Whiting to appoint new CEO upon expected emergence from Chapter 11

    Aug. 14, 2020
    Whiting Petroleum Corp., Denver, plans to appoint Lynn Peterson as chief executive officer upon the company’s expected emergence from Chapter 11 bankruptcy.

    Whiting Petroleum Corp., Denver, plans to appoint Lynn Peterson as chief executive officer upon the company’s expected emergence from Chapter 11 bankruptcy. He succeeds Bradley J. Holly, who will resign at that time. Holly has been president and chief executive officer since late 2017 (OGJ Online, Oct. 25, 2017).

    Peterson, who will also join the company’s board, most recently served as chief executive officer and chairman of SRC Energy Inc. before its combination with PDC Energy Inc. in January.

    A hearing to consider confirmation of the company’s Chapter 11 plan is scheduled for Aug. 14. If confirmed, the company expects to emerge from Chapter 11 on Sept. 1 (OGJ Online, Apr. 1, 2020).

    A new independent board of directors upon expected emergence from Chapter 11 is anticipated to consist of Chairman Kevin McCarthy (vice-chairman of Kayne Anderson Capital Advisors), Janet L. Carrig (former senior vice-president and general counsel at ConocoPhillips), Susan Cunningham (former executive vice-president at Noble Energy), Paul Korus (former senior vice-president and chief financial officer at Cimarex Energy), Daniel Rice (founder and partner at Rice Investment Group, former chief executive officer at Rice Energy), and Anne Taylor (former vice-chairman and managing partner at Deloitte).

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