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1Q 2019 Earnings Presentation – Whiting Petroleum Corp.

Whiting Petroleum Corp. · May 2, 2019 · 36 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. 1Q 2019 Earnings Presentation – Whiting Petroleum Corp. – slide 1
    Current Corporate Presentation May 2019 NYSE: WLL 1
  2. 1Q 2019 Earnings Presentation – Whiting Petroleum Corp. – slide 2
    Why Whiting Managing the Top-tier people in asset portfolio to A culture of Projecting A technology unconventional maximize capital Strong balance communication, growth and free leader in the E&P resource efficiency and sheet…
  3. 1Q 2019 Earnings Presentation – Whiting Petroleum Corp. – slide 3
    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…
  4. 1Q 2019 Earnings Presentation – Whiting Petroleum Corp. – slide 4
    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 Projected Plan…
  5. 1Q 2019 Earnings Presentation – Whiting Petroleum Corp. – slide 5
    Significant Free Cash Flow Generation Free Cash Flow, Millions (1) 400 350 300 250 356 Million 200 Free cash flow generated since Q4 2017 150 100 50 0 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 (1) For…
  6. 1Q 2019 Earnings Presentation – Whiting Petroleum Corp. – slide 6
    Leading in Operating Cash Flow in Excess of Capex(1) 400 Q1 - Q4 2018 Cash Flow From Operations Less 260 218 200 28 0 Capital Expenditures (67) (200) (137) (210) (248) (268) (400) (499) (600) (547) (554) (666)…
  7. 1Q 2019 Earnings Presentation – Whiting Petroleum Corp. – slide 7
    WLL Lower Decline Provides Competitive Advantage Lower Decline Increases Free Cash Flow Potential Source: Macquarie Research February, 2019. NYSE: WLL 8
  8. 1Q 2019 Earnings Presentation – Whiting Petroleum Corp. – slide 8
    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…
  9. 1Q 2019 Earnings Presentation – Whiting Petroleum Corp. – slide 9
    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…
  10. 1Q 2019 Earnings Presentation – Whiting Petroleum Corp. – slide 10
    Capital Efficiency Through Smarter Completions Gen 1 & Gen 2 less effective because: Uncemented liners, one casing exit point per stage, limited fractures created. Resulting large feature fractures contacting water/H2S, poor…
  11. 1Q 2019 Earnings Presentation – Whiting Petroleum Corp. – slide 11
    Capital Efficiency Through Smarter Completions Gen 4 & Gen 5 Completions more effective because: Cemented liners, limited entry perforating, more perf clusters, diverters. Containing fractures within the productive zone more…
  12. 1Q 2019 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. 1Q 2019 Earnings Presentation – Whiting Petroleum Corp. – slide 13
    Superior Completion Efficiency Monthly Pumping Hours Beating a Benchmark in Completion Execution 400 350 348 5% 365 300 29% In 2018 Whiting had 29% better pumping efficiency than the 250 269 Hours North Dakota industry…
  14. 1Q 2019 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. 1Q 2019 Earnings Presentation – Whiting Petroleum Corp. – slide 15
    Cassandra Generation 4.0 Wells Outperform Offsets 250,000 Periot wells are outperforming the nearby offset wells Periot Bakken Well completed by other operators in the area with similar Periot Three Forks Well levels of proppant.…
  16. 1Q 2019 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. 1Q 2019 Earnings Presentation – Whiting Petroleum Corp. – slide 17
    Pod 8 Three Forks Infill Well Outperform Parent Wells Infill Well (1) Project Goals Parent Wells Drill a Three Forks infill well and Parent Well Pre-Infill Forecast complete utilizing Whiting optimized completions. Increase…
  18. 1Q 2019 Earnings Presentation – Whiting Petroleum Corp. – slide 18
    Pod 8 Bakken Infill Wells Outperform Parent Wells Infill Wells (1) Project Goals Parent Wells Drill Three Bakken infill wells and Parent Well Pre-Infill Forecast complete utilizing Whiting optimized completions. Uplift from…
  19. 1Q 2019 Earnings Presentation – Whiting Petroleum Corp. – slide 19
