Whiting Petroleum cuts capex plans, stock plunges 40% [MarketWatch]
Whiting Petroleum Corporation (New) (WLL)
Last whiting petroleum corporation (new) earnings: 2/27 08:30 am
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Source: MarketWatch
Shares of Whiting Petroleum Corp. plummeted 40% in premarket trading Monday, after the oil and gas company said it was cutting its 2020 capital budget by about 30%. The company said it now expects capital expenditures of $400 million to $435 million, which at the midpoint is $185 million less than its prior guidance. The company said it expects to drop one rig and one completion crew within the next month. Whiting said it expects the capex cut to have a "moderate" impact on 2020 production. "In light of the volatility in commodity prices, we have immediately reduced our development activity and plan to maintain a lower level until we see a sustained commodity price recovery," said Chief Executive Bradley Holly. "This new spending plan preserves our liquidity while improving capital efficiency." The stock has plunged 55.5% over the past month through Friday, while crude oil futures has tumbled 42.5% and the S&P 500 has shed 19.8%.
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