Whiting Petroleum Corporation Announces Organizational Redesign and Cost Realignment to Transform Whiting into a Leading, Value-Focused Developer of Unconventional Assets
Whiting Petroleum Corporation (New) (WLL)
Last whiting petroleum corporation (new) earnings: 2/27 08:30 am
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Source: Business Wire
Restructuring Expected to Generate $50 Million in Annual Cost Savings DENVER--(BUSINESS WIRE)--Whiting Petroleum Corporation (NYSE: WLL) today announced that it has conducted a comprehensive assessment of its organization, operations and cost structure and is implementing an organizational redesign and cost reduction strategy to better align Whiting’s business with the current operating environment and drive long term value.The restructuring is focused on the following initiatives:Redesign the Company’s organization to improve costs and enhance execution;Streamline operations to expedite the delivery of peer leading returns and free cash flow;Implement new technologies and processes in the field to enhance operational efficiency; andInvest in best in class data and technology to enhance planning and strategic insight which should lead to superior operational and financial performance.In connection with this restructuring, the Company has reduced its workforce by 33%, or 254 positio
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