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Q1 2015 EARNINGS CALL – Whiting Petroleum Corp.

Whiting Petroleum Corp. · Apr 30, 2015 · 20 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. Q1 2015 EARNINGS CALL – Whiting Petroleum Corp. – slide 1
    Whiting Petroleum Corporation ENERGY + TECHNOLOGY = GROWTH A STRONGER COMPANY SET TO PROSPER AT CURRENT PRICES NYSE: WLL First Quarter 2015 Operational and Financial Update April 30, 2015
  2. Q1 2015 EARNINGS CALL – Whiting Petroleum Corp. – slide 2
    Whiting Petroleum A Stronger Company First Quarter 2015 Achievements 1) Record Whiting Production of 167,000 Net BOE/d in Q1 2015, Exceeds High End of Guidance. 2) Record Williston Basin Bakken/Three Forks Production of 133,500 Net…
  3. Q1 2015 EARNINGS CALL – Whiting Petroleum Corp. – slide 3
    A Focused Company Whiting Petroleum Corporation is an independent oil and gas company that explores for, develops, acquires and produces crude oil, natural gas and Williston Basin Bakken / Three Forks natural gas liquids primarily in…
  4. Q1 2015 EARNINGS CALL – Whiting Petroleum Corp. – slide 4
    Driving Value from the Sweet Spot Concentrated Acreage Position in Areas with 90Day Cumulative Production Per Well Greater Than 50 MBOE 774,022 net acres in Williston Basin 7,541 future gross drilling locations in the Bakken…
  5. Q1 2015 EARNINGS CALL – Whiting Petroleum Corp. – slide 5
    Strong Initial Results from Dunn, Polar and Koala(1) Average IP 2,798 BOE/d, Average 30Day Rate 1,215 BOE/d, Average 60Day Rate 1,004 BOE/d 3,500 3,181 3,000 2,500 2,630 2,584 2,000 BOEPD 1,500 1,395 1,255 1,000…
  6. Q1 2015 EARNINGS CALL – Whiting Petroleum Corp. – slide 6
    Pronghorn Slickwater Completions Deliver Strong Results 51% Increase in 90Day Average Rates Versus Crosslink Completions(1) 2,500.0 2,000.0 1,963 1,500.0 1,558 1,000.0 973 870 832 743 500.0 621 552 0.0 24Hour IP…
  7. Q1 2015 EARNINGS CALL – Whiting Petroleum Corp. – slide 7
    Williston Basin Production Profile Per Well Results: 42% IRR at 55/Bbl NYMEX(1) 1,000 EUR - 700 MBOE(2) Nymex oil price/Bbl 55(3) 60(4) 70(5) CAPEX (MM)(6) 6.5 6.5 6.5 Daily Equivalent Production IRR (%) 42% 54% 82%…
  8. Q1 2015 EARNINGS CALL – Whiting Petroleum Corp. – slide 8
    Redtail Development Program Economic Sweet Spot (Weld County, Colorado) OBJECTIVE Niobrara A Shale Niobrara B Shale Niobrara C Shale Codell/Fort Hays Niobrara & Codell Initial DEVELOPMENT PLAN 30Day Average Rate Mix of 960 and…
  9. Q1 2015 EARNINGS CALL – Whiting Petroleum Corp. – slide 9
    Redtail Niobrara Production Profile Per Well Results: 30% IRR at 55/Bbl NYMEX(1)(2) 1000 EUR - 450 MBOE(3) Nymex oil price/Bbl 55 60 70 CAPEX (MM)(4) 4.5 4.5 4.5 Daily Equivalent Production IRR (%) 30% 39% 64% Payout…
  10. Q1 2015 EARNINGS CALL – Whiting Petroleum Corp. – slide 10
    Niobrara Natural Gas Processing Plants Redtail March 2015 Trailblazer REX to KC area hub to East OH hub Redtail Facilities Plan Trailblazer/REX Planned Gathering System Laterals Pony Express to Cushing,OK Gas Gathering Lines…
  11. Q1 2015 EARNINGS CALL – Whiting Petroleum Corp. – slide 11
    Adjusted Net Income and Discretionary Cash Flow Three Months Ended March 31, 2015(1)(2) Three Months Ended March 31, 2015 (In millions, expect per share data) Net Income (Loss) Available to Common Shareholders (106.1)…
  12. Q1 2015 EARNINGS CALL – Whiting Petroleum Corp. – slide 12
    Significant YearOverYear Cost Decreases 2014 vs 2015 Shows the Following: 28% Decrease DD&A, 13% Decrease LOE, 18% Decrease G&A 30.00 25.00 26.12 20.00 18.87 15.00 12.75 10.00 11.07 5.00 3.59 2.93 0.00 DD&A…
  13. Q1 2015 EARNINGS CALL – Whiting Petroleum Corp. – slide 13
    Guidance for Q2 and FullYear 2015 Guidance Second Quarter Full-Year 2015 2015 Production (MMBOE) .................................................... 14.8 - 15.2 58.8 - 59.4 Lease operating expense per BOE…
  14. Q1 2015 EARNINGS CALL – Whiting Petroleum Corp. – slide 14
    Total Capitalization ( in Thousands) Mar. 31, 2015 Dec. 31, 2014 Cash and Cash Equivalents 105,915 78,100 LongTerm Debt: Senior Notes 4,890,701 3,878,782 Credit Agreement 1,400,000 Senior Subordinated Notes 350,000 350,000…
  15. Q1 2015 EARNINGS CALL – Whiting Petroleum Corp. – slide 15
    Outstanding Bond and Credit Agreement Amount Ratings 4/15/15 Coupon / Description Maturity Outstanding Moody's / S&P Price 6.500% / Sr. Sub. 2018 0.350 B Ba3 / BB 101.875 5.000% / Sr. 2019 1.100 B Ba2 / BB 100.250 8.125% / Sr. 2019…
  16. Q1 2015 EARNINGS CALL – Whiting Petroleum Corp. – slide 16
    Hedge Position Currently 38% Hedged Last Half 2015; 31% Hedged 2016 Existing Crude Oil Hedge Positions(1) Weighted Average As a Percentage of Derivative Hedge Contracted Crude NYMEX Price March 2015 Instrument Period (Bbls per…
  17. Q1 2015 EARNINGS CALL – Whiting Petroleum Corp. – slide 17
    FixedPrice Contracts Existing FixedDifferential Crude Oil Sales Contracts(1) Differential Contracted Volume from NYMEX Period (Bbls per Day) (per Bbl) 04/2015 to 12/2015 25,000 4.75 01/2016 to 12/2016 28,750 4.75 01/2017 to…
  18. Q1 2015 EARNINGS CALL – Whiting Petroleum Corp. – slide 18
    Whiting Petroleum A Stronger Company First Quarter 2015 Achievements 1) Record Whiting Production of 167,000 Net BOE/d in Q1 2015, Exceeds High End of Guidance. 2) Record Williston Basin Bakken/Three Forks Production of 133,500 Net…
  19. Q1 2015 EARNINGS CALL – Whiting Petroleum Corp. – slide 19
    Adjusted Net Income(1) ( in Thousands, Except Per Share Data) Reconciliation of Net Income (Loss) Available to Common Shareholders to Adjusted Net Income Available to Common Shareholders Three Months Ended March 31, 2015 2014…
  20. Q1 2015 EARNINGS CALL – Whiting Petroleum Corp. – slide 20
    Discretionary Cash Flow(1) ( in Thousands) Reconciliation of Net Cash Provided by Operating Activities to Discretionary Cash Flow Three Months Ended March 31, 2015 2014 Net cash provided by operating activities 202,139…

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