Whiting Petroleum
 "Fundamentally better" | |
| Company type | Public |
|---|---|
| |
| Industry | Petroleum industry |
| Founded | 1980 |
| Headquarters | Denver, Colorado, U.S. |
Key people | James J. Volker, Former Chairman Lynn Peterson, CEO & President James Henderson, CFO |
| Products | Petroleum 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) |
1,583,789,000 United States dollar (2022)  | |
| -$0.241 billion (2019) | |
| Total assets | $7.636 billion (2019) |
| Total equity | $4.025 billion (2019) |
Number of employees | 505 (2019) |
| Website | whiting |
| Footnotes / references [1] | |
Whiting Petroleum Corporation is a company engaged in hydrocarbon exploration. It is organized in Delaware and headquartered in Denver, Colorado.
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
- ^ a b "Whiting Petroleum 2019 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
- ^ "Obituaries: Kenneth R. Whiting". The Aspen Times. June 3, 2014.
- ^ "Whiting Petroleum Corporation 2003 Annual Report" (PDF).
- ^ "Whiting Petroleum prices IPO". American City Business Journals. November 20, 2003.
- ^ "Whiting completes North Ward Estes acquisition". Oil & Gas Journal. October 10, 2005.
- ^ "BreitBurn Energy Partners L.P. Completes Acquisition of Oklahoma Panhandle Assets from Whiting Oil and Gas Corporation" (Press release). Business Wire. July 15, 2013.
- ^ "Whiting Petroleum Corporation Announces Agreement to Acquire Properties in the Williston Basin for $260 Million" (Press release). Business Wire. August 27, 2013.
- ^ "Whiting Petroleum Completes Acquisition of Kodiak Oil & Gas" (Press release). Business Wire. December 8, 2014.
- ^ "Whiting writes off $2.57 billion in assets, including Kodiak". The Dickinson Press. October 28, 2015.
- ^ "Whiting Petroleum Corporation Closes Sale of North Dakota Midstream Assets for $375 Million" (Press release). Business Wire. January 3, 2017.
- ^ Brelsford, Robert (January 3, 2017). "Whiting closes sale of North Dakota midstream assets". Oil & Gas Journal.
- ^ "Whiting Petroleum Corporation Announces $500 Million Sale of Fort Berthold Area Assets in North Dakota" (Press release). Business Wire. August 15, 2017.
- ^ Nair, Arathy (April 1, 2020). "Whiting files for Chapter 11 bankruptcy as oil prices hover at $20". Reuters.
- ^ French, David; Moise, Imani (April 9, 2020). "Exclusive: U.S. banks prepare to seize energy assets as shale boom goes bust". Reuters.
- ^ 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.
External links
- Business data for Whiting Petroleum Corporation:
