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Bank of America Merrill Lynch Global Energy Conference 2018 – Whiting Petroleum Corp.

Whiting Petroleum Corp. · Nov 15, 2018 · 31 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. Bank of America Merrill Lynch Global Energy Conference 2018 – Whiting Petroleum Corp. – slide 1
    Bank of America Merrill Lynch Global Energy Conference November 2018 NYSE: WLL 1
  2. Bank of America Merrill Lynch Global Energy Conference 2018 – 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. Bank of America Merrill Lynch Global Energy Conference 2018 – Whiting Petroleum Corp. – slide 3
    2018: Disciplined Growth and Free Cash Flow 2018 Initiatives 3Q Results Implemented an optimized completion strategy Q3 2018 Net Cash Provided by Operating to enhance capital efficiency at the drilling Activities of 264 Million…
  4. Bank of America Merrill Lynch Global Energy Conference 2018 – 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 Other Non-Op 129,000 BOE/d 25 MM 50 MM 9% Growth over 2017 Average 3% 7% Redtail 75 MM…
  5. Bank of America Merrill Lynch Global Energy Conference 2018 – Whiting Petroleum Corp. – slide 5
    Consistently Generating Cash Flow Above Capex Discretionary Cash Flow (1) in Excess of Capital Expenditures 400 355 350 300 250 MM 200 150 96 103 100 90 66 50 0 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Total (1) For…
  6. Bank of America Merrill Lynch Global Energy Conference 2018 – Whiting Petroleum Corp. – slide 6
    WLL Generating Peer Leading Cash Flow 400.0 300.0 268.8 195.0 Q4 2017, Q1 2018 & Q2 2018 Cash Flow From 200.0 Operations Less Capital Expenditures 100.0 0.0 (5.7) (7.0) (100.0) (44.0) (61.6) (200.0) (165.0) (146.7)…
  7. Bank of America Merrill Lynch Global Energy Conference 2018 – Whiting Petroleum Corp. – slide 7
    Top Acreage Position across the Core Williston Basin Wildrose Tier 1 Areas Polar Total Cassandra Gross Net Potential West Area Acres (1) Acres(1) Net Wells(2) Sanish/Parshall East Missouri Breaks 61,527 29,882 90 Missouri…
  8. Bank of America Merrill Lynch Global Energy Conference 2018 – Whiting Petroleum Corp. – slide 8
    Bakken Bolt-On Contiguous with Core Areas 130 million purchase price funded from free cash flow. Loken 41-17 Wells 54,833 net acres overlap in Hidden Bench Completed July 2018 Produced 100 MBOE/well in 90 days and East Missouri…
  9. Bank of America Merrill Lynch Global Energy Conference 2018 – 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. Bank of America Merrill Lynch Global Energy Conference 2018 – Whiting Petroleum Corp. – slide 10
    Total McNamara DSU Recovery Enhanced Project Has Produced More Than 1.5 MMBO Since September 2017 NYSE: WLL 11
  11. Bank of America Merrill Lynch Global Energy Conference 2018 – Whiting Petroleum Corp. – slide 11
    McNamara Unit Projected Recovery Factor 1.5 MMBBLs produced in 400 days. Recovery factor of unit is projected to double. Project is making incremental oil over pre-infill projections (400 MBO to date). Pump-Ins successful in…
  12. Bank of America Merrill Lynch Global Energy Conference 2018 – Whiting Petroleum Corp. – slide 12
    Sanish Generation 4.0 Bakken Completions Deliver Strong Results Generation 4.0 completions have produced strong results across Sanish. Recently completed Bartleson DSU in western Sanish continues this trend. CUM BOE DAYS ON…
  13. Bank of America Merrill Lynch Global Energy Conference 2018 – Whiting Petroleum Corp. – slide 13
    Western Sanish Generation 4.0 Bakken Wells Outperform by 83% Bartelson Bakken wells demonstrate strong results on the western side of Whitings Sanish acreage. Generation 4.0 completions performing 83% better than legacy well.…
  14. Bank of America Merrill Lynch Global Energy Conference 2018 – Whiting Petroleum Corp. – slide 14
    Pinwheel Pad Demonstrates Operational Excellence Wold Federal 44-17 Design 8 new Bakken wells 6 new Three Forks wells 2 existing wells Spud to TD avg. 9.26 days. 76 days of Fracing, 99.2 MMlbs proppant and 2 MMBbls fresh water.…
  15. Bank of America Merrill Lynch Global Energy Conference 2018 – Whiting Petroleum Corp. – slide 15
    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…
