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1Q 2018 Earnings Presentation – Whiting Petroleum Corp.

Whiting Petroleum Corp. · May 10, 2018 · 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. 1Q 2018 Earnings Presentation – Whiting Petroleum Corp. – slide 1
    CORPORATE PRESENTATION May 1, 2018 NYSE: WLL 1
  2. 1Q 2018 Earnings Presentation – Whiting Petroleum Corp. – slide 2
    Strategic Vision Deliver multi-year growth and free cash flow at a 55 NYMEX oil price. Reduce Debt to EBITDAX ratio below 2:1 at a 55 NYMEX oil price. Maintain a strong hedge position (60-70% of oil volumes) 12-24 months forward.…
  3. 1Q 2018 Earnings Presentation – Whiting Petroleum Corp. – slide 3
    2018 Strategic Initiatives Implemented an optimized completion strategy to enhance capital efficiency at the drilling spacing unit level. Reorganized the Bakken team structure to streamline communications and learning across the…
  4. 1Q 2018 Earnings Presentation – Whiting Petroleum Corp. – slide 4
    First Quarter 2018 Highlights Q1 2018 Average Production of 127,050 BOE/d above Midpoint of Guidance. Q1 2018 Diluted Earnings per Share of 0.16 and Adjusted Earnings per Share of 0.92. Q1 2018 Net Cash by Operating Activities…
  5. 1Q 2018 Earnings Presentation – Whiting Petroleum Corp. – slide 5
    Consistently Generating Cash Flow Above Capex Discretionary Cash Flow (1) - Capital Expenditures 250 199.4 200 150 MM 103.3 96.1 100 50 0 Q4 2017 Q1 2018 Total (1) For reconciliation of discretionary…
  6. 1Q 2018 Earnings Presentation – Whiting Petroleum Corp. – slide 6
    2018 Capital Expenditure Plan Capital Plan Highlights Capital Budget of 750 Million Forecast Average 2018 Production of Other Non-Op 128,400 BOE/d 25 MM 50 MM 9% Growth over 2017 Average 3% 7% Redtail 75 MM Williston Basin…
  7. 1Q 2018 Earnings Presentation – Whiting Petroleum Corp. – slide 7
    Williston Basin Acreage Overview Polar Tier 1 Areas West Total Net Sanish/Parshall Missouri Gross Net Potential Breaks Area Acres Acres Wells East Missouri Breaks 61,723 30,143 90 Hidden Bench 104,166 75,392 440 Polar 97,988…
  8. 1Q 2018 Earnings Presentation – Whiting Petroleum Corp. – slide 8
    Williston Basin Development Plan 4 rig program; added 5th rig end of April 2-4 completion crews Targeting 1,000+ MBOE EUR 6.5 - 7.1 Million well cost Plan to drill 120 gross wells and put on production 123 gross wells in…
  9. 1Q 2018 Earnings Presentation – Whiting Petroleum Corp. – slide 9
    Hidden Bench Enhanced Completions Outperforming a 1,000 MBOE Type Curve Hidden Bench Enhanced Completions (1) 300,000 250,000 200,000 Barrels of Oil Equivalent 150,000 100,000 50,000 0 0 50 100 150 200…
  10. 1Q 2018 Earnings Presentation – Whiting Petroleum Corp. – slide 10
    Polar Enhanced Completions Outperforming a 1,000 MBOE Type Curve Polar Enhanced Completions (1) 300,000 250,000 200,000 Barrels of Oil Equivalent 150,000 100,000 50,000 0 0 50 100 150 200 250 300 350 400…
  11. 1Q 2018 Earnings Presentation – Whiting Petroleum Corp. – slide 11
    Sanish Enhanced Completions Outperforming a 1,000 MBOE Type Curve Sanish Enhanced Completions (1) 400,000 350,000 300,000 Barrels of Oil Equivalent 250,000 200,000 150,000 100,000 50,000 0 0 100 200…
  12. 1Q 2018 Earnings Presentation – Whiting Petroleum Corp. – slide 12
