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November 2014 Investor Update – Whiting Petroleum Corp.

Whiting Petroleum Corp. · Nov 12, 2014 · 39 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. November 2014 Investor Update – Whiting Petroleum Corp. – slide 1
    Whiting Petroleum Corporation ENERGY + TECHNOLOGY = GROWTH Leading in Technology to Unlock Americas Oil Riches NYSE: WLL Investor Update November 12, 2014
  2. November 2014 Investor Update – Whiting Petroleum Corp. – slide 2
    Corporate Overview Jim Volker - Chairman, President & CEO Whiting CEO, Jim Volker, and Timbro Ranch Managing Partner, Ron Timmerman, Review Whitings Redtail Prospect Development Plans on the Timbro Ranch in Weld County, Colorado…
  3. November 2014 Investor Update – Whiting Petroleum Corp. – slide 3
    Whiting Petroleum A Company on the Move Four Significant Third Quarter 2014 Achievements 1) Record Production Reaches 116,675 BOE/d in Q3 2014, up 6% over Q2 2014 Record Bakken / Three Forks Production of 87,480 BOE/d, Up 33% YoY, 9%…
  4. November 2014 Investor Update – Whiting Petroleum Corp. – slide 4
    A Focused Company Q3 2014 Net Production 116.7 MBOE/d Williston Basin Bakken / Three Forks 10% 3% 87,480 BOE/d (Q3 2014) 87% Redtail Niobrara A and B 8,610 BOE/d (Q3 2014) HEADQUARTERS Denver, Colorado Rocky Mountains…
  5. November 2014 Investor Update – Whiting Petroleum Corp. – slide 5
    Williston Basin Highlights October 30, 2014 Record Williston Basin Well Flatland Federal 114TFH IP: 7,824 BOE/d (10/11/14) Field Target Gross Acres Net Acres Flatland Federal 114HR Sanish / Parshall Middle Bakken 174,398 82,517 IP:…
  6. November 2014 Investor Update – Whiting Petroleum Corp. – slide 6
    Maximizing Recovery Efficiency Improving Frac Distribution Older Style Sliding Sleeve Completion Potential Frac Ports Entry Annulus Stages per Stage Points Free fluid between packers 30 1 30 New Style Cemented Liner…
  7. November 2014 Investor Update – Whiting Petroleum Corp. – slide 7
    Exploiting the Bakken and Three Forks in the Williston Primary and Prospective Drilling Locations MISSOURI BREAKS CASSANDRA SANISH 8 WELLS 12 WELLS 15 WELLS HIDDEN BENCH PRONGHORN TARPON 16 WELLS 6 WELLS 12 WELLS NYSE: WLL…
  8. November 2014 Investor Update – Whiting Petroleum Corp. – slide 8
    Maximizing Recovery Efficiency Improving Hidden Bench Production Rates 21% Increase Over 90Days 3,000 2,539 2,500 2,132 2,000 1,500 1,122 1,000 887 +21% 805 658 648 535 500 2013 2014 24Hour IP 30Day Avg. 60Day…
  9. November 2014 Investor Update – Whiting Petroleum Corp. – slide 9
    Williston Basin Production Profile Per Well Results: 43% 133% IRR at 70/Bbl 100/Bbl NYMEX(1)(2) 1,000 EUR - 600 MBOE, CAPEX 8.0 MM Nymex oil price/Bbl 70 80 90 100 ROI 2.3 2.7 3.2 3.6 Daily Equivalent Production IRR (%) 43%…
  10. November 2014 Investor Update – Whiting Petroleum Corp. – slide 10
    Redtail Development Program Economic Sweet Spot OBJECTIVE (Weld County, Colorado) Niobrara A Chalk Niobrara B Chalk Niobrara C Chalk Niobrara Initial 30Day Average Rate (Gas converted to oil price equivalent ratio 17:1) Fort…
  11. November 2014 Investor Update – Whiting Petroleum Corp. – slide 11
    Redtail Niobrara Production Profile Per Well Results: 42% 123% IRR at 70/Bbl 100/Bbl NYMEX(1)(2) 1000 EUR - 420 MBOE, CAPEX 5.5 MM Nymex oil price/Bbl 70 80 90 100 ROI 2.5 3.1 3.6 4.1 Daily Equivalent Production IRR (%) 42%…
  12. November 2014 Investor Update – Whiting Petroleum Corp. – slide 12
    Oil Focused Strategy Delivers Consistently Strong Margins Consistently Delivering Strong EBITDA Margins (1) Oil 86.78/Bbl NGL 36.01/Bbl Gas 4.08/Mcf 90.00 80.00 82.16 76.76 74.88/BOE 73.88 80.00 69.85 61.48 Whiting Realized…
