Summary: Whiting Petroleum Corp. Aug 10
Standard & Poors, August 2010
Abstract
The 'BB' corporate credit rating on Denver-based Whiting Petroleum Corp. reflects its participation in the highly cyclical and capital-intensive exploration and production sector, its acquisitive nature, and erratic finding and development costs. In addition, Standard & Poor's Rating Services' rating on Whiting reflects the company's strong drilling program in the Bakken, the amount of production weighted toward oil where price realizations are generally higher that those of natural gas, and the company's historical willingness to issue equity. Whiting's fair business profile reflects its mature reserve base. As of year-end 2009, the company had 275 million of barrels of oil equivalent (81% oil and 64% developed). With 64,600 barrels of oil equivalent (boe) of average daily production during the second-quarter of...
Companies mentioned in this report are: Whiting Petroleum Corp.
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
Whiting Petroleum Corp.
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