Whiting Petroleum to take $800-$900 mln impairment charge in Q4
Dec 11 (Reuters) - Whiting Petroleum said on Monday it will record an impairment charge of $800 million to $900 million in the current quarter due to a partial write-down of some assets in the DJ Basin in Colorado.
The company said in a regulatory filing that the write-down of its assets at the Redtail field is not expected to result in any cash expenditures. (bit.ly/2iPe7b8)
Whiting Petroleum, the largest oil producer in North Dakota’s Bakken shale formation, is focusing on its activities in the Williston Basin and recently sold its Fort Berthold Indian Reservation properties in North Dakota. (Reporting by Taenaz Shakir in Bengaluru; Editing by Savio D‘Souza)