Denver’s Whiting Petroleum Corporation has emerged from Chapter 11 bankruptcy and announced major guidance changes with a slimmer list of corporate executives and employees.
The company reduced its total workforce by 16% and confirmed that more than 90% involved corporate positions, a move that could generate nearly $20 million in cost savings.
Whiting also announced this week it will reduce the compensation of its officers by 15% to 20% and the number of its corporate executives.
The firm said it was also initiating salary reductions across “a broad group of employees.”
Whiting’s second half guidance plans involve $34 to $39 million in capital expenditures.
“The changes implemented are building a culture of capital discipline and demonstrating efficiencies and cost savings throughout the organization. We look forward to announcing preliminary 2021 guidance in conjunction with our third quarter 2020 results,” said Lynn A. Peterson, Chief Executive Officer of Whiting.
Source: BusinessWire
