Whiting Petroleum Corp. has reduced its 2016 budget by 80%, and plans to suspend all of the company’s fracking operations and reduce output until higher crude prices return, according to Reuters.
Most of Whiting’s $500 million budget will be spent to mothball drilling and fracking operations in the first half of the year. The company plans to allocate $160 million for maintenance. Reuters noted that Whiting expects to pump 128,000–138,000 boe/d in 2016.
On Feb. 24, Whiting posted a net loss of $98.7 million, or 48 cents per share, compared with a net loss of $353.7, or $2.68 per share in the year-ago period. Excluding impairment charges, hedging gains, and other one-time items, the company's loss was 43 cents per share.