Whiting Petroleum Corporation Adopts Shareholder Rights Plan to Protect the Availability of Its Net Operating Losses
Whiting Petroleum Corporation (New) (WLL)
Last whiting petroleum corporation (new) earnings: 2/27 08:30 am
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Source: Business Wire
DENVER--(BUSINESS WIRE)--Whiting Petroleum Corporation (“Whiting”) (NYSE: WLL) announced today that its Board of Directors adopted a shareholder rights plan designed to protect the availability of Whiting’s net operating loss carryforwards (“NOLs”) under the Internal Revenue Code (“Section 382 Rights Plan”).As of December 31, 2019, Whiting had approximately $3.4 billion of usable U.S. federal NOLs that could be available to offset its future federal taxable income. Whiting’s ability to use these NOLs would be substantially limited if it experienced an “ownership change” within the meaning of Section 382 of the Internal Revenue Code. In general, a company would undergo an ownership change if its “5-percent shareholders” (determined under Section 382) increased their ownership of such company’s stock by more than 50 percentage points over a rolling three-year period. The Section 382 Rights Plan is intended to reduce the likelihood of such an ownership change at Whiting by deterring
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