U.S. Markets closed
  • S&P 500

    3,911.74
    +116.01 (+3.06%)
     
  • Dow 30

    31,500.68
    +823.32 (+2.68%)
     
  • Nasdaq

    11,607.62
    +375.43 (+3.34%)
     
  • Russell 2000

    1,765.74
    +54.06 (+3.16%)
     
  • Crude Oil

    107.06
    +2.79 (+2.68%)
     
  • Gold

    1,828.10
    -1.70 (-0.09%)
     
  • Silver

    21.13
    +0.09 (+0.42%)
     
  • EUR/USD

    1.0559
    +0.0034 (+0.3273%)
     
  • 10-Yr Bond

    3.1250
    +0.0570 (+1.86%)
     
  • Vix

    27.23
    -1.82 (-6.27%)
     
  • GBP/USD

    1.2270
    +0.0009 (+0.0736%)
     
  • USD/JPY

    135.2100
    +0.2770 (+0.2053%)
     
  • BTC-USD

    21,212.09
    +283.95 (+1.36%)
     
  • CMC Crypto 200

    462.12
    +8.22 (+1.81%)
     
  • FTSE 100

    7,208.81
    +188.36 (+2.68%)
     
  • Nikkei 225

    26,491.97
    +320.72 (+1.23%)
     

Whiting Petroleum CEO to resign after it emerges from bankruptcy

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
·1 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

Aug 14 (Reuters) - Whiting Petroleum Corp said on Friday Chief Executive Officer Bradley Holly would resign after the company emerges from Chapter 11 bankruptcy, even though it had paid him $6.4 million in bonus just before it went bankrupt.

The U.S. shale producer filed for Chapter 11 bankruptcy in April, becoming the first publicly traded casualty of the crude oil price crash. (https://bit.ly/33ZNGZf)

Whiting said Lynn Peterson, a 40-year veteran of the oil and gas industry, would replace Holly. Peterson last served as the chief executive officer of SRC Energy Inc, before it merged with PDC Energy Inc in January.

Holly was appointed to the top job at Whiting in late 2017, after serving as the head of Anadarko Petroleum Corp's U.S. exploration and production business.

He took over as chairman of Whiting's board in May 2018.

Whiting said on Wednesday it expects to emerge from Chapter 11 on Sept. 1 and will then have a new independent board of directors. Kevin McCarthy, vice chairman of private equity firm Kayne Anderson Capital Advisors, is expected to serve as chairman of the restructured Whiting.

(Reporting by Arunima Kumar in Bengaluru; Editing by Devika Syamnath)