Whiting Petroleum Corp. CEO Bradley J. Holly will resign following the company’s emergence from bankruptcy to pursue other interests, Whiting said in an Aug 14 release.

Holly has served as president and CEO of Whiting Petroleum since November 2017 and was named board chairman the following year. He had previously served in various roles at Anadarko Petroleum Corp. prior to joining Whiting.

Industry veteran Lynn Peterson is expected to be appointed as Whiting’s next CEO, effective as of the completion of the company’s restructuring, projected to occur on Sept. 1. At the time, Whiting will also welcome a new independent board of directors.

Peterson, who has roughly 40 years of experience in the oil and gas industry, most recently served as CEO and chairman of SRC Energy Inc. before its combination with PDC Energy Inc. in January 2020.

Prior to SRC Energy, Peterson was co-founder, CEO and chairman of Kodiak Oil & Gas Corp. before its integration with Whiting in December 2014. He began his career in accounting and auditor roles at Ernst & Young.

Whiting Petroleum, one of the top oil producers in the Bakken shale play within the Williston Basin of North Dakota and Montana, filed for Chapter 11 bankruptcy on April 1. Whiting’s bankruptcy marked the first publicly traded casualty of crashing crude oil prices among U.S. shale producers earlier this year.

In an April release, the Denver-based company said it had reached an agreement with certain debt holders to pursue a “consensual financial restructuring,” which would provide de-leveraging of its capital structure by over $2.2 billion. 

“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,” Peterson said in a statement on Aug. 14. “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.”

Whiting is one of the largest independent E&P companies in the U.S. and controls one of the largest acreage positions in the Bakken/Three Forks resource plays in the Williston Basin. The company also has an acreage position in the Denver-Julesburg (D-J) Basin of Colorado focused on the Niobrara Shale.

Moelis & Co. served as financial adviser for the company’s Chapter 11 process. Kirkland & Ellis was its legal adviser. Alvarez & Marsal acted as restructuring adviser. Jeffrey S. Stein of Stein Advisors LLC was the company’s chief restructuring officer.

PJT Partners served as financial adviser for the consenting noteholders and Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal adviser.

Upon its expected emergence from Chapter 11, Whiting’s new board is anticipated to consist of:

  • Chairman Kevin McCarthy (vice chairman of Kayne Anderson Capital Advisors);
  • Janet L. Carrig (former senior vice president and general counsel at ConocoPhillips);
  • Susan Cunningham (former executive vice president at Noble Energy Inc.);
  • Paul Korus (former senior vice president and CFO at Cimarex Energy Co.);
  • Daniel Rice (founder and partner at Rice Investment Group, former CEO at Rice Energy); and
  • Anne Taylor (former vice chairman and managing partner at Deloitte).

Commenting on Peterson’ appointment, incoming Chairman Kevin McCarthy said: “We believe that Lynn brings strong leadership, extensive industry knowledge and unique perspective to Whiting’s business in the Williston and D-J basins, leveraging his deep experience that includes operating the same cornerstone asset during his tenure at Kodiak prior to its acquisition by Whiting. 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.”

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