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4Q 2013 Operating and Financial Results – Whiting Petroleum Corp.

Whiting Petroleum Corp. · Feb 27, 2014 · 32 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. 4Q 2013 Operating and Financial Results – Whiting Petroleum Corp. – slide 1
    Fourth Quarter 2013 Operating and Financial Results NYSE: WLL February 27, 2014
  2. 4Q 2013 Operating and Financial Results – Whiting Petroleum Corp. – slide 2
    Whiting Petroleum A Company on the Move 2013 Full-Year Results Set New Records for Cash Flow Per Share(1), Production and Reserves YoY Cash Flow Per Share +24%; Adjusted for Postle Sale, Production +21% and Reserves +31%; Total…
  3. 4Q 2013 Operating and Financial Results – Whiting Petroleum Corp. – slide 3
    Whiting WhitingOverview Overview Whiting Petroleum Corporation, a Delaware corporation, is an independent oil and gas company that explores for, develops, acquires and produces crude oil, natural gas and natural gas liquids…
  4. 4Q 2013 Operating and Financial Results – Whiting Petroleum Corp. – slide 4
    2013 Production Increases 21% Pro Forma Postle Sale(1); Q4 Production Up 9% over Q3 Q4 2013 Net Production 101.0 MBOE/d Williston Basin Bakken / Three Forks 3,738 Gross Potential Future 12% 4% Drilling Locations Redtail 84%…
  5. 4Q 2013 Operating and Financial Results – Whiting Petroleum Corp. – slide 5
    Proved Reserves Increase 31% Pro Forma Postle Sale(1) 402% Reserve Replacement(2); Proved PV10% Grows 23% Over Year-End 2012 (3) 3P Reserves Pre-Tax PV10% Natural Value Oil NGLS Gas Total % (In % of (MMBbl) (MMBbl) (Bcf) (MMBOE)…
  6. 4Q 2013 Operating and Financial Results – Whiting Petroleum Corp. – slide 6
    Capital Budget for Key Property Areas in 2014 Exploration Well Work, Misc. Northern Rockies Facilities Expense (2) 1,101 MM Costs, Other 151 MM 72 MM 150 MM 2014 CAPEX Gross Net % of Land Property Area (MM) Wells Wells Total 116…
  7. 4Q 2013 Operating and Financial Results – Whiting Petroleum Corp. – slide 7
    Drilling Inventory as of December 31, 2013 Total Gross Locations Up 47% YoY; Primary Gross Locations up 41% YoY YEAR-END 2013 IDENTIFIED PRIMARY LOCATIONS Gross Wells Net Wells NORTHERN ROCKIES Western Williston (Cassandra; Hidden…
  8. 4Q 2013 Operating and Financial Results – Whiting Petroleum Corp. – slide 8
    Whiting Lease Areas in Williston Basin December 31, 2013 Field Target Gross Acres Net Acres Sanish / Parshall Middle Bakken 174,666 82,410 Three Forks Pronghorn Pronghorn Sand 194,217 126,866 Sanish CASSANDRA Lewis & Clark Three…
  9. 4Q 2013 Operating and Financial Results – Whiting Petroleum Corp. – slide 9
    Maximizing Recovery Efficiency Improving Frac Distribution Older Style Sliding Sleeve Completion Potential Frac Ports Entry Annulus Stages per Stage Points Free fluid between packers 30 1 30 New Style Cemented Liner…
  10. 4Q 2013 Operating and Financial Results – Whiting Petroleum Corp. – slide 10
    New Completion Design Delivers Superior Results 50% to 75% Increases in 30, 60, 90 Day Rates % Increase Cemented Liners vs. Sliding Sleeves +90.0% +80.0% +75.0% +70.0% +70.0% +68.0% +66.0% +61.0% +60.0% +57.0% +52.0% +50.0%…
  11. 4Q 2013 Operating and Financial Results – Whiting Petroleum Corp. – slide 11
