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ROCKIES MIDSTREAM CONFERENCE – Whiting Petroleum Corp.

Whiting Petroleum Corp. · Dec 6, 2012 · 25 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. ROCKIES MIDSTREAM CONFERENCE – Whiting Petroleum Corp. – slide 1
    Our Redtail prospect, located in the Denver Julesberg Basin in Weld County, Colorado, where the Wildhorse 04-0414H well flowed 1,170 BOE per day on October 15, 2012. Our Belfield Gas Plant, located in the Williston Basin in Stark…
  2. ROCKIES MIDSTREAM CONFERENCE – Whiting Petroleum Corp. – slide 2
    Whiting Overview Q3 2012 Production 82.6 MBOE/d Proved Reserves(1) 345.2 MMBOE % Oil 86% R/P ratio(2) 14 years Sunrise at our Dry Trails Plant in Postle Field, Whitings EOR project in Texas County, Oklahoma. (1) Whiting…
  3. ROCKIES MIDSTREAM CONFERENCE – Whiting Petroleum Corp. – slide 3
    Map of Operations ROCKY MOUNTAINS 59.6 MBOE/D MICHIGAN Q3 2012 Net Production 2.6 MBOE/D 82.6 MBOE/d 3% 1% 10% 13% MID-CONTINENT 8.4 MBOE/D 73% PERMIAN 11.0 MBOE/D Michigan Gulf Coast Mid-Continent Permian Basin…
  4. ROCKIES MIDSTREAM CONFERENCE – Whiting Petroleum Corp. – slide 4
    Platform for Continued Growth (1) 345.2 MMBOE Proved Reserves (12/31/2011) 3% 12% 2% 46% 37% Rocky Mountains Permian Basin Gulf Coast Mid-Continent Michigan 86% Oil / 14% Natural Gas (1) Whiting reserves at December…
  5. ROCKIES MIDSTREAM CONFERENCE – Whiting Petroleum Corp. – slide 5
    Capital Budget for Key Development Areas in 2012 ( in millions) Well Work, Misc Costs Northern Rockies 50MM 851MM Non-Op 160MM Facilities 2012 CAPEX Gross Net 215MM (MM ) % Wells Wells Exploration Northern Rockies 851 45% 218…
  6. ROCKIES MIDSTREAM CONFERENCE – Whiting Petroleum Corp. – slide 6
    Williston Basin Overview As of Oct. 2012 there were 185 rigs Gross Acres Net Acres operating in the Williston Basin. Sanish / Parshall 177,339 83,116 Whiting currently has 20 rigs - Middle Bakken / Three Forks Objectives running in…
  7. ROCKIES MIDSTREAM CONFERENCE – Whiting Petroleum Corp. – slide 7
    Whiting Drilling Objectives in the Western Williston Basin -- Shooting for the Sweet Spots A A Please note dual targets in the Middle Bakken and Pronghorn Sand / Upper Three Forks 8
  8. ROCKIES MIDSTREAM CONFERENCE – Whiting Petroleum Corp. – slide 8
    Big Island Prospect Golden Valley and Wibaux Counties, ND OBJECTIVE Vertical Red River LEWIS & CLARK ACREAGE Whiting has assembled 171,825 gross (121,982 net) acres in our Big Island prospect: Have identified over 50 prospects…
  9. ROCKIES MIDSTREAM CONFERENCE – Whiting Petroleum Corp. – slide 9
    Typical Bakken Production Profiles Sanish Field (1) (2) Production Profiles in Oil Equivalents Bakken - Sanish EUR - 950 MBOE, CAPEX 6MM Nymex oil price/Bbl 80 90 100 10,000 ROI 6.7:1 7.7:1 8.8:1 IRR (%) 498% 809% 1,303%…
  10. ROCKIES MIDSTREAM CONFERENCE – Whiting Petroleum Corp. – slide 10
    Typical Three Forks Production Profile Sanish Field (1) (2) Production Profile in Oil Equivalents Three Forks - Sanish 1,000 EUR - 400 MBOE , CAPEX 6 MM Nymex oil price/Bbl 80 90 100 Equivalent Daily Production ROI 2.5:1…
  11. ROCKIES MIDSTREAM CONFERENCE – Whiting Petroleum Corp. – slide 11
    Williston Basin (Bakken and Three Forks) Range of Reserves: Non-Sanish Bakken/Pronghorn/Three Forks(1)(2) EUR - 600 MBOE , Development Phase CAPEX 7 MM 1,000 Nymex oil price/Bbl 80 90 100 ROI 3.2 3.7 4.2 IRR (%) 107% 155% 213%…
  12. ROCKIES MIDSTREAM CONFERENCE – Whiting Petroleum Corp. – slide 12
    Twelve Month Average Production by Operator For Bakken and Three Forks wells drilled since January 2009 & operators with 10 wells or greater producing Source: IHS Energy, Inc. & North Dakota Industrial Commission (As of November…
  13. ROCKIES MIDSTREAM CONFERENCE – Whiting Petroleum Corp. – slide 13
