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September 2012 Investor Presentation – Whiting Petroleum Corp.

Whiting Petroleum Corp. · Sep 4, 2012 · 27 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. September 2012 Investor Presentation – Whiting Petroleum Corp. – slide 1
    Recent drilling operations on the Wildhorse 02-224H well targeting the Niobrara formation in Weld County, Colorado. The Johnson 34-33H well in the Hidden Bench Field in McKenzie County, North Dakota was completed in the Middle…
  2. September 2012 Investor Presentation – Whiting Petroleum Corp. – slide 2
    Whiting Overview Q2 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. September 2012 Investor Presentation – Whiting Petroleum Corp. – slide 3
    Map of Operations ROCKY MOUNTAINS 56.9 MBOE/D MICHIGAN 2.8 MBOE/D Q2 2012 Net Production 80.7 MBOE/d 3% 1% 10% 15% MID-CONTINENT 8.4 MBOE/D 71% PERMIAN 11.6 MBOE/D Michigan Gulf Coast Mid-Continent Permian Basin…
  4. September 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 86% Oil / 14% Natural Gas (1) Whiting reserves at December…
  5. September 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. September 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. September 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. September 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. September 2012 Investor Presentation – Whiting Petroleum Corp. – slide 9
    Capital Budget for Key Development Areas in 2012 ( in millions) Well Work, Misc Costs Northern Rockies 50MM 851MM Non-Op 160MM Facilities 2012 CAPEX Gross Net 215MM (MM ) % Wells Wells Exploration Northern Rockies 851 45% 218…
  10. September 2012 Investor Presentation – Whiting Petroleum Corp. – slide 10
    Whiting Lease Areas In Williston Basin Plays at June 30, 2012 Gross Acres Net Acres Sanish / Parshall 177,192 83,007 - Middle Bakken / Three Forks Objectives Pronghorn 172,462 123,158 - Pronghorn Sand Objective CASSANDRA Lewis &…
  11. September 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 11
  12. September 2012 Investor Presentation – Whiting Petroleum Corp. – slide 12
    Big Island Prospect Golden Valley and Wibaux Counties, ND OBJECTIVE Vertical Red River LEWIS & CLARK ACREAGE Whiting has assembled 172,171 gross (122,109 net) acres in our Big Island prospect: Identified 48 prospects with an…
  13. September 2012 Investor Presentation – Whiting Petroleum Corp. – slide 13
    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%…
  14. September 2012 Investor Presentation – Whiting Petroleum Corp. – slide 14
    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 Equivalent Daily Production ROI 2.5:1…
  15. September 2012 Investor Presentation – Whiting Petroleum Corp. – slide 15
    Williston Basin (Bakken and Three Forks) Range of Reserves: Non-Sanish Bakken/Pronghorn/Three Forks(1)(2) EUR - 600 MBOE , Development Phase CAPEX 7 MM 1,000 Nymex oil price/Bbl 80 90 100 ROI 3.2 3.7 4.2 IRR (%) 107% 155% 213%…
  16. September 2012 Investor Presentation – Whiting Petroleum Corp. – slide 16
    Twelve Month Average Production by Operator For Bakken and Three Forks wells drilled since January 2009 & operators with 10 wells or greater producing Source: IHS Energy, Inc. & North Dakota Industrial Commission (As of July 2012) 12…
  17. September 2012 Investor Presentation – Whiting Petroleum Corp. – slide 17
    Plants / Pipelines / Real Estate Williston Basin Natural Gas Processing Plants (Robinson Lake) Gathering System Oil Gathering Lines 112 Miles Gas gathering Lines 321 Miles Current wells connected (Op & Non-Op) 540 SANISH Est.…
  18. September 2012 Investor Presentation – Whiting Petroleum Corp. – slide 18
    Plants / Pipelines / Real Estate Williston Basin Natural Gas Processing Plants (Belfield) Planned Gathering System Oil Gathering Lines 83 Miles Gas gathering Lines 25 Miles Wells connected 32 Pronghorn Field Ultimate wells…
  19. September 2012 Investor Presentation – Whiting Petroleum Corp. – slide 19
    Big Tex Prospect Pecos, Reeves and Ward Counties, Texas OBJECTIVE Vertical Wolfbone Hz. Wolfcamp & Hz. Bone Spring ACREAGE Whiting has assembled 117,521 gross (87,017 net) acres in our Big Tex prospect in the Delaware Basin:…
  20. September 2012 Investor Presentation – Whiting Petroleum Corp. – slide 20
    Redtail Niobrara Prospect Weld County, Colorado OBJECTIVE Niobrara Shale ACREAGE Whiting has assembled 106,889 gross (79,256 net) acres in our Redtail prospect in the northeastern portion of the DJ Wolf 35-2623H Redtail Basin…
  21. September 2012 Investor Presentation – Whiting Petroleum Corp. – slide 21
    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…
  22. September 2012 Investor Presentation – Whiting Petroleum Corp. – slide 22
    North Ward Estes - Net Production Forecasts (1) North Ward Estes 3P Unrisked Production Forecast (2)(3) 25 315 335 MMcf/d Current CO2 Injection Production Rate MBOE/d 20 P1 + P2 + P3 15 P1 + P2 10 8,630 BOE/d…
  23. September 2012 Investor Presentation – Whiting Petroleum Corp. – slide 23
    Development Plans North Ward Estes Field Ward and Winkler Counties, Texas Project Timing and Net Reserves (1)(2) Injection Other CO2 Project Start Date PVPD Proved P2 P3 Total Base: Primary, 44 4 6 60 114 WF & CO2 Phase 1 2007 -…
  24. September 2012 Investor Presentation – Whiting Petroleum Corp. – slide 24
    Development Plans North Ward Estes Field Ward and Winkler Counties, Texas Injection CO2 Project Start Date Phase 1 2007 - 2008 Total 2012 - 2040 Remaining Capital Expenditures (1) Phase 2 2009 - 2010 (In Millions) CapEx (2)…
  25. September 2012 Investor Presentation – Whiting Petroleum Corp. – slide 25
    Consistently Strong Margins Consistently Delivering Strong EBITDA Margins (1) 79.92/Bbl (2) 80.00 73.88 74.17 3.25/Mcf 69.06 66.13/BOE 70.00 61.48 Whiting Realized Prices(1) 53.57 60.00 50.52 44.70 45.01 49.19/66%…
  26. September 2012 Investor Presentation – Whiting Petroleum Corp. – slide 26
    Outstanding Bonds and Credit Agreement Amount Ratings 6/30/12 Coupon / Description Maturity Outstanding Moodys / S&P Price 7.00% / Sr. Sub. NC 02/01/2014 250.0 mil. Ba3 / BB+ 105.750 6.50% / Sr. Sub. NC4 10/01/2018 350.0 mil. Ba3 /…
  27. September 2012 Investor Presentation – Whiting Petroleum Corp. – slide 27
    In Summary Oil weighted, long-lived reserve base RESERVES 86% OIL; 14 YEAR R/P (1) 2,264 3P 3,741 RESOURCE Multi-year inventory to drive organic 6,005 FUTURE DRILLING LOCATIONS production growth PROJECT 20% - 23% YOY PRODUCTION…

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