Whiting Petroleum Corp. suffered 35% losses in late July 2019 following the firing of 1/3 of its workforce, scaled back full-year production targets, and a posted quarterly loss.
Did your financial advisor or brokerage firm over-concentrate your investments in Whiting Petroleum Corporation? Sonn Law Group is currently investigating brokers and brokerage firms who recommended that their clients invest in Whiting and then suffered losses. Please contact us today for a free review of your case.
Whiting Petroleum Corporation Investment Losses
According to the Corporation’s website, Whiting is an independent exploration and production company with an oil focused asset base. They are the top crude oil producer in North Dakota and are located in Colorado.
Output of oil in the United States has doubled over the past three years, and construction of new pipelines has failed to keep pace with this output.
Any excess gas must be either burned or re-injected into the ground, both of which are costly to the producer.
In the second quarter, oil prices fell 2% while natural gas prices fell 64%. By scaling back production and eliminating over 254 positions, Whiting expects to save $50 million in costs annually.
The job cuts followed investor pressure to cut spending and pull back on drilling in favor of share buybacks and dividends.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, brokerage firms across the country may be liable for investment or other losses suffered by its customers. If you lost money because your broker suggested you invest with Whiting Petroleum Corp., you may have a claim for unsuitable investment recommendations.
Contact an Investment Fraud Lawyer Today
The Sonn Law Group is currently investigating brokerage firms who invested in Whiting Petroleum Corporation on behalf of their clients. We represent investors in claims against negligent brokers and brokerage firms. If you or your loved one experienced investment losses, we are here to help. For a free consultation, please call us now 844-689-5754 at complete our contact form.