Summary: Whiting Petroleum Corp. Sep 09
Standard & Poors, September 2009
Abstract
The 'BB' corporate credit rating on Denver-based Whiting Petroleum Corp. reflects its mature asset base, which generally results in high lifting costs, its acquisitive history, and its participation in the highly cyclical and capital intensive exploration and production sector. Standard & Poor's rating also reflects our greater level of confidence surrounding Whiting's Bakken drilling program and the amount of production weighted towards oil where price realizations are generally higher. Whiting's fair business profile reflects its mature reserve base. As of year-end 2008, the company had 239.1 million of barrels of oil equivalent (mmboe; 75% oil and 67% developed). With 55,309 barrels of oil equivalent (boe) of average daily production during the second-quarter 2009, its reserve-to-production ratio is long at about...
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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