Moise, Imani (April 9, 2020). "Exclusive: U.S. banks prepare to seize energy assets as shale boom goes bust". Reuters.
  15. Arathy S Nair (2020-04-01). "U.S. shale company Whiting becomes first major bankruptcy of oil-price crash". Reuters. Archived from the original on 2020-04-10. Retrieved 2020-04-15.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.