DENVER (CBS4) – A “severe downturn” in oil and has prices has caused a Denver-based petroleum company to file for Chapter 11 bankruptcy. Whiting Petroleum cites the Saudi Arabia-Russia price war and a lessened demand for gas due to the COVID-19 pandemic.
The company says it has “sufficient liquidity” to continue operations and meeting financial obligations while restructuring. That liquidity includes $585 million in cash, according to a release sent to investors on Wednesday.
Whiting Petroleum’s stock has plunged 91% over the past three months.