Whiting Bankruptcy Shows How Shale Crash Imperils Supply Chain
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Whiting Petroleum Corp.’s bankruptcy shows how pain in the shale patch is reverberating throughout the oil supply chain.
Schlumberger Ltd. and Halliburton Co., which provide rigs and fracking crews, are listed as the biggest non-bank creditors in Whiting’s Chapter 11 filing, each with unsecured claims of more than $8 million a piece. Fellow oilfield servicer Baker Hughes Co. is the 8th largest creditor overall with an unsecured claim of $2.6 million. Other creditors include pipeline operators, a trucking company and a wastewater disposal company, among others.