Whiting Petroleum Craters in Worst-Ever Rout After Surprise Loss
- Cuts one-third of employees; shares suffer biggest drop ever
- Rival shale drillers Concho, Pioneer Natural also decline
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Whiting Petroleum Corp. plunged 35% for its biggest-ever drop after the oil explorer fired one-third of its workforce, scaled back its full-year production target and posted a surprise quarterly loss.
The Denver-based oil explorer’s decline extended the 12-month loss to 74%. Fellow shale explorer Concho Resources Inc. also was hammered by investors, losing 23% of its market value, after disclosing botched results from an experimental drilling project. Pioneer Natural Resources Corp., Diamondback Energy Inc. and Cimarex Energy Inc. also fell.