Senator Investment Group Adds To Whiting Petroleum ~ market folly

Friday, March 10, 2017

Senator Investment Group Adds To Whiting Petroleum

Alex Klabin and Doug Silverman's hedge fund firm Senator Investment Group has filed a 13G with the SEC regarding its position in Whiting Petroleum (WLL).  Per the filing, Senator now owns 5.93% of the company with 21.5 million shares (broken down into 10 million shares and 11.5 million shares underlying call options).

This is up from the previous 7 million shares they owned at the end of 2016, so a 14.5 million increase in net exposure.  The filing was made due to activity on February 22nd.

For more on this hedge fund, we also posted up how Senator disclosed a Forest City Realty Trust position.

Per Google Finance, Whiting Petroleum is "an independent oil and gas company. The Company is engaged in development, production, acquisition and exploration activities primarily in the Rocky Mountains and Permian Basin regions of the United States. The Company operates in the segment of exploration and production of crude oil, natural gas liquid (NGLs) and natural gas. The Company's estimated proved reserves totaled approximately 820.6 Million Barrels of Oil Equivalent (MMBOE). The Company has interests in approximately 5,889 gross (3,177 net) productive wells on approximately 948,600 gross (593,900 net) developed acres across all its geographical areas. The Company's Rocky Mountains operations include assets in the states of Colorado, Montana and North Dakota. The Company's Permian Basin operations include its North Ward Estes field in the Ward and Winkler counties of Texas. Its other operations primarily relate to non-core assets in Colorado, Mississippi, North Dakota, Texas and Wyoming."

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