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HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Whiting Petroleum Corp.

Whiting Petroleum Corp. · Mar 25, 2014 · 26 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. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Whiting Petroleum Corp. – slide 1
    Howard Weil 42nd Annual Energy Conference NYSE: WLL March 25-26, 2014
  2. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Whiting Petroleum Corp. – slide 2
    Whiting Petroleum A Company on the Move 2013 FullYear Results Set New Records for Cash Flow Per Share(1), Production and Reserves YoY Cash Flow Per Share +24%; Adjusted for Postle Sale, Production +21% and Reserves +31%; Total…
  3. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Whiting Petroleum Corp. – slide 3
    Whiting Overview Whiting Overview Whiting Petroleum Corporation, a Delaware corporation, is an independent oil and gas company that explores for, develops, acquires and produces crude oil, natural gas and natural gas liquids…
  4. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Whiting Petroleum Corp. – slide 4
    2013 Production Increases 21% Pro Forma Postle Sale(1); Q4 Production Up 9% over Q3 Q4 2013 Net Production 101.0 MBOE/d Williston Basin Bakken / Three Forks 3,738 Gross Potential Future 12% 4% Drilling Locations Redtail 84%…
  5. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Whiting Petroleum Corp. – slide 5
    Proved Reserves Increase 31% Pro Forma Postle Sale(1) 402% Reserve Replacement(2); Proved PV10% Grows 23% Over YearEnd 2012 (3) 3P Reserves Pre-Tax PV10% Natural Value Oil NGLS Gas Total % (In % of (MMBbl) (MMBbl) (Bcf) (MMBOE)…
  6. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Whiting Petroleum Corp. – slide 6
    Capital Budget for Key Property Areas in 2014 2014 Production Growth Guidance of +17% to +19% Exploration Well Work, Misc. Northern Rockies Facilities Expense (2) 1,101 MM Costs, Other 151 MM 72 MM 150 MM 2014 CAPEX Gross Net %…
  7. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Whiting Petroleum Corp. – slide 7
    Drilling Inventory as of December 31, 2013 Total Gross Locations Up 47% YoY; Primary Gross Locations up 41% YoY YEAR-END 2013 IDENTIFIED PRIMARY LOCATIONS Gross Wells Net Wells NORTHERN ROCKIES Western Williston (Cassandra; Hidden…
  8. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Whiting Petroleum Corp. – slide 8
    Whiting Lease Areas in Williston Basin December 31, 2013 Field Target Gross Acres Net Acres Sanish / Parshall Middle Bakken 174,666 82,410 Three Forks Pronghorn Pronghorn Sand 194,217 126,866 Sanish CASSANDRA Lewis & Clark Three…
  9. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Whiting Petroleum Corp. – slide 9
    Maximizing Recovery Efficiency Improving Frac Distribution Older Style Sliding Sleeve Completion Potential Frac Ports Entry Annulus Stages per Stage Points Free fluid between packers 30 1 30 New Style Cemented Liner…
  10. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Whiting Petroleum Corp. – slide 10
    New Completion Design Delivers Superior Results 50% to 75% Increases in 30, 60, 90 Day Rates % Increase Cemented Liners vs. Sliding Sleeves +90.0% +80.0% +75.0% +70.0% +70.0% +68.0% +66.0% +61.0% +60.0% +57.0% +52.0%…
  11. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Whiting Petroleum Corp. – slide 11
    Williston Basin Primary and Prospective Drilling Plan NYSE: WLL Energy + Technology = Growth 12
  12. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Whiting Petroleum Corp. – slide 12
    Longer Term Production Data Supports Infill Drilling Infill Wells at Hidden Bench Superior on IP, 30 and 60Day Rates Infill Wells(1) vs. 65 Existing Spaced Wells(2) Mork HD Pilot Hidden Bench 2,500 Testing 8 Middle Bakken wells per…
  13. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Whiting Petroleum Corp. – slide 13
    Redtail Niobrara Prospect: Another Transformative MultiYear Project Redtail in the Sweet Spot (Weld County, Colorado) OBJECTIVE Niobrara B Shale Niobrara A Shale DEVELOPMENT PLAN Mix of 960 and 640acre spacing units 8 Wells per…
