A Colorado-based energy company that does much of its work in western North Dakota has filed for bankruptcy.
Whiting Petroleum announced in a statement this morning that it has voluntarily filed for Chapter 11 bankruptcy, and “will continue to operate its business in the normal course without material disruption to its vendors, partners or employees.”
The statement says the company has $585 million in cash, and the filing will allow Whiting to cut about $2.2 billion in debt.
The announcement marks the first major energy company to file for bankruptcy amid the ongoing coronavirus pandemic and the price war between Russia and Saudi Arabia. The two global events have contributed to a massive drop in oil prices, which currently hover around $20 per barrel.
Shares of Whiting Petroleum stock are being traded around 40 cents on the New York Stock Exchange as of noon on April 1st, 2020. Shares were valued at $8.16 at their highest point of the year on January 7th.