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2017 JP Morgan Energy Equity Conference – Whiting Petroleum Corp.

Whiting Petroleum Corp. · Jun 27, 2017 · 20 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. 2017 JP Morgan Energy Equity Conference – Whiting Petroleum Corp. – slide 1
    Whiting Petroleum Corporation J.P. Morgan 2017 Energy June 27, 2017 Equity Conference NYSE: WLL
  2. 2017 JP Morgan Energy Equity Conference – Whiting Petroleum Corp. – slide 2
    Q1 2017 Achievements Q1 2017 Average Production of 117,360 BOE/d at High End of Guidance. Q1 2017 LOE, G&A and Interest Expense per BOE at Low End of Guidance. Q1 2017 DD&A per BOE and Oil Differentials of 7.95 per Bbl below Low End…
  3. 2017 JP Morgan Energy Equity Conference – 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 109,125 BOE/d (Q1…
  4. 2017 JP Morgan Energy Equity Conference – Whiting Petroleum Corp. – slide 4
    Williston Basin Development Program Large Acreage Position in the Core of the Play ACREAGE 732,819 gross (443,310 net) 99% of North Dakota acreage held by production. MULTIPLE TARGETS Bakken Three Forks Control the…
  5. 2017 JP Morgan Energy Equity Conference – Whiting Petroleum Corp. – slide 5
    2015 - 2017 Williston Basin Enhanced Completions Above 1,000 MBOE Type Curve 31 Bakken/Three Forks Completions Across Multiple Core Counties(1) 400,000 350,000 300,000 250,000 BOE 200,000 150,000 100,000 50,000…
  6. 2017 JP Morgan Energy Equity Conference – Whiting Petroleum Corp. – slide 6
    Strong Returns for Enhanced Completions at 40 Oil 700,000 EUR - 1000 MBOE (1) Nymex oil price/Bbl 40 45 50 55 IRR (%) 25% 37% 55% 75% 600,000 ROI 2.0 2.4 2.8 3.2 PV(10) MM 2.4 4.1 5.9 7.7 EUR - 1500 MBOE (1) 500,000 Nymex oil…
  7. 2017 JP Morgan Energy Equity Conference – Whiting Petroleum Corp. – slide 7
    90% of Potential Bakken/Three Forks Drilling Locations in Core Areas Core Areas Gross Working Gross % of Total County Name Acreage(1) Interest(1) Locations(2) Locations(2) Dunn 55,865 73% 409 8% McKenzie 165,752 65% 1,512 28%…
  8. 2017 JP Morgan Energy Equity Conference – Whiting Petroleum Corp. – slide 8
    Custom Development & Completion Design Technical focus In house core lab Geology Reservoir characteristics Customized development Customized completions Bakken Three Pronghorn Prospect, Stark County, ND Forks WLL…
  9. 2017 JP Morgan Energy Equity Conference – Whiting Petroleum Corp. – slide 9
    How its done 1,680 perforations (40 stages with average 42 perforations per stage) 9,000,000 lbs per job Average 5,357 lbs per perforation (900 lbs proppant per lateral foot) Diverters (plugs off perforations taking treatment fluid…
  10. 2017 JP Morgan Energy Equity Conference – Whiting Petroleum Corp. – slide 10
    Williston Basin Well Productivity Increased over 80% for 60 and 90-Day Rates Since 2014(1) 1,600 1,375 1,400 1,253 1,200 1,057 985 1,000 839 834 BOEPD 800 746 665 576 600 400 200 0 30-Day Avg. BOEPD 60-Day…
  11. 2017 JP Morgan Energy Equity Conference – Whiting Petroleum Corp. – slide 11
    Adding Value to Acquired Properties through Enhanced Completions(1) 90-Day Average Production Rates for All Wells Completed in Polar Area 2012 - 2016 1,200 Whiting 1,082 Acquires Kodiak 1,000 849 800 664 BOEPD 587 578…
  12. 2017 JP Morgan Energy Equity Conference – Whiting Petroleum Corp. – slide 12
    Williston Basin Drill Times(1) 43% Decline from Beginning of 2014 Technology driving times down Multiple wells being drilled off pads 25.0 Advancements in drill bit design(heat resistance) Mud motor design(more torque) 21.6…
  13. 2017 JP Morgan Energy Equity Conference – Whiting Petroleum Corp. – slide 13
    Redtail Development Program Economic Sweet Spot in Oil Window (Weld County, Colorado) ACREAGE 157,178 (132,432 net) acres 100% held by production, expires beyond 2018, or can be extended for approximately 3 million. Average WI of…
  14. 2017 JP Morgan Energy Equity Conference – Whiting Petroleum Corp. – slide 14
    Redtail Drill Times Decrease 50% From Beginning of 2014(1) Technology driving times down 14.0 Mono-bore well design 2,000 surface casing + 1 12.4 12.4 casing to TD 11.9 Multiple wells being drilled off pads 12.0 11.5 11.2…
  15. 2017 JP Morgan Energy Equity Conference – Whiting Petroleum Corp. – slide 15
    42% Debt Reduction Achieved Debt at First Second Ultimate Maturity Rate 3-31-2016 Exchange(1) Exchange(2) Balance 2018(3) 6.5% 350 (49) (26) 0 2019 5.0% 1,100 (97) (42) 961 2020 1.25% 1,250 0 (688) 562 2021 5.75% 1,200 (152)…
  16. 2017 JP Morgan Energy Equity Conference – Whiting Petroleum Corp. – slide 16
    Strong Balance Sheet Liquidity with Financial Flexibility 2.5 billion of bank credit commitments on a 2.5 billion borrowing base. Only 450 million drawn as of 3/31/2017. Bank credit agreement through 12/08/2019. Bank credit…
  17. 2017 JP Morgan Energy Equity Conference – Whiting Petroleum Corp. – slide 17
    2017 Capital Budget 96% Allocated to Development that Drives Growth Non-Op Exploration Land Facilities 60MM 24MM 10MM 6MM (1) Redtail Williston Basin 420MM 580MM Williston Basin Redtail Non-Op Exploration Land Facilities…
  18. 2017 JP Morgan Energy Equity Conference – Whiting Petroleum Corp. – slide 18
    Guidance for Q2 and Full-Year 2017 Guidance Second Quarter Full Year 2017 2017 Production (MMBOE) 10.2 - 10.8 45.2 - 46.2 Lease operating expense per BOE 8.25 - 8.75 8.25 - 8.75 General and administrative expense per BOE 2.90 -…
  19. 2017 JP Morgan Energy Equity Conference – Whiting Petroleum Corp. – slide 19
    Strong Hedge Position(1) 53% Hedged 2017 Weighted Average As a Percentage of Derivative Hedge Contracted Crude NYMEX Price March 2017 Instrument Period (Bbls per Month) (per Bbl) Oil Production Three-way collars (2) 2017 Q2…
  20. 2017 JP Morgan Energy Equity Conference – Whiting Petroleum Corp. – slide 20
    Why Whiting Whiting is strongly positioned for multi-year growth. - Premier core position in the Bakken and Niobrara. - Technology leader. - Strong liquidity position. - Strong balance sheet with no maturities until 2019. -…

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