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Q3 2016 Operating Results – Whiting Petroleum Corp.

Whiting Petroleum Corp. · Oct 27, 2016 · 22 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. Q3 2016 Operating Results – Whiting Petroleum Corp. – slide 1
    WLL: Strongly Positioned The Premier Bakken & Niobrara Operator Third Quarter 2016 Financial and Operating Results October 27, 2016 NYSE: WLL
  2. Q3 2016 Operating Results – Whiting Petroleum Corp. – slide 2
    Q3 Achievements Q3 2016 Net Cash Provided by Operating Activities of 151 Million Exceeds Capex by 66 Million. Q3 2016 Average Production of 119,890 BOE/d at High End of Guidance. Q3 2016 LOE Below Low End of Guidance at 7.98 per…
  3. Q3 2016 Operating Results – Whiting Petroleum Corp. – slide 3
    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 105,645 BOE/d (Q3…
  4. Q3 2016 Operating Results – Whiting Petroleum Corp. – slide 4
    Williston Basin Development Program Large Acreage Position in the Core of the Play OBJECTIVE P Bibler 155-99-16-31-30-1H Carscallen 31-14-4H Bakken Average IP 2,674 BOE/d Average IP 2,766 BOE/d Three Forks Completed 7/14/16 Completed…
  5. Q3 2016 Operating Results – Whiting Petroleum Corp. – slide 5
    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 5
  6. Q3 2016 Operating Results – 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% 411 8% McKenzie 165,319 65% 1,547 28% Mountrail(1)…
  7. Q3 2016 Operating Results – Whiting Petroleum Corp. – slide 7
    Enhanced Completion 5+MMLb Fracs Tracking 900 MBOE EUR Type Curve(1) Data Set Includes 48 Wells Spanning 6 Counties 200,000 180,000 160,000 140,000 Barrels of Oil Equivalent 120,000 100,000 80,000 60,000 40,000…
  8. Q3 2016 Operating Results – Whiting Petroleum Corp. – slide 8
    Super Completion 10+MMLb Fracs Deliver Outstanding Results Tracking at or above 1,500 MBOE Type Curve 160,000 140,000 120,000 Barrel of Oil Equivalent 100,000 80,000 60,000 40,000 20,000 0 0 30 60 90 Days…
  9. Q3 2016 Operating Results – Whiting Petroleum Corp. – slide 9
    Top Performer in the Bakken Initial 90-Day Average Rate (BOEPD) for Wells Completed between August 2015 and July 2016(1) WLL 1,200 1,038 1,000 921 854 783 800 731 721 675 648 BOEPD 614 600 400 280 200 Peer D Peer…
  10. Q3 2016 Operating Results – Whiting Petroleum Corp. – slide 10
    Williston Basin Drill Times(1) 63% 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 13.95 14.64 15…
  11. Q3 2016 Operating Results – 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. Q3 2016 Operating Results – Whiting Petroleum Corp. – slide 12
    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 7.0 Days 7.5 Days Lbs of Proppant 4.6 MMLbs 6.5 MMLbs Bbls of Water 200 MBbl 250 MBbl EURs 465…
  13. Q3 2016 Operating Results – Whiting Petroleum Corp. – slide 13
    Redtail Drill Times(1) 55% Decline from Beginning of 2012 20 17.98 18 16.00 16.26 16.13 16 15.33 15.30 14.62 14.93 14.63 14.45 13.72 14 13.04 12.85 12.22 12 Average Days 10.41 10.72 10 8 7.26 7.24 6.98 6 4…
  14. Q3 2016 Operating Results – Whiting Petroleum Corp. – slide 14
    Financial Results Summary Three Months Nine Months Ended Ended September 30, September 30, 2016 2016 (In millions, expect per share data) Net Loss Available to Common Shareholders.. (693.1) (1,165.8) Adjusted Net…
  15. Q3 2016 Operating Results – Whiting Petroleum Corp. – slide 15
    Balance Sheet Liquidity with Financial Flexibility 2.5 billion of bank credit commitments on a 2.5 billion borrowing base. Only 650 million drawn as of 9/30/2016. Bank credit agreement through 12/08/2019. Bank credit agreement…
  16. Q3 2016 Operating Results – Whiting Petroleum Corp. – slide 16
    Debt Reduction Plan Debt at First Second Ultimate Maturity Rate 3-31-2016 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)…
  17. Q3 2016 Operating Results – Whiting Petroleum Corp. – slide 17
    Guidance for Q4 and Full-Year 2016 Guidance Fourth Quarter Full Year 2016 2016 Production (MMBOE) ................................................................................... 10.4 - 10.8 47.0 - 47.4 Lease operating expense…
  18. Q3 2016 Operating Results – Whiting Petroleum Corp. – slide 18
    Strong Hedge Position(1) 68% Hedged 2016; 49% Hedged 2017 Weighted Average As a Percentage of Derivative Hedge Contracted Crude NYMEX Price September 2016 Instrument Period (Bbls per Month) (per Bbl) Oil Production Three-way…
  19. Q3 2016 Operating Results – Whiting Petroleum Corp. – slide 19
    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…
  20. Q3 2016 Operating Results – Whiting Petroleum Corp. – slide 20
    APPENDIX NYSE: WLL 20
  21. Q3 2016 Operating Results – Whiting Petroleum Corp. – slide 21
    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 Nine Months Ended September 30, September…
  22. Q3 2016 Operating Results – Whiting Petroleum Corp. – slide 22
    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, 2016 2015 2016 2015 Net cash…

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