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3Q 2015 Financial and Operating Results – Whiting Petroleum Corp.

Whiting Petroleum Corp. · Oct 29, 2015 · 18 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. 3Q 2015 Financial and Operating Results – Whiting Petroleum Corp. – slide 1
    A Stronger Company Set to Prosper at Current Prices Third Quarter Financial and Operating Results October 29, 2015 NYSE: WLL
  2. 3Q 2015 Financial and Operating Results – Whiting Petroleum Corp. – slide 2
    Q3 2015 Achievements Production Averaged 160,590 BOE/d after 8,700 BOE/d of Q2 2015 Property Sales. Enhanced Completions Contribute to 44% Quarter-over-Quarter Productivity Increases in Williston Basin. Enhanced Completion Pad at…
  3. 3Q 2015 Financial and Operating Results – Whiting Petroleum Corp. – slide 3
    Strong Balance Sheet Liquidity with Financial Flexibility Well Within All Financial Covenants Bond Finance Covenant: Ratio of consolidated cash flows to fixed charges Liquidity and Additional Borrowing Base Capacity ( Millions)…
  4. 3Q 2015 Financial and Operating 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 130,895 BOE/d (Q3 2015) and produces crude oil, natural gas and…
  5. 3Q 2015 Financial and Operating 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 1,067,587 gross acres in Williston Basin 667,668 net acres in Williston Basin 7,399 future…
  6. 3Q 2015 Financial and Operating Results – Whiting Petroleum Corp. – slide 6
    Q3 Results Up 44% Over Q2 30-Day Rates in Williston Basin(1) 3,000 2,440 2,500 2,000 1,650 1,500 1,102 1,000 764 500 0 24-Hour IP 30-Day Avg. Rate Q2 2015 Q3 2015 (1) Results include 54 gross operated wells with average…
  7. 3Q 2015 Financial and Operating Results – Whiting Petroleum Corp. – slide 7
    Redtail Development Program Economic Sweet Spot (Weld County, Colorado) OBJECTIVE Niobrara A Shale Niobrara B Shale Niobrara C Shale Niobrara & Codell Initial Codell/Fort Hays 30-Day Average Rate DEVELOPMENT PLAN Mix of 960…
  8. 3Q 2015 Financial and Operating Results – Whiting Petroleum Corp. – slide 8
    Niobrara Natural Gas Processing Plant Redtail September 2015 Redtail Facilities Plan Planned Gathering System Gas Gathering Lines (Online) 141 Miles Oil Gathering Lines (Online) 128 Miles Produced Water Gathering Lines 120…
  9. 3Q 2015 Financial and Operating Results – Whiting Petroleum Corp. – slide 9
    Adjusted Net Loss and Discretionary Cash Flow Three and Nine Months Ended September 30, 2015(1)(2) Three Months Nine Months Ended Ended September 30, 2015 (In millions, expect per share data) Net Loss Available to Common…
  10. 3Q 2015 Financial and Operating Results – Whiting Petroleum Corp. – slide 10
    Significant Improvements in per BOE Metrics 2014 vs 2015 Shows the Following: 20% Decrease DD&A, 26% Decrease LOE, 12% Decrease G&A 30.00 25.00 26.61 20.00 21.40 15.00 10.00 11.56 8.50 5.00 3.45 3.03 0.00 DD&A LOE G&A…
  11. 3Q 2015 Financial and Operating Results – Whiting Petroleum Corp. – slide 11
    Guidance for Q4 and Full-Year 2015 Guidance Fourth Quarter Full-Year 2015 2015 Production (MMBOE)(1) ................................................. 13.9 - 14.3 59.2 - 59.6 Lease operating expense per BOE…
  12. 3Q 2015 Financial and Operating Results – Whiting Petroleum Corp. – slide 12
    Total Capitalization(1) Sep. 30, 2015 Dec. 31, 2014 Cash and Cash Equivalents 37,731 78,100 Long-Term Debt: Senior Notes 4,904,646 3,878,782 Credit Agreement - 1,400,000 Senior Subordinated Notes 350,000 350,000 Total Long-Term…
  13. 3Q 2015 Financial and Operating Results – Whiting Petroleum Corp. – slide 13
    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% /…
  14. 3Q 2015 Financial and Operating Results – Whiting Petroleum Corp. – slide 14
    Existing Crude Oil Hedge Positions(1) 52% Hedged Fourth Quarter 2015; 45% Hedged 2016 Weighted Average As a Percentage of Derivative Hedge Contracted Crude NYMEX Price September 2015 Instrument Period (Bbls per Month) (per Bbl) Oil…
  15. 3Q 2015 Financial and Operating Results – Whiting Petroleum Corp. – slide 15
    Q3 2015 Achievements Production Averaged 160,590 BOE/d after 8,700 BOE/d of Q2 2015 Property Sales. Enhanced Completions Contribute to 44% Quarter-over-Quarter Productivity Increases in Williston Basin. Enhanced Completion Pad at…
  16. 3Q 2015 Financial and Operating Results – Whiting Petroleum Corp. – slide 16
    APPENDIX NYSE: WLL 16
  17. 3Q 2015 Financial and Operating Results – Whiting Petroleum Corp. – slide 17
    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 Nine Months…
  18. 3Q 2015 Financial and Operating Results – Whiting Petroleum Corp. – slide 18
    Discretionary Cash Flow Reconciliation of Net Cash Provided by Operating Activities to Discretionary Cash Flow ( in Thousands) Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Net cash…

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