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Q4 2015 and FY 2015 Operating Results – Whiting Petroleum Corp.

Whiting Petroleum Corp. · Feb 25, 2016 · 19 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. Q4 2015 and FY 2015 Operating Results – Whiting Petroleum Corp. – slide 1
    Fourth Quarter and Full-Year 2015 Financial and Operating Results February 25, 2016 NYSE: WLL
  2. Q4 2015 and FY 2015 Operating Results – Whiting Petroleum Corp. – slide 2
    Q4 2015 Achievements Production Averaged 155,210 BOE/d after 3,300 BOE/d of Q4 2015 Property Sales, at High End of Guidance. 512 Million of Total Asset Sales in 2015. Proved Reserves Increased 5% to 820.6 MMBOE Despite 53.2 MMBOE…
  3. Q4 2015 and FY 2015 Operating Results – Whiting Petroleum Corp. – slide 3
    Balance Sheet Liquidity with Financial Flexibility Liquidity of 2.7 billion as of 12/31/2015. No bond maturities until 2018 and no large maturities until 2019. Well within all bank credit agreement covenants - Bank credit agreement…
  4. Q4 2015 and FY 2015 Operating Results – Whiting Petroleum Corp. – slide 4
    Better Liquidity Position vs. Most Peers (1) Revolver Availability plus Cash (mm) 3,500 3,000 2,891 2,743 2,714 2,500 2,500 2,000 1,887 1,857 1,807 1,779 1,808 1,500 1,417 1,401 1,298 1,245 1,000 877 500…
  5. Q4 2015 and FY 2015 Operating Results – Whiting Petroleum Corp. – slide 5
    A Focused Company Whiting Petroleum Corporation is an independent oil and gas company that explores for, develops, acquires Williston Basin Bakken / Three Forks and produces crude oil, natural gas and natural gas 128,585 BOE/d (Q4…
  6. Q4 2015 and FY 2015 Operating Results – Whiting Petroleum Corp. – slide 6
    Whiting Holds Acreage in Two Top-Tier Plays Millions NPV per Rig Year Millions Source: J.P. Morgan E&P Sector Launch December 09, 2015, Figure 181. Based on NYMEX futures strip prices as of December 09, 2015. NYSE: WLL 6
  7. Q4 2015 and FY 2015 Operating Results – Whiting Petroleum Corp. – slide 7
    Williston Basin Development Program Concentrated Acreage Position in Areas with 90-Day Cumulative Production Per Well Greater Than 50 MBOE OBJECTIVE Bakken Three Forks DEVELOPMENT PLAN 1280-acre spacing units 6,052 potential…
  8. Q4 2015 and FY 2015 Operating Results – Whiting Petroleum Corp. – slide 8
    Q4 Results Up 22% Over Q3 30-Day Rates in Williston Basin(1) 1,600 1,400 1,339 1,200 1,102 1,000 800 600 400 200 0 30-Day Avg. Rate Q3 2015 Q4 2015 (1) Results include 41 operated wells with average sand volumes of 5.2…
  9. Q4 2015 and FY 2015 Operating Results – Whiting Petroleum Corp. – slide 9
    Redtail Development Program Economic Sweet Spot in Oil Window (Weld County, Colorado) OBJECTIVE Niobrara A Shale Niobrara B Shale Niobrara C Shale Codell/Fort Hays DEVELOPMENT PLAN Mix of 1,280, 960 and 640-acre spacing units…
  10. Q4 2015 and FY 2015 Operating Results – Whiting Petroleum Corp. – slide 10
    Financial Results Summary Three and Twelve Months Ended December 31, 2015 Three Months Year Ended Ended December 31, 2015 (In millions, expect per share data) Net Loss Available to Common Shareholders... (98.7) (2,219.2)…
  11. Q4 2015 and FY 2015 Operating Results – Whiting Petroleum Corp. – slide 11
    Significant Improvements in per BOE Metrics 2014 vs 2015 Shows the Following: 20% Decrease DD&A, 22% Decrease LOE, 32% Decrease G&A 30.00 25.00 26.06 20.00 20.87 15.00 10.00 11.89 9.32 5.00 4.24 2.90 0.00 DD&A LOE G&A…
  12. Q4 2015 and FY 2015 Operating Results – Whiting Petroleum Corp. – slide 12
    500 Million Capital Budget in 2016 80% Decrease from 2015 Capex; 88% in Development Undeveloped Northern Rockies Facilities acreage 4 MM 182 MM 17 MM Exploration(2) 2016 CAPEX % of 50 MM Property Area (MM) Total CO2 EOR…
  13. Q4 2015 and FY 2015 Operating Results – Whiting Petroleum Corp. – slide 13
    Guidance for Q1 and Full-Year 2016 Guidance First Quarter Full Year 2016 2016 Production (MMBOE) ........................................... 13.1 - 13.6 46.8 - 50.5 Lease operating expense per BOE ........................ 8.25 -…
  14. Q4 2015 and FY 2015 Operating Results – Whiting Petroleum Corp. – slide 14
    Total Capitalization(1) Dec. 31, 2015 Dec. 31, 2014 Cash and Cash Equivalents 16,053 78,100 Long-Term Debt: Senior Notes 4,050,828 3,856,511 Credit Agreement 800,000 1,400,000 Senior Subordinated Notes 346,876 345,878 Total…
  15. Q4 2015 and FY 2015 Operating Results – Whiting Petroleum Corp. – slide 15
    Strong Hedge Position(1) 45% Hedged 2016 Weighted Average As a Percentage of Derivative Hedge Contracted Crude NYMEX Price December 2015 Instrument Period (Bbls per Month) (per Bbl) Oil Production Three-way collars (2) 2016 Q1…
  16. Q4 2015 and FY 2015 Operating Results – Whiting Petroleum Corp. – slide 16
    Why Whiting We believe Whiting remains strongly positioned despite the record volatility and dislocation across the E&P sector - Premier, core position in the Bakken and Niobrara with significant exposure to a rebound in crude…
  17. Q4 2015 and FY 2015 Operating Results – Whiting Petroleum Corp. – slide 17
    APPENDIX NYSE: WLL 17
  18. Q4 2015 and FY 2015 Operating Results – Whiting Petroleum Corp. – slide 18
    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 Year Ended…
  19. Q4 2015 and FY 2015 Operating Results – Whiting Petroleum Corp. – slide 19
    Discretionary Cash Flow Reconciliation of Net Cash Provided by Operating Activities to Discretionary Cash Flow ( in Thousands) Three Months Ended Year Ended December 31, December 31, 2015 2014 2015 2014 Net cash provided by…

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