Whiting Petroleum Corporation Second Quarter 2017 Results July 27, 2017
A Focused Company Whiting Petroleum Corporation is an independent oil and gas company that explores for, develops, acquires and produces crude oil, natural gas and natural gas liquids primarily in the Rocky Mountains region of…
Williston Basin Development Program Large Acreage Position in the Core of the Play 4 WLL Acreage (1) Applies to 8-10mm pound completions and includes approximately $800,000 in facilities-related costs (centralized tank battery, pad…
Strong Enhanced Completion Results in Williams County Evitt 14-12 and 34-12 Pad Averages 14-12 Avg. 9.3 MMlb Stimulation 34-12 Avg. 10.1 MMlb Stimulation 14-12 Completed May 2017 34-12 Completed June 2017 Exceeding 1,000 MBOE Type…
10,000 20,000 30,000 40,000 50,000 0 5 10 15 20 25 30 35 BOE Days Evitt 34-12 Average Evitt 14-12 Average 1,000 MBOE Type Curve Strong Enhanced Completion Results in Williams County Evitt 14-12 and 34-12 Pad Averages 14-12 Avg. 9.3…
0 50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000 0 50 100 150 200 250 300 350 400 BOE Days 8+MMlb Average Cumulative Production 1,000 MBOE Type Curve 1,500 MBOE Type Curve 7 Williston Basin 8+MMlb Enhanced Completions…
0 50,000 100,000 150,000 200,000 250,000 300,000 0 50 100 150 200 250 300 350 400 BOE Days 7+MMlb Average Cumulative Production 1,000 MBOE Type Curve Williston Basin 7+MMlb Enhanced Completions Above 1,000 MBOE Type Curve 69…
Williston Basin 7+MMlb Enhanced Completions Pad Locations WLL Acreage Enhanced Completion Williams McKenzie Mountrail McLean Dunn
0 100,000 200,000 300,000 400,000 500,000 600,000 700,000 0 100 200 300 400 500 600 700 800 900 1,000 BOE Days 1,000 MBOE Type Curve 1,500 MBOE Type Curve 10 Strong Returns for Enhanced Completions at $40 NYMEX Oil (1) $7.5 million…
576 746 1,057 1,064 0 200 400 600 800 1000 1200 90-Day Avg. BOEPD BOEPD 2014 2015 2016 2017 Williston Basin Well Productivity Increased 85% for 90-Day Rates Since 2014(1) 11 (1) Data set includes 287 wells in 2014, 214 wells in 2015,…
92% of Potential Bakken/Three Forks Drilling Locations in Core Areas Core Areas County Name Gross Acreage(1) Working Interest(1) Gross Locations(1) % of Total Locations(1) Dunn 55,865 73% 401 8% McKenzie 164,430 64% 1,506 29%…
Redtail Development Program Economic Sweet Spot in Oil Window (Weld County, Colorado) WLL Leases Areas of Higher Resistivity ACREAGE ? 159,994 (134,771 net) acres ? 100% held by production, expires beyond 2018, or can be extended for…
(1) Please refer to the Reconciliation of Net Loss Attributable to Common Shareholders to Adjusted Net Loss Attributable to Common Shareholders later in this presentation. (2) Please refer to the Reconciliation of Net Cash Provided by…
Strong Balance Sheet Liquidity with Financial Flexibility ? $2.5 billion of bank credit commitments on a $2.5 billion borrowing base. Only $550 million drawn as of 6/30/2017. Bank credit agreement through 12/08/2019. ? Bank credit…
96% Allocated to Development that Drives Growth 2017 Capital Budget Williston Basin $518MM Redtail $332MM Non-Op $62MM Other(1) $38MM Williston Basin Redtail Non-Op Other (1) Includes exploration, facilities and land.
Guidance for Q3 and Full-Year 2017 17 (1) Includes non-cash interest expense primarily related to Whiting?s convertible 2020 notes. Full-year 2017 cash interest expense is projected at $3.60 - $4.00 per BOE. (2) Does not include the…
Average Weighted Average As a Percentage of Derivative Hedge Contracted Crude NYMEX Price June 2017 Instrument Period (Bbls per Month) (per Bbl) Oil Production Three-way collars (2) 2017 Q3 1,216,667 $35.00 - $45.21 - $59.22 53.5% Q4…
? Whiting is strongly positioned for multi-year growth. - Premier core position in the Bakken and Niobrara. - Technology leader. - Disciplined allocation of capital. - Strong liquidity position. - Strong balance sheet with no…
Adjusted Net Loss Reconciliation of Net Loss Attributable to Common Shareholders to Adjusted Net Loss Attributable to Common Shareholders ($ in Thousands, Except Per Share Data) (1) Adjusted Net Loss Attributable to Common Shareholders…
Discretionary Cash Flow Reconciliation of Net Cash Provided by Operating Activities to Discretionary Cash Flow ($ in Thousands) (1) Discretionary cash flow is a non-GAAP measure. Discretionary cash flow is presented because management…
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