OAG360 Publishers Note: Majority of these cuts coming from the executive team change over as new board and CEO look to revamp Whiting Petroleum.
Smarter Analyst – Amit Singh
Whiting Petroleum plans to cut its workforce by 16%, to save $20 million in annualized costs. The oil and gas company also provided production guidance for the second half of 2020, sending shares up 3.3% in pre-market trading.
In addition to the job cuts, Whiting Petroleum (WLL) is reducing the compensation of its officers by 15% to 20% and realigning officer bonus programs to reduce the number of corporate executives.
The company expects production in the second half of 2020 to be in the range of 88 to 92 MBOE/d (thousand barrels of oil equivalent per day). Capital expenditure is forecast to be between $34 million to $39 million in the second half of 2020