    Williston Basin Primary and Prospective Drilling Plan NYSE: WLL Energy + Technology = Growth 12
  12. 4Q 2013 Operating and Financial Results – Whiting Petroleum Corp. – slide 12
    Whiting High Density Pilots in Williston Basin Average infill well IPs versus existing wells: +116% Missouri Breaks, +33% Hidden Bench +41% Sanish Christiansen HD Pilot Missouri Breaks Iverson HD Pilot Sanish Field Testing 8 Middle…
  13. 4Q 2013 Operating and Financial Results – Whiting Petroleum Corp. – slide 13
    Redtail Niobrara Prospect: Another Transformative Multi-Year Project Redtail in the Sweet Spot (Weld County, Colorado) OBJECTIVE Niobrara B Shale Niobrara A Shale DEVELOPMENT PLAN Mix of 960 and 640-acre spacing units 8 Wells per…
  14. 4Q 2013 Operating and Financial Results – Whiting Petroleum Corp. – slide 14
    Redtail Development Plan 3,310 Gross (1,654 Net) Wells Upper Niobrara (A & B Zones) as of December 31, 2013 2014 2018 Development Plan Includes Approximately 1,024 Gross Wells With an 84% Average Working Interest Legend…
  15. 4Q 2013 Operating and Financial Results – Whiting Petroleum Corp. – slide 15
    Redtail High Density Pilots Testing 16 & 32 Wells per Drilling Spacing Unit 27L Pad 27K Pad Drilling Density Drilling Density - 16 Wells/DSU - 16 Wells/DSU - 330 ft. - 330 ft. Target: B-B-B-B Target: A-B-A-B Status: Flowing…
  16. 4Q 2013 Operating and Financial Results – Whiting Petroleum Corp. – slide 16
    Redtail Niobrara Prospect Improved Completion Technology Results in Improved Performance(1) 80,000 70,000 60,000 50,000 Cum. BOE 40,000 30,000 20,000 400 MBOE Type Curve Cum vs Time 10,000 14 Recent Well Average Cum…
  17. 4Q 2013 Operating and Financial Results – Whiting Petroleum Corp. – slide 17
    North Ward Estes Field Development Plan Production up 14% Year-Over-Year Project Timing and Net Reserves(1) Injection Other CO2 Project Start Date PVPD Proved P2 P3 Total Base: Primary, WF & CO2 49 13 4 65 131 Phase 1 2007 -…
  18. 4Q 2013 Operating and Financial Results – Whiting Petroleum Corp. – slide 18
    Adjusted Net Income and Discretionary Cash Flow Three and Twelve Months Ended December 31, 2013 and 2012 (1)(2) Three Months Ended Twelve Months Ended December 31, December 31, 2013 2012 2013 2012 (In millions, expect per share…
  19. 4Q 2013 Operating and Financial Results – Whiting Petroleum Corp. – slide 19
    Strong CFPS Growth While Maintaining a Healthy Balance Sheet Cash Flow Per Share Growth(1) 16.00 14.59 14.00 11.77 12.00 10.05 10.00 9.25 8.00 6.00 4.53 4.00 2.00 0.00 Net Debt to EBITDAX(2) 2009 2010 2011 2012 2013…
  20. 4Q 2013 Operating and Financial Results – Whiting Petroleum Corp. – slide 20
    Guidance for Q1 and Full-Year 2014 Guidance First Quarter Full-Year 2014 2014 Production (MMBOE) (1) ................................................ 8.90 - 9.10 40.20 - 40.80 Lease operating expense per BOE…
  21. 4Q 2013 Operating and Financial Results – Whiting Petroleum Corp. – slide 21
    Oil Focused Strategy Delivers Consistently Good Margins Consistently Delivering Strong EBITDA Margins (1) Oil 90.39/Bbl NGL 40.41/Bbl Gas 4.04/Mcf 73.88 76.76/BOE 80.00 69.85 70.00 61.48 Whiting Realized Prices(1) 60.00…
