Whiting Petroleum CEO to resign after it emerges from bankruptcy

PDC Energy

14/08/2020 21:06

Aug 14 (Reuters) - Whiting Petroleum Corp  WLL.N  said on
Friday Chief Executive Officer Bradley Holly would resign after
the company  emerges from Chapter 11 bankruptcy, even though it
had paid him $6.4 million in bonus just before it went bankrupt.
    The U.S. shale producer filed for Chapter 11 bankruptcy in
April, becoming the first publicly traded casualty of the crude
oil price crash. (https://bit.ly/33ZNGZf)
    Whiting said Lynn Peterson, a 40-year veteran of the oil and
gas industry, would replace Holly. Peterson last served as the
chief executive officer of SRC Energy Inc, before it merged with
PDC Energy Inc  PDCE.O  in January.  urn:newsml:reuters.com:*:nBwbhvjWRa
    Holly was appointed to the top job at Whiting in late 2017,
after serving as the head of Anadarko Petroleum Corp's U.S.
exploration and production business. 
    He took over as chairman of Whiting's board in May 2018. 
    Whiting said on Wednesday it expects to emerge from Chapter
11 on Sept. 1 and will then have a new independent board of
directors. Kevin McCarthy, vice chairman of private equity firm
Kayne Anderson Capital Advisors, is expected to serve as
chairman of the restructured Whiting. 
    

 (Reporting by Arunima Kumar in Bengaluru; Editing by Devika
Syamnath)
 ((Arunima.Kumar@thomsonreuters.com;))