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JULY 2012 INVESTOR PRESENTATION – Whiting Petroleum Corp.

Whiting Petroleum Corp. · Jul 10, 2012 · 30 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. JULY 2012 INVESTOR PRESENTATION – Whiting Petroleum Corp. – slide 1
    In April 2012 Whiting drilled the Stubstad 14-6TFX in the Sanish field, which flowed 2,249 BOE/d from the Three Forks formation. This is the highest initial production rate for a Three Forks well in the Sanish field. Drilling…
  2. JULY 2012 INVESTOR PRESENTATION – Whiting Petroleum Corp. – slide 2
    Whiting Overview Q1 2012 Production 80.7 MBOE/d Proved Reserves(1) 345.2 MMBOE % Oil 86% R/P ratio(2) 14 years Drilling the Hutchins Stock Association 1096 in North Ward Estes Field, Whitings EOR project in Ward and…
  3. JULY 2012 INVESTOR PRESENTATION – Whiting Petroleum Corp. – slide 3
    Map of Operations ROCKY MOUNTAINS 54.0 MBOE/D MICHIGAN 2.7 MBOE/D Q1 2012 Net Production 80.7 MBOE/d 3%2% 11% 17% MID-CONTINENT 8.7 MBOE/D 67% PERMIAN 13.6 MBOE/D Michigan Gulf Coast Mid-Continent Permian Basin Rocky…
  4. JULY 2012 INVESTOR PRESENTATION – 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 u 86% Oil / 14% Natural Gas (1) Whiting reserves at December…
  5. JULY 2012 INVESTOR PRESENTATION – Whiting Petroleum Corp. – slide 5
    Whiting Pre-Tax PV10% Values at December 31, 2011 (1) - Using SEC NYMEX of 96.19/Bbl and 4.12/Mcf Held Flat Proved Reserves (1) Natural Pre-Tax PV10% Oil Gas Total % Value(3) Core Area (MMBbl)(2) (Bcf) (MMBOE) Oil(2) (In MM) %…
  6. JULY 2012 INVESTOR PRESENTATION – Whiting Petroleum Corp. – slide 6
    Whiting Pre-Tax PV10% Values at December 31, 2011 (1) - Using SEC NYMEX of 96.19/Bbl and 4.12/Mcf Held Flat Probable Reserves (1) Pre-Tax PV10% Core Area Natural Total % Value(3) Oil (MMBbl) (2) Gas (Bcf) (MMBOE) Oil(2) (In MM) %…
  7. JULY 2012 INVESTOR PRESENTATION – Whiting Petroleum Corp. – slide 7
    Whiting Pre-Tax PV10% Values at December 31, 2011 (1) - Using SEC NYMEX of 96.19/Bbl and 4.12/Mcf Held Flat Resource Potential (1) Natural Pre-Tax PV10% Oil Gas Total % Value(3) Core Area (MMBbl)(2) (Bcf) (MMBOE) Oil(2) (In MM)…
  8. JULY 2012 INVESTOR PRESENTATION – Whiting Petroleum Corp. – slide 8
    Future Drilling Locations as of December 31, 2011(1) Total 3P Drilling Locations Gross Net Northern Rockies(2) 707 334 Central Rockies 421 283 Permian Basin 838 338 Mid-Continent 210 189 Gulf Coast 72 58 Michigan 16 13 Total…
  9. JULY 2012 INVESTOR PRESENTATION – Whiting Petroleum Corp. – slide 9
    Capital Budget for Key Development Areas in 2012 ( in millions) Northern Rockies Non-Op Facilities 2012 CAPEX Gross Net Exploratio (MM ) % Wells Wells n Northern Rockies 851 47% 218 124 Expense (2) EOR 177 10% NA(1) NA(1)…
  10. JULY 2012 INVESTOR PRESENTATION – Whiting Petroleum Corp. – slide 10
    All Whiting Lease Areas In Williston Basin Plays at March 31, 2012 Gross Acres Net Acres Sanish / Parshall 177,001 83,011 -Middle Bakken / Three Forks Objectives Pronghorn 170,870 121,403 -Pronghorn Sand Objective CASSANDRA Lewis &…
  11. JULY 2012 INVESTOR PRESENTATION – Whiting Petroleum Corp. – slide 11
    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 12
  12. JULY 2012 INVESTOR PRESENTATION – Whiting Petroleum Corp. – slide 12
    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%…
  13. JULY 2012 INVESTOR PRESENTATION – Whiting Petroleum Corp. – slide 13
    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 ROI 2.5:1 2.9:1 3.4:1 Equivalent Daily…
  14. JULY 2012 INVESTOR PRESENTATION – Whiting Petroleum Corp. – slide 14
    Typical Non-Sanish Field Bakken or Pronghorn Sand / Three Forks Well Expected Results(1) 1000 EUR 600 MBOE, Capex 7.0 MM Oil Price (/Bbl) 90.00 100.00 ROI 3.7 4.2 Payout (yrs) 0.9 0.8 PV10 (MM) 11.03 13.28 IRR 155% 213% EUR 350…
  15. JULY 2012 INVESTOR PRESENTATION – Whiting Petroleum Corp. – slide 15
    Average IP and 30, 60, 90 Day Production(1) of 2011 Whiting Operated Sanish Bakken and Pronghorn Wells 2011 Sanish Bakken Wells 2011 Pronghorn Wells 2,500 33 Wells 2,000 20 Wells 1,500 1,000 33 Wells 20…
  16. JULY 2012 INVESTOR PRESENTATION – Whiting Petroleum Corp. – slide 16
