李峻 编译自 原油新闻
Whiting the first big US producer to file for bankruptcy due to recent price collapse
Bakken oil and gas producer Whiting Petroleum filed for bankruptcy, the company said Wednesday, the first big shale producer to file for Chapter 11 protection due to the recent price collapse.
The reorganization plan is intended to deleverage Whiting's capital structure by over $2.2 billion, according to a Wednesday news release.
Whiting "will continue to operate its business in the normal course without material disruption to its vendors, partners or employees," the company said in its release. "Whiting currently expects to have sufficient liquidity to meet its financial obligations during the restructuring without the need for additional financing."
Global oil prices have tumbled since late January, as the spread of the coronavirus has drastically reduced demand, while a war for market share launched by Saudi Arabia and Russia has put even more crude on the market.
While benchmark futures prices have fallen into the low $20s/b, spot US shale crude prices have fallen even lower, as refiners have cut runs, while storage has begun to fill.
Bakken crude priced at Guernsey, Wyoming was assessed at just $13.27/b Tuesday, for instance, a $12.50/b discount to WTI at Cushing, Oklahoma.
Dozens of upstream companies have already slashed capital spending guidance for 2020 because of low oil prices, including Whiting.