US shale company Whiting becomes first major bankruptcy of oil-price crash

US shale company Whiting becomes first major bankruptcy of oil-price crash

Whiting Petroleum Corp has filed for Chapter 11 bankruptcy, becoming the first publicly traded casualty of crashing crude oil prices. The US shale producer, once the largest oil producer in North Dakota, has agreed with creditors to cut its debt by about $2.2 billion through an exchange of some of its notes for 97% of new equity. Existing shareholders will own 3% of the reorganized company.

Chris
Chris
Hannibal
Hannibal 1 months

The oil firms with the cash to weather this storm are going to make a fortune when this ends. Be sure to examine how leveraged these wildcatters are before you invest.

david dindu
david dindu 1 months

no worries taxpayers will bail u out

Carol
Carol 1 months

Greed! And afterward, they'll be back in business trying to scam the American people?

CJ
CJ 1 months

Maybe they shouldn’t have been eating all that avocado toast

Rational
Rational 1 months

So sad that they can't manage their business profitability even with all of the taxpayer subsidies the fossil fuel industry in this country gets and they got a bigger bailout than the American people did. Socialism for the corporations and wealthy and rugged capitalism for the rest of us.

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