Whiting Petroleum, the largest oil producer in the Bakken shale of North Dakota, has hired bankers to seek potential buyers after coming under financial pressure due to plummeting crude prices, according to people familiar with the matter.
Its market capitalisation stood at $5.8 billion on Friday after a 50 per cent fall in its shares over the past 12 months.
Financial advisers have put together a book for Whiting, which they have started circulating to potentially interested parties, said one person with knowledge of the situation. The Wall Street Journal first reported that Whiting, which is based in Denver, was up for sale.
Before the news emerged, several energy bankers had told the Financial Times that Whiting was at risk of needing financial support as the economics of its operations had come under intense pressure as a result of the sharp drop in energy prices.Regular readers are familiar with Whiting's current activity in the Bakken.
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Another Derailment
CBC is reporting:Several cars have caught fire after a Canadian National Railway train carrying crude oil derailed in northern Ontario, prompting officials to advise nearby residents to stay indoors and avoid consuming water from local sources.
The Transportation Safety Board said 30 to 40 cars derailed four kilometres southwest of Gogama, Ontario, and there were no initial reports of injuries.
Several cars have caught fire, police said, and others entered the Mattagami River System.
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We Need To Find Them Jobs
FDR, December 8, 1941
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