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Whiting Talks 2022; Ups Spending Over 50%, Two-Rig Program

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   |    Tuesday,February 08,2022

Whiting Petroleum Corp. has detailed its 2022 outlook following alongside their recently announced acquisition in the Bakken.

2022 Plan

  • Capex: $360-400 million - up 58% at the midpoint vs. 2021
  • Production: 91-95 mboepd - up 9% at the midpoint vs. 2021
  • Rigs: 2
  • Frac Crews: 1

Whiting has set out a capital plan that includes operating two drilling rigs and one completion crew in the Williston Basin for the majority of 2022.

The rigs will operate in Mountrail, McKenzie and Williams Counties, North Dakota. While the Company has had success with three-mile laterals in its Sanish field, Whiting plans to drill additional three-mile laterals further west in McKenzie County, North Dakota during the year which will help improve economics on additional inventory. As oil prices have rebounded, the Company is seeing increased non-operated activity from other operators and expects this trend to continue.

The following table provides guidance for the full-year 2022 based on current forecasts and includes the announced acquisitions.

The 2022 budget was designed with higher working interests and slightly greater activity. The Company encountered a delay on a five-well pad in January that will impact the timing of production until later in the year. While Whiting has shifted operations to the Sanish field, the Company's continued focus on sustainability through increasing its high gas capture percentage will result in production volumes not entirely replacing those lost by the delay. The 2022 plan is to reinvest approximately 40% of the expected EBITDA for the period, which is consistent with the prior year. Low double-digit inflation has also been built into the projections.

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