    Optimizing Completions Previous Designs Optimized Design Generation 1: 2010-2012 240 lbs/ft proppant Generation 4 (Right-Sized 380 stage spacing Completions): 2018 4 bbl/ft fluid 600 1,200 lbs/ft proppant 380 cluster spacing 200…
  13. 1Q 2018 Earnings Presentation – Whiting Petroleum Corp. – slide 13
    The Optimum Frac Design for each specific area Differences in reservoir and mechanical properties exist across the Williston Basin. Every area requires a customized completion Example of Multivariate Analysis design. for a Specific…
  14. 1Q 2018 Earnings Presentation – Whiting Petroleum Corp. – slide 14
    Finding the Optimum Size 400,000 350,000 Optimizing a DSU 300,000 5 Bakken wells (Hidden Bench Area) 250,000 Single DSU Barrels of Oil Equivalent 200,000 Enhanced Wells stimulated with less Completion than 3 MMlbs…
  15. 1Q 2018 Earnings Presentation – Whiting Petroleum Corp. – slide 15
    Continuous Improvement in Operations Continually Improving Drilling Efficiency 35 Drilling 30 Industry leader in drilling performance with 57% 25 23.0 21.7 reduction in SPUD to TD since 2011. Spud to TD - Days 20 17.2 Utilizing…
  16. 1Q 2018 Earnings Presentation – Whiting Petroleum Corp. – slide 16
    Driving Cash Costs Down 20.00 19.37 Established pipe gathering systems for 18.00 produced water. 3.80 16.58 15.53 Renegotiated lower rates for existing 16.00 14.59 14.39 produced water systems. 14.00 3.68 4.83 4.67 Currently…
  17. 1Q 2018 Earnings Presentation – Whiting Petroleum Corp. – slide 17
    Williston Basin Differentials Steadily Improve 0.00 (2.00) (3.02) (4.00) (4.63) /BOE (6.00) (7.22) (8.00) (8.53) (10.00) (10.93) (12.00) 2014 2015 2016 2017 Q1 2018 Williston Basin Oil Differential NYSE:…
  18. 1Q 2018 Earnings Presentation – Whiting Petroleum Corp. – slide 18
    Strong Balance Sheet Liquidity with Financial Flexibility Well Staged Bond Maturity Profile as of 3/31/2018 ( Millions) 1.75 billion of bank credit commitments on a 2.4 billion borrowing base. 90 million drawn as of 3/31/2018.…
  19. 1Q 2018 Earnings Presentation – Whiting Petroleum Corp. – slide 19
    Strong Hedge Position (1) 2018 Hedge Position (2) 80% Weighted Average As a Percentage of Derivative Hedge Contracted Crude NYMEX Price March 2018 70% Instrument Period (Bbls per Month) (per Bbl) Oil Production 60% Three-way…
  20. 1Q 2018 Earnings Presentation – Whiting Petroleum Corp. – slide 20
    Why Whiting Delivering growth and free cash flow in 2018. Managing the asset portfolio to maximize capital efficiency and corporate level returns. Strong debt maturity profile. Strong hedge position. A technology leader in the…
  21. 1Q 2018 Earnings Presentation – Whiting Petroleum Corp. – slide 21
    Reconciliation of Adjusted Net Income (Loss) Three Months Ended March 31, 2018 2017 Net income (loss) attributable to common shareholders 15,012 (86,957) Adjustments: Amortization of deferred gain on sale (2,904) (3,342) Loss on…
  22. 1Q 2018 Earnings Presentation – Whiting Petroleum Corp. – slide 22
    Reconciliation of Discretionary Cash Flow Three Months Ended Year Ended December 31, December 31, 2017 2016 2017 2016 Net cash provided by operating activities 286,703 236,755 577,109 595,010 Exploration 16,801 6,187 36,324 45,846…

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