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3Q 2019 Earnings Presentation – Whiting Petroleum Corp.

Whiting Petroleum Corp. · Nov 6, 2019 · 22 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. 3Q 2019 Earnings Presentation – Whiting Petroleum Corp. – slide 1
    Third Quarter 2019 Investor Update November 2019 NYSE: WLL 1
  2. 3Q 2019 Earnings Presentation – Whiting Petroleum Corp. – slide 2
    3Q 2019 Highlights Operational Financial Strategic Executing more efficiently and Increased flexibility and retired New organization delivering results; reducing costs debt at a discount Committed to value-based strategy Accomplished…
  3. 3Q 2019 Earnings Presentation – Whiting Petroleum Corp. – slide 3
    Whiting Asset Overview 2019 Capital Plan Williston Basin - 3rd Largest Position and Producer Q3 production: 123 MBOE/d (65% oil) 759,000 gross acres (471,000 net acres) Plan to POP 132 gross wells Q3 production: 111.4 MBOE/d (66%…
  4. 3Q 2019 Earnings Presentation – Whiting Petroleum Corp. – slide 4
    Streamlined Operations Increase Flexibility, Efficiency and Responsiveness North Dakota Oil Production (Bbl/d) Weather Impact Enhanced real-time data Better integrated planning platform Enabled proactive measures Oil…
  5. 3Q 2019 Earnings Presentation – Whiting Petroleum Corp. – slide 5
    Moving to Full Infill Development at Sanish 2017 2018 2019 McNamara Project Sprague Pod 8 Pod 9 POD 8 Child wells Child Bakken wells Child Bakken wells 9 new Bakken child wells POD 9 outperforming the outperforming the…
  6. 3Q 2019 Earnings Presentation – Whiting Petroleum Corp. – slide 6
    Best-in-Class Execution: Sanish Sanish Well Performance and Return Profile(1) Sanish Field is the core of the Bakken, having been actively developed over the last 10 years Oil EUR (MBbls) & First 6 Months Oil (MBbls) Average Well…
  7. 3Q 2019 Earnings Presentation – Whiting Petroleum Corp. – slide 7
    Foreman Butte Moving to Full-Field Development Foreman Butte Average Well Performance Wells outperforming offset prior generation 50 New Wells wells (17 Wells) Building infrastructure to facilitate full-field 40 development in…
  8. 3Q 2019 Earnings Presentation – Whiting Petroleum Corp. – slide 8
    Williston Basin Infrastructure Outlook Improving Gas Processing Expanding NGL Constraints Ease Whiting Shifting to Higher Confidence Areas Sanish Foreman Butte Sanish Reserved gas processing and oil 1.0 Bcf/d of new gas…
  9. 3Q 2019 Earnings Presentation – Whiting Petroleum Corp. – slide 9
    Top-Tier Basin Drilling Performance Consistent Decrease in Drill Times Top 10 Bakken Rigs Footage per Quarter 160,000 140,000 10.0 Footage per Quarter 120,000 9.1 9.0 8.7 8.4 8.1(1) 100,000 SPUD to TD 7.8 80,000…
  10. 3Q 2019 Earnings Presentation – Whiting Petroleum Corp. – slide 10
    Completion Excellence Drives Capital Efficiency Leading the Basin in Stages Completed per Crew Value of a strong partner Safety 2,000 Technology Reliability 1,600 2019 Stages Completed by One Crew Achievements driven by:…
  11. 3Q 2019 Earnings Presentation – Whiting Petroleum Corp. – slide 11
    Operational Excellence: Cost Leadership Multiple Cost-Saving Initiatives The team has introduced multiple LOE reduction initiatives including: Cost optimization on chemical and fresh Rental water programs Equipment Renegotiations…
  12. 3Q 2019 Earnings Presentation – Whiting Petroleum Corp. – slide 12
    Taking Action to Strengthen the Balance Sheet Maturity Profile ( millions) Setting up for a refinancing Affirmed 1,750 million commitment on 1,308 (1)(2) 2,050 million borrowing base Amended credit facility to gain greater…
  13. 3Q 2019 Earnings Presentation – Whiting Petroleum Corp. – slide 13
    Hedging Overview: Added Q4 2019 and 2020 Hedges WLL currently is 65+% hedged for the remainder of 2019 and almost 60% hedged for the first half of 2020(1) Continue to opportunistically layer in additional hedges to mitigate against…
  14. 3Q 2019 Earnings Presentation – Whiting Petroleum Corp. – slide 14
    Ongoing Environmental, Social and Governance Initiatives Supply Chain Greenhouse Gas Emissions Health & Safety Diversity & Inclusion Deliver value through collaborative Focus on environmental The safety of our employees, Recognize the…
  15. 3Q 2019 Earnings Presentation – Whiting Petroleum Corp. – slide 15
    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…
  16. 3Q 2019 Earnings Presentation – Whiting Petroleum Corp. – slide 16
    Appendix NYSE: WLL 17
  17. 3Q 2019 Earnings Presentation – Whiting Petroleum Corp. – slide 17
    3Q 2019 Results, Solid Execution in Lower Price Environment Third Quarter Year-To-Date 2019 2018 2019 2018 Production Oil, MBbl 7,441 7,911 22,435 23,362 NGLs, MBbl 1,830 1,912 5,709 5,610 Maintaining solid production and Natural…
  18. 3Q 2019 Earnings Presentation – Whiting Petroleum Corp. – slide 18
    2019 Updated Full-Year Guidance Maintained production guidance Tightened range of capital expenditure Full-Year Guidance guidance 2019 Production (MMBOE) (1) 45.0 - 46.5 Adjusted oil differential guidance to reflect Capital…
  19. 3Q 2019 Earnings Presentation – Whiting Petroleum Corp. – slide 19
    Hedge Position(1) 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 14,000 2,000…
  20. 3Q 2019 Earnings Presentation – Whiting Petroleum Corp. – slide 20
    Adjusted Net Income Reconciliation Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Net income (loss) (19,067) 121,400 (93,679) 138,532 Adjustments: Amortization of deferred gain on sale (2,266)…
  21. 3Q 2019 Earnings Presentation – Whiting Petroleum Corp. – slide 21
    Reconciliation of Discretionary Cash Flow Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Net cash provided by operating activities 138,992 263,756 520,925 807,036 Operating cash outflow for…
  22. 3Q 2019 Earnings Presentation – Whiting Petroleum Corp. – slide 22
    Adjusted EBITDA and EBITDAX Reconciliation Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Net income (loss) (19,067) 121,400 (93,679) 138,532 Interest expense 48,447 48,328 145,274 149,558…

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