Current WLL Stock Info

Whiting Petroleum (ticker: WLL), the largest producer of the Bakken/Three Forks shale play, announced estimated reserves of 780 MMBOE (83% oil) in a news release on December 22, 2014. The report was independently commissioned by a third party and represents a year-over-year increase of 29%, including the assets of Kodiak Oil & Gas. Whiting completed its $6 billion, all-stock acquisition of Kodiak earlier this month.

More Reserves = More Credit

In conjunction with the reserves increase, WLL’s bank syndicate increased its credit commitm...

Analyst Commentary

Capital One Securities (12.22.14)

Whiting (WLL/$34.31/Outperform) amends credit facility from $2.5 billion to $3.5 billion. Whiting Petroleum and its subsidiary Whiting Oil and Gas entered into an agreement with their lenders to increase the amount the company may borrow under its revolving credit facility from $2.5 billion to $3.5 billion. Following the acquisition of Kodiak Oil and Gas, we project 4Q14 bank debt of ~$1 billion, resulting in a borrowing base utilization of ~30%. Bottom Line: While not unexpected, this is a prudent step for the company to take, providing additional liquidity to weather current commodity weakness  


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