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Whiting's Q1 Production Only Up 1% YOY Despite +42% Jump in D&C Activity

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   |    Thursday,June 06,2019

Whiting Petroleum reported its Q1 2019 results. Here are the highlights from its report and presentation.

Q1 Summary

- Well Activity (gross): Drilled 34 wells / Completed 27 wells in Q1 - up +42% YOY

• Whiting's Q1 D&C activity was focused entirely in the Bakken - Niobrara operations have declined in recent quarters, dropping down to nearly no activity. 

- Rigs: 5 total rigs running / 3 completion crews - flat YOY

- Q1 D&C Spending: $219 million - up +17% YOY

- Q1 Production: Production of 128.7 MBOEPD - only up +1.3% from Q1 2018

• Williston production down -10% YOY at 113.2 MBOEPD

• The Company’s oil to total production ratio declined slightly during Q1 due to natural declines in oil production, increased gas capture in the Williston Basin and weather impacts at its Redtail Field

2019 Plans for New Foreman Butte Asset

In its presentation, Whiting talked about its development plans for its new asset, which it acquired from Oasis Petroleum in mid-2018 for $283 million.

Bakken Update - Gen 5 Completions Outperform

Eastern Williston

In the Eastern Williston Basin, Whiting has pursued multiple infill drilling projects that bracket its Sanish Field. At its Pod 8 project, infill Bakken and Three Forks wells have outperformed parent wells by approximately 160% and 230%, respectively, after 180 days on production. Parent wells have experienced a marked increase in production relative to the trend prior to infill drilling.

The Bakken wells drilled in the Bartelson unit, located at the far western edge of the Sanish Field, have outperformed the parent well by 244% after 180 days on production. The parent well in the Bartelson area saw a substantial and sustained positive response to infill drilling, flowing for over four months after the new completions.

At the Company’s Pronghorn area, new completion approaches have also resulted in superior results. The 2018 Pronghorn wells are outperforming 2017 wells by 27% with well costs that are 13% lower than the 2017 average.

Northern Williston

In the Northern Williston Basin, the Periot wells located in the Cassandra area continue to deliver strong results. With over 100 days on production, Bakken and Three Forks wells have outperformed competitor wells by 37% and 48%, respectively. Also, construction on the Ray gas plant was completed during the quarter. This additional gas capacity will support accelerated activity in the Polar area in 2019 and future activity in the Cassandra area.

Southern Williston

In the Southern Williston Basin, the Stenehjem wells in southern Hidden Bench continue to outperform parent wells. With over 80 days on production, the Stenehjem wells have produced over 90,000 barrels of oil per well on average, a 124% increase relative to parent results.