Whiting Petroleum Corp. Nov 06

  • ID: 2046017
  • November 2006
  • Standard & Poors
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  • Whiting Petroleum Corp.
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The company's proved reserve base is relatively large (1.6 trillion cubic feet equivalent) and well diversified; The properties are characterized by low exploration risk, high drilling success rates, and long reserve lives; and A favorable, near-term commodity price outlook should allow the company to generate free cash flow and delever in 2006. The company has shown a willingness to increase debt levels to finance its acquisition strategy. At the end of the third quarter, debt to barrel of oil equivalent of proved-developed reserves exceeded $6; Proved-undeveloped reserves constitute nearly 40% of the company's total proved reserve base, entailing high future development costs; and Operational performance is difficult to track accurately, given the company's numerous acquisitions. The ratings on Whiting Petroleum...

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.

Research Type: Full Analysis

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Whiting Petroleum Corp.

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