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Q2 2015 RESULTS – Whiting Petroleum Corp.

Whiting Petroleum Corp. · Jul 30, 2015 · 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. Q2 2015 RESULTS – Whiting Petroleum Corp. – slide 1
    A Stronger Company Set to Prosper at Current Prices Second Quarter Financial and Operating Results July 30, 2015 NYSE: WLL
  2. Q2 2015 RESULTS – Whiting Petroleum Corp. – slide 2
    Q2 2015 Achievements Record Whiting Production of 170,245 Net BOE/d in Q2 2015, Exceeds High End of Guidance Despite 8,300 BOE/d of Asset Sales. Record Williston Basin Bakken/Three Forks Production of 135,835 Net BOE/d. Enhanced…
  3. Q2 2015 RESULTS – Whiting Petroleum Corp. – slide 3
    Strong Balance Sheet Liquidity with Financial Flexibility Liquidity and Additional Borrowing Base Capacity as of 6/30/2015 ( Millions) 4,560 3,500 3,560 1,000 60 Cash Revolver Availability Additional Borrowing Base…
  4. Q2 2015 RESULTS – Whiting Petroleum Corp. – slide 4
    A Focused Company Whiting Petroleum Corporation is an independent oil Williston Basin and gas company that explores for, develops, acquires Bakken / Three Forks 135,835 BOE/d (Q2 2015) and produces crude oil, natural gas and…
  5. Q2 2015 RESULTS – Whiting Petroleum Corp. – slide 5
    Driving Value from the Sweet Spot Concentrated Acreage Position in Areas with 90-Day Cumulative Production Per Well Greater Than 50 MBOE 736,699 net acres in Williston Basin 7,541 future gross drilling locations in the Bakken and…
  6. Q2 2015 RESULTS – Whiting Petroleum Corp. – slide 6
    Pronghorn Enhanced Completions Deliver 50% Production Increase Over 120 Days(1) 100,000 90,000 80,000 +50% 70,000 Cumulative Production 60,000 BOE 50,000 40,000 30,000 20,000 Pronghorn Average Offset Pronghorn…
  7. Q2 2015 RESULTS – Whiting Petroleum Corp. – slide 7
    Walleye Enhanced Completions Deliver 50% Production Increase Over 60 Days(1) 70,000 60,000 +50% 50,000 Cumulative Production 40,000 (BOE) 30,000 20,000 Walleye Enhanced Completion Walleye Average Offset…
  8. Q2 2015 RESULTS – Whiting Petroleum Corp. – slide 8
    Polar Enhanced Completions Deliver 40% Production Increase Over 60 Days(1) 70,000 60,000 50,000 +40% Cumulative Production 40,000 (BOE) 30,000 20,000 Polar Enhanced Completion Polar Average Offset 10,000…
  9. Q2 2015 RESULTS – Whiting Petroleum Corp. – slide 9
    Enhanced Completions Exceeding 700 MBOE Type Curve(1) 100,000 90,000 80,000 70,000 Cumulative Production 60,000 (BOE) 50,000 40,000 Walleye Enhanced Completion 30,000 Pronghorn Enhanced Completion 20,000 Polar…
  10. Q2 2015 RESULTS – Whiting Petroleum Corp. – slide 10
    Redtail Development Program Economic Sweet Spot (Weld County, Colorado) OBJECTIVE Niobrara A Shale Niobrara B Shale Niobrara C Shale Codell/Fort Hays DEVELOPMENT PLAN Niobrara & Codell Initial Mix of 960 and 640-acre spacing…
  11. Q2 2015 RESULTS – Whiting Petroleum Corp. – slide 11
    Niobrara Natural Gas Processing Plant Redtail June 2015 Redtail Facilities Plan. Planned Gathering System Gas Gathering Lines (Online) 141 Miles Oil Gathering Lines (Online) 128 Miles Produced Water Gathering Lines (Online 8/15)…
  12. Q2 2015 RESULTS – Whiting Petroleum Corp. – slide 12
    Adjusted Net Income (Loss) and Discretionary Cash Flow Three and Six Months Ended June 30, 2015(1)(2) Three Months Six Months Ended Ended June 30, June 30, 2015 2015 (In millions, expect per share data) Net Loss Available to…
  13. Q2 2015 RESULTS – Whiting Petroleum Corp. – slide 13
    Significant Improvements in per BOE Metrics 2014 vs 2015 Shows the Following: 23% Decrease DD&A, 22% Decrease LOE, 19% Decrease G&A 30.00 25.00 26.88 20.00 20.81 15.00 10.00 11.85 9.25 5.00 3.56 2.90 0.00 DD&A LOE…
  14. Q2 2015 RESULTS – Whiting Petroleum Corp. – slide 14
    Guidance for Q3 and Full-Year 2015 Guidance Third Quarter Full-Year 2015 2015 Production (MMBOE).................................................... 14.7 - 15.1 59.2 - 59.8 Lease operating expense per BOE…
  15. Q2 2015 RESULTS – Whiting Petroleum Corp. – slide 15
    Total Capitalization(1) Jun. 30, 2015 Dec. 31, 2014 Cash and Cash Equivalents 60,154 78,100 LongTerm Debt: Senior Notes 4,895,354 3,878,782 Credit Agreement 1,400,000 Senior Subordinated Notes 350,000 350,000 Total LongTerm Debt…
  16. Q2 2015 RESULTS – Whiting Petroleum Corp. – slide 16
    Outstanding Bonds and Credit Agreement Amount Ratings Coupon / Description Maturity Outstanding Moody's / S&P 6.500% / Sr. Sub. 2018 0.350 B Ba3 / BB 5.000% / Sr. 2019 1.100 B Ba2 / BB 8.125% / Sr. 2019 0.798 B Ba2 / BB 1.250% /…
  17. Q2 2015 RESULTS – Whiting Petroleum Corp. – slide 17
    Existing Crude Oil Hedge Positions(1) 47% Hedged Last Half 2015; 40% Hedged 2016 Weighted Average As a Percentage of Derivative Hedge Contracted Crude NYMEX Price June 2015 Instrument Period (Bbls per Month) (per Bbl) Oil…
  18. Q2 2015 RESULTS – Whiting Petroleum Corp. – slide 18
    Q2 2015 Achievements Record Whiting Production of 170,245 Net BOE/d in Q2 2015, Exceeds High End of Guidance Despite 8,300 BOE/d of Asset Sales. Record Williston Basin Bakken/Three Forks Production of 135,835 Net BOE/d. Enhanced…
  19. Q2 2015 RESULTS – Whiting Petroleum Corp. – slide 19
    APPENDIX NYSE: WLL 19
  20. Q2 2015 RESULTS – Whiting Petroleum Corp. – slide 20
    Adjusted Net Income (Loss) Reconciliation of Net Income (Loss) Available to Common Shareholders to Adjusted Net Income (Loss) Available to Common Shareholders ( in Thousands, Except Per Share Data) Three Months Ended Six Months…
  21. Q2 2015 RESULTS – Whiting Petroleum Corp. – slide 21
    Discretionary Cash Flow Reconciliation of Net Cash Provided by Operating Activities to Discretionary Cash Flow ( in Thousands) Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Net cash provided by…

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