    2012 Productivity Increasing as Drilling Shifts to New Development Areas 2012 Average 30, 60, 90 Day Rates (1) Sanish Bakken & Three Forks vs. Pronghorn & Lewis and Clark & Hidden Bench 700 600 590 560 503 500 457 444 400…
  14. ROCKIES MIDSTREAM CONFERENCE – Whiting Petroleum Corp. – slide 14
    Williston Basin Oil Production and Off-take Forecast (Bbl/d) (NDIC Base) (NDIC High) Source: The North Dakota Pipeline Authority Presentation 2012 Governor's Pipeline Summit, June 14th 2012. * Projects in the proposed or internal…
  15. ROCKIES MIDSTREAM CONFERENCE – Whiting Petroleum Corp. – slide 15
    Williston Basin Oil Production and Off-take Forecast (MMBbl/d) Source: Bentek and Continental Resources 16
  16. ROCKIES MIDSTREAM CONFERENCE – Whiting Petroleum Corp. – slide 16
    Plants / Pipelines Williston Basin Natural Gas Processing Plants (Robinson Lake) Gathering System Oil Gathering Lines 112 Miles Gas gathering Lines 321 Miles Current wells connected (Op & Non-Op) 635 SANISH Est. Ultimate Wells…
  17. ROCKIES MIDSTREAM CONFERENCE – Whiting Petroleum Corp. – slide 17
    Robinson Lake Gas Plant GAS FROM FIELD +/- 15 PSI WEEK 11/26 - 12/2 INLET 66.9 MMCFD 294 OPERATED WELLS CONNECTED 341 NON-OP WELLS CONNECTED 81 MMCFD INLET COMPRESSION 9 COMPRESSORS 9 MMCFD INLET COMPRESSION PROCESSING…
  18. ROCKIES MIDSTREAM CONFERENCE – Whiting Petroleum Corp. – slide 18
    Plants / Pipeline Williston Basin Natural Gas Processing Plants (Belfield) Planned Gathering System Oil Gathering Lines 83 Miles Gas gathering Lines 25 Miles Wells connected 61 Pronghorn Field Ultimate wells connected (Op & Non)…
  19. ROCKIES MIDSTREAM CONFERENCE – Whiting Petroleum Corp. – slide 19
    Belfield Gas Plant GAS FROM FIELD +/- 10 PSI WEEK 12/3 INLET 16.0 MMCFD 61 OPERATED WELLS CONNECTED 12 NON-OP WELLS CONNECTED 3 COMPRESSORS 9 MMCFD INLET COMPRESSION 27 MMCFD INLET COMPRESSION PROCESSING CAPACITY 35 MMCFD…
  20. ROCKIES MIDSTREAM CONFERENCE – Whiting Petroleum Corp. – slide 20
    Redtail Niobrara Prospect Weld County, Colorado OBJECTIVE Niobrara Shale ACREAGE Whiting has assembled 105,569 Two Mile 15-1033AH gross (77,608 net) acres in our Niobrara A Test Redtail prospect in the northeastern portion of…
  21. ROCKIES MIDSTREAM CONFERENCE – Whiting Petroleum Corp. – slide 21
    Big Tex Prospect Pecos, Reeves and Ward Counties, Texas OBJECTIVE Vertical Wolfbone Hz. Wolfcamp & Hz. Bone Spring ACREAGE Whiting has assembled 121,461 gross (91,258 net) acres in our Big Tex prospect in the Delaware Basin:…
  22. ROCKIES MIDSTREAM CONFERENCE – Whiting Petroleum Corp. – slide 22
    EOR Projects - Postle and North Ward Estes Fields % Postle Postle Total N. Ward Whiting N. Ward Estes Whiting Estes (1) 12/31/11 Proved Reserves Oil MMBbl 167 131 298 44% Gas Bcf 263 22 285 8% (2) (3) (2) Total MMBOE 210 135 345…
  23. ROCKIES MIDSTREAM CONFERENCE – Whiting Petroleum Corp. – slide 23
    Consistently Strong Margins Consistently Delivering Strong EBITDA Margins (1) 80.86/Bbl (2) 80.00 73.88 74.17 3.44/Mcf 69.06 66.13 67.99/BOE 70.00 Whiting Realized Prices(1) 61.48 60.00 53.57 50.52 44.70 45.01…
  24. ROCKIES MIDSTREAM CONFERENCE – Whiting Petroleum Corp. – slide 24
    Outstanding Bonds and Credit Agreement Amount Ratings 9/30/12 Coupon / Description Maturity Outstanding Moodys / S&P Price 7.00% / Sr. Sub. NC 02/01/2014 250.0 mil. Ba3 / BB+ 106.625 6.50% / Sr. Sub. NC4 10/01/2018 350.0 mil. Ba3 /…
  25. ROCKIES MIDSTREAM CONFERENCE – Whiting Petroleum Corp. – slide 25
    In Summary Oil weighted, long-lived reserve base RESERVES 86% OIL; 14 YEAR R/P (1) 2,264 3P 3,741 RESOURCE Multi-year inventory to drive organic 6,005 FUTURE DRILLING LOCATIONS production growth PROJECT 20% - 23% YOY PRODUCTION…

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