United States

Whiting Petroleum CEO says 'optimistic' oil prices will rise

Thursday, 27 Jul 2017 12:13pm EDT 

July 27 (Reuters) - Whiting Petroleum Corp : :Chief Executive Jim Volker says 'optimistic' that oil prices will rise by end of year.Says has hedged 64 percent of production for the year at 'attractive prices'.Says expects hedge levels in 2018 to match 2017 levels.Says has four frack crews today in North Dakota's Bakken shale.Says expects to have about three frack crews in Bakken moving forward.CEO says has received 'strong interest' from potential buyers of Bakken acreage.CEO says no Bakken acreage sale deals have been signed.CEO says 'the market is strong' for Bakken acreage.CEO says company's reduction in capital budget plans for oil prices CLc1 at $45 per barrel.CEO says if oil prices CLc1 rise would add a frack crew before another drilling rig.Says comfortable with current well design using 9 million pounds of frack sand.Source text for Eikon: [ID:].