Whiting Petroleum looks at asset disposal instead of full company sale
Whiting Petroleum [NYSE:WLL], a Denver, Colorado-based energy group, is looking at non-core asset disposal rather than selling the company as a whole, according to a newswire report.
Reuters, citing unnamed sources familiar with the situation, reported that the company's acreage and pipeline assets in Texas have been placed on the block.
The move is aimed at pacifying investors who are irked by the possibility of the company, which holds high-quality assets, ending up in the hands of an US oil giant with slow growth prospects, the item said.
The report also said JPMorgan has recently approached certain parties over a full sale, though potential bidders are uncomfortable with the company's bloated debt burden, amounting to USD 5.63bn, thanks to the acquisition of Kodiak Oil & Gas in December.
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