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Acquisition Kodiak Oil & Gas – Whiting Petroleum Corp.

Whiting Petroleum Corp. · Jul 14, 2014 · 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. Acquisition Kodiak Oil & Gas – Whiting Petroleum Corp. – slide 1
    ENERGY + TECHNOLOGY = GROWTH This Highly Strategic Combination Creates Largest Bakken / Three Forks Producer Drives Higher Growth Drives Better Metrics July 2014
  2. Acquisition Kodiak Oil & Gas – Whiting Petroleum Corp. – slide 2
    Transaction overview Whiting Petroleum Corporation (Whiting) to acquire Kodiak Oil & Gas Corp. Consideration (Kodiak) for 0.177x shares of Whiting per Kodiak share, implying 13.90 per Kodiak share based on Whitings closing price as of…
  3. Acquisition Kodiak Oil & Gas – Whiting Petroleum Corp. – slide 3
    Strategic rationale Combined company will become the 1 Bakken/Three Forks producer: over 107,000 Boepd in Q114 Creates leading Williston Combined 855k net acres, inventory of 3,460 net future drilling locations, and 370 Mmboe of…
  4. Acquisition Kodiak Oil & Gas – Whiting Petroleum Corp. – slide 4
    Expected benefits to Whiting Increases weighting of production from Bakken/TFS 80% of pro forma Q1 2014 production from Bakken/TFS 855,000 combined net acres, with an inventory of 3,460 net Williston Basin drilling locations Addition…
  5. Acquisition Kodiak Oil & Gas – Whiting Petroleum Corp. – slide 5
    Expected benefits to Kodiak Kodiak shareholders will retain upside to Bakken/TFS development through 29% ownership of the combined company Kodiak shareholders will own shares in a significantly larger company with a more diverse…
  6. Acquisition Kodiak Oil & Gas – Whiting Petroleum Corp. – slide 6
    Leading Williston Basin operator Acreage Overview (855,000 net acres) Q1'14 Bakken / Three Forks Net Production (Mboepd) 107.3 97.5 86.0 73.3 63.0 60.0 54.0 49.4 42.9 42.7 34.0 31.1 Rigs drilling in the Williston Basin…
  7. Acquisition Kodiak Oil & Gas – Whiting Petroleum Corp. – slide 7
    Larger location inventory with significant opportunity to accelerate Williston Basin drilling program Pro Forma Williston Basin Drilling Locations (Net) 4,000 3,460 3,500 3,000 Potential Williston Basin 2,500 net drilling…
  8. Acquisition Kodiak Oil & Gas – Whiting Petroleum Corp. – slide 8
    Continued production and reserve growth with oil- driven focus and strong margins Reserves (Mmboe) Production (Mboepd) YE 2013 2014E 88% liquids / 80% oil 88% liquids / 84% oil 700 Whiting Whiting 606 160 152 600 Kodiak 140 Kodiak…
  9. Acquisition Kodiak Oil & Gas – Whiting Petroleum Corp. – slide 9
    Driving value from complementary acreage positions Central and Eastern Williston Basin Combined 855,000 net acres in the core of Williston Basin Footprint in the sweet-spot of the Central and Eastern Williston Basin is…
  10. Acquisition Kodiak Oil & Gas – Whiting Petroleum Corp. – slide 10
    Value creation via application of Whiting expertise and financial strength Reduction in Kodiaks completed well costs 700,000 per well Present value acceleration Expect to increase Kodiaks rig fleet from 7 to 12 operated rigs by…
  11. Acquisition Kodiak Oil & Gas – Whiting Petroleum Corp. – slide 11
    Accelerated development plan to drive net asset value accretion Kodiak Standalone Kodiak Pro Forma Operated rigs Net operated completed wells 12 125 80 80 7 7 2013 2014E 2015E Expect to increase Kodiak operated rig fleet…
  12. Acquisition Kodiak Oil & Gas – Whiting Petroleum Corp. – slide 12
    Enhances size and scale relative to oil-weighted peers 34.7 33.5 Enterprise 19.8 17.8 Value 13.5 11.7 9.9 8.7 7.9 7.3 6.0 (bn) 1 PXD CLR CXO PF Whiting XEC Whiting DNR NFX OAS SD Kodiak 3.1 LQA 2.8 2.4 2.1 1.9 1.7 EBITDAX2…
  13. Acquisition Kodiak Oil & Gas – Whiting Petroleum Corp. – slide 13
    Substantial production and reserves, with increased Bakken/TFS weighting Production (as of 3/31/14) Whiting Kodiak Pro forma Northern Rockies 1 2% 3% 100% 7% 2% 3% 10% 6% Central Rockies 9% North Ward Estes + Permian 82% 76%…
  14. Acquisition Kodiak Oil & Gas – Whiting Petroleum Corp. – slide 14
    Strong combined balance sheet Pro Forma Capitalization at 3/31/14 (mm) Cash 422 RC Borrowings 758 Whiting notes 6.500% sr nts due 2018 350 5.000% sr nts due 2019 1,100 5.750% sr nts due 2021 1,200 Unamortized premium on Whiting's…
  15. Acquisition Kodiak Oil & Gas – Whiting Petroleum Corp. – slide 15
    Significant pro forma liquidity Total Liquidity (mm) 3,500 3,164 1 3,000 2,500 2,000 1,606 2,742 Revolver availability 1,500 Cash 1,000 1,200 500 406 422 0 Whiting at 3/31/14 Pro forma 1 Reflects 3,500mm of commitments minus…
  16. Acquisition Kodiak Oil & Gas – Whiting Petroleum Corp. – slide 16
    Strategic rationale Combined company will become the 1 Bakken/Three Forks producer: over 107,000 Boepd in Q114 Creates leading Williston Combined 855k net acres, inventory of 3,460 net future drilling locations, and 370 Mmboe of…
  17. Acquisition Kodiak Oil & Gas – Whiting Petroleum Corp. – slide 17
    EBITDAX ( in Thousands) Reconciliation of Net Income to EBITDAX Year Ended December 31, EBITDAX Reconciliation: 2011 2012 2013 Q1 2014 Net Income (Loss). 491,628 414,099 366,003 109,051 Amortization of Deferred Gain.. (13,937)…

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