Whiting Petroleum Corporation Takes Measures to Preserve Liquidity
DENVER--(BUSINESS WIRE)--Whiting Petroleum Corporation announced that it has taken proactive steps to ensure it has sufficient liquidity to fund ongoing operations by drawing $650 million on its credit facility. The additional funding provides the Company with more than enough liquidity to continue its daily business and satisfy obligations to its employees and vendors with minimal interruption as it considers all alternatives to maximize the value of the Company. Bradley J. Holly, Whiting's Chairman, President and CEO, commented, “In light of the extreme volatility in the capital markets and the uncertain outlook for commodity prices and the economy due to the COVID-19 pandemic, we took proactive steps to mitigate financial risk from capital market externalities and preserve our liquidity. This step follows on our recent announcement to significantly reduce capital spending and enhance our cash flow.” The Company is focused on its upcoming note maturities and is aware that certain of its noteholders have engaged legal and financial advisors in light of these maturities. The Company is engaging collaboratively with its noteholders and other stakeholders as it explores all options to improve its capital structure. Whiting Petroleum Corporation, a Delaware corporation, is an independent oil and gas company that explores for, develops, acquires and produces crude oil, natural gas and natural gas liquids primarily in the Rocky Mountain region of the United States. The Company’s largest projects are in the Bakken and Three Forks plays in North Dakota and Niobrara play in northeast Colorado.