In Dickinson, North Dakota where I have lived for the past six years, the main oil companies operating in this area are Continental Resources, Marathon Oil, Whiting Petroleum, and Hess Corporation. Whiting Petroleum Corporation (NYSE: WLL) has successfully completed its financial restructuring and emerged from Chapter 11 protection. Whiting’s new capital structure includes a new $750 million reserve based revolving credit facility maturing in April 2024.
By Dawn Geske 06/08/20 AT 12:00 PM. All quotes are in local exchange time. ( Log Out / Privacy Notice and 'tag' : 'Capital_Budget_Annoucements,Earnings_Reports,Govt_Regulatory,Analysis_Trends', The new board comprises Kevin McCarthy (chairman), Lynn Peterson, Janet L. Carrig, Susan Cunningham, Paul Korus, Daniel Rice and Anne Taylor. Tomi Kilgore is MarketWatch's deputy investing and corporate news editor and is based in New York. The layoffs announced late Wednesday were a part of a restructuring aimed at $50 million in annual cost savings. XLE, Whiting Petroleum Corp. plunged 35% for its biggest-ever drop after the oil explorer fired one-third of its workforce, scaled back its full-year production target and posted a surprise quarterly loss. Change ), You are commenting using your Facebook account. I am reading they are issuing warrants but I’m …
Yes, that’s right, funny. The stock has now plummeted 58% over the past three months while the SPDR Energy Select Sector ETF All comments are subject to editorial review. What this means, is that you can’t believe, trust, or rely on anything in North Dakota, because everything is based on oil and oil companies.
-3.56% 'company_sentiment' : 'Positive', “We are excited to begin our new chapter at Whiting, with a focus on capital discipline and free cash flow generation to create long-term value for our shareholders,” Peterson said in a company statement. 'sector' : 'Company_Operations', Lynn Peterson has now assumed the role of chief executive officer and James Henderson has assumed the role of chief financial officer. Oil and Gas Digitalization Budgets Avoid Slashing, Oil Down on Surging Virus and Stimulus Stalemate, North America Oil Bankruptcy Debt Hits All Time High, Shale Deal Must Navigate Potential Conflict. “On behalf of the company and newly appointed board of directors, I would like to thank our employees for their patience and dedication during this process,” he added. Cookie Notice.
'longevity' : 'News', Change ), You are commenting using your Google account. Whiting announced back in April that it had entered into a restructuring support agreement and that it had filed a consensual chapter 11 plan of reorganization with the United States Bankruptcy Court for the Southern District of Texas. Subscriber Agreement & Terms of Use Updated 10/22/2020 Pumpers are required to have had more than several years of previous oil field work experience, a good work record, a clean driving record, mechanic skills, technical skills, heavy equipment operating experience, and sometimes a commercial driver’s license. You can follow him on Twitter @TomiKilgore. Fill in your details below or click an icon to log in: You are commenting using your WordPress.com account. If Whiting Petroleum is going to lay people off like this, the other oil companies will too. WLL,
To contact the author, email [email protected]. has lost 4.0% and the S&P 500
( Log Out / They were very reliable, responsible, and competent in their jobs. Whiting Petroleum, which is based in Denver, Colorado, issued a public statement at the end of July saying that they had just laid off 254 workers, 1/3 of their workforce. Whiting Petroleum Corporation (NYSE: WLL) has successfully completed its financial restructuring and emerged from Chapter 11 protection. var ssdl = ssdl || {} Excluding non-recurring items, the adjusted loss per share was 28 cents, compared with the FactSet EPS consensus of 28 cents. In this area, working for Whiting Petroleum, was one of the most steady jobs that you could get.
'audience' : 'News',
Once you become a pumper for an oil company, and you are assigned your ten to twenty oil wells which you have to drive to every day, you expect that these ten to twenty oil wells will be operating for the next thirty years, and you will be inspecting these wells until you retire.
One of the newspaper articles that I read, said that Whiting Petroleum owned 1,500 oil wells in North Dakota. In connection with its emergence from Chapter 11, all of Whiting’s existing equity interests have been cancelled and cease to exist. }.
If you can’t count on your job at Continental Resources, Marathon Petroleum, Whiting Petroleum, or Hess in North Dakota, what can you count on? Off-topic, inappropriate or insulting comments will be removed. Headquartered in Denver, Colorado, Whiting is an independent exploration and production company with an oil focused asset base, according to its website. 'content_origin' : 'Original Content', Whiting Petroleum Corporation (NYSE: WLL) announced Tuesday that it has successfully completed its financial restructuring and emerged from Chapter 11 protection. By Greg Avery – Senior Reporter, Denver Business Journal . Aug 1, 2019, 2:51pm MDT. Most of the Whiting Petroleum personnel in Dickinson, to my knowledge, were what is called “pumpers”. Tullow Gets Green Light for $575MM Total Deal, Trucking Provides Rare Boost to Europe Oil Demand, Total Awards Maersk Contract for Three Angola Wells, Asia LNG Price Surge Spurs Interest in Vitol Trades, Argentina Unveils $5.1B Subsidy to Lure Shale Drillers, Deloitte Gives Bleak US Oil Job Prediction, India May Peg Local Gas Price to Asia LNG.
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