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October 2016 Corporate Presentation – Whiting Petroleum Corp.

Whiting Petroleum Corp. · Oct 10, 2016 · 24 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. October 2016 Corporate Presentation – Whiting Petroleum Corp. – slide 1
    WLL: Strongly Positioned Premier Bakken & Niobrara + 1.15 Billion Debt Reduction YTD Corporate Presentation October 2016 NYSE: WLL
  2. October 2016 Corporate 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. NYSE: WLL 2
  3. October 2016 Corporate Presentation – Whiting Petroleum Corp. – slide 3
    Top-Tier Capital Discipline / Efficiency WLL Cash Flow Generation Exceeded Capital Spending Q2 Cash Flow From Operations / Exploration and Development CAPEX 200.0% WLL 180.0% 160.0% 140.0% 120.0% 100.0% 80.0% 60.0%…
  4. October 2016 Corporate Presentation – Whiting Petroleum Corp. – slide 4
    Recent Achievements Exchanged 1.6 Billion of Notes for New Convertible Notes during 2016. Closed Sale of North Ward Estes Properties on July 27 th for 300 Million in Cash and Potential 100 Million Contingency Payment. Decreased…
  5. October 2016 Corporate Presentation – Whiting Petroleum Corp. – slide 5
    Debt Reduction Plan Initial First Second Ultimate Maturity Rate Par Value Exchange(1) Exchange(2) Balance(3) 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)…
  6. October 2016 Corporate Presentation – Whiting Petroleum Corp. – slide 6
    Balance Sheet Liquidity with Financial Flexibility 2.5 billion of bank credit commitments on a 2.6 billion borrowing base after sale of North Ward Estes Properties. Only 1.0 billion drawn as of 6/30/2016. Bank credit agreement…
  7. October 2016 Corporate Presentation – Whiting Petroleum Corp. – slide 7
    Recent Achievements Williston Basin Enhanced Completions Tracking 900 MBOE Type Curve. Super Completion 10+MMLb Fracs Outperform 900 MBOE Type Curve Adding 16 Williston Basin Completions in Second Half of 2016. NYSE: WLL 7
  8. October 2016 Corporate Presentation – Whiting Petroleum Corp. – slide 8
    Enhanced Completion 5+MMLb Fracs Tracking 900 MBOE EUR Type Curve(1) Data Set Includes 48 Wells Spanning 6 Counties 180,000.0 160,000.0 140,000.0 120,000.0 Barrels of Oil Equivalent 100,000.0 80,000.0 60,000.0…
  9. October 2016 Corporate Presentation – Whiting Petroleum Corp. – slide 9
    Super Completion 10+MMLb Fracs Deliver Outstanding Results Outperforming 900 MBOE Type Curve 120,000 100,000 80,000 Barrels of Oil Equivalent 60,000 40,000 20,000 0 0 20 40 60 80 100 120 140 Days P BIBLER…
  10. October 2016 Corporate Presentation – Whiting Petroleum Corp. – slide 10
    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…
  11. October 2016 Corporate Presentation – Whiting Petroleum Corp. – slide 11
    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…
  12. October 2016 Corporate Presentation – Whiting Petroleum Corp. – slide 12
    Williston Basin Development Program Large Acreage Position in the Core of the Play OBJECTIVE Bakken Three Forks DEVELOPMENT PLAN 1,280-acre spacing units 5,499 potential gross drilling locations as of June 30, 2016. Targeting…
  13. October 2016 Corporate Presentation – Whiting Petroleum Corp. – slide 13
    Acreage Concentrated in Areas with First 90-Day Cumulative Production of 50+ MBOE WLL Units WLL Project Areas Source: IHS and internal Whiting production database as of 12/31/2015. NYSE: WLL 13
  14. October 2016 Corporate Presentation – Whiting Petroleum Corp. – slide 14
    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)…
  15. October 2016 Corporate Presentation – Whiting Petroleum Corp. – slide 15
    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…
  16. October 2016 Corporate Presentation – Whiting Petroleum Corp. – slide 16
    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 %…
  17. October 2016 Corporate Presentation – Whiting Petroleum Corp. – slide 17
    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…
  18. October 2016 Corporate Presentation – Whiting Petroleum Corp. – slide 18
    Redtail Completion Strategy 960-Acre 1,280-Acre Well Well Lateral Length 7,500' 10,000' Completed Well Cost 4.0 MM 4.5 MM SPUD to SPUD Time 6.8 Days 7.0 Days Lbs of Proppant 4.6 MMLbs 6.5 MMLbs Bbls of Water 200 MBbl 250 MBbl EURs 465…
  19. October 2016 Corporate Presentation – Whiting Petroleum Corp. – slide 19
    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…
  20. October 2016 Corporate Presentation – Whiting Petroleum Corp. – slide 20
    Why Whiting Top-Tier Capital Discipline and Efficiency Decreased Debt by 1.15 Billion Year-to-Date Top Bakken Wells with 90 Day Average Rates of Approximately 1,000 BOE per day Top Niobrara Wells with 465 655 MBOE EUR for 4.0 -…
  21. October 2016 Corporate Presentation – Whiting Petroleum Corp. – slide 21
    APPENDIX NYSE: WLL 22
  22. October 2016 Corporate Presentation – Whiting Petroleum Corp. – slide 22
    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…
  23. October 2016 Corporate Presentation – Whiting Petroleum Corp. – slide 23
    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…
  24. October 2016 Corporate Presentation – Whiting Petroleum Corp. – slide 24
    Discretionary Cash Flow Reconciliation of Net Cash Provided by Operating Activities to Discretionary Cash Flow ( in Thousands) Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Net cash provided by…

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