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Anonymous ID: a42680 April 1, 2020, 9:48 a.m. No.8649382   🗄️.is 🔗kun   >>9443 >>9694 >>9960

Whiting files for Chapter 11 bankruptcy as oil prices hover at $20

 

Shale producer Whiting Petroleum Corp said on Wednesday it filed for Chapter 11 bankruptcy, the first major casualty of a free fall in crude prices to $20 a barrel. Whiting’s fall from grace comes at a time when the coronavirus pandemic and an oil price war between Russia and Saudi Arabia have led to a 50% drop in crude prices since the beginning of March, forcing oil and gas producers to restructure their debt. U.S. production has hit a record 13 million barrels of oil per day, with producers expecting a rapid cutback in output.

 

Whiting, once the largest oil producer in North Dakota’s Bakken region, has seen its market capitalization shrink to $61.5 million from as much as $15 billion at its peak in 2011, when investors were first discovering the burgeoning shale sector. The company said on Wednesday that it reached an agreement with its creditors to cut its debt by about $2.2 billion through an exchange of some of its notes for 97% of new equity. Existing shareholders will own 3% of the reorganized company.

 

The company had $2.8 billion in debt as of Dec. 31 and more than $585 million in cash on its balance sheet.

 

Whiting, which was expected to produce about 42 million barrels of oil equivalent in 2020, said it would continue to operate its business in the normal course without material disruption to its vendors, partners or employees. Moelis & Co is Whiting’s financial adviser, while Alvarez & Marsal is its restructuring adviser. PJT Partners is acting as financial adviser for creditors.

 

Reuters had reported that energy producers Chesapeake Energy Corp (CHK.N) and Chaparral Energy Inc (CHAP.N) as well as natural gas producer Gulfport Energy Corp (GPOR.O) were all working with debt restructuring advisers or investment banks to shore up their cash reserves.

https://www.reuters.com/article/us-whiting-petrol-bankruptcy/whiting-files-for-chapter-11-bankruptcy-as-oil-prices-hover-at-20-idUSKBN21J5KS

https://www.macrotrends.net/2566/crude-oil-prices-today-live-chart

Anonymous ID: a42680 April 1, 2020, 10:35 a.m. No.8649879   🗄️.is 🔗kun   >>9960

RAF RRR9231 Voyager KC3 east north from Nellis AFB

 

pf nigga's…could use some help. eyes getting tired and need to take a break.