    Bartelson Generation 4 Wells Outperform Parent Well Infill Wells (1) Bartelson Bakken wells demonstrate Parent Wells Bartelson Bakken strong results on the western side of Parent Well Pre-Infill Forecast Wells Whitings Sanish…
  20. 1Q 2019 Earnings Presentation – Whiting Petroleum Corp. – slide 20
    2018 Pronghorn Wells Outperforming 2017 Wells 2017 Wells 2018 Wells 2018 Wells Well costs for 2018 were 13% 27% less than the 2017 wells. Increase 2018 production is 27% better than 2017. Cumulative Oil (Bbls) 2017 Wells…
  21. 1Q 2019 Earnings Presentation – Whiting Petroleum Corp. – slide 21
    South Williston Team Overview 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…
  22. 1Q 2019 Earnings Presentation – Whiting Petroleum Corp. – slide 22
    Generation 5.0 Completions Drive Stenehjem Performance 100,000 Stenehjem Wells Stenehjem Generation 5.0 90,000 Generation 5 Stenehjem Generation 5 completion tests outperform the parent wells. 80,000 Proppant loading optimized for…
  23. 1Q 2019 Earnings Presentation – Whiting Petroleum Corp. – slide 23
    Unlocking Value at Foreman Butte Acquisition Acquisition 130 million purchase price funded from free cash flow. Closed July 31, 2018. 54,833 net acres overlap in Hidden Bench and East Missouri Breaks acreage. 1,290 BOE/d of…
  24. 1Q 2019 Earnings Presentation – Whiting Petroleum Corp. – slide 24
    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…
  25. 1Q 2019 Earnings Presentation – Whiting Petroleum Corp. – slide 25
    Continuous Improvement in Operations 35 CONTINUALLY IMPROVING DRILLING EFFICIENCY Drilling 30 Industry leading in drilling performance with 61% reduction in SPUD to Spud to TD - Days 25 23.0 21.7 TD since 2011. 20 17.2…
  26. 1Q 2019 Earnings Presentation – Whiting Petroleum Corp. – slide 26
    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…
  27. 1Q 2019 Earnings Presentation – Whiting Petroleum Corp. – slide 27
    Why Whiting Managing the Top-tier people in asset portfolio to A culture of Projecting A technology unconventional maximize capital Strong balance communication, growth and free leader in the E&P resource efficiency and sheet…
  28. 1Q 2019 Earnings Presentation – Whiting Petroleum Corp. – slide 28
    Appendix NYSE: WLL 29
  29. 1Q 2019 Earnings Presentation – Whiting Petroleum Corp. – slide 29
    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…
  30. 1Q 2019 Earnings Presentation – Whiting Petroleum Corp. – slide 30
    Hedge Position (1) 2019 Volumes Hedged by Month Contracted Crude Weighted Average As a Percentage of 1,600,000 Derivative Hedge (Average Bbls NYMEX Price March 2019 Instrument Period per Month) (Per Bbl) Oil Production 1,400,000…
  31. 1Q 2019 Earnings Presentation – Whiting Petroleum Corp. – slide 31
    Strong Balance Sheet Liquidity and Financial Flexibility 1.75 billion of bank credit commitments on a 2.25 billion borrowing base as of April 2019. BOND MATURITY PROFILE AS OF 03/31/2019 ( MILLIONS) 40 million outstanding as of…
  32. 1Q 2019 Earnings Presentation – Whiting Petroleum Corp. – slide 32
    Source: Bloomberg Change in Rig Count from January 1, 2016 0.0% 20.0% 40.0% 60.0% 80.0% (80.0%) (60.0%) (40.0%) (20.0%) 1/1/2016 3/1/2016 5/1/2016 Texas 7/1/2016 9/1/2016 North Dakota Change in Rig Count…
  33. 1Q 2019 Earnings Presentation – Whiting Petroleum Corp. – slide 33
    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…
  34. 1Q 2019 Earnings Presentation – Whiting Petroleum Corp. – slide 34
    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…
  35. 1Q 2019 Earnings Presentation – Whiting Petroleum Corp. – slide 35
    Williston Basin Rail Loading Facilities 1.7 MMBpd NYSE: WLL 36
  36. 1Q 2019 Earnings Presentation – Whiting Petroleum Corp. – slide 36
    Reconciliation of Discretionary Cash Flow, Free Cash Flow and Operating Cash Flow in Excess of Capex Three Months Ended Dec. 31, Mar. 31, June 30, Sept. 30, Dec. 31, Mar. 31, 2017 2018 2018 2018 2018 2019 Total Net cash provided by…

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