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Q3 2014 OPERATIONAL UPDATE – Whiting Petroleum Corp.

Whiting Petroleum Corp. · Oct 30, 2014 · 21 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. Q3 2014 OPERATIONAL UPDATE – Whiting Petroleum Corp. – slide 1
    Whiting Petroleum Corporation ENERGY + TECHNOLOGY = GROWTH A COMPANY ON THE MOVE A Strong Future at Current Prices NYSE: WLL Third Quarter 2014 Operational and Financial Update October 30, 2014
  2. Q3 2014 OPERATIONAL UPDATE – Whiting Petroleum Corp. – slide 2
    Whiting Petroleum A Company on the Move Four Significant Third Quarter 2014 Achievements 1) Record Production Reaches 116,675 BOE/d in Q3 2014, up 6% over Q2 2014 - Record Bakken / Three Forks Production of 87,480 BOE/d, Up 33% YoY,…
  3. Q3 2014 OPERATIONAL UPDATE – Whiting Petroleum Corp. – slide 3
    Whiting Whiting Overview Overview Whiting Petroleum Corporation is an independent oil and gas company that explores for, develops, acquires and produces crude oil, natural gas and natural gas liquids primarily in the Rocky…
  4. Q3 2014 OPERATIONAL UPDATE – Whiting Petroleum Corp. – slide 4
    A Focused Company Q3 2014 Net Production 116.7 MBOE/d Williston Basin Bakken / Three Forks 10% 3% 87,480 BOE/d (Q3 2014) 87% Redtail Niobrara A and B 8,610 BOE/d (Q3 2014) HEADQUARTERS Denver, Colorado Rocky Mountains…
  5. Q3 2014 OPERATIONAL UPDATE – Whiting Petroleum Corp. – slide 5
    NYSE: WLL Breakeven WTI Price (/bbl) 20 30 40 50 60 70 80 90 Eagle Ford Oil Tier 1 Bakken Tier 1 TFS Tier 1 San Juan Niobrara Tier 1 * Economics assumes 3.75 /mcf NYMEX Eagle Ford Oil Tier 2 PRB Tier 1 3…
  6. Q3 2014 OPERATIONAL UPDATE – Whiting Petroleum Corp. – slide 6
    Williston Basin Highlights October 30, 2014 Flatland Federal 11-4HR IP:7,120 BOE/d (10/10/14) Field Target Gross Acres Net Acres Flatland Federal 11-4TFH IP: 7,824 BOE/d (10/11/14) Sanish / Parshall Middle Bakken 174,398 82,517…
  7. Q3 2014 OPERATIONAL UPDATE – Whiting Petroleum Corp. – slide 7
    Redtail Development Program Economic Sweet Spot OBJECTIVE (Weld County, Colorado) Niobrara B Shale Niobrara A Shale Niobrara C Shale Niobrara Initial 30-Day Average Rate (Gas converted to oil price equivalent ratio 17:1) Fort…
  8. Q3 2014 OPERATIONAL UPDATE – Whiting Petroleum Corp. – slide 8
    Adjusted Net Income and Discretionary Cash Flow Three and Nine Months Ended September 30, 2014 and 2013 (1)(2) Three Months Ended Nine Months Ended Sept. 30, Sept. 30, 2014 2013(3) 2014 2013(3) (In millions, expect per share…
  9. Q3 2014 OPERATIONAL UPDATE – Whiting Petroleum Corp. – slide 9
    Guidance for Q4 and Full-Year 2014 Guidance Fourth Quarter Full-Year 2014 2014 Production (MMBOE) .................................................... 11.10 - 11.50 40.70 - 41.30 Lease operating expense per BOE…
  10. Q3 2014 OPERATIONAL UPDATE – Whiting Petroleum Corp. – slide 10
    Oil Focused Strategy Delivers Consistently Strong Margins Consistently Delivering Strong EBITDA Margins (1) Oil 86.78/Bbl NGL 36.01/Bbl Gas 4.08/Mcf 90.00 80.00 82.16 76.76 74.88/BOE 73.88 80.00 69.85 61.48 Whiting Realized…
  11. Q3 2014 OPERATIONAL UPDATE – Whiting Petroleum Corp. – slide 11