    Six Month Cumulative Production by Operator For Bakken and Three Forks Wells Drilled Since January 2009 & Operators with Greater that 10 Wells Producing Source: IHS Energy, Inc. & North Dakota Industrial Commission (As of April,…
  17. JULY 2012 INVESTOR PRESENTATION – Whiting Petroleum Corp. – slide 17
    Bakken Sweet Spots Max Average Daily Rate (BOEPD) (Max Month BOE/30.4 Days) (1) 1000 CASSANDRA 750 TARPON SANISH 500 250 STARBUCK < 250 PARSHALL Pre 2000 or No Data MISSOURI Whiting Prospect Areas BREAKS HIDDEN…
  18. JULY 2012 INVESTOR PRESENTATION – Whiting Petroleum Corp. – slide 18
    Porosity Distribution in SEM Data Cube of the Middle Bakken Silt Hidden Bench Prospect, McKenzie County, North Dakota Sample: Middle Bakken siltstone in the Chitwood 44-36TFH, Hidden Bench Prospect, McKenzie County, North…
  19. JULY 2012 INVESTOR PRESENTATION – Whiting Petroleum Corp. – slide 19
    Whiting Rock Lab High Resolution Reservoir Characterization Core Layout Facility Reservoir Characterization Logging / Calibration In-house Facility Sample Selection Operated + Non-op Core Collaboration & Training Collaboration &…
  20. JULY 2012 INVESTOR PRESENTATION – Whiting Petroleum Corp. – slide 20
    Sanish Field Area Gathering System & Robinson Lake Gas Plant Gathering System Oil Gathering Lines 112 Miles SANISH Gas gathering Lines 321 Miles FIELD Robinson Lake Gas Plant Current Volume 60 MMcfd (at inlet as of Q2 2012, 72%…
  21. JULY 2012 INVESTOR PRESENTATION – Whiting Petroleum Corp. – slide 21
    Pronghorn Field Area Gathering System & Belfield Gas Plant Planned Gathering System Oil Gathering Lines 83 Miles Pronghorn Field Gas gathering Lines 25 Miles Belfield Gas Plant Current Volume 8 MMcfd (at inlet as of Q2 2012,…
  22. JULY 2012 INVESTOR PRESENTATION – Whiting Petroleum Corp. – slide 22
    Big Tex Prospect Pecos, Reeves and Ward Counties, Texas OBJECTIVE Vertical Wolfbone Hz. Wolfcamp & Hz. Bone Spring ACREAGE Whiting has assembled 118,356 gross (87,599 net) acres in our Big Tex prospect in the Delaware Basin:…
  23. JULY 2012 INVESTOR PRESENTATION – Whiting Petroleum Corp. – slide 23
    Redtail Niobrara Prospect Weld County, Colorado OBJECTIVE Niobrara Shale ACREAGE Whiting has assembled 97,267 gross (74,808 net) acres in our Redtail prospect in the northeastern portion of the DJ Basin Redtail Average WI of…
  24. JULY 2012 INVESTOR PRESENTATION – Whiting Petroleum Corp. – slide 24
    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…
  25. JULY 2012 INVESTOR PRESENTATION – Whiting Petroleum Corp. – slide 25
    North Ward Estes - Net Production Forecasts (1) North Ward Estes 3P Unrisked Produc5on Forecast (2) 25 315 335 MMcf/d Current CO2 Injection 20 P1 + P2 + P3 Production Rate Mboe/d 15 P1 + P2 10 8,830 BOE/d…
  26. JULY 2012 INVESTOR PRESENTATION – Whiting Petroleum Corp. – slide 26
    Development Plans North Ward Estes Field Ward and Winkler Counties, Texas Project Timing and Net Reserves (1) Injection Other CO2 Project Start Date PVPD Proved P2 P3 Total Base: Primary, 44 4 6 60 114 WF & CO2 Phase 1 2007 - 2008…
  27. JULY 2012 INVESTOR PRESENTATION – Whiting Petroleum Corp. – slide 27
    Development Plans North Ward Estes Field Ward and Winkler Counties, Texas Injection CO2 Project Start Date Phase 1 2007 - 2008 Total 2012 - 2040 Remaining Phase 2 Capital Expenditures (1) 2009 - 2010 (In Millions) 2010 - 2015…
  28. JULY 2012 INVESTOR PRESENTATION – Whiting Petroleum Corp. – slide 28
    Consistently Strong Margins Consistently Delivering Strong EBITDA Margins (1) 90.51/Bbl 3.43/Mcf 74.17/BOE 80.00 69.06 73.88 61.48 Whiting Realized Prices(1) 70.00 50.52 53.57 60.00 45.01 44.70 49.19/66% /BOE 50.00…
  29. JULY 2012 INVESTOR PRESENTATION – Whiting Petroleum Corp. – slide 29
    Outstanding Bonds and Credit Agreement Amount Ratings 3/31/12 Coupon / Description Maturity Outstanding Moodys / S&P Price 7.00% / Sr. Sub. NC 02/01/2014 250.0 mil. Ba3 / BB+ 106.750 6.50% / Sr. Sub. NC4 10/01/2018 350.0 mil. Ba3 /…
  30. JULY 2012 INVESTOR PRESENTATION – Whiting Petroleum Corp. – slide 30
    In Summary Oil weighted, long-lived reserve base RESERVES 86% OIL; 14 YEAR R/P (1) 2,264 3P 3,741 RESOURCE Mul5-year inventory to drive organic 6,005 FUTURE DRILLING LOCATIONS produc5on growth PROJECT 17 - 22% YOY PRODUCTION…

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