  22. 4Q 2013 Operating and Financial Results – Whiting Petroleum Corp. – slide 22
    Total Capitalization ( in Thousands) Dec. 31, 2013 Dec. 31, 2012 Cash and Cash Equivalents 699,460 44,800 Long Term Debt: Senior Notes 2,303,834 - Credit Agreement - 1,200,000 Senior Subordinated Notes 350,000 600,000 Total…
  23. 4Q 2013 Operating and Financial Results – Whiting Petroleum Corp. – slide 23
    Outstanding Bond and Credit Agreement Amount Ratings 12/31/13 Coupon / Description Maturity Outstanding Moody's / S&P Price 6.50% / Sr. Sub. 10/1/2018 0.350 B Ba3 / BB- 106 5.00% / Sr. 3/15/2019 1.100 B Ba2 / BB+ 102 5.75% / Sr.…
  24. 4Q 2013 Operating and Financial Results – Whiting Petroleum Corp. – slide 24
    Disciplined Hedging Strategy Existing Crude Oil Hedge Positions(1) Weighted Average As a Percentage of Derivative Hedge Contracted Volume NYMEX Price December 2013 Instrument Period (Bbls per Month) (per Bbl) Oil Production…
  25. 4Q 2013 Operating and Financial Results – Whiting Petroleum Corp. – slide 25
    Fixed-Price Contracts Existing Natural Gas Marketing Contracts(1) Weighted Average As a Percentage of Hedge Contracted Volume Contracted Price December 2013 Period (MMBtu per Month) (per MMBtu) Gas Production 2014 Q1 330,000…
  26. 4Q 2013 Operating and Financial Results – Whiting Petroleum Corp. – slide 26
    Whiting Petroleum A Company on the Move 2013 Full-Year Results Set New Records for Cash Flow Per Share(1), Production and Reserves YoY Cash Flow Per Share +24%; Adjusted for Postle Sale, Production +21% and Reserves +31%; Total…
  27. 4Q 2013 Operating and Financial Results – Whiting Petroleum Corp. – slide 27
    NYSE: WLL Appendix
  28. 4Q 2013 Operating and Financial Results – Whiting Petroleum Corp. – slide 28
    Adjusted Net Income(1) ( in Thousands) Reconciliation of Net Income (Loss) Available to Common Shareholders to Adjusted Net Income Available to Common Shareholders Three Months Ended Twelve Months Ended December 31, December 31,…
  29. 4Q 2013 Operating and Financial Results – Whiting Petroleum Corp. – slide 29
    Discretionary Cash Flow(1) ( in Thousands) Reconciliation of Net Cash Provided by Operating Activities to Discretionary Cash Flow Three Months Ended Twelve Months Ended December 31, December 31, 2013 2012 2013 2012 Net cash…
  30. 4Q 2013 Operating and Financial Results – Whiting Petroleum Corp. – slide 30
    Cash Flow Per Diluted Share ( in Thousands) Reconciliation of Net Cash Provided by Operating Activities to Cash Flow Per Diluted Share Cash Flow Per Share: Year Ended December 31, 2009 2010 2011 2012 2013 Net cash provided by…
  31. 4Q 2013 Operating and Financial Results – Whiting Petroleum Corp. – slide 31
    EBITDAX ( in Thousands) Reconciliation of Net Income to EBITDAX EBITDAX Reconciliation: Year Ended December 31, 2009 2010 2011 2012 2013 Net Income (Loss). (106,882) 336,653 491,628 414,099 366,003 Amortization of Deferred…
  32. 4Q 2013 Operating and Financial Results – Whiting Petroleum Corp. – slide 32
    Net Debt ( in Thousands) Reconciliation of Long-term Debt to Net Debt Year Ended December 31, 2009 2010 2011 2012 2013 Long-term Debt......... 779,585 800,000 1,380,000 1,800,000 2,653,834 Less Cash................... 11,960…

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