Shale producer Whiting Petroleum emerges from bankruptcy

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FILE PHOTO: A trader waits for shares of Whiting Petroleum to open at the station where they trade on the floor of the New York Stock Exchange March 24, 2015. REUTERS/Brendan McDermid

(Reuters) – U.S. oil and gas company Whiting Petroleum Corp said on Tuesday it emerged from Chapter 11 bankruptcy and completed its financial restructuring, reducing its funded debt by about $3 billion.

Whiting had become the first publicly traded shale producer to file for bankruptcy in April after crude prices plummeted the previous month.

The company said its capital structure includes a new $750 million reserve-based revolving credit facility maturing in April 2024.

Shares of the company’s new common stock will begin trading on the New York Stock Exchange under the symbol “WLL” on Wednesday.

Whiting also named James Henderson as chief financial officer, replacing Correne Loeffler, weeks after saying chief executive Bradley Holly would be replaced once the company emerges from bankruptcy.

Holly and Loeffler received multimillion-dollar payments from the company just days before it filed for bankruptcy.

(This story corrects “Tuesday” from “Monday” in the first paragraph and removes the superfluous word in paragraph five)

Reporting by Arunima Kumar in Bengaluru; Editing by Vinay Dwivedi

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