Whiting taps debt markets as it awaits recovery

摘要

New York-Whiting Petroleum has modified its lending agreements in order to better position itself to ramp up crude production once oil prices head higher, analysts said. Like many oil and gas explorers operating in the Bakken and Niobrara shale regions, Whiting has felt the pain of low oil prices, already cutting 2016 spending by 80% from 2015 to $500 million. Faced with dwindling cash flow, tighter credit terms, and not wanting to sell crude into a low-priced environment, Whiting is turning to the financial markets to boost its balance sheets by reducing debt.