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 |
 US$2.050 billion (2015) [2] |
|
-US$2.994 billion (2015) [2] | |
|
-US$2.219 billion (2015) [2] | |
| Total assets |
US$11.389 billion (2015) [2] |
| Total equity |
US$4.759 billion (2015) [2] |
Number of employees | 1,200 (2015) [2] |
| Website |
www |
Whiting Petroleum Corporation is an American 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
- 1 2 3 Whiting History
- 1 2 3 4 5 6 7 8 Whiting Petroleum 2015 Form 10-K
- 1 2 "Whiting writes off $2.57 billion in assets, including Kodiak". Dickinson Press. October 28, 2015.
- ↑ "Whiting Petroleum prices IPO". Business Journals. November 20, 2003.
- ↑ "BreitBurn Energy Partners L.P. Completes Acquisition of Oklahoma Panhandle Assets from Whiting Oil and Gas Corporation". Business Wire. July 15, 2013.
- ↑ "Whiting Petroleum Completes Acquisition of Kodiak Oil & Gas". Business Wire. December 8, 2014.
