Whiting Petroleum Corp., once the largest oil and gas producer in North Dakota's Bakken Shale, has filed for Chapter 11 bankruptcy.
Whiting Petroleum Corp. , once the largest oil and gas producer in North Dakota's Bakken Shale,becoming the first major shale producer to do so in the current year. Whiting has cited the"severe downturn" in oil and gas prices courtesy of the Saudi Arabia-Russia oil price war and COVID-19-related impact on demand.
WLL shares have jumped 15.1 percent after the bankruptcy announcement--probably an indication that investors believe the company has healthy odds at a comeback. Still, the shares have crashed an appalling 95 percent YTD, making the sector's 46.9 percent YTD plunge appear tame in comparison. Whiting has announced that existing shareholders holders will only receive 3 percent of the equity in the reorganized company.as per Bloomberg.
Indeed, the sector is sitting on even shakier grounds because it lacks a strong organization like OPEC to try and maintain some semblance of order with the natural gas equivalent--the Gas Exporting Countries Forum --usually preferring to take a hands-off approach. Indeed, many producers are now stealing another page from the oil sector's playbook: Storing huge amounts of the commodity in the high seas., but eased to 13 in April after some vessels unloaded their cargoes in India. Never mind that storing super-cooled gas for months on end is wasteful and expensive.is a big loss factor for stored LNG, with 0.07 percent to 0.15 percent on average evaporating from LNG tankers every day.
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