Whiting Petroleum slashes 254 jobs in restructuring move
Whiting Petroleum, a Delaware oil and gas company, announced that it would slash its workforce by 33%, or 254 positions in a restructuring move, as per news on oil and gas jobs in Delaware.
Of the total job cuts, 94 positions are executive and corporate positions.
Whiting Petroleum expects to record $50 million of annual cost savings as a result of its restructuring efforts. As part of the cost reductions, the Delaware oil and gas company also intends to reduce various non-employee expenses.
Bradley Holly – Whiting Petroleum president, chairman and CEO said: “The decision to reduce headcount is always a difficult one as it impacts talented colleagues and friends, but it is a necessary step in our company’s transformation. I want to express my sincere appreciation for the employees affected by today’s announcement and their many contributions to Whiting.”
The restructuring program is aimed at implementing an organizational redesign and cost reduction strategy to enable Whiting Petroleum’s business to align with the current operating environment.
The restructuring involves initiatives that include redesigning the company’s organization to improve costs and enhance execution, and streamlining operations to accelerate the delivery of peer leading returns and free cash flow. It is also aimed at increasing operational efficiency by implementing new technologies and processes in the field.
Under the restructuring plans, Whiting Petroleum will also invest in data and technology to enhanced planning and strategic insight that could lead result in improved operational and financial performance.
Bradley Holly said: “As the oil and gas industry landscape continues to evolve and investor focus shifts to prioritize predictable capital returns, we see a tremendous opportunity to transform Whiting into a leading, value-focused developer of unconventional assets with a commitment to safety, cost-efficiency, disciplined capital expenditure and maximizing returns.”
Whiting Petroleum, an independent oil and gas company, develops, produces, acquires and explores for crude oil, natural gas, and natural gas liquids mainly in the Rocky Mountains region of the US. Its major projects are in the Bakken and Three Forks plays in North Dakota and Montana and the Niobrara play in northeast Colorado.