Whiting Would Add Rigs if Oil Prices Hit $70 Per Barrel

Whiting Petroleum Corp , the largest oil producer in North Dakota, plans to keep 11 drilling rigs operating through next year, though it would add "a couple of rigs" if crude prices rise to $70 per barrel, Chief Executive Jim Volker said on Thursday.

 

The company posted a smaller-than-expected quarterly loss on Wednesday helped by sharp cost cuts. Volker told analysts on a Thursday conference call that he plans to sharply cut spending further later this year and that the company can survive with oil prices at $50 per barrel.