BY CIARAN MCEVOY, INVESTOR’S BUSINESS DAILY, March 13, 2015
Whiting Petroleum (NYSE:WLL) reportedly is looking to sell off Texas pipeline assets and acreage in order to boost its balance sheet, weighed down by billions of dollars in debt.
The Denver-based Whiting was shopping around for a buyer for its entire business, but interest in the company was muted given its debt load, enlarged by its assumption of more than $2 billion in credit when it bought smaller rival Kodiak Oil & Gas in December, Reuters reported, citing unnamed sources.
It reportedly is seeking to sell off pieces of the company as an alternative to selling it in its entirety.
Earlier this week, Bloomberg reported that Norway’s Statoil (NYSE:STO) was among the potential buyers contacted by Whiting.
Crude oil prices have been cut roughly in half since the summer, leading to increased mergers and acquisitions among U.S. energy companies looking to boost revenue and streamline expenses.
Read More At Investor’s Business Daily: http://news.investors.com/business/031315-743336-whiting-petroleum-wants-pieces-sold-off.htm#ixzz3UJ6NgNEW
Rockpick Note: Whiting is also operating in the Niobrara Play