Whiting Petroleum
American Energy Production Company
From Wikipedia, the free encyclopedia
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
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]