Whiting Petroleum Corporation
Whiting Petroleum Corporation is a company engaged in hydrocarbon exploration. It is organized in Delaware and headquartered in Denver, Colorado.
As of December 31, 2019, the company had of estimated proved reserves, of which 55% was petroleum, 21% was natural gas liquids, and 24% was natural gas. Of these reserves, 91% was in the Bakken Formation and Three Forks Shale, 7% was in the Denver Basin, and 2% was in other locations.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.
In 2003, the company became a public company via an initial public offering which raised over $400 million.
In 2005, the company acquired assets in the North Ward Estes field for $459 million. 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.
In August 2013, the company acquired assets in the Williston Basin for $260 million.
In 2014, the company acquired Kodiak Oil & Gas. Kodiak had proven reserves of and Whiting effectively paid $23.77 per barrel in the ground.
In January 2017, the company sold midstream assets in North Dakota for $375 million.
In August 2017, the company sold its assets near the Fort Berthold Indian Reservation in North Dakota for $500 million.
On April 1, 2020, the company filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of Texas due to the 2020 Russia–Saudi Arabia oil price war and the reduction in oil demand during the COVID-19 pandemic.
