U.S. oil and gas company Whiting Petroleum Corp. said Sept. 1 it had emerged from Chapter 11 bankruptcy and completed its financial restructuring, shrinking its funded debt by about $3 billion.
Whiting had become the first publicly traded shale producer to file for bankruptcy in April after the historic crash in crude prices in the previous month.
The company said its capital structure includes a new $750 million reserve-based revolving credit facility maturing in April 2024.
Shares of the company's new common stock will start trading on the New York Stock Exchange under the ticker symbol "WLL" on Sept. 2.
Whiting also appointed James Henderson as its new CFO, replacing Correne Loeffler, weeks after it said CEO Bradley Holly will be replaced once the company emerges from bankruptcy.
Both Holly and Loeffler received multimillion-dollar payouts from the company just days before it filed for bankruptcy.
Texas-headquartered U.S. Energy Development Corp. is diving into the Columbia Project development in the Permian Basin with Shell Oil Co., having acquired an $8.5 million interest in the project.
U.S. natural gas production is declining as domestic consumption falls but global demand, including for LNG, is adding to optimism.
Colombian oil company Ecopetrol, which entered a joint venture in the Permian Basin with Occidental Petroleum in November 2019, said it plans to drill another 22 wells this year.