Investors of the "old" Whiting will receive one share of the "new" Whiting for about every 75 shares of the "old" Whiting they held.
- Whiting Petroleum says it successfully completed its financial restructuring and emerged from Chapter 11 bankruptcy protection.
- The company says its new capital structure will reduce debt by $3B and includes a new $750M reserve-based revolving credit facility maturing in April 2024.\
- Current Whiting shareholders will receive one share of the reorganized company's new common stock for every ~75 shares previously owned.
- Lynn Peterson assumes the CEO role, as previously announced, and James Henderson becomes CFO, effective immediately, succeeding Correne Loeffler, who has resigned to pursue other interests.