U.S. SHALE NEED SALE
Whiting Petroleum, the largest oil producer in the Bakken shale of North Dakota, has hired bankers to seek potential buyers after coming under financial pressure due to plummeting crude prices, according to people familiar with the matter.
Its market capitalisation is $5.7bn on Friday after a 52 per cent fall in its shares over the past 12 months. Including $5.6bn of net debt, the enterprise value is about $11.2bn.
The process, which is not certain to conclude in a sale of the company, will be a crucial test of investor interest in the US shale oil industry, which has grown rapidly in recent years but faces…
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