Whiting Petroleum Corporation

Whiting Petroleum Corporation
Public company
Traded as NYSE: WLL
Industry Petroleum industry
Founded 1980[1]
Headquarters Denver, Colorado
Key people
James J. Volker, President & CEO
Products Petroleum, natural gas
Production output
155 thousand barrels of oil equivalent (950,000 GJ) per day [2]
Revenue Decrease US$2.050 billion (2015) [2]
Decrease -US$2.994 billion (2015) [2]
Decrease -US$2.219 billion (2015) [2]
Total assets Decrease US$11.389 billion (2015) [2]
Total equity Decrease US$4.759 billion (2015) [2]
Number of employees
1,200 (2015) [2]
Slogan Fundamentally better
Website www.whiting.com

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

Current operations

As of December 31, 2015, the company had 820 million barrels of oil equivalent (5.0×109 GJ) of estimated proved reserves, of which 73% was petroleum and 27% was natural gas. Of these reserves, 85% were located in the Rocky Mountains and 15% were located in the Permian Basin.[2]

In the Rocky Mountain region, the company is focused on the Niobrara region of Colorado and the Bakken formation and Three Forks Shale of Montana and North Dakota. In the Permian Basin, the company uses a technique called enhanced oil recovery, which uses carbon dioxide flooding to extract oil.[1] As a result of a decline in petroleum prices in 2015, Whiting determined that producing oil at its properties using enhanced oil recovery, which involves a higher production cost, was not economic.[3]

History

The company was founded in 1980 by Kenneth R. Whiting and Bert Ladd. In 1992, Alliant Energy, a Midwest public utility, acquired the company for $27.5 million.[1]

In 2003, the company became a public company via an initial public offering which raised over $400 million. [4]

In 2013, the company sold assets in the Oklahoma Panhandle to BreitBurn Energy Partners for $846 million.[5]

In 2014, the company acquired Kodiak Oil & Gas, creating the largest producer in the Bakken formation and Three Forks Shale of Montana and North Dakota. [6] Whiting effectively paid $23.77 per barrel for Kodiak's proven reserves of 167 million barrels of oil equivalent (1.02×109 GJ).[3]

References

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