BAKKEN producer Whiting Petroleum is planning a significant reorganisation that will see the US independent lay off a third of its workforce and sell off assets after posting a net loss for the second quarter. The company said it would redesign its organisation to bring down costs, improve execution and generate more free cash flow. Accordingly, it will eliminate 33% of its workforce, or 254 jobs, of which 94 are executive and corporate positions. "In the face of highly volatile commodity prices and a constrained gas infrastructure market in North Dakota, we are taking strong measures to improve our margins and deliver on our goal of generating peer-leading free cash flow," chief executive Bradley Holly said. Whiting reported a net loss of $5.7 million for the three months to June on revenue of $426.3 million.
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