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Q1 2016 Financial and Operating Results – Whiting Petroleum Corp.

Whiting Petroleum Corp. · Apr 28, 2016 · 17 slides

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Slides

  1. Q1 2016 Financial and Operating Results – Whiting Petroleum Corp. – slide 1
    WLL: Strongly Positioned First Quarter 2016 Financial and Operating Results April 28, 2016 NYSE: WLL
  2. Q1 2016 Financial and Operating Results – Whiting Petroleum Corp. – slide 2
    Q1 2016 Achievements Production Averaged 146,770 BOE/d. Bank Credit Agreement Successfully Redetermined to 2.5 Billion of Commitments on a 2.75 Billion Borrowing Base. Exchanged 477 Million of Bond Debt into Convertible Debt. Bakken…
  3. Q1 2016 Financial and Operating Results – Whiting Petroleum Corp. – slide 3
    Balance Sheet Liquidity with Financial Flexibility As of 3/25/2016, bank credit agreement successfully redetermined to 2.5 billion of commitments on a 2.75 billion borrowing base. 1.0 billion drawn as of 3/31/2016. The bank credit…
  4. Q1 2016 Financial and Operating Results – Whiting Petroleum Corp. – slide 4
    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 124,900 BOE/d (Q1…
  5. Q1 2016 Financial and Operating Results – Whiting Petroleum Corp. – slide 5
    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 5
  6. Q1 2016 Financial and Operating Results – Whiting Petroleum Corp. – slide 6
    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 1,280-acre spacing units 5,530 potential…
  7. Q1 2016 Financial and Operating Results – Whiting Petroleum Corp. – slide 7
    92% of Potential Bakken/Three Forks Drilling Locations in Core Areas Core Areas Gross Working Gross % of Total County Name Acreage Interest Locations Locations Dunn 55,690 72.8% 406 7.4% McKenzie 161,046 66.7% 1,594 28.8%…
  8. Q1 2016 Financial and Operating Results – Whiting Petroleum Corp. – slide 8
    Enhanced Completions Tracking 900 MBOE EUR Type Curve(1) 160,000 140,000 120,000 Barrel of Oil Equivalent 100,000 80,000 60,000 40,000 20,000 0 0.0 20.0 40.0 60.0 80.0 100.0 120.0 140.0 160.0 180.0…
  9. Q1 2016 Financial and Operating Results – Whiting Petroleum Corp. – slide 9
    Williams County Enhanced Completions Increase 60-Day Average Rates Over 100% 1,600 1,501 1,400 1,200 1,000 904 BOE/d 800 600 452 404 400 200 0 60-Day Rate Average of Four Direct Offset Wells Average of Six Direct Offset…
  10. Q1 2016 Financial and Operating Results – Whiting Petroleum Corp. – slide 10
    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…
  11. Q1 2016 Financial and Operating Results – Whiting Petroleum Corp. – slide 11
    Financial Results Summary Three Months Ended March 31, 2016 (In millions, expect per share data) Net Loss Available to Common Shareholders... (171.7) Adjusted Net Loss(1).................... (174.2) Adjusted Loss Per Basic…
  12. Q1 2016 Financial and Operating Results – Whiting Petroleum Corp. – slide 12
    Guidance for Q2 and Full-Year 2016 Guidance Second Quarter Full Year 2016 2016 Production (MMBOE) ............................................ 12.2 - 12.7 48.1 - 50.1 Lease operating expense per BOE ......................... 8.70 -…
  13. Q1 2016 Financial and Operating Results – Whiting Petroleum Corp. – slide 13
    Strong Hedge Position(1) 49% Hedged 2016 Weighted Average As a Percentage of Derivative Hedge Contracted Crude NYMEX Price March 2016 Instrument Period (Bbls per Month) (per Bbl) Oil Production Three-way collars (2) 2016 Q2…
  14. Q1 2016 Financial and Operating Results – Whiting Petroleum Corp. – slide 14
    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…
  15. Q1 2016 Financial and Operating Results – Whiting Petroleum Corp. – slide 15
    APPENDIX NYSE: WLL 15
  16. Q1 2016 Financial and Operating Results – Whiting Petroleum Corp. – slide 16
    Adjusted Net Loss Reconciliation of Net Loss Available to Common Shareholders to Adjusted Net Loss Available to Common Shareholders ( in Thousands, Except Per Share Data) Three Months Ended March 31, 2016 2015 Net loss available…
  17. Q1 2016 Financial and Operating Results – Whiting Petroleum Corp. – slide 17
    Discretionary Cash Flow Reconciliation of Net Cash Provided by Operating Activities to Discretionary Cash Flow ( in Thousands) Three Months Ended March 31, 2016 2015 Net cash provided by operating activities…

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