Whiting Petroleum

Last updated
Whiting Petroleum Corporation
Type Public company
Industry Petroleum industry
Founded1980;43 years ago (1980)
FateMerged to form Chord Energy
Headquarters Denver, Colorado, U.S.
Key people
 Kevin S. McCarthy, Chairman
Lynn A. Peterson, CEO & President
James P. Henderson, CFO
Products Petroleum
Natural gas
Natural gas liquids
Production output
91.9 thousand barrels of oil equivalent (562,000 GJ) per day (2021)
RevenueIncrease2.svg $1.533 billion (2021)
1,583,789,000 United States dollar (2022)  OOjs UI icon edit-ltr-progressive.svg
Increase2.svg $427 million (2021)
Total assets Increase2.svg $2.457 billion (2021)
Total equity Increase2.svg $1.663 billion (2021)
Number of employees
356 (2022)
Footnotes /references
[1]

Whiting Petroleum Corporation was a company engaged in hydrocarbon exploration primarily in the Bakken Formation and Three Forks Shale. It was organized in Delaware with its operational headquarters in Denver, Colorado.

Contents

As of December 31, 2021, the company had approximately 326.0 million barrels of oil equivalent (1.994×109 GJ) in proved reserves, of which 58% was petroleum, 20% was natural gas liquids, and 22% was natural gas. [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]

Environmental issues

In 2022, the company had a crude oil spill in marshland near Stanley, North Dakota. [17] An EPA analysis in 2021 found that the Whiting company had over double the Emission intensity of other oil and gas companies in the United States. [18]

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References

  1. 1 2 "Whiting Petroleum 2021 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. Archived from the original on July 8, 2017. Retrieved March 7, 2019.
  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.
  17. ↑ "Crude oil release occurs near Stanley". minotdailynews.com. Retrieved 2022-06-08.
  18. ↑ Beals, Rachel Koning. "Here are the oil and gas companies whose methane emissions intensity is 6 times the national average (hint: it's not the majors)". MarketWatch. Retrieved 2022-06-08.
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