  13. November 2014 Investor Update – Whiting Petroleum Corp. – slide 13
    Redtail Geology and Development Plan Overview Surveyed Wellhead locations for the Horsetail 30F Super Pad NYSE: WLL 14 Energy + Technology = Growth
  14. November 2014 Investor Update – Whiting Petroleum Corp. – slide 14
    Redtail Development Program Geologic Sweet Spot Oil Nat. Gas NYSE: WLL 15 Energy + Technology = Growth
  15. November 2014 Investor Update – Whiting Petroleum Corp. – slide 15
    Redtail Development Program Economic Sweet Spot OBJECTIVE (Weld County, Colorado) Niobrara A Chalk Niobrara B Chalk Niobrara C Chalk Niobrara Initial 30Day Average Rate (Gas converted to oil price equivalent ratio 17:1) Fort…
  16. November 2014 Investor Update – Whiting Petroleum Corp. – slide 16
    Unconventional Reservoir Characterization Determining mobile fraction of Oil in Place (MOIP) Molecular Diameters of Conventional Oil Common Hydrocarbons Reservoirs 1 Micrometer 1 Nanometer Unconventional Oil Unconventional…
  17. November 2014 Investor Update – Whiting Petroleum Corp. – slide 17
    Unconventional Reservoir Characterization Denver Rock Lab Core Layout Facility Reservoir Characterization Logging / Calibration In-house Facility Sample Selection Operated + Non-op Core Collaboration & Training Collaboration &…
  18. November 2014 Investor Update – Whiting Petroleum Corp. – slide 18
    Redtail Development Program Opportunity and Challenge of the Niobrara Reservoir High-resolution pore structure image from Scanning Electron Microscope (nanometer = 1 thousandth of a micron) 5 microns 5 microns 5 m 5 m (oil…
  19. November 2014 Investor Update – Whiting Petroleum Corp. – slide 19
    Redtail Development Program Niobrara Reservoir Niobrara Reservoir Niobrara Resource Potential (1) GR Zone Whiting RAZOR 25-2514H PHI Minerals BVFluid RES OOIP by Zone 0 200 30 -10 0 100 0.2 2000 Reservoir Porosity Thickness…
  20. November 2014 Investor Update – Whiting Petroleum Corp. – slide 20
    Redtail Development Plan Defining Optimal Well Density 27L Pad 27K Pad Drilling Density Drilling Density - 16 Wells/DSU - 16 Wells/DSU - 330 ft. - 330 ft. Target: B-B-B-B Target: A-B-A-B Status: Producing Status: Producing…
  21. November 2014 Investor Update – Whiting Petroleum Corp. – slide 21
    Redtail Development Plan Drilling Inventory 2014 2018 Development Plan Includes Approximately 1,024 Gross Operated Wells With an 84% Average Working Interest (Total Locations: 3,310 Gross 1,654 Net Wells) Based on 8 A & 8 B…
  22. November 2014 Investor Update – Whiting Petroleum Corp. – slide 22
    Redtail Development Plan Rig Schedule July Jan July Jan July Jan July 2013 2014 2014 2015 2015 2016 2016 Six Rigs 4/1/2015 Five Rigs 11/15/2014 Four Rigs 7/20/2014 Three Rigs 2/14/2014 Two Rigs 11/7/2013 One…
  23. November 2014 Investor Update – Whiting Petroleum Corp. – slide 23
    Drilling Process Overview Doug Walton Vice President National Drilling Redtail Drilling Rig on the Razor 26L pad NYSE: WLL 24 Energy + Technology = Growth
  24. November 2014 Investor Update – Whiting Petroleum Corp. – slide 24
    Typical Well Construction CONDUCTOR: HOLE SIZE: 20 SURFACE: DEPTH: 95 HOLE SIZE: 13.500 PRESET PRIOR TO THE DRILLING RIG ARRIVING ON LOCATION DEPTH: 1,600 MUD: SPUD MUD 8.38.8PPG LATERAL: BIT/BHA: PDC/MM/MWD HOLE SIZE: 6.000…
  25. November 2014 Investor Update – Whiting Petroleum Corp. – slide 25
    Frontier 26 Rig Inventory DRAWWORKS: 1,000 HP National 80UE Dual Fuel MAST: 142 High 750,000 LB Static Hook Load SUBSTRUCTURE: 21 High Box on Box GENERATORS: (3) Caterpillar 3512C Diesel Engines SCR: 4Bay TOP DRIVE: CanRig 500 Ton…
  26. November 2014 Investor Update – Whiting Petroleum Corp. – slide 26
