Whiting Petroleum Announces Expected Appointment of Lynn Peterson as CEO
Company Also Announces Expected Changes to Board of Directors
September 2, 2020 | View PDF
DENVER--(BUSINESS WIRE)--Whiting Petroleum Corporation (NYSE: WLL) ("Whiting" or the "Company") announced the expected appointment of Lynn Peterson, a 40-year oil and gas industry veteran, as chief executive officer, effective as of the company's anticipated emergence from chapter 11, which is projected to occur on Sept. 1, 2020. Peterson succeeds Bradley J. Holly, who will resign effective at that time to pursue other interests following the company's restructuring. Peterson will also join the company's board of directors.
"We thank Brad for his leadership and strategic contributions that built the foundation for Whiting to expeditiously complete its financial restructuring and implement pivotal enhancements with a stronger balance sheet and improved cost structure. During this period of unprecedented volatility for the industry, Whiting set the standard for executing on a challenging business plan. In addition, over his tenure he built a strong management team and advanced the company's efforts in sustainability with a focus on diversity and inclusion," said James Catlin, Whiting's lead director. "As a board, and in partnership with Brad, we are committed to conducting an orderly emergence from chapter 11 and transitioning seamlessly to the new executive leadership team which has a strong track record of maximizing shareholder value through transactions in the basins where Whiting operates."
Upon the company's emergence from chapter 11, Whiting will also welcome a new independent Board of Directors that is anticipated to consist of Chairman Kevin McCarthy (Kayne Anderson Capital Advisors vice chairman), Janet L. Carrig (former ConocoPhillips senior vice president & general counsel), Susan Cunningham (former Noble Energy, Inc. executive vice president), Paul Korus (former Cimarex Energy Co. senior vice president and chief financial officer), Daniel Rice (Rice Investment Group founder and partner, former Rice Energy CEO) and Anne Taylor (former Deloitte vice chairman & managing partner).
"We believe that Lynn brings strong leadership, extensive industry knowledge and unique perspective to Whiting's business in the Williston and DJ basins, leveraging his deep experience that includes operating the same cornerstone asset during his tenure at Kodiak prior to its acquisition by Whiting," said new incoming Chairman Kevin McCarthy. "Lynn's strategic and operating experience will allow us to enhance and capitalize on the company's attractive portfolio as we look to create value for our shareholders."
Peterson most recently served as SRC Energy Inc. Chief Executive Officer and Chairman before its combination with PDC Energy, Inc. in January 2020. Prior to SRC Energy, Peterson was Kodiak Oil & Gas Corp. co-founder, chief executive officer and chairman before its integration with Whiting in December 2014. Peterson began his career in accounting and auditor roles at Ernst & Young and holds a Bachelor of Science in Accounting from the University of Northern Colorado.
"I am honored to join and lead the Whiting team of talented employees and eager to work alongside our new board of directors, which is one of the finest assembled in the E&P sector, to build upon the momentum achieved through the restructuring for a bright Whiting future.
With a keen focus on excellence, discipline in all facets of our operations, continuing emphasis on environmental, health and safety, and good citizenship within the communities in which we live and operate, I am confident that Whiting will create value even in this challenging environment.
As we emerge from chapter 11, the company has significantly reduced its leverage and strengthened its balance sheet. Moving forward, we expect to focus on the development of our top-tier Bakken acreage, further reducing our leverage, and driving down operating and G&A costs. This should position the company well for the anticipated industry consolidation that we expect to see in the coming years, particularly in the opportunity-rich landscape of the Williston Basin."