Posted on 04/01/2020 7:44:27 PM PDT by lasereye
Whiting Petroleum Corporation WLL has become the first oil and gas sector casualty of the current slump in crude demand in the wake of the coronavirus or Covid-19 global pandemic, and the price war between producers triggered by Saudi Arabia and Russia.
Early on Wednesday (April 1), Denver, Colorado, U.S.–headquartered Whiting announced it had filed for Chapter 11 bankruptcy protection in the Bankruptcy Court for the Southern District of Texas, prompting a suspension of its shares (NYSE:WLL) on the New York Stock Exchange.
In a statement, Whiting said its board had concluded that given a severe downturn in oil and gas prices resulting from the Saudi Arabia-Russia oil price war and coronavirus-related impact on demand, a financial restructuring was the "best path forward" for the company.
Overnight, oil benchmarks Brent and West Texas Intermediate posted their worst ever quarter, ending around 66% lower at the end of the three-month period.
(Excerpt) Read more at forbes.com ...
Hopefully they can hang on.
Time to embargo all Middle East oil for 60 days
If...
...crude oil could be located - for free
...crude oil could be drilled - for free
...crude oil could be pumped - for free
...crude oil could be transported - for free
...refineries could produce gasoline - for free
...gasoline could be transported - for free
...gasoline could be marketed/retailed - for free
A gallon of gasoline still would cost you
between 30 - 80 cents per gallon
(depending on which state you live in)
because of the state and federal taxes.
There used to be a big Whiting station in Chandler, AZ on Williams Field Rd by the I-10. One morning I was interrogated by La Migra there, standing in line, waiting to pay for diesel.
This company has tens of millions of unpaid bills that will become bad debt expense of oil service businesses that are already struggling.
Fortunately, the outstanding “leaders” of this company took care of themselves.
https://seekingalpha.com/news/3557657-whiting-execs-grabbed-14_6m-in-bonuses-ahead-of-bankruptcy
Whiting Bros. used to be a fixture throughout the Southwest with their filling stations and motels.
Now that is sad. One of the “shale” pioneers.
Actually, they are waging economic war in the time of global crisis. Tell the Saudis that if this crap doesnt stop, our forces will do to their pipelines what Iran could only dream of doing!
Yes! I’m sick of the control the House of Saud has over our government. From Carter to Beverly Hills rapists, 9-11 and the Obama puppet. Finally we become energy independent and even export to Europe. We should do whatever it takes to bankrupt Saud and crush the Russia, Saud and Iran pipeline plans. We should open Akaska’s spigot and build a pipeline to send the LNG to China. After all that we would dominate global energy production WITHOUT the mandated petro-dollar. But for now, a lot of companies will go under, I’ll start to buy oil tomorrow and continue to buy as it goes to bottom. Then I’ll sell as it comes back to $60.
I recall Gas War days in the late 60’s , ….. independents sold gasoline for 18.9 cents/gal.
That was in the days of full service and Green Stamps.
I’m a little too young to recall what was going on with gas prices in the 60’s. I do remember Green Stamps.
I was afraid this was going to happen to some oil companies.
The price drop has been brutal on them I’m sure
that will get clawed back
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