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$WLL Whiting Petroleum Bankruptcy
Posted on 4/1/20 at 10:46 am
Posted on 4/1/20 at 10:46 am
First of many for energy sector — they will continue to operate during restructuring.
Precursor to some other awful balance sheet companies on the brink (Halliburton, Occidental, Parsley)
Precursor to some other awful balance sheet companies on the brink (Halliburton, Occidental, Parsley)
This post was edited on 4/1/20 at 11:36 am
4
Posted on 4/1/20 at 11:21 am to Sluuuu
Parsley bought Jagged Peak
Posted on 4/1/20 at 11:36 am to ShaneTheLegLechler
Ty, Still refer to it as Jagged for whatever reason
Posted on 4/1/20 at 12:28 pm to Sluuuu
quote:
Precursor to some other awful balance sheet companies on the brink (Halliburton, Occidental, Parsley)
How about nearly every small cap E&P:
Posted on 4/1/20 at 1:28 pm to Sluuuu
So 1 down and probably lots more to follow. What is the stock fallout of these companies filing for bankruptcy? What are the results if they reorganize or are bought out?
Does anyone see any upside worth the risk in investing in a small/mid cap energy company right now?
Does anyone see any upside worth the risk in investing in a small/mid cap energy company right now?
Posted on 4/1/20 at 1:31 pm to cwill
quote:
How about nearly every small cap E&P:
I thought Goodrich and Comstock bit the bullet years ago, where have I been?
Posted on 4/1/20 at 1:32 pm to cwill
Callon ($CPE) hires debt restructuring firm...just merged with Carizzo...so this is like a two for one.
Posted on 4/1/20 at 1:33 pm to Tiger at Law
Oscar K Brown, 2nd in command at Oxy, gets the ax and blame for the APC acq fiasco...Vicki lives another day.
Posted on 4/1/20 at 4:05 pm to Sluuuu
Whiting's drilling inventory is garbage. This has been a long time coming.
Posted on 4/1/20 at 4:10 pm to cwill
quote:
Oscar K Brown, 2nd in command at Oxy, gets the ax and blame for the APC acq fiasco...Vicki lives another day.
Wow. Is her pay reduced to $1/year yet? What's that Buffett saying about roaches....
Posted on 4/1/20 at 4:26 pm to cwill
quote:
Callon ($CPE) hires debt restructuring firm...just merged with Carizzo...so this is like a two for one.
Can you elaborate on what this means?
Posted on 4/1/20 at 4:37 pm to tirebiter
quote:she took an 81% cut. Execs 60% avg. Most employees up to 30% cuts
Wow. Is her pay reduced to $1/year yet? What's that Buffett saying about roaches....
Posted on 4/1/20 at 4:50 pm to castorinho
That POS Holly and the WLL board are crooks. $14mm in pre BK bonuses.
LINK
quote:
Whiting Executives Got $14.6 Million Bonuses Before Bankruptcy
By Kevin Crowley and Anders Melin April 1, 2020, 1:10 PM
Whiting Petroleum Corp.’s board approved $14.6 million in cash bonuses for top executives days before the shale oil producer filed for bankruptcy. Chief Executive Officer Brad Holly will collect $6.4 million of the total, which will be “paid immediately,” the company said in a filing Wednesday.
Four other executives including Chief Financial Officer Correne Loeffler will get the rest. The board signed off on the payouts March 26 as part of an overhaul of the company’s variable compensation program.
The coronavirus pandemic, coupled with a price war between Russia and Saudi Arabia, has dealt a crushing blow to the oil and gas industry, making it “virtually impossible” to set short-term performance goals, according to the filing. Instead, the board said employees eligible for variable compensation can receive payouts that amount to no more than their target levels. The payouts will be made quarterly.
As part of the deal, the senior executives agreed to forfeit equity awards they were in line to receive this year. The new program “is intended to ensure the stability and continuity of the company’s workforce and eliminate any potential misalignment of interests that would likely arise if existing performance metrics were retained,” the company said in the filing.
Whiting, one of the biggest producers in North Dakota’s Bakken formation, filed for Chapter 11 Wednesday after the plunge in oil prices left it unable to pay its debts, which had been a challenge even before the latest downturn.
LINK
This post was edited on 4/1/20 at 4:54 pm
Posted on 4/1/20 at 5:41 pm to Navajo61490
quote:
Can you elaborate on what this means?
Going BK.
Posted on 4/1/20 at 5:43 pm to Enfuego
quote:
As part of the deal, the senior executives agreed to forfeit equity awards they were in line to receive this year
I too want to forfeit worthless paper for $14m in cash/digital paper
Posted on 4/1/20 at 5:45 pm to GenesChin
The BK courts need to quit letting these guys restructure and make them liquidate. Hell you have companies out there who will be filing for the 3rd time in 5 or so yrs. Complete BS that will keep the industry and market down.
This post was edited on 4/1/20 at 7:08 pm
Posted on 4/1/20 at 6:33 pm to Enfuego
quote:
Whiting Petroleum Corp.’s board approved $14.6 million in cash bonuses for top executives days before the shale oil producer filed for bankruptcy. Chief Executive Officer Brad Holly will collect $6.4 million of the total, which will be “paid immediately,” the company said in a filing Wednesday.
This is the kind of shite that makes someone like Bernie resonate with people
Posted on 4/1/20 at 6:41 pm to GREENHEAD22
quote:
The BK courts need to quit letting these guy restructure and make them liquidate. Hell you have companies out there who will be filing for the 3rd time in 5 or so yrs. Complete BS that will keep the industry and market down.
^^^this
Posted on 4/1/20 at 6:59 pm to TheIndulger
quote:
This is the kind of shite that makes someone like Bernie resonate with people
There is an executive comp problem in the country even before COVID.
WSJ article on inverse data relationship between CEO comp / firm performance
Posted on 4/1/20 at 7:00 pm to TheIndulger
They’ll claw the bonuses back in pretty sure.
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