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August 2018 Enercom Conference – Whiting Petroleum Corp.

Whiting Petroleum Corp. · Aug 21, 2018 · 32 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. August 2018 Enercom Conference – Whiting Petroleum Corp. – slide 1
    Enercoms The Oil & Gas Conference August 2018 NYSE: WLL 1
  2. August 2018 Enercom 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. August 2018 Enercom Conference – Whiting Petroleum Corp. – slide 3
    2018: Disciplined Growth and Free Cash Flow 2018 Initiatives 2Q Results Implemented an optimized completion strategy Q2 2018 average production of 126,180 BOE/d to enhance capital efficiency at the drilling at the high end of…
  4. August 2018 Enercom 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. August 2018 Enercom Conference – Whiting Petroleum Corp. – slide 5
    Consistently Generating Cash Flow Above Capex Discretionary Cash Flow (1) Less Capital Expenditures 300 265 250 200 MM 150 103 96 100 66 50 0 Q4 2017 Q1 2018 Q2 2018 Total (1) For reconciliation of…
  6. August 2018 Enercom Conference – Whiting Petroleum Corp. – slide 6
    WLL Generating Peer Leading Cash Flow Now 400.0 300.0 268.8 Q4 2017, Q1 2018 & Q2 2018 Cash Flow From 195.0 200.0 Operations Less Capital Expenditures 100.0 0.0 (5.7) (7.0) (100.0) (44.0) (61.6) (200.0) (165.0)…
  7. August 2018 Enercom Conference – Whiting Petroleum Corp. – slide 7
    Top Acreage Position across the Core Williston Basin Tier 1 Areas Total Polar Potential Gross Net Net West Area Acres Acres Wells Sanish/Parshall Missouri East Missouri Breaks 61,527 29,882 90 Breaks Hidden Bench 103,486 75,381…
  8. August 2018 Enercom Conference – Whiting Petroleum Corp. – slide 8
    Bakken Bolt-On Contiguous with Core Areas 130 million purchase price funded from free cash flow. 54,833 net acres overlap in Hidden Bench and East Missouri Breaks acreage. 1,290 BOE/d of production. 26 MMBOE of estimated proved…
  9. August 2018 Enercom Conference – Whiting Petroleum Corp. – slide 9
    Mallow Highlights Southern Hidden Bench Quality Hidden Bench Enhanced Completions 300,000 250,000 Barrels of Oil Equivalent 200,000 150,000 100,000 50,000 0 0 50 100 150 200 250 300 350 400 Days (1) Hidden…
  10. August 2018 Enercom Conference – Whiting Petroleum Corp. – slide 10
    Polar Generation 4.0 Completions Outperforming Legacy 10 Million lb. Offset 100,000 Cumulative Oil Production North Polar, Anna/Nelson wells completed Nelson 14-8-2H Nelson 14-8-1HU w/ 6.5MM to 7.5MM lbs & Gen 4.0 diversion…
  11. August 2018 Enercom Conference – Whiting Petroleum Corp. – slide 11
    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.…
  12. August 2018 Enercom Conference – Whiting Petroleum Corp. – slide 12
    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 13
  13. August 2018 Enercom Conference – Whiting Petroleum Corp. – slide 13
    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%…
  14. August 2018 Enercom Conference – Whiting Petroleum Corp. – slide 14
    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…
  15. August 2018 Enercom Conference – Whiting Petroleum Corp. – slide 15
    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…
  16. August 2018 Enercom Conference – Whiting Petroleum Corp. – slide 16
    Finding the Optimum Size at Hidden Bench 400,000 350,000 Optimizing a DSU 5 Bakken wells (Hidden Bench 300,000 Area) 250,000 Single DSU Barrels of Oil Equivalent 200,000 Enhanced Wells stimulated with less Completion…
  17. August 2018 Enercom Conference – Whiting Petroleum Corp. – slide 17
    Continuous Improvement in Operations Continually Improving Drilling Efficiency 35 Drilling 30 Industry leader in drilling performance with 61% 23.0 reduction in SPUD to TD since 2011. Spud to TD - Days 25 21.7 20 17.2 Utilizing…
