Whiting Petroleum to Acquire Williston Basin Asset and Divest Colorado Asset
21 Julho 2021 - 5:19PM
Business Wire
Whiting Petroleum Corporation (NYSE: WLL) (“Whiting” or the
“Company”) today announced that it has entered into separate
definitive agreements to acquire oil and gas assets in the
Williston Basin of North Dakota and divest of all its oil and gas
assets in the Denver-Julesburg Basin of Colorado (the “Redtail
assets”).
Williston Basin, North
Dakota
The Williston Basin assets are being acquired from a private
company for total cash consideration of $271 million, before
typical closing adjustments. The assets include 8,752 net acres
with net daily production of approximately 4,200 barrels of oil
equivalent per day (BOE/d) (80% oil); 5 gross/ 2.3 net drilled and
uncompleted wells; and 61 gross / 39.5 net undrilled locations
(100% operated) located in Mountrail County, North Dakota. These
properties adjoin and complement Whiting’s existing operations in
the Sanish field and will require minimal additional general and
administrative costs. These top-tier locations immediately compete
for capital within the Company’s existing portfolio and will allow
Whiting to increase capital efficiency by extending laterals on
certain wells when combined with its existing acreage.
Denver-Julesburg Basin,
Colorado
Whiting also entered into an agreement to divest its Redtail
assets, including associated midstream assets, located in Weld
County, Colorado to a private entity for total cash consideration
of $187 million, before typical closing adjustments. The assets
span 67,278 net acres with daily production of approximately 7,100
BOE/d (51% oil).
Both transactions are expected to close in the third quarter of
2021 with the difference in acquisition costs and divestiture
proceeds funded with existing availability on the Company’s
revolver.
Management Comment
Lynn A. Peterson, President and CEO of Whiting, commented,
“These two transactions result in a significantly deeper drilling
inventory in our key Sanish operating area, while divesting of
properties in Colorado that were not going to compete internally
for capital. These transactions demonstrate our strategy to focus
our attention on value-enhancing opportunities that compete for
capital in a $50 oil environment. Including these transactions, the
Company now estimates that in a mid-$50s oil environment it has
over 6 years of high-quality drilling inventory, assuming a two rig
drilling program.”
Second Quarter 2021 Conference
Call
Whiting will host a conference call on Thursday, August 5, 2021
at 11:00 a.m. Eastern time (9:00 a.m. Mountain time) to discuss the
second quarter 2021 results. The call will be conducted by
President and Chief Executive Officer Lynn A. Peterson, Executive
Vice President Finance and Chief Financial Officer James Henderson,
Executive Vice President Operations and Chief Operating Officer
Charles J. Rimer and Investor Relations Manager Brandon Day. A
question and answer session will immediately follow the discussion
of the results for the quarter.
To participate in this call please
dial: Domestic Dial-in Number: (877) 328-5506
International Dial-in Number: (412) 317-5422 Webcast URL:
https://dpregister.com/sreg/10158599/eb183f25dc
Replay Information:
Conference ID #: 10158599 Replay Dial-In (Toll Free U.S. &
Canada): (877) 344-7529 (U.S.), (855) 669-9658 (Canada) Replay
Dial-In (International): (412) 317-0088 Expiration Date: August 13,
2021
About Whiting Petroleum
Corporation
Whiting Petroleum Corporation, a Delaware corporation, is an
independent oil and gas company engaged in the development,
production and acquisition of crude oil, NGLs and natural gas
primarily in the Rocky Mountains region of the United States. The
Company’s largest projects are in the Bakken and Three Forks plays
in North Dakota and Montana. The Company trades publicly under the
symbol WLL on the New York Stock Exchange. For further information,
please visit http://www.whiting.com.
Forward-Looking
Statements
This news release contains
statements that we believe to be “forward-looking statements”
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. All statements
other than historical facts, including, without limitation,
statements regarding our drilling inventory, transaction closings,
capital efficiencies, business strategy, and plans and objectives
of management for future operations, are forward-looking
statements. When used in this news release, words such as
“guidance,” or we “expect,” “intend,” “plan,” “estimate,”
“anticipate,” “believe” or “should” or the negative thereof or
variations thereon or similar terminology are generally intended to
identify forward-looking statements. Such forward-looking
statements are subject to risks and uncertainties that could cause
actual results to differ materially from those expressed in, or
implied by, such statements.
These risks and uncertainties include, but are not limited to:
risks associated with our emergence from bankruptcy; declines in,
or extended periods of low oil, NGL or natural gas prices; the
occurrence of epidemic or pandemic diseases, including the
coronavirus pandemic; actions of the Organization of Petroleum
Exporting Countries and other oil exporting nations to set and
maintain production levels; the potential shutdown of the Dakota
Access Pipeline; our level of success in development and production
activities; impacts resulting from the allocation of resources
among our strategic opportunities; our ability to replace our oil
and natural gas reserves; the geographic concentration of our
operations; our inability to access oil and gas markets due to
market conditions or operational impediments; market availability
of, and risks associated with, transport of oil and gas; weakened
differentials impacting the price we receive for oil and natural
gas; our ability to successfully complete asset acquisitions and
dispositions and the risks related thereto; shortages of or delays
in obtaining qualified personnel or equipment, including drilling
rigs and completion services; the timing of our development
expenditures; properties that we acquire may not produce as
projected and may have unidentified liabilities; adverse weather
conditions that may negatively impact development or production
activities; we may incur substantial losses and be subject to
liability claims as a result of our oil and gas operations,
including uninsured or underinsured losses resulting from our oil
and gas operations; lack of control over non-operated properties;
unforeseen underperformance of or liabilities associated with
acquired properties or other strategic partnerships or investments;
competition in the oil and gas industry; cybersecurity attacks or
failures of our telecommunication and other information technology
infrastructure; our ability to comply with debt covenants, periodic
redeterminations of the borrowing base under our Credit Agreement
and our ability to generate sufficient cash flows from operations
to service our indebtedness; our ability to generate sufficient
cash flows from operations to meet the internally funded portion of
our capital expenditures budget; revisions to reserve estimates as
a result of changes in commodity prices, regulation and other
factors; inaccuracies of our reserve estimates or our assumptions
underlying them; the impacts of hedging on our results of
operations; our ability to use net operating loss carryforwards in
future periods; impacts to financial statements as a result of
impairment write-downs and other cash and noncash charges; the
impact of negative shifts in investor sentiment towards the oil and
gas industry; federal and state initiatives relating to the
regulation of hydraulic fracturing and air emissions; the Biden
administration could enact regulations that impose more onerous
permitting and other costly environmental health and safety
requirements; the impact and costs of compliance with laws and
regulations governing our oil and gas operations; the potential
impact of changes in laws that could have a negative effect on the
oil and gas industry; impacts of local regulations, climate change
issues, negative perception of our industry and corporate
governance standards; negative impacts from litigation and legal
proceedings; and other risks described under the caption “Risk
Factors” in Item 1A of our Annual Report on Form 10‑K for the
period ended December 31, 2020. We assume no obligation, and
disclaim any duty, to update the forward-looking statements in this
news release.
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version on businesswire.com: https://www.businesswire.com/news/home/20210721005921/en/
Brandon Day Investor Relations Manager 303-837-1661
Brandond@whiting.com
Whiting Petroleum (NYSE:WLL)
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