Earlier this month, it emerged from the process with much less debt. Whiting (ticker: WLL) is a Denver-based producer that drills mostly in the Rocky Mountain region, with acreage in Colorado and in the Bakken and Three Forks shale plays in North Dakota. In the last quarter before it entered restructuring on April 1, Whiting had $2.9 billion in net debt.
Oasis Petroleum Inc said on Friday it has entered into a 30-day grace period after failing to make interest payments on some bonds maturing in 2022 and 2023, adding that the company is in talks with its lenders on a financial restructuring. Grace period allows the company to make the due payments within 30 days to avoid a formal default. Oasis is the latest shale producer to look at financial restructuring, as the industry grapples with a slump in oil prices and a crash in demand due to the coronavirus crisis that has pushed several firms into bankruptcy.
Whiting Petroleum (WLL) anticipates its production in the 88,000-92,000 barrels of oil equivalent per day range for the second half of this year.