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Whiting Cuts 33% of Workforce in Big Restructuring Move
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Whiting Petroleum Corp. has initiated a major restructuring of the company, including the reduction of its workforce by ~33%.
The Company has reduced its workforce by 33%, or 254 positions. Of this total, 94 positions are executive and corporate positions.
Whiting expects the restructuring to result in $50 million of annual cost savings.
Bradley J. Holly, Whiting's President, Chairman and Chief Executive Officer, said: "We aim to be as efficient as possible and that is why we made the difficult decision to reduce our workforce in order to realize significant annualized cost savings. As the oil and gas industry landscape continues to evolve and investor focus shifts to prioritize predictable capital returns, we see a tremendous opportunity to transform Whiting into a leading, value-focused developer of unconventional assets with a commitment to safety, cost-efficiency, disciplined capital expenditure and maximizing returns. The decision to reduce headcount is always a difficult one as it impacts talented colleagues and friends, but it is a necessary step in our company's transformation. I want to express my sincere appreciation for the employees affected by today's announcement and their many contributions to Whiting. Consistent with Whiting's Values, we are committed to treating those impacted fairly and respectfully and are providing support to make this transition as smooth as possible."
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