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Q4 2018 Earnings Presentation – Whiting Petroleum Corp.

Whiting Petroleum Corp. · Feb 27, 2019 · 37 slides

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Slides

  1. Q4 2018 Earnings Presentation – Whiting Petroleum Corp. – slide 1
    Fourth Quarter 2018 Operating and Financial Update February 2019 NYSE: WLL 1
  2. Q4 2018 Earnings Presentation – Whiting Petroleum Corp. – slide 2
    Strategic Vision MAXIMIZE ECONOMIC RETURNS AT THE DRILLING SPACING UNIT LEVEL Strategic Initiatives 1 Industry-leading capital efficiency as measured by cost to add oil-weighted reserves and production Achieve Industry- REDUCE…
  3. Q4 2018 Earnings Presentation – Whiting Petroleum Corp. – slide 3
    Four Pillars of Executive Responsibility Brad Holly Mike Stevens Chip Rimer Tim Sulser CHIEF EXECUTIVE OFFICER CHIEF FINANCIAL OFFICER CHIEF OPERATING OFFICER CHIEF STRATEGY OFFICER A corporate leadership division A financial…
  4. Q4 2018 Earnings Presentation – Whiting Petroleum Corp. – slide 4
    Added High Quality Talent in Key Positions Shane Fross SENIOR VICE PRESIDENT OF OPERATIONS 2018 was about getting the right people in the right seats. Jason Finch VICE PRESIDENT Brad Marvin VICE PRESIDENT BUSINESS PLANNING…
  5. Q4 2018 Earnings Presentation – Whiting Petroleum Corp. – slide 5
    2018 Scorecard Grow Generate Free Lower Cost Grow Oil Add Top-Tier Production Cash Flow Structure Volumes Inventory Full Year 2018 Daily 2018 Net Cash 2018 Full Year LOE Q4 2018 Daily Oil Added Top-tier Production Provided by and…
  6. Q4 2018 Earnings Presentation – Whiting Petroleum Corp. – slide 6
    Balanced 2019 Capital Plan 2019 Capital Plan Williston Basin Non-Op Land Other (1) Total Capex of 800 - 840 Million 88 702 Million Development 30 Plan to Drill 132 gross wells 40 Plan to Complete 154 gross wells Plan to Put on…
  7. Q4 2018 Earnings Presentation – Whiting Petroleum Corp. – slide 7
    Consistently Generating Free Cash Flow 2018 Free Cash Flow, Millions (1) 280 104 91 66 19 Q1 2018 Q2 2018 Q3 2018 Q4 2018 2018 Total (1) For reconciliation of free cash flow to the applicable GAAP measure, see the…
  8. Q4 2018 Earnings Presentation – Whiting Petroleum Corp. – slide 8
    Leading in Operating Cash Flow in Excess of Capex(1) 300.0 209.4 198.6 200.0 Q1 - Q3 2018 Cash Flow From Operations Less 100.0 46.6 0.0 (7.9) (100.0) (37.0) (67.0) (81.9) Capital Expenditures (111.5) (200.0) (159.6)…
  9. Q4 2018 Earnings Presentation – Whiting Petroleum Corp. – slide 9
    WLL Lower Decline Provides Competitive Advantage Lower Decline Increases Free Cash Flow Potential Source: Macquarie Research February, 2019. NYSE: WLL 10
  10. Q4 2018 Earnings Presentation – Whiting Petroleum Corp. – slide 10
    A Leader in Optimized Completions Generation 1.0 Generation 2.0 Generation 3.0 Generation 4.0 (2010 2012) (2013 2015) (2016 2017) (2018) 240 lbs/ft proppant 390 lbs/ft proppant 930 lbs/ft proppant 600 1,200 lbs/ft proppant 380 stage…
  11. Q4 2018 Earnings Presentation – Whiting Petroleum Corp. – slide 11
    A Generation Ahead of the Competition High Intensity Near-Wellbore Completion: Concentrating more of the stimulation near Generation 5.0 the new infill well, lower sand loading, more entry points, more diversion techniques…
  12. Q4 2018 Earnings Presentation – Whiting Petroleum Corp. – slide 12