  16. Bank of America Merrill Lynch Global Energy Conference 2018 – Whiting Petroleum Corp. – slide 16
    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…
  17. Bank of America Merrill Lynch Global Energy Conference 2018 – Whiting Petroleum Corp. – slide 17
    Finding the Optimum Size at Polar Polar Generation 4.0 Completions Outperforming Legacy 10 Million lb. Offset Cumulative Oil Production North Polar, Anna/Nelson wells completed 100,000 with 6.5MMlbs to 7.5MMlbs & Gen 4.0 diversion…
  18. Bank of America Merrill Lynch Global Energy Conference 2018 – Whiting Petroleum Corp. – slide 18
    Finding the Optimum Size at Hidden Bench 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…
  19. Bank of America Merrill Lynch Global Energy Conference 2018 – Whiting Petroleum Corp. – slide 19
    Continuous Improvement in Operations Continually Improving Drilling Efficiency 35 Drilling 30 Industry leader in drilling performance with 61% 25 23.0 21.7 reduction in SPUD to TD since 2011. Spud to TD - Days 20 17.2 Utilizing…
  20. Bank of America Merrill Lynch Global Energy Conference 2018 – Whiting Petroleum Corp. – slide 20
    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…
  21. Bank of America Merrill Lynch Global Energy Conference 2018 – Whiting Petroleum Corp. – slide 21
    Driving Cash Costs Down 20.00 19.37 18.00 3.80 16.58 Established pipe gathering systems 16.00 15.53 for produced water. 14.00 4.83 14.59 14.39 13.98 13.59 3.68 Renegotiated lower rates for 12.00 4.67 3.70 3.94 3.55 3.44…
  22. Bank of America Merrill Lynch Global Energy Conference 2018 – Whiting Petroleum Corp. – slide 22
    Excess Takeaway Capacity out of the Williston Basin Over 1,600 MBbl/d of additional takeaway capacity in the Williston basin. Pipeline/Refinery Exports Versus Pipeline/Refinery Rail Exports versus Rail Takeaway Takeaway Capacity…
  23. Bank of America Merrill Lynch Global Energy Conference 2018 – Whiting Petroleum Corp. – slide 23
    Strong Williston Basin Differentials Enhance Cash Flow 0.00 (2.00) (3.02) (3.24) (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 Q3 2018…
  24. Bank of America Merrill Lynch Global Energy Conference 2018 – Whiting Petroleum Corp. – slide 24
    Strong Balance Sheet Liquidity and Financial Flexibility Well Staged Bond Maturity Profile as of 9/30/2018 ( Millions) 1.75 billion of bank credit commitments on a 2.4 billion borrowing base. 50 million outstanding as of 9/30/2018.…
  25. Bank of America Merrill Lynch Global Energy Conference 2018 – Whiting Petroleum Corp. – slide 25
    Strong Hedge Position (1) 2018 Hedge Position (2) 80.0% Weighted Average As a Percentage of 70.0% Derivative Hedge Contracted Crude NYMEX Price September 2018 Instrument Period (Bbls per Month) (per Bbl) Oil Production 60.0%…
  26. Bank of America Merrill Lynch Global Energy Conference 2018 – Whiting Petroleum Corp. – slide 26
    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.…
  27. Bank of America Merrill Lynch Global Energy Conference 2018 – Whiting Petroleum Corp. – slide 27
    Appendix NYSE: WLL 28
  28. Bank of America Merrill Lynch Global Energy Conference 2018 – Whiting Petroleum Corp. – slide 28
    Slower Activity Build Means Less Cost Pressure Change in Rig Count from January 1, 2016 80.0% North Dakota +68% Change in Rig Count from January 1, 2016 60.0% +62% Texas 40.0% Oklahoma 20.0% 0.0% (2%) (20.0%) (40.0%)…
  29. Bank of America Merrill Lynch Global Energy Conference 2018 – Whiting Petroleum Corp. – slide 29
    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…
  30. Bank of America Merrill Lynch Global Energy Conference 2018 – Whiting Petroleum Corp. – slide 30
    Reconciliation of Adjusted Net Income (Loss) Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 Net income (loss) attributable to common shareholders 121,400 (286,432) 138,532 (439,370)…
  31. Bank of America Merrill Lynch Global Energy Conference 2018 – Whiting Petroleum Corp. – slide 31
    Reconciliation of Discretionary Cash Flow and Operating Activities in Excess of Capex Three Months Ended Dec. 31, Mar. 31, June 30, Sept. 30, 2017 2018 2018 2018 Total Net cash provided by operating activities 286,703 232,867 310,413…

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