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Whiting Petroleum Slumps as It Fires Workers, Cuts Output (1)

Aug. 1, 2019, 1:09 PM

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.

For Whiting, the elimination of 254 jobs will result in $50 million in annual cost savings, according to figures released ...