Whiting Petroleum Corporation

From Wikipedia, the free encyclopedia
Whiting Petroleum Corporation
TypePublic company
  • NYSE: WLL
  • Russell 1000 Index component
IndustryPetroleum industry
Founded1980; 41 years ago (1980)
HeadquartersDenver, Colorado, U.S.
Key people
 Kevin S. McCarthy, Chairman
Lynn A. Peterson, CEO & President
James P. Henderson, CFO
ProductsPetroleum
Natural gas
Natural gas liquids
Production output
98.6 thousand barrels of oil equivalent (603,000 GJ) per day (2020)
RevenueDecrease $732 million (2020)
Decrease $39 million (2020)
Total assetsDecrease $2.043 billion (2020)
Total equityDecrease $1.228 billion (2020)
Number of employees
405 (2021)
Websitewhiting.com
Footnotes / references
[1]

Whiting Petroleum Corporation is an American company engaged in hydrocarbon exploration. It is a publicly traded enterprise formally organized and incorporated in Delaware with its operational headquarters located in Denver, Colorado.

As of December 31, 2020, the company held approx. 260.2 million barrels of oil equivalent (1.592×109 GJ) of secure, recoverable proven energy reserves, of which 63% was petroleum i.e. hydro carbons, 18% natural gas liquids, and 19% natural gas. Of these reserves, a total of 93% was located in the area of the Bakken Formation and Three Forks Shale, while 5% was located in the Denver Basin, and the remaining 2% was located across 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 bankruptcy in the U.S. Bankruptcy Court for the Southern District of Texas.[13][14]

On September 1, 2020, the company emerged from bankruptcy and appointed Lynn A. Peterson as CEO.[15][16]

References[]

  1. ^ a b "Whiting Petroleum 2020 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. ^ Avery, Greg (September 2, 2020). "Whiting Petroleum emerges from bankruptcy, reveals another change to its leadership". American City Business Journals.
  16. ^ "Shale producer Whiting Petroleum emerges from bankruptcy". Reuters. September 1, 2020.

External links[]

Retrieved from ""