Research Update: Whiting Petroleum Corp. Upgraded to 'BB+' On Increased Scale; Outlook Stable Jan 12

Standard & Poors, January 2012

Abstract
U.S.-based, oil and gas exploration and production company Whiting Petroleum meaningfully increased its proven reserve base in 2011. About 85% of Whiting's year-end 2011 proven reserves are high value oil and natural gas liquids (NGLs) and 70% are developed. We are raising our corporate credit rating on Whiting Petroleum to 'BB+' from 'BB' and raising our issue-level rating on Whiting's senior subordinated notes to 'BB+' from 'BB'. The stable outlook reflects our view that the company will maintain debt leverage below 2.5x over the next 12 months. On Jan. 25, 2012, Standard & Poor's Ratings Services raised its corporate credit rating on Whiting Petroleum Corp. to 'BB+' from 'BB'. We also raised our issue-level rating on Whiting's senior subordinated notes...

Companies mentioned in this report are: Whiting Petroleum Corp.
Action: Upgraded

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.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

Whiting Petroleum Corp.

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