S&P affirms Whiting Petroleum

Standard & Poor's said it revised the outlook on Whiting Petroleum Corp. to positive from stable and affirmed its BB- corporate credit rating.

According to S&P, the positive outlook reflects the company's improving production levels, greater confidence surrounding the company's drilling program and its tertiary recovery projects, as well as expectations for strong near-term results given robust commodity prices.

The rating also reflects the company's high lifting costs, weak reserve replacement metrics and aggressive leverage, the agency noted.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.