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October 2019 Corporate Presentation – Whiting Petroleum Corp.

Whiting Petroleum Corp. · Oct 18, 2019 · 17 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. October 2019 Corporate Presentation – Whiting Petroleum Corp. – slide 1
    Current Presentation October 2019 NYSE: WLL 1
  2. October 2019 Corporate Presentation – Whiting Petroleum Corp. – slide 2
    Consistent, Solid Track Record Free Cash Flow Capital Discipline Balance Sheet Well Performance Proven track record of Managed capital spending and Strong liquidity position that 10+ years Bakken operational generating free cash…
  3. October 2019 Corporate Presentation – Whiting Petroleum Corp. – slide 3
    Positioned for Success Financial Operational Strategic On track to return to free cash flow positive Continued strong well performance with Restructured organization; LOE and G&A by year end 2019 steady production of 125,000 to…
  4. October 2019 Corporate Presentation – Whiting Petroleum Corp. – slide 4
    Relentless pursuit of industry leading cost structure Streamlined operations to expedite delivery of peer LOE and G&A per BOE, as of Q2 2019 leading returns and FCF Committed to leveraging 25.00 technology to sustain new cost…
  5. October 2019 Corporate Presentation – Whiting Petroleum Corp. – slide 5
    Focused on free cash flow generation Low Decline, High Quality Oil Asset Base Leads to FCF Generation Q118 Q219 Cash Flow From Operations Less Oil Base Decline Rate (1) Q219 % Liquids (2) Capital Expenditures(2) (millions) Median…
  6. October 2019 Corporate Presentation – Whiting Petroleum Corp. – slide 6
    Taking Action to Strengthen the Balance Sheet Multiple options for upcoming debt Maturity Profile ( millions) maturities Focused on paying down debt using free cash flow 1,410(1,2) Continuing to evaluate credit accretive…
  7. October 2019 Corporate Presentation – Whiting Petroleum Corp. – slide 7
    Hedging Overview WLL currently has 62% of 2H2019 production hedged and 18% of 2020 production hedged.(1) Continue to opportunistically layer in additional hedges to mitigate against commodity price volatility WTI Swaps & Collars…
  8. October 2019 Corporate Presentation – Whiting Petroleum Corp. – slide 8
    Gas & NGL Processing Outlook Improving Gas and NGL constraints easing, new capacity available in Q419 1.0 Bcf/d of new gas processing by Q120, of which, 445 MMcf/d is added Ray (Whiting) to ONEOK super system +25 MMcf/d 1Q19 Elk…
  9. October 2019 Corporate Presentation – Whiting Petroleum Corp. – slide 9
    Whiting Asset Overview 2019 Capital Plan Williston Basin - 3rd Largest Position and Producer Q2 production: 127 MBOE/d (64% oil) 788,000 gross acres (474,000 net acres) Plan to POP 132 gross wells Q2 production: 113 MBOE/d (65%…
  10. October 2019 Corporate Presentation – Whiting Petroleum Corp. – slide 10
    Expanding Bakken Inventory Cassandra Sanish Foreman Butte Periot wells outperforming 170% average increase over 117% average increase over offset wells completed by parent wells at 270 days offset wells other operators with…
  11. October 2019 Corporate Presentation – Whiting Petroleum Corp. – slide 11
    Top-Tier Basin Drilling Performance Consistent Decrease in Drill Times Top 10 Bakken Rigs Footage per Quarter 160,000 140,000 10.0 120,000 9.1 9.0 8.7 8.4 100,000 7.8 80,000 60,000 40,000 20,000 0 2018 Q1 2018 Q2 2018 Q3…
  12. October 2019 Corporate Presentation – Whiting Petroleum Corp. – slide 12
    Reducing Completion Cycle Time Increased Efficiency 2019 Average Stages per Day Focus on elimination of controllable downtime Smarter completion design 2018 Avg. Crew 1 Crew 2 Pump 600 900 Lbs/ft of proppant and limit entry 11…
  13. October 2019 Corporate Presentation – Whiting Petroleum Corp. – slide 13
    Ongoing Environmental, Social and Governance Initiatives Whiting Gas Capture Consistently Above Regulation Whiting is a leader in Environmental Protection 100% In addition to complying with stringent 95% federal and state air quality…
  14. October 2019 Corporate Presentation – Whiting Petroleum Corp. – slide 14
    Whitings Value Proposition Positioned to Deliver Sustained Returns Driving Long-Term Value for Investors Improve Cash Disciplined Margins Investment Free Cash Flow Generation Decisions Disciplined Capital Spending Prioritizing…
  15. October 2019 Corporate Presentation – Whiting Petroleum Corp. – slide 15
    Appendix NYSE: WLL 1616
  16. October 2019 Corporate Presentation – Whiting Petroleum Corp. – slide 16
    Hedge Position(1) Volumes Hedged 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 FY 2020 FY 2021 NYMEX WTI (Bbl, /Bbl) Sw aps Total Volumes 1,840,000 2,211,000 1,409,000 1,274,000 184,000 184,000 3,051,000 - Total Daily Volumes 20,000 24,033 15,484…
  17. October 2019 Corporate Presentation – Whiting Petroleum Corp. – slide 17
    Reconciliation of Discretionary Cash Flow, Free Cash Flow and Operating Cash Flow in Excess of Capex Three Months Ended (Thousands) Dec. 31, Mar. 31, June 30, Sept. 30, Dec. 31, Mar. 31, Jun. 30 2017 2018 2018 2018 2018 2019 2019…

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