Whiting Petroleum (WLL) today announced that it has filed for Chapter 11 bankruptcy in the US Bankruptcy Court for the Southern District of Texas.

CEO Bradley J. Holly blamed the severe downturn in oil and gas prices driven by uncertainty around the duration of the Saudi / Russia oil price war and the COVID-19 pandemic. As a result of these factors, “the Company’s Board of Directors came to the conclusion that the principal terms of the financial restructuring negotiated with our creditors provides the best path forward for the Company” he said.

According to the press release, the company has more than $585 million of cash on its balance sheet and will continue to operate its business in the normal course without material disruption to its vendors,

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