Thread regarding Whiting Petroleum Corp. layoffs

Is it all done?

It's been quiet for the past week or so, which left me wondering if layoffs at Whiting are done for good? Okay, let me rephrase that: if this round of layoffs is truly over? I know we'll be looking at more cuts down the line sometime, but can we relax even for a while?

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Post ID: @OP+10yMJ1lE

6 replies (most recent on top)

No! its not all done . Whiting's management is clueless how the company works. These guys in charge
Are of the opinion the engineers models are correct. The guys s are in so many meetings now can't even get ahold of them. They left a skeleton crew to take care of North Dakota. I think every person who is trying to keep them a float up there is an asset worth grabbing. We got so many good guys from them you would be a fool not to take them on the next layoff. Well trained and supper guys. I hope they pull this out but if not i look forward to working with them.

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Post ID: @hmnb+10yMJ1lE

The boom done went bust happens all the time oil is a dyeing industry anyways we all knew it was going to happen eventually all these democrates on TV warning the Candidates not to take oil companies dirty money . Hey it was a great 23 year run and dam the money was good but like they say everything ends badly or else it never ends. If it wasn’t Holly running Whiting into the ground it would have been someone else.

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Post ID: @6gvc+10yMJ1lE

If they are relying on exploration to save them, then short their stock tomorrow. Their shiny new director in charge of exploration has zip experience in wildcatting or building an exploration portfolio. You might see a “bold stepout” from another Bakken well if you look hard enough, but that is hardly exploration. They have no money for lease acquisition and have no spare money to wildcat on acreage they may still have. They gutted the land department so no new leases anyway. Apparently there is less than a half dozen geos to keep things ticking over, not even enough to stem declines from existing productive acreage.

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Post ID: @5hyo+10yMJ1lE

You have to be careful about the market value. The market value is simply what is on the books. Whiting would be barely breaking even before debt interest payments.

So if someone bought them, the value would not be very much, they cannot turn a profit. They would still have the $2.3 billion in debt to deal with.

Save $100 oil or some once in a decade discovery by the exploration group, Whiting is done for.

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Post ID: @1tlq+10yMJ1lE

The ship is listing hard to port. They have to be considered to be insolvent right now with $2.8B in debt and market value of around $800B. I wonder who owns all the debt? One of them could buy out the others on the cheap, especially targeting the convertible debt, and start a hostile takeover to force bankruptcy. Who in their right mind would buy a part of a company now when they can get it all for the same price, free of debt? Inept management will "row the boat" or "sit in the right seats" to delay the inevitable just to pad their bank accounts. They better. They wont be hired ever again

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Post ID: @1kjk+10yMJ1lE

Never relax.

This company is done for. The job cuts will do very little to stem the fact Whiting is losing a ton of money.

Likely: Whiting will be sold of piece by piece, in an attempt to hold onto the sinking ship. It won't be enough, and bankruptcy will happen sometime. Some other group will buy the assets, fire the management, and start over.

Look for layoffs here and there every now and then, especially when things get sold.

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Post ID: @zvv+10yMJ1lE

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