    The Optimum Frac Design for Each Specific Area Differences in reservoir and mechanical properties exist Example of Multivariate Analysis across the Williston Basin. for a Specific Region Every area requires a customized completion…
  13. Q4 2018 Earnings Presentation – Whiting Petroleum Corp. – slide 13
    Superior Completion Efficiency Monthly Pumping Hours Beating the Benchmark in Completion Execution 400 350 348 5% 365 300 29% In 2018 Whiting had 29% better pumping efficiency than the 250 269 North Dakota industry average based…
  14. Q4 2018 Earnings Presentation – Whiting Petroleum Corp. – slide 14
    North Williston Team Overview 2019 Capital Plan Capex of 216 Million Plan to Drill 19 gross wells WILDROSE Plan to Complete 57 gross wells Plan to Put on Production 57 gross wells 2019 Drilling Catalysts CASSANDRA Cassandra…
  15. Q4 2018 Earnings Presentation – Whiting Petroleum Corp. – slide 15
    Cassandra Generation 4.0 Wells Outperform Offsets Periot wells are outperforming the nearby offset wells 200,000 completed by other operators in the area. Periot Bakken Well 180,000 Periot Three Forks Well Cassandra Periot wells…
  16. Q4 2018 Earnings Presentation – Whiting Petroleum Corp. – slide 16
    East Williston Team Overview 2019 Capital Plan POD 9 PROJECT SANISH / Capex of 180 Million PARSHALL POD 8 Plan to Drill 60 gross wells PROJECT Plan to Complete 40 gross wells Plan to Put on Production 37 gross wells MCNAMARA…
  17. Q4 2018 Earnings Presentation – Whiting Petroleum Corp. – slide 17
    Pod 8 Infill Wells Outperform Parent Wells 12,000 Project Goals Drill Four Bakken infill wells and complete utilizing Whiting optimized 10,000 Pod 8 Infill Wells completions. Cumulative Oil per 1,000 Lateral Feet Maximize…
  18. Q4 2018 Earnings Presentation – Whiting Petroleum Corp. – slide 18
    McNamara Results A Catalyst for Future Development 1.7 MMBBLs produced in 500 days. Recovery factor of unit is projected to double. Pump-ins successful in protecting Bakken parent wells from negative impacts. Risk reduced on 192…
  19. Q4 2018 Earnings Presentation – Whiting Petroleum Corp. – slide 19
    Western Sanish Generation 4.0 Bakken Wells Outperform by 83% 12,000 Bartelson Bakken wells demonstrate Bartelson Bakken Wells strong results on the western side of 10,000 Whitings Sanish acreage. Generation Cumulative Oil per 1,000…
  20. Q4 2018 Earnings Presentation – Whiting Petroleum Corp. – slide 20
    South Williston Team 2019 Capital Plan Capex of 266 Million EAST MISSOURI Plan to Drill 53 gross wells BREAKS Plan to Complete 57 gross wells Plan to Put on Production 52 gross wells 2019 Drilling Catalysts Stenehjem well…
  21. Q4 2018 Earnings Presentation – Whiting Petroleum Corp. – slide 21
    Gen 5.0 Completions Drive Stenehjem Performance 30,000 LOKEN 41-17H LOKEN 41-17-2H Stenehjem Generation 5.0 MALLOW 34-8H 25,000 STENEHJEM 44-7H Stenehjem Gen 5 Completion tests outperform Mallow STENEHJEM 44-7-2H and Loken…
  22. Q4 2018 Earnings Presentation – Whiting Petroleum Corp. – slide 22
    Unlocking Value at Foreman Butte Acquisition Acquisition 130 million purchase price funded from free cash flow. Closed July 31, 2018. LOKEN 54,833 net acres overlap in Hidden Bench and East WELLS Missouri Breaks acreage. 1,290…
  23. Q4 2018 Earnings Presentation – Whiting Petroleum Corp. – slide 23
    Driving Cash Costs Down 20.00 18.73 18.00 3.80 16.28 16.00 15.47 14.65 Established pipe gathering systems for 13.65 14.00 4.83 produced water 3.68 4.67 3.70 12.00 Renegotiated low rates for existing produced 3.57…
