S&P ups Whiting Petroleum

Standard & Poor's said it raised the corporate credit rating on Whiting Petroleum Corp. to BB+ from BB, along with the rating on its senior subordinated notes to BB+ from BB.

These actions follow news that Whiting increased its proven reserves by 13%, S&P said.

The agency said the outlook for crude oil prices is more favorable than for natural gas prices over the next several years.

The upgrade also is based on Whiting's increased scale, S&P said.

While the agency said it expects Whiting to outspend cash flow to fund capital expenditures this year, the company is expected to maintain total debt-to-EBITDAX below 2.5x over the next 12 months.

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