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JP Morgan 2018 Energy Equity Conference – Whiting Petroleum Corp.

Whiting Petroleum Corp. · Jun 18, 2018 · 29 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. JP Morgan 2018 Energy Equity Conference – Whiting Petroleum Corp. – slide 1
    J.P. Morgan 2018 Energy Equity Conference June 18-20, 2018 NYSE: WLL 1
  2. JP Morgan 2018 Energy Equity Conference – Whiting Petroleum Corp. – slide 2
    Strategic Vision Achieve Industry Leading Results in Capital Efficient Development of Resource Plays Maximize economic returns at the drilling spacing unit and corporate level. Deliver multi-year growth and free cash flow at a 55…
  3. JP Morgan 2018 Energy Equity Conference – Whiting Petroleum Corp. – slide 3
    2018: Disciplined Growth and Free Cash Flow 2018 Initiatives 1Q Results Implemented an optimized completion strategy Q1 2018 Net Cash from Operations Exceeded to enhance capital efficiency at the drilling Capex by 46 Million and…
  4. JP Morgan 2018 Energy Equity Conference – Whiting Petroleum Corp. – slide 4
    2018 Capital Budget: Spending Below Cash Flow Capital Plan Highlights Capital Budget of 750 Million Forecast Average 2018 Production of Non-Op Other 128,400 BOE/d 50 MM 25 MM 9% Growth over 2017 Average 7% 3% Redtail 75 MM…
  5. JP Morgan 2018 Energy Equity Conference – Whiting Petroleum Corp. – slide 5
    Consistently Generating Cash Flow Above Capex Discretionary Cash Flow (1) Less 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 cash…
  6. JP Morgan 2018 Energy Equity Conference – Whiting Petroleum Corp. – slide 6
    WLL Generating Peer Leading Cash Flow Now 200.0 170.3 150.0 Q4 2017 & Q1 2018 Cash flow from Operations 91.7 100.0 52.6 50.0 38.0 36.2 less Capital Expenditures 0.0 (50.0) (100.0) (83.2) (101.2) (94.9)(101.2) (150.0)…
  7. JP Morgan 2018 Energy Equity Conference – Whiting Petroleum Corp. – slide 7
    Top Acreage Position across the Core Williston Basin Polar West Sanish/Parshall Missouri Breaks McNamara Infill Project Completed July/August 2017 Hidden Average Proppant 10.1 MMLbs Bench 5 Rig Program East 2-4…
  8. JP Morgan 2018 Energy Equity Conference – Whiting Petroleum Corp. – slide 8
    Mallow Highlights Southern Hidden Bench Quality Hidden Bench Enhanced Completions 300,000 250,000 Barrel of Oil Equivalent 200,000 150,000 100,000 50,000 0 0 50 100 150 200 250 300 350 400 Days Hidden Bench…
  9. JP Morgan 2018 Energy Equity Conference – Whiting Petroleum Corp. – slide 9
    McNamara Infill Project Highlights Sanish Quality Project Goals Drill 6 Bakken infill wells and complete utilizing Whiting optimized completions. Maximize recovery factor in a high OOIP area. Protect parent well production.…
  10. JP Morgan 2018 Energy Equity Conference – Whiting Petroleum Corp. – slide 10
    Total McNamara DSU Recovery Enhanced Project Has Produced More Than 1.2 MMBO Since September 2017 New Well Production over 1,050,000 BO Parent Well Production Additional 150MBO Above Pre-infill Trend NYSE: WLL 11
  11. JP Morgan 2018 Energy Equity Conference – Whiting Petroleum Corp. – slide 11
    McNamara Unit Projected Recovery Factor Cumulative Middle Bakken Recovery Factor for McNamara DSU 21.0% 20.0% 19.0% 18.0% 17.0% 16.0% Projected Unit Recovery Factor 15.0% including McNamara Infills (20.1%) 14.0% 13.0% 12.0%…
  12. JP Morgan 2018 Energy Equity Conference – Whiting Petroleum Corp. – slide 12
    A Leader in 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…
