Whiting Petroleum to change CEO as company prepares to exit Chapter 11

DENVER — Whiting Petroleum Inc. (NYSE: WLL) will tap former SRC Energy CEO Lynn Peterson as its next chief executive as the company leaves Chapter 11 bankruptcy.

In a statement, the Denver-based oil company said Peterson will replace current CEO Brad Holly, who is leaving to pursue other interests. The transition is expected to occur on Sept. 1, when the company plans to close its bankruptcy case.

“We thank (Holly) 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,” lead director James Catlin said in a statement.

Peterson led SRC until it was acquired by fellow Denver-based oil producer PDC Energy Inc. (Nasdaq: PDCE) for $1.7 billion in a deal that closed in January.

Whiting filed for Chapter 11 bankruptcy in Texas in April after the COVID-19 pandemic and the ensuing crash in fuel demand threw oil producers into financial peril. A bankruptcy judge in Texas approved the company’s restructuring plan last Friday.

It is the ninth-largest producer in Weld County, drawing 3.4 million barrels of oil and 10.23 metric cubic feet of natural gas in 2019, according to Colorado Oil and Gas Conservation Commission data.

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