  14. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Whiting Petroleum Corp. – slide 14
    Redtail Resource Potential Niobrara A & B Reservoirs Niobrara Reservoir Niobrara Resource Potential (1) GR Zone Whiting RAZOR 25-2514H PHI Mineralogy BVFluid RES OOIP by Zone 0 200 30 -10 0 0.2 2000 10 Reservoir Porosity…
  15. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Whiting Petroleum Corp. – slide 15
    Redtail Development Plan 3,310 Gross (1,654 Net) Wells Upper Niobrara (A & B Zones) as of December 31, 2013 2014 2018 Development Plan Includes Approximately 1,024 Gross Wells With an 84% Average Working Interest Legend…
  16. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Whiting Petroleum Corp. – slide 16
    Redtail Infrastructure Plan March 2014 Trailblazer Kinder Morgan Redtail Facilities Plan Interstate Planned Gathering System Gas Gathering Lines 141 Miles Oil Gathering Lines 111 Miles 8 Residue Pipeline Constructed By…
  17. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Whiting Petroleum Corp. – slide 17
    Redtail High Density Pilots Testing 16 & 32 Wells per Drilling Spacing Unit 27L Pad 27K Pad Drilling Density Drilling Density - 16 Wells/DSU - 16 Wells/DSU - 330 ft. - 330 ft. Target: B-B-B-B Target: A-B-A-B Status: Flowing…
  18. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Whiting Petroleum Corp. – slide 18
    Redtail Niobrara Prospect Improved Completion Technology Results in Improved Performance(1) 80,000 70,000 60,000 50,000 Cum. BOE 40,000 30,000 20,000 400 MBOE Type Curve Cum vs Time 10,000 17 Recent Well Average Cum…
  19. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Whiting Petroleum Corp. – slide 19
    North Ward Estes Field Development Plan Production up 14% YearOverYear Project Timing and Net Reserves(1) Injection Other CO2 Project Start Date PVPD Proved P2 P3 Total Base: Primary, 49 13 4 65 131 WF & CO2 Phase 1 2007 - 2020…
  20. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Whiting Petroleum Corp. – slide 20
    Strong CFPS Growth While Maintaining a Healthy Balance Sheet Cash Flow Per Share Growth(1) 16.00 14.59 14.00 11.77 12.00 10.05 10.00 9.25 8.00 6.00 4.53 4.00 2.00 0.00 Net Debt to EBITDAX(2) 2009 2010 2011 2012 2013…
  21. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Whiting Petroleum Corp. – slide 21
    Oil Focused Strategy Delivers Consistently Good Margins Consistently Delivering Strong EBITDA Margins (1) Oil 90.39/Bbl NGL 40.41/Bbl Gas 4.04/Mcf 73.88 76.76/BOE 80.00 69.85 70.00 61.48 Whiting Realized Prices(1) 60.00…
  22. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Whiting Petroleum Corp. – slide 22
    Whiting Petroleum A Company on the Move 2013 FullYear Results Set New Records for Cash Flow Per Share(1), Production and Reserves YoY Cash Flow Per Share +24%; Adjusted for Postle Sale, Production +21% and Reserves +31%; Total…
  23. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Whiting Petroleum Corp. – slide 23
    NYSE: WLL Appendix
  24. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Whiting Petroleum Corp. – slide 24
    Cash Flow Per Diluted Share ( in Thousands) Reconciliation of Net Cash Provided by Operating Activities to Cash Flow Per Diluted Share Cash Flow Per Share: Year Ended December 31, 2009 2010 2011 2012 2013 Net cash provided by…
  25. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Whiting Petroleum Corp. – slide 25
    EBITDAX ( in Thousands) Reconciliation of Net Income to EBITDAX EBITDAX Reconciliation: Year Ended December 31, 2009 2010 2011 2012 2013 Net Income (Loss). (106,882) 336,653 491,628 414,099 366,003 Amortization of Deferred…
  26. HOWARD WEIL 42ND ANNUAL ENERGY CONFERENCE – Whiting Petroleum Corp. – slide 26
    Net Debt ( in Thousands) Reconciliation of Longterm Debt to Net Debt Year Ended December 31, 2009 2010 2011 2012 2013 Longterm Debt......... 779,585 800,000 1,380,000 1,800,000 2,653,834 Less Cash................... 11,960…

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