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Q2 2016 Earnings Presentation – Whiting Petroleum Corp.

Whiting Petroleum Corp. · Jul 28, 2016 · 17 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 2016 Earnings Presentation – Whiting Petroleum Corp. – slide 1
    WLL: Strongly Positioned Premier Bakken & Niobrara + 1.6 Billion Debt Exchange Corporate Presentation August 2016 NYSE: WLL
  2. Q2 2016 Earnings Presentation – Whiting Petroleum Corp. – slide 2
    Recent Achievements Q2 Capex of 79.4 Million, a 70% Improvement from First Quarter. Discretionary Cash Flow of 151.6 Million Exceeded Capex by 72.2 Million. Q2 Production Averaged 134,245 BOE/d. Exchanged 1.6 Billion of Notes for New…
  3. Q2 2016 Earnings Presentation – Whiting Petroleum Corp. – slide 3
    Balance Sheet Liquidity with Financial Flexibility 2.5 billion of bank credit commitments on a 2.6 billion borrowing base, effective at sale of North Ward Estes Property. Only 1.0 billion drawn as of 6/30/2016. The bank credit…
  4. Q2 2016 Earnings Presentation – 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 114,435 BOE/d (Q2…
  5. Q2 2016 Earnings Presentation – Whiting Petroleum Corp. – slide 5
    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 5,499 potential…
  6. Q2 2016 Earnings Presentation – Whiting Petroleum Corp. – slide 6
    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 55,385 73% 407 7% McKenzie 164,009 66% 1,574 29% Mountrail(1)…
  7. Q2 2016 Earnings Presentation – Whiting Petroleum Corp. – slide 7
    Enhanced Completions Tracking 900 MBOE EUR Type Curve(1) 180,000.0 160,000.0 140,000.0 120,000.0 Barrel of Oil Equivalent 100,000.0 80,000.0 60,000.0 40,000.0 20,000.0 0.0 0 20 40 60 80 100 120 140 160 180…
  8. Q2 2016 Earnings Presentation – Whiting Petroleum Corp. – slide 8
    Top Performer in the Bakken Initial 90-Day Average Rate (BOEPD) for Wells Completed between June 2015 and May 2016(1) WLL 1,200 972 1,000 936 893 800 712 711 682 676 667 BOEPD 609 603 600 400 362 200 Peer D Peer…
  9. Q2 2016 Earnings Presentation – Whiting Petroleum Corp. – slide 9
    Williston Basin Drill Times 56% Decline from Beginning of 2012 45 39.43 40 35.04 35 32.78 32.57 30.99 30.75 29.81 30 28.66 28.44 26.74 26.37 Average Days 25 23.13 23.76 20.51 20 18.08 18.62 17.16 14.42 15…
  10. Q2 2016 Earnings Presentation – Whiting Petroleum Corp. – slide 10
    Whiting Williston Basin Gas Capture Rate 94% Current ND Gas Capture Requirement is 80%, Whitings Capture Rate is 14% Better 100% 94% 89% 90% 82% 79% 80% 80% 76% 73% 73% 74% 71% 71% 72% 72% 72% 69% 70% 70% 70% 68% Average %…
  11. Q2 2016 Earnings Presentation – Whiting Petroleum Corp. – slide 11
    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…
  12. Q2 2016 Earnings Presentation – Whiting Petroleum Corp. – slide 12
    Redtail Drill Times 57% Decline from Beginning of 2012 20 17.98 18 16.26 16.13 16.00 16 15.33 15.30 14.93 14.45 14.62 14.63 13.72 14 13.04 12.85 12.22 12 Average Days 10.72 10.41 10 8 7.26 6.82 6 4 2…
  13. Q2 2016 Earnings Presentation – Whiting Petroleum Corp. – slide 13
    Debt Reduction Plan Initial First Second Ultimate Maturity Rate Par Value Exchange(1) Exchange(2) Balance 2018 6.5% 350 (49) (26) 275 2019 5.0% 1,100 (97) (42) 961 2020 1.25% 1,250 0 (688) 562 2021 5.75% 1,200 (152) (174) 874…
  14. Q2 2016 Earnings Presentation – 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. Q2 2016 Earnings Presentation – Whiting Petroleum Corp. – slide 15
    APPENDIX NYSE: WLL 15
  16. Q2 2016 Earnings Presentation – Whiting Petroleum Corp. – slide 16
    Guidance for Q3 and Full-Year 2016 Guidance Third Quarter Full Year 2016 2016 Production (MMBOE) ................................................. 10.5 - 11.1 46.5 - 47.3 Lease operating expense per BOE…
  17. Q2 2016 Earnings Presentation – Whiting Petroleum Corp. – slide 17
    Strong Hedge Position(1) 58% Hedged 2016; 26% Hedged 2017 Weighted Average As a Percentage of Derivative Hedge Contracted Crude NYMEX Price June 2016 Instrument Period (Bbls per Month) (per Bbl) Oil Production Three-way collars…

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