Michael J. Stevens to Step Down as Chief Financial Officer
DENVER–(BUSINESS WIRE)–Whiting Petroleum Corporation (NYSE: WLL) today announced that Correne S. Loeffler has been named Chief Financial Officer effective August 1, 2019.
Ms. Loeffler’s professional background includes 14 years of financial experience in the oil and natural gas industry. Ms. Loeffler previously served as Vice President, Finance and Treasurer for Callon Petroleum Company, an independent exploration and production company, from April 2017 to July 2019. She also served as Interim Chief Financial Officer of Callon Petroleum Company from June 2017 to December 2017. Prior to that, Ms. Loeffler was Executive Director with JPMorgan Securities, LLC where she was employed in the Corporate Client Bank Group from 2006 to 2017. She also was an Associate in Bank of America’s Global Corporate & Investment Bank from 2005 to 2006 and a Consultant at Accenture from 1999 to 2003. Ms. Loeffler holds a Bachelor of Arts from Indiana University and a Master of Business Administration from the University of Texas.
Bradley J. Holly, Whiting’s President, Chairman and Chief Executive Officer, commented, “We are pleased to name Correne as Chief Financial Officer and to welcome her to Whiting. Correne’s financial experience in the oil and natural gas industry will complement our management team very well.”
Ms. Loeffler succeeds Michael J. Stevens, who is stepping down after a distinguished 18-year career with Whiting. Stevens was named Chief Financial Officer in 2005 and will depart effective August 1, 2019.
“We are grateful to Mike for his leadership and contributions to our company, employees and stockholders. We wish Mike the best in the future,” said Mr. Holly.
About Whiting Petroleum Corporation
Whiting Petroleum Corporation, a Delaware corporation, is an independent oil and gas company that develops, produces, acquires and explores for crude oil, natural gas and natural gas liquids primarily in the Rocky Mountains region of the United States. The Company’s largest projects are in the Bakken and Three Forks plays in North Dakota and Montana and the Niobrara play in northeast Colorado. The Company trades publicly under the symbol WLL on the New York Stock Exchange. For further information, please visit http://www.whiting.com.
This news release contains statements that we believe to be “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than historical facts, including, without limitation, statements regarding our future financial position, business strategy, projected revenues, earnings, costs, capital expenditures and debt levels, and plans and objectives of management for future operations, are forward-looking statements. When used in this news release, words such as we “expect,” “intend,” “plan,” “estimate,” “anticipate,” “believe” or “should” or the negative thereof or variations thereon or similar terminology are generally intended to identify forward-looking statements. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, such statements.
These risks and uncertainties include, but are not limited to: declines in or extended periods of low oil, NGL or natural gas prices; our level of success in exploration, development and production activities; risks related to our level of indebtedness, ability to comply with debt covenants and periodic redeterminations of the borrowing base under our credit agreement; the geographic concentration of our operations; impacts to financial statements as a result of impairment write-downs; federal and state initiatives relating to the regulation of hydraulic fracturing and air emissions; revisions to reserve estimates as a result of changes in commodity prices, regulation and other factors; adverse weather conditions that may negatively impact development or production activities; the timing of our exploration and development expenditures; inaccuracies of our reserve estimates or our assumptions underlying them; risks relating to any unforeseen liabilities of ours; our ability to generate sufficient cash flows from operations to meet the internally funded portion of our capital expenditures budget; our ability to obtain external capital to finance exploration and development operations; our ability to successfully complete asset dispositions and the risks related thereto; unforeseen underperformance of or liabilities associated with acquired properties; the impacts of hedging on our results of operations; failure of our properties to yield oil or gas in commercially viable quantities; availability of, and risks associated with, transport of oil and gas; our ability to drill producing wells on undeveloped acreage prior to its lease expiration; shortages of or delays in obtaining qualified personnel or equipment, including drilling rigs and completion services; uninsured or underinsured losses resulting from our oil and gas operations; our inability to access oil and gas markets due to market conditions or operational impediments; the impact and costs of compliance with laws and regulations governing our oil and gas operations; the potential impact of changes in laws that could have a negative effect on the oil and gas industry; our ability to replace our oil and natural gas reserves; negative impacts from litigation and legal proceedings; any loss of our senior management or technical personnel; competition in the oil and gas industry; cyber security attacks or failures of our telecommunication systems; and other risks described under the caption “Risk Factors” in Item 1A of our Annual Report on Form 10-K for the period ended December 31, 2018. We assume no obligation, and disclaim any duty, to update the forward-looking statements in this news release.
Eric K. Hagen
Senior Vice President, Investor Relations