  24. Q4 2018 Earnings Presentation – Whiting Petroleum Corp. – slide 24
    Continuous Improvement in Operations 35 CONTINUALLY IMPROVING DRILLING EFFICIENCY Drilling 30 Industry leading in drilling performance with 60% reduction in SPUD to Spud to TD - Days 25 23.0 21.7 TD since 2011. 20 17.2…
  25. Q4 2018 Earnings Presentation – Whiting Petroleum Corp. – slide 25
    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 intervention 1.04 techniques utilizing…
  26. Q4 2018 Earnings Presentation – Whiting Petroleum Corp. – slide 26
    Why Whiting 1 Projecting growth and free cash flow in 2019. 2 Top-tier people in unconventional resource development. 3 Managing the asset portfolio to maximize capital efficiency and corporate level returns. 4 A technology…
  27. Q4 2018 Earnings Presentation – Whiting Petroleum Corp. – slide 27
    Appendix NYSE: WLL 28
  28. Q4 2018 Earnings Presentation – Whiting Petroleum Corp. – slide 28
    Top Acreage Position across the Core Williston Basin WILDROSE CASSANDRA Gross Net Net Wells POLAR SANISH / Area Acres (1) Acres (1) Drilled(1) PARSHALL EAST Cassandra 28,502 13,792 30 MISSOURI BREAKS East Missouri Breaks…
  29. Q4 2018 Earnings Presentation – Whiting Petroleum Corp. – slide 29
    Capital Efficiency Through Smarter Completions NYSE: WLL 30
  30. Q4 2018 Earnings Presentation – Whiting Petroleum Corp. – slide 30
    Capital Efficiency Through Smarter Completions NYSE: WLL 31
  31. Q4 2018 Earnings Presentation – Whiting Petroleum Corp. – slide 31
    Hedge Position (1) Volumes Hedged by Month 1,200,000 Weighted Average As a Percentage of 1,000,000 Derivative Hedge Contracted Crude NYMEX Price December 2018 Instrument Period (Bbls per Month) (Per Bbl) Oil Production 800,000…
  32. Q4 2018 Earnings Presentation – Whiting Petroleum Corp. – slide 32
    Strong Balance Sheet Liquidity and Financial Flexibility 1.75 billion of bank credit commitments on a 2.4 billion borrowing base. BOND MATURITY PROFILE AS OF 12/31/2018 ( MILLIONS) No borrowings outstanding as of 12/31/2018. Bank…
  33. Q4 2018 Earnings Presentation – Whiting Petroleum Corp. – slide 33
    Slower Activity Build Means Less Cost Pressure Change in Rig Count from January 1, 2016 80.0% North Dakota 60.0% +59% Change in Rig Count from January 1, 2016 Texas 40.0% Oklahoma +37% 20.0% +7.5% 0.0% (20.0%) (40.0%)…
  34. Q4 2018 Earnings Presentation – Whiting Petroleum Corp. – slide 34
    Strong Williston Basin Differentials Enhance Cash Flow 0.00 (2.00) (4.00) (4.63) (4.79) /BOE (6.00) (7.22) (8.00) (8.53) (10.00) (10.93) (12.00) 2014 2015 2016 2017 2018 Williston Basin Oil Differential…
  35. Q4 2018 Earnings Presentation – Whiting Petroleum Corp. – slide 35
    Oil Takeaway Sufficient; Gas & NGL Outlook Improving Local Refinery Demand, Pipeline Capacity and Rail Capacity Multiple New Processing Additions Expected to Provide 2 MMBbls of Takeaway Potential Alleviate Basin Constraints…
  36. Q4 2018 Earnings Presentation – Whiting Petroleum Corp. – slide 36
    Williston Basin Rail Loading Facilities 1.7 MMBbls NYSE: WLL 37
  37. Q4 2018 Earnings Presentation – Whiting Petroleum Corp. – slide 37
    Reconciliation of Discretionary Cash Flow, Free Cash Flow and Operating Cash Flow in Excess of Capex Three Months Ended Mar. 31, June 30, Sept. 30, Dec. 31, 2018 2018 2018 2018 Total Net cash provided by operating activities…

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