Whiting Petroleum Corporation

Whiting Petroleum Corporation
Public company
Traded as NYSE: WLL
Russell 1000 Index component
Industry Petroleum industry
Founded 1980 (1980)
Headquarters Denver, Colorado
Key people
 James J. Volker, Chairman
Bradley J. Holly, CEO & President
Michael J. Stevens, CFO
Products Petroleum
Natural gas
Production output
 118 thousand barrels of oil equivalent (720,000 GJ) per day (2017)
Revenue Increase $1.481 billion (2017)
Increase -$1.237 billion (2017)
Total assets Decrease $8.403 billion (2017)
Total equity Decrease $3.919 billion (2017)
Number of employees
 830 (2017)
Website www.whiting.com
Footnotes / references
[1]

Whiting Petroleum Corporation is a petroleum and natural gas exploration and production company organized in Delaware and headquartered in Denver, Colorado.

Current operations

As of December 31, 2017, the company had 617 million barrels of oil equivalent (3.77×109 GJ) of estimated proved reserves, of which 64% was petroleum, 16% was natural gas liquids, and 19% was natural gas. Of these reserves, 91% was in the Bakken Formation and Three Forks Shale and 9% was in the Denver Basin.[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]

References

  1. 1 2 "Whiting Petroleum 2017 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ↑ "Obituaries: Kenneth R. Whiting". The Aspen Times. June 3, 2014.
  3. ↑ Debbas, Paul E. (May 5, 2014). "Coverage Initiation: Whiting Petroleum". Value Line.
  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.
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