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.
 "Fundamentally better" | |
| Company type | Public company |
|---|---|
| |
| Industry | Petroleum industry |
| Founded | 1980 |
| Fate | Merged 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) |
| Revenue |  $1.533 billion (2021) |
1,583,789,000 United States dollar (2022)  | |
| $427 million (2021) | |
| Total assets | $2.457 billion (2021) |
| Total equity | $1.663 billion (2021) |
Number of employees | 356 (2022) |
| Footnotes / references [1] | |
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
editThe 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
editIn 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]
References
edit- ^ a b "Whiting Petroleum 2021 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. Archived from the original on July 8, 2017. Retrieved March 7, 2019.
- ^ "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.
- ^ Avery, Greg (September 2, 2020). "Whiting Petroleum emerges from bankruptcy, reveals another change to its leadership". American City Business Journals.
- ^ "Shale producer Whiting Petroleum emerges from bankruptcy". Reuters. September 1, 2020.
- ^ "Crude oil release occurs near Stanley". minotdailynews.com. Retrieved 2022-06-08.
- ^ 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.
External links
edit- Historical business data for Whiting Petroleum Corporation:
- SEC filings