  18. August 2018 Enercom Conference – Whiting Petroleum Corp. – slide 18
    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…
  19. August 2018 Enercom Conference – Whiting Petroleum Corp. – slide 19
    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 13.98 3.68 Renegotiated lower rates for 12.00 4.67 3.70 3.94 3.55 existing…
  20. August 2018 Enercom Conference – Whiting Petroleum Corp. – slide 20
    Strong Williston Basin Differentials Enhance Cash Flow 0.00 (2.00) (3.02) (4.00) (3.91) (4.63) /BOE (6.00) (7.22) (8.00) (8.53) (10.00) (10.93) (12.00) 2014 2015 2016 2017 Q1 2018 Q2 2018 Williston Basin Oil…
  21. August 2018 Enercom Conference – Whiting Petroleum Corp. – slide 21
    Why Whiting Turning Rock Into Cash Flow Projecting 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. August 2018 Enercom Conference – Whiting Petroleum Corp. – slide 22
    Appendix NYSE: WLL 23
  23. August 2018 Enercom Conference – Whiting Petroleum Corp. – slide 23
    Recent Williston Basin Differentials Attractive 5.00 Spot Differential per Barrel 0.00 (5.00) (10.00) (15.00) (20.00) WTI Midland Spot Price Bakken Clearbrook Spot Price Source: Bloomberg spot oil prices. NYSE:…
  24. August 2018 Enercom 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 +63% Change in Rig Count from January 1, 2016 60.0% Texas +60% 40.0% Oklahoma 20.0% +6% 0.0% (20.0%) (40.0%)…
  25. August 2018 Enercom Conference – Whiting Petroleum Corp. – slide 25
    Bakken Outperforms Other Shale Plays Bakken Achieves Best Year Productivity Gains in 2017 2017 2017 2017 +20% vs. 2016 +18% vs. 2016 +12% vs. 2016 2017 2017 2017 -6% vs. 2016 -9% vs. 2016 +13% vs. 2016 Source: Seaport…
  26. August 2018 Enercom Conference – Whiting Petroleum Corp. – slide 26
    Excess Takeaway Capacity out of the Basin Over 1,700 MBbl/d of additional takeaway capacity in the basin. Pipeline/Refinery Exports Versus Pipeline/Refinery Takeaway Rail Exports versus Rail Takeaway Capacity 1,600,000 1,600,000…
  27. August 2018 Enercom 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 July 13, 2018 presentation.
  28. August 2018 Enercom Conference – Whiting Petroleum Corp. – slide 28
    Strong Balance Sheet Liquidity and Financial Flexibility Well Staged Bond Maturity Profile as of 6/30/2018 ( Millions) 1.75 billion of bank credit commitments on a 2.4 billion borrowing base. No borrowings outstanding as of…
  29. August 2018 Enercom Conference – Whiting Petroleum Corp. – slide 29
    Strong Hedge Position (1) 2018 Hedge Position (2) 80.0% Weighted Average As a Percentage of Derivative Hedge Contracted Crude NYMEX Price June 2018 70.0% Instrument Period (Bbls per Month) (per Bbl) Oil Production 60.0% Three-way…
  30. August 2018 Enercom Conference – Whiting Petroleum Corp. – slide 30
    Reconciliation of Adjusted Net Income (Loss) Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Net income (loss) attributable to common shareholders 2,120 (65,981) 17,132 (152,938) Adjustments:…
  31. August 2018 Enercom Conference – Whiting Petroleum Corp. – slide 31
    Reconciliation of Discretionary Cash Flow Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Net cash provided by operating activities 310,413 110,993 543,280 191,063 Operating cash outflow for settlement…
  32. August 2018 Enercom Conference – Whiting Petroleum Corp. – slide 32
    Reconciliation of Discretionary Cash Flow and Operating Activities in Excess of Capex Three Months Ended December 31, March 31, June 30, 2017 2018 2018 Total Net cash provided by operating activities 286,703 232,867 310,413 829,983…

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