  13. JP Morgan 2018 Energy Equity Conference – 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. JP Morgan 2018 Energy Equity Conference – 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. JP Morgan 2018 Energy Equity Conference – 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. JP Morgan 2018 Energy Equity Conference – Whiting Petroleum Corp. – slide 16
    Optimization Efforts Lead to Decreased Downtime Northern Rockies Downhole Failure Continues to Decrease Optimizing Production and Reducing LOE 1.20 Implemented advanced well monitoring and 1.04 intervention techniques utilizing…
  17. JP Morgan 2018 Energy Equity Conference – Whiting Petroleum Corp. – slide 17
    Driving Cash Costs Down 20.00 19.37 18.00 3.80 16.58 Established pipe gathering systems 16.00 15.53 14.59 for produced water. 14.00 4.83 14.39 3.68 Renegotiated lower rates for 12.00 4.67 3.70 3.94 existing produced water…
  18. JP Morgan 2018 Energy Equity Conference – Whiting Petroleum Corp. – slide 18
    Strong Williston Basin Differentials Enhance Cash Flow 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…
  19. JP Morgan 2018 Energy Equity Conference – Whiting Petroleum Corp. – slide 19
    Strong Balance Sheet Liquidity and 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. 1,000…
  20. JP Morgan 2018 Energy Equity Conference – Whiting Petroleum Corp. – slide 20
    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…
  21. JP Morgan 2018 Energy Equity Conference – Whiting Petroleum Corp. – slide 21
    Why Whiting Turning Rock Into Cash Flow 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.…
  22. JP Morgan 2018 Energy Equity Conference – Whiting Petroleum Corp. – slide 22
    Appendix NYSE: WLL 23
  23. JP Morgan 2018 Energy Equity Conference – Whiting Petroleum Corp. – slide 23
    Recent Williston Basin Differentials Attractive 6.00 4.00 Spot Differential per Barrel 2.00 0.00 (2.00) (4.00) (6.00) (8.00) (10.00) (12.00) (14.00) WTI Midland Spot Price Bakken Clearbrook Spot Price Source:…
  24. JP Morgan 2018 Energy Equity Conference – Whiting Petroleum Corp. – slide 24
    Slower Activity Build Means Less Cost Pressure Change in Rig Count from January 1, 2016 80.0% North Dakota +67% Change in Rig Count from January 1, 2016 60.0% Texas +63% 40.0% Oklahoma 20.0% +4% 0.0% (20.0%) (40.0%)…
  25. JP Morgan 2018 Energy Equity Conference – Whiting Petroleum Corp. – slide 25
    Bakken Outperforms Other Shale Plays Bakken Achieves Best Year Productivity Gains in 2017 Source: Seaport Global SGS Productivity Analysis April 18, 2018 NYSE: WLL 26
  26. JP Morgan 2018 Energy Equity Conference – Whiting Petroleum Corp. – slide 26
    Excess Takeaway Capacity out of the Basin NDPA forecast doesnt exceed total takeaway capacity Current pipeline takeaway: 1.4 MMBbls Current rail takeaway: 1.5 MMBbls February 2018 Production: 1.2 MMBbls Source: North…
  27. JP Morgan 2018 Energy Equity Conference – Whiting Petroleum Corp. – slide 27
    Infrastructure Build-out Meets Long-Term Goal Near-term Challenges in Second Half 2018 and 2019 Potential near- term challenge NYSE: WLL 28 Source: North Dakota Pipeline Authority May 15, 2018 presentation.
  28. JP Morgan 2018 Energy Equity Conference – Whiting Petroleum Corp. – slide 28
    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…
  29. JP Morgan 2018 Energy Equity Conference – Whiting Petroleum Corp. – slide 29
    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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