    NYSE: WLL Spud to TD (Days) 0 5 10 15 20 25 Razor 27I3415A Razor 21C2805A Razor 21C2807A Razor 26K2306B Razor 26K2308B Razor 26K3508B Razor Federal 26J Razor 11E0202B Razor 26K2305A Razor Federal 26J…
  27. November 2014 Investor Update – Whiting Petroleum Corp. – slide 27
    Well Completion and Operations Overview Mike Stahl - Operations Manager Redtail Tank Battery NYSE: WLL 28 Energy + Technology = Growth
  28. November 2014 Investor Update – Whiting Petroleum Corp. – slide 28
    Optimizing Completions Reducing completion cost through increased efficiency, high volume of work, and aggressive bidding. Improving well performance Rightsizing jobs Implementing new technologies Reducing cycle time…
  29. November 2014 Investor Update – Whiting Petroleum Corp. – slide 29
    Total Proppant Pumped per Well 9.0 8.0 7.0 6.0 5.0 Million Lbs 4.0 Optimizing Frac Design Avg. 5.5 mm sand 3.0 2.0 1.0 0.0 NYSE: WLL Well Count 30 Energy + Technology = Growth
  30. November 2014 Investor Update – Whiting Petroleum Corp. – slide 30
    Well Stimulation Cost Well Stim Costs per Lb of Sand Down Approx. 50% per Econ. of Scale 1.00 0.90 0.80 0.70 0.60 / LB 0.50 0.40 0.30 0.20 0.10 0.00 Well Count NYSE: WLL 31 Energy + Technology =…
  31. November 2014 Investor Update – Whiting Petroleum Corp. – slide 31
    Frac Stages Per Well: 3 Entry Points per Stage = 120 Entry Points 50 45 40 35 30 Stages 25 20 15 10 5 0 NYSE: WLL Well Count 32 Energy + Technology = Growth
  32. November 2014 Investor Update – Whiting Petroleum Corp. – slide 32
    Redtail Frac Water Forecasting Assumes 13 Stages per day per pad, 3,200 bbl per Stage 5,000,000 4,500,000 Eliminating 15,000 truck trips per month = 1.8 million per month in cost savings based 4,000,000 on six rigs working…
  33. November 2014 Investor Update – Whiting Petroleum Corp. – slide 33
    Developing Infrastructure: Saving 1/Bbl Water Distribution System 16 miles of line Delivered Cost of 1.60 per Bbl Water versus approximately 2.60 truck costs 1 mile NYSE: WLL As of September 30, 2014 34 Energy +…
  34. November 2014 Investor Update – Whiting Petroleum Corp. – slide 34
    Niobrara Development Current Plans Drilling Orientation Both NS and EW lateral orientation produces good results Current Stimulation Job Size Utilizing a hybrid design slick water/crosslinked gel system Averaging 5.5 million lbs…
  35. November 2014 Investor Update – Whiting Petroleum Corp. – slide 35
    Niobrara Development Future Plans Completion Hardware Evaluating sleeve systems versus plug & perf (cost, performance, speed) Performed two CT actuated sleeve completions, initial results equal 10% 15% higher cost and same…
  36. November 2014 Investor Update – Whiting Petroleum Corp. – slide 36
    Midstream Plans Phil Archer - Midstream Manager Redtail Gas Plant NYSE: WLL 37 Energy + Technology = Growth
  37. November 2014 Investor Update – Whiting Petroleum Corp. – slide 37
    Midstream Plans Complete oil field development underway 3 Gathering services Gas, Oil and Produced Water 3 Utility supply services Electricity, Fuel Gas and Fresh Water 1 Communication service: Fiber Optic cable Sales pipelines…
  38. November 2014 Investor Update – Whiting Petroleum Corp. – slide 38
    Redtail Infrastructure Plan: A Great Place to Find an Oil Field September 2014 Trailblazer REX to KC area hub to East OH hub Redtail Facilities Plan Planned Gathering System Gas Gathering Lines 141 Miles Trailblazer/REX Oil…
  39. November 2014 Investor Update – Whiting Petroleum Corp. – slide 39
    Redtail Central Production Batteries (CPB) CPB Drivers DSU Construct simultaneous with drilling/completions Reduce capital and labor requirements Reduce equipment relocation requirements Centralized Equipment on CPB Oil Tanks/…

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