Job Cuts / Downsize / Layoff | Capital Markets | Capital Expenditure | Capital Expenditure - 2020 | 2020 Guidance | Corporate Strategy
Whiting Revamps 2H20 Plans, Corporate Strategy; Cuts Workforce, Adjusts Exec Pay
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Following its emergence from bankruptcy on September 1, 2020 as well as appointing industry veteran Lynn Peterson as its new CEO, Whiting Petroleum Corp. has revamped its corporate structure to save costs.
Whiting also updated its 2020 guidance to reflect its cost-saving objectives.
Outlook for 2H 2020 - Comparison to 2019Whiting has further updated its guidance for the second half of 2020. We have compared its 2020 data metrics further below (see chart).
Compared to its initial 2020 budget of $600 million as well as its revised spending plan of $417 million (March 2020), the company is tightening spending even further for 2H20.
With 2H20 spending estimates of $36.5 (midpoint), that would bring Whiting's full year 2020 spending to $260 million (including the $224 million spent in 1H20)…
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