    Total Capitalization ( in Thousands) Sept. 30, 2014 Dec. 31, 2013 Cash and Cash Equivalents 28,053 699,460 Long-Term Debt: Senior Notes 2,303,347 2,303,834 Credit Agreement 100,000 - Senior Subordinated Notes 350,000 350,000…
  12. Q3 2014 OPERATIONAL UPDATE – Whiting Petroleum Corp. – slide 12
    Outstanding Bond and Credit Agreement Amount Ratings 9/30/14 Coupon / Description Maturity Outstanding Moody's / S&P Price 6.50% / Sr. Sub. 10/1/2018 0.350 B Ba3 / BB- 103.5 5.00% / Sr. 3/15/2019 1.100 B Ba2 / BB+ 102.3 5.75% / Sr.…
  13. Q3 2014 OPERATIONAL UPDATE – Whiting Petroleum Corp. – slide 13
    Disciplined Hedging Strategy Existing Crude Oil Hedge Positions(1) Weighted Average As a Percentage of Derivative Hedge Contracted Crude NYMEX Price September 2014 Instrument Period (Bbls per Month) (per Bbl) Oil Production…
  14. Q3 2014 OPERATIONAL UPDATE – Whiting Petroleum Corp. – slide 14
    Fixed-Price Contracts Existing Natural Gas Marketing Contracts(1) Weighted Average As a Percentage of Hedge Contracted Volume Contracted Price September 2014 Period (MMBtu per Day) (per MMBtu) Gas Production 2014 Q4 11,000 5.49…
  15. Q3 2014 OPERATIONAL UPDATE – Whiting Petroleum Corp. – slide 15
    Kodiak Acquisition Overview This Highly Strategic Combination Creates Largest Bakken / Three Forks Producer Drives Higher Growth Drives Better Metrics NYSE: WLL 16 Energy + Technology = Growth
  16. Q3 2014 OPERATIONAL UPDATE – Whiting Petroleum Corp. – slide 16
    Strategic rationale Combined company will become the 1 Bakken/Three Forks producer: over 107,000 Boepd in Q114 Creates leading Williston Combined 855k net acres, inventory of 3,460 net future drilling locations, and 370 Mmboe of…
  17. Q3 2014 OPERATIONAL UPDATE – Whiting Petroleum Corp. – slide 17
    Expected benefits to Whiting Increases weighting of production from Bakken/TFS 80% of pro forma Q1 2014 production from Bakken/TFS 855,000 combined net acres, with an inventory of 3,460 net Williston Basin drilling locations…
  18. Q3 2014 OPERATIONAL UPDATE – Whiting Petroleum Corp. – slide 18
    Expected benefits to Kodiak Kodiak shareholders will retain upside to Bakken/TFS development through 29% ownership of the combined company Kodiak shareholders will own shares in a significantly larger company with a more diverse…
  19. Q3 2014 OPERATIONAL UPDATE – Whiting Petroleum Corp. – slide 19
    Whiting Petroleum A Company on the Move Four Significant Third Quarter 2014 Achievements 1) Record Production Reaches 116,675 BOE/d in Q3 2014, up 6% over Q2 2014 - Record Bakken / Three Forks Production of 87,480 BOE/d, Up 33% YoY,…
  20. Q3 2014 OPERATIONAL UPDATE – Whiting Petroleum Corp. – slide 20
    Adjusted Net Income(1) ( in Thousands, Except Per Share Data) Reconciliation of Net Income Available to Common Shareholders to Adjusted Net Income Available to Common Shareholders Three Months Ended Nine Months Ended September 30,…
  21. Q3 2014 OPERATIONAL UPDATE – Whiting Petroleum Corp. – slide 21
    Discretionary Cash Flow(1) ( in Thousands) Reconciliation of Net Cash Provided by Operating Activities to Discretionary Cash Flow Three Months Ended Nine Months Ended September 30, September 30, 2014 2013 2014 2013 Net cash…

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