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4Q2019 and FY Operations and Financial Update – Whiting Petroleum Corp.

Whiting Petroleum Corp. · Feb 27, 2020 · 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. 4Q2019 and FY Operations and Financial Update – Whiting Petroleum Corp. – slide 1
    Fourth Quarter and Full Year Operations and Financial Update February 2020
  2. 4Q2019 and FY Operations and Financial Update – Whiting Petroleum Corp. – slide 2
    Q4 2019 Highlights Operational Financial Strategic Executing more efficiently and Focus on strengthening the New organization delivering results; reducing capital costs balance sheet Committed to value-based strategy Continued…
  3. 4Q2019 and FY Operations and Financial Update – Whiting Petroleum Corp. – slide 3
    Strong Fourth Quarter Results Reduced Cash Costs through Reorganization and Cost Saving Initiatives Full-Year Guidance Item (Per BOE unless noted) Guidance(1) Actuals 12.00 Production (MMBOE) 45.8 45.8 10.28 10.34 (2) 9.46 (2)…
  4. 4Q2019 and FY Operations and Financial Update – Whiting Petroleum Corp. – slide 4
    Strategic Focus on Strengthening the Balance Sheet Active and Holistic Liability Management Generate Free Portfolio Focus on Hedge Cash Flow Rationalization Structural Proactively Flexibility Divested 53 Mature low decline…
  5. 4Q2019 and FY Operations and Financial Update – Whiting Petroleum Corp. – slide 5
    Highly Efficient 2020 Capital Budget 23% Below 2019 2020 Capital Expenditure Budget at Guidance Mid-Point Total Capex of 585 - 620 Million 7% 30% at Sanish 2% 1% 22% at Tarpon Operated 20% at Foreman Butte Non-Op Land This…
  6. 4Q2019 and FY Operations and Financial Update – Whiting Petroleum Corp. – slide 6
    2020 Full-Year Guidance 2020 Highlights Full-Year Guidance 2020 Capital expenditures forecast to decrease Production (MMBOE) (1) 40.9 - 43.3 23% from 2019 at the mid-point Oil production (MMBO) 24.9 - 26.4 Significantly improve…
  7. 4Q2019 and FY Operations and Financial Update – Whiting Petroleum Corp. – slide 7
    Achieving Further Savings in 2020 Through LOE Initiatives Projected 2020 LOE Reduction Initiatives Cost Breakout (MM) Targeting an additional 10-20 million reduction for full year 2020 in absolute LOE from 2H19 through key…
  8. 4Q2019 and FY Operations and Financial Update – Whiting Petroleum Corp. – slide 8
    Whiting is a Leader in Well Cost Optimization 2018 2020 Well Costs (Millions) 7.7 Drilling Efficiencies 7.0 Completion Additional Drilling 6.6 Efficiencies equipment Efficiencies Right-size Vendor Completions Savings…
  9. 4Q2019 and FY Operations and Financial Update – Whiting Petroleum Corp. – slide 9
    Improving Sanish Results Through Optimization and Pilot Project Learnings in 2019 August September - October November - December Pod 9 Pod 16 Pod 10 9 new Bakken child 10 new child wells with 17 POD 9 10 new child wells with 16…
  10. 4Q2019 and FY Operations and Financial Update – Whiting Petroleum Corp. – slide 10
    Improving Results from Sanish Bakken Infills Improvements to Infills Continuous Improvement Across Infill Projects Observations at Pod 9 led to: Right-sized completion design Optimized wellbore orientation Enhanced artificial lift…
  11. 4Q2019 and FY Operations and Financial Update – Whiting Petroleum Corp. – slide 11
    Transforming Return Profile: Foreman Butte Foreman Butte Well Performance In the second half of 2018, Whiting acquired 55,000 net acres in the Foreman Butte prospect that spans Hidden 120,000 Current Bench and Missouri Breaks New…
  12. 4Q2019 and FY Operations and Financial Update – Whiting Petroleum Corp. – slide 12
    Proven Results from Innovation and Process Improvement Consistent Decrease in Drill Times Whiting Achieved Top 4 Spots in Williston Basin Rig Performance(3) 12 180 10 10.0 160 9.1 SPUD to TD (Days) 9.0 8.7 8 8.4 8.1(1)…
  13. 4Q2019 and FY Operations and Financial Update – Whiting Petroleum Corp. – slide 13
    Optimizing Across the Business Process Completion Cycle Times Improve 11% Since Q1 2018 SPUD to POP Days Improve 11% Since 2018 18 11% Improvement Daily Average Pumping Hours 16 2018 199 14 1H 2019 192 12 10 2H 2019…
  14. 4Q2019 and FY Operations and Financial Update – Whiting Petroleum Corp. – slide 14
    Whiting Plan Optimized for Basin Infrastructure Constraints Whiting Shifting to Higher Confidence Areas Oil Takeaway is Improving Sanish: Strategically upgrading oil and gas midstream Up to 700,000 barrels per day of new pipeline…
  15. 4Q2019 and FY Operations and Financial Update – Whiting Petroleum Corp. – slide 15
    Ongoing Environmental, Social and Governance Initiatives Whiting Gas Capture Consistently Above Regulation Whiting is a Leader in Environmental 100.0% Protection In 2020 our areas of focus are: 95.0% Air Emissions 90.0% Risk…
  16. 4Q2019 and FY Operations and Financial Update – Whiting Petroleum Corp. – slide 16
    Whitings Value Proposition Driving Long-Term Value Positioned to Maximize Cash Flow Improve Cash Disciplined Margins Investment Free Cash Flow Generation Decisions Disciplined Capital Spending Prioritizing Free Cash Flow &…
  17. 4Q2019 and FY Operations and Financial Update – Whiting Petroleum Corp. – slide 17
    Appendix
  18. 4Q2019 and FY Operations and Financial Update – Whiting Petroleum Corp. – slide 18
    Enhanced Supply Chain Leverages Scale to Maximize Value US Midwest Domestic Hot-Rolled Coil Steel Prices 1,000 Newly implemented procurement policies to maximize return on 900 investment Whiting competitively bids high-volume 800…
  19. 4Q2019 and FY Operations and Financial Update – Whiting Petroleum Corp. – slide 19
    Hedge Position(1) Settlement Derivative Total Swap Sub- Commodity Period Index Instrument Volumes Units Price Floor Floor Ceiling Crude Oil 2020 (1) NYMEX WTI Fixed Price Swaps 4,280,000 Bbl 55.75 - - - Crude Oil 2020 (1) NYMEX…
  20. 4Q2019 and FY Operations and Financial Update – Whiting Petroleum Corp. – slide 20
    Adjusted Net Income Reconciliation Three Months Ended Year Ended December 31, December 31, 2019 2018 2019 2018 Net income (loss) (147,487) 203,962 (241,166) 342,494 Adjustments: Amortization of deferred gain on sale (2,106) (2,655)…
  21. 4Q2019 and FY Operations and Financial Update – Whiting Petroleum Corp. – slide 21
    Reconciliation of Discretionary Cash Flow and Free Cash Flow Three Months Ended Year Ended December 31, December 31, 2019 2018 2019 2018 Net cash provided by operating activities 235,035 284,967 755,960 1,092,003 Operating cash…
  22. 4Q2019 and FY Operations and Financial Update – Whiting Petroleum Corp. – slide 22
    Adjusted EBITDA and EBITDAX Reconciliation Three Months Ended Year Ended December 31, December 31, 2019 2018 2019 2018 Net income (loss) (147,487) 203,962 (241,166) 342,494 Interest expense 45,773 47,916 191,047 197,474 Interest…

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