REUTERS: Whiting Petroleum Corp filed for Chapter 11 bankruptcy, the U.S. shale producer said on Wednesday, the first publicly traded casualty of crashing crude oil prices that are expected to bite into record U.S. output.
A U.S. drilling boom over the last three years lifted national oil production to a record of roughly 13 million barrels per day, but investors have grown frustrated with poor returns. Callon Petroleum and other companies have hired advisors to restructure debt.The company's market valuation has shrunk to US$61.5 million from as much as US$15 billion at its peak in 2011, when investors were discovering the burgeoning shale sector. As of Dec. 31, Whiting had US$2.
"We believe this financial demise was due to a combination of difficult macro conditions combined with sub-par operations for several quarters," Dingmann said. Energy producers Chesapeake Energy Corp and Chaparral Energy Inc as well as natural gas producer Gulfport Energy Corp are working with debt restructuring advisers or investment banks to shore up cash reserves.
日本 最新ニュース, 日本 見出し
Similar News:他のニュース ソースから収集した、これに似たニュース記事を読むこともできます。
US pension funds may pour US$400 billion into stocks, lifting virus-hit markets -JP MorganU.S. pension funds that delayed rebalancing their portfolios are likely to pump about US$400 billion into stocks over the next two quarters, ...
続きを読む »