OREANDA-NEWS. July 27, 2017. Denver-based oil and gas producer Whiting Petroleum plans to cut capital outlays by $150mn to reach $950mn for 2017.

Whiting follows Anadarko and Hess in decreasing spending in the face of low oil prices.

The $150mn decrease, a 13.6pc decline, will include dropping two rigs — one in the Willistonbasin in North Dakota and Wyoming and the other in the Denver-Julesburg basin in Colorado. Whiting's remaining four rigs will all be in Montana and the North Dakota part of the Williston.

"We plan to reduce capital spending to $950mn while achieving 14pc production growth from first quarter to fourth quarter 2017," said James Volker, Whiting's chief executive officer.

Whiting's second quarter production declined by 16.1pc from a year agoto 112.66 million b/d of oil equivalent (boe/d). Oil production fell by 21pc to 76,800 b/d, natural gas liquids output declined by 3pc to 18,400 b/d, and natural gas production fell by 6pc to 113mn cf/d.

Whiting hedged more than 64pc of crude productionfor the remainder of 2017.

The average realized price of oil for the second quarter was $40.78/bl, an increase of 3pc year-over-year.