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Q4 2014 Earnings Results – Whiting Petroleum Corp.

Whiting Petroleum Corp. · Feb 26, 2015 · 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. Q4 2014 Earnings Results – Whiting Petroleum Corp. – slide 1
    Whiting Petroleum Corporation ENERGY + TECHNOLOGY = GROWTH A STRONGER COMPANY SET TO PROSPER AT CURRENT PRICES NYSE: WLL February 26, 2015
  2. Q4 2014 Earnings Results – Whiting Petroleum Corp. – slide 2
    Whiting Petroleum A Stronger Company Significant Fourth Quarter and Full Year 2014 Achievements 1) Whiting Completes the Acquisition of Kodiak Oil & Gas Corp. Making Whiting the Largest Bakken / Three Forks Producer in the Williston…
  3. Q4 2014 Earnings Results – Whiting Petroleum Corp. – slide 3
    A Focused Company Whiting Petroleum Corporation is an independent oil and gas company that explores for, develops, acquires and produces crude oil, natural gas and Williston Basin Bakken / Three Forks natural gas liquids primarily in…
  4. Q4 2014 Earnings Results – Whiting Petroleum Corp. – slide 4
    Strong Production and Reserve Growth with an Oil-Driven Focus Reserves (MMBOE) Production (MBOE/D) 900 Whiting Whiting 780(1) 160 800 147 Kodiak Kodiak 140 700 123 606 120 600 474 100 97 500 586 112 385 80 72 400 439 94…
  5. Q4 2014 Earnings Results – Whiting Petroleum Corp. – slide 5
    2.0 Billion Capital Budget in 2015 50% Decrease from Whiting+Kodiak Capex While Producing Expected 2015 Production Growth Undeveloped Facilities acreage 123 MM 59 MM Exploration(2) Northern Rockies 61 MM 961 MM 2015 CAPEX % of…
  6. Q4 2014 Earnings Results – Whiting Petroleum Corp. – slide 6
    Driving Value from the Sweet Spot Concentrated Acreage Position in Areas with 90-Day Cumulative Production Per Well Greater Than 50 MBOE 811,737 net acres in Williston Basin 7,541 future gross drilling locations in the Bakken and…
  7. Q4 2014 Earnings Results – Whiting Petroleum Corp. – slide 7
    Exploiting the Bakken and Three Forks in the Williston Primary and Prospective Drilling Locations 14 WELLS 8 WELLS 15 WELLS 12 WELLS 16 WELLS 6 WELLS 4 WELLS 12 WELLS NYSE: WLL 8 Energy + Technology = Growth
  8. Q4 2014 Earnings Results – Whiting Petroleum Corp. – slide 8
    Maximizing Recovery Efficiency(1) 2014 vs 2013 Shows the Following: 30% Increase IP, 31% Increase 30-Day Rate, 28