On the heels of the news that the Department of Energy may pay producers to leave production in the ground, Whiting Petroleum made news today by claiming they did not actually file bankruptcy.  According to the press release, a disgruntled legal analyst kicked off the proceedings and that the company is in amazing shape.  In addition, recently hired Reserve Auditing Firm, Had Brolley and Associates, has discovered 50 times the reserves stated in the companies last 10-K filing. 

Had Brolley and Associates, CEO, Had Brolley

CEO Brad Holley commented, “We trust Had’s analysis; his single-person team is filled with amazing analysts.  While we now believe we have enough inventory to last hundreds of years, we have decided that the US government would do a much better job at managing these assets and have decided to provide these to the DoE at the low price of $10/bbl of Proven Reserves”. 

In a separate filing, the $14.5 million in bonuses paid to the executives during the mistaken bankruptcy filing has been doubled, while all staff salaries have been cut by 75%. 

Startup Reserve Auditing Firm Had Brolley has been inundated with requests.  Recent additions Loug Dawler, Fark Mischer, Wavid Dood, and Harold Hamm should help relieve the load from Had’s shoulders.



3 COMMENTS

  1. A tragic accounting mistake, to be sure. How exactly does one measure capital when you can’t see it? We can turn to the dairy industry to answer that question. Dairy accountants use the milk production capacity of human mothers as a yearly forecasting benchmark, leaning on 5,000 years of anthropological data. You may have heard this termed “big data” in recent years. Perhaps energy accountants should find a similar benchmark so this mistake is not repeated again.

    The staff taking the 75% salary cuts are the real heroes, as their management has surely told them.

    Thankfully, the Google form that a company fills out to file Chapter 11 bankruptcy on the IRS website is probably still trying to process Whiting Petroleum’s bankruptcy request. Naturally, 100% of the US government’s bandwidth is devoted to the dual mission of direct depositing stimulus checks and using Italian IP addresses to receive free Pornhub Premium. If the CEO refreshes the webpage, it should cancel any bankruptcy in progress.

    • This is the most beautiful insight on accounting I have ever laid my eyes on – spot on buckaroo! I see you are going to be a future Goldman Analysts? An analyst for Goldman is one of the most noble jobs out there. Those guys are more noble than all of the firefighters, nurses and doctors combined. And they also get laid all of the time. Let me know when you become a Goldman Analyst. I would love to send you a plate of cookies as a congratulatory gift.

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