Whiting

Denver-based Whiting Petroleum Corp. has filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas, citing low oil prices and an uncertain outlook for the sector.

Denver-based Whiting Petroleum Corp. has filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas, citing low oil prices and an uncertain outlook for the sector.

Whiting Petroleum Corp. said it is taking advantage of resurgent oil prices to pay down its debt and is on-target with capital expenditures (capex) for the year, despite spending more than it planned on nonoperated expenses during the first quarter.

Executives with Denver-based Whiting Petroleum Corp. are working on ways to apply the newest technology and operating tricks throughout the company’s core Bakken Shale assets to keep producing more oil and natural gas at better-than-break-even prices.

Whiting Petroleum Corp. said it plans to ramp up production in the fourth quarter in order to meet its production goal for the year, but isn’t currently planning to add to its five-rig drilling program in 2019, as it continues developing assets it acquired last quarter that are “looking like a winner.”

Denver-based Whiting Petroleum Corp.’s CEO Brad Holly on Wednesday said his company has pulled some of its Denver-Julesburg (DJ) Basin assets from the sales block and added nearly 55,000 net acres in the Williston Basin as its drilling teams continue to set new records for shortening well completion times.

Price differentials are becoming increasingly favorable for Bakken Shale crude oil versus other major U.S. basins, Whiting Petroleum Corp. CEO Brad Holly said last week.

Denver-based Whiting Petroleum Corp. said it plans to deploy a fifth drilling rig in the Williston Basin and is moving forward with a possible sale of some assets in the Denver-Julesburg (DJ) Basin in Colorado.

Following the sale of substantial assets on the North Dakota Fort Berthold Reservation, Denver-based Whiting Petroleum Corp. is keeping its focus on the Bakken while growing its assets in Colorado’s Denver-Julesburg (DJ) Basin and collectively maintaining 126,000 boe/d production next year, according to CEO Jim Volker.