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Third Quarter 2017 Results – Whiting Petroleum Corp.

Whiting Petroleum Corp. · Oct 26, 2017 · 23 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. Third Quarter 2017 Results – Whiting Petroleum Corp. – slide 1
    Whiting Petroleum Corporation Third Quarter 2017 Results October 26, 2017 NYSE: WLL
  2. Third Quarter 2017 Results – Whiting Petroleum Corp. – slide 2
    Q3 2017 Achievements Q3 2017 Average Production of 114,350 BOE/d at High End of Guidance when Adjusted for FBIR Asset Sale and Third-Party Midstream Outages. Redtail Production Increased 78% Quarter over Quarter. Q3 2017 Oil…
  3. Third Quarter 2017 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 102,015 BOE/d (Q3…
  4. Third Quarter 2017 Results – Whiting Petroleum Corp. – slide 4
    Williston Basin Development Program Large Acreage Position in the Core of the Play Northern 31-30 Two Well Average ACREAGE Avg. 11.6 MMlb Stimulation Evitt 14-12 and 34-12 Pad Averages 691,880 gross (412,925 net) Exceeding 1,000…
  5. Third Quarter 2017 Results – Whiting Petroleum Corp. – slide 5
    Strong Enhanced Completion Results in Williams County 180,000 Evitt 14-12 and 34-12 Pad Averages 160,000 14-12 Avg. 9.3 MMlb Stimulation 34-12 Avg. 10.1 MMlb Stimulation 140,000 14-12 Completed May 2017 34-12 Completed June 2017…
  6. Third Quarter 2017 Results – Whiting Petroleum Corp. – slide 6
    Strong Enhanced Completion Results in Williams County 250,000 Northern 31-30 Two Well Average Avg. 11.6 MMlb Stimulation Completed April 2017 200,000 Exceeding 1,000 MBOE Type Curve 150,000 BOE 100,000 50,000 0…
  7. Third Quarter 2017 Results – Whiting Petroleum Corp. – slide 7
    New Strong Enhanced Completion Results in McKenzie County 140,000 Koala 31-25 Wells 120,000 Avg. 9.8 MMlb Stimulation Completed August 2017 Tracking 1,500 MBOE Type Curve 100,000 80,000 BOE 60,000 40,000…
  8. Third Quarter 2017 Results – Whiting Petroleum Corp. – slide 8
    New Strong Enhanced Completion Results in Williams County 60,000 Nelson 21-18 Two Well Average Avg. 10.0 MMlb Stimulation 50,000 Completed September 2017 Tracking 1,500 MBOE Type Curve 40,000 BOE 30,000 20,000…
  9. Third Quarter 2017 Results – Whiting Petroleum Corp. – slide 9
    Williston Basin 8+MMlb Enhanced Completions Above 1,000 MBOE Type Curve 55 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 0…
  10. Third Quarter 2017 Results – Whiting Petroleum Corp. – slide 10
    Williston Basin 7+MMlb Enhanced Completions Above 1,000 MBOE Type Curve 85 Bakken/Three Forks Completions Across Multiple Core Counties(1) 300,000 250,000 200,000 BOE 150,000 100,000 50,000 0 0.0 50.0…
  11. Third Quarter 2017 Results – Whiting Petroleum Corp. – slide 11
    Williston Basin 7+MMlb Enhanced Completions Pad Locations WLL Acreage Enhanced Completion NYSE: WLL 11
  12. Third Quarter 2017 Results – Whiting Petroleum Corp. – slide 12
    Strong Returns for Enhanced Completions at 40 NYMEX Oil 700,000 600,000 500,000 400,000 BOE 300,000 200,000 100,000 0 0 100 200 300 400 500 600 700 800 900 1,000 Days 1,000 MBOE Type Curve 1,500 MBOE…
  13. Third Quarter 2017 Results – Whiting Petroleum Corp. – slide 13
    91% of Potential Bakken/Three Forks Drilling Locations in Core Areas Core Areas Gross Working Gross % of Total County Name Acreage(1) Interest(1) Locations(1) Locations(1) McKenzie 164,640 64% 1,508 31% Mountrail(2) 174,920 48% 993…
  14. Third Quarter 2017 Results – Whiting Petroleum Corp. – slide 14
    Williston Basin Drill Times(1) 47% Decline from Beginning of 2014 Technology driving times down 25.0 Multiple wells being drilled off pads Advancements in drill bit design(heat resistance) 21.6 Mud motor design(more torque) 19.6…
  15. Third Quarter 2017 Results – Whiting Petroleum Corp. – slide 15
    Redtail Development Program Economic Sweet Spot in Oil Window (Weld County, Colorado) ACREAGE 157,513 (131,763 net) acres 100% held by production, expires beyond 2018, or can be extended for approximately 3 million. Average WI of…
  16. Third Quarter 2017 Results – Whiting Petroleum Corp. – slide 16
    Financial Results Summary Three Months Nine Months Ended Ended September 30, 2017 (In millions, expect per share data) Net Loss Attributable to Common Shareholders. (286.4) (439.4) Adjusted Net Loss(1)................... (50.1)…
  17. Third Quarter 2017 Results – Whiting Petroleum Corp. – slide 17
    Strong Balance Sheet Liquidity with Financial Flexibility 2.3 billion of bank credit commitments on a 2.3 billion borrowing base. Only 200 million drawn as of 9/30/2017. Bank credit agreement through 12/08/2019. Bank credit…
  18. Third Quarter 2017 Results – Whiting Petroleum Corp. – slide 18
    Guidance for Q4 and Full-Year 2017 Guidance Fourth Quarter Full Year 2017 2017 Production (MMBOE) 11.3 - 11.9 42.6 - 43.2 Lease operating expense per BOE 8.10 - 8.70 8.25 - 8.75 General and administrative expense per BOE 2.60 -…
  19. Third Quarter 2017 Results – Whiting Petroleum Corp. – slide 19
    Strong Hedge Position(1) 62% Hedged 2017; 52% Hedged 2018 Weighted Average As a Percentage of Derivative Hedge Contracted Crude NYMEX Price September 2017 Instrument Period (Bbls per Month) (per Bbl) Oil Production Three-way…
  20. Third Quarter 2017 Results – 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. - Disciplined allocation of capital. - Strong liquidity position. - Strong balance…
  21. Third Quarter 2017 Results – Whiting Petroleum Corp. – slide 21
    APPENDIX NYSE: WLL 21
  22. Third Quarter 2017 Results – Whiting Petroleum Corp. – slide 22
    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) Three Months Ended Nine Months Ended September 30,…
  23. Third Quarter 2017 Results – Whiting Petroleum Corp. – slide 23
    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, 2017 2016 2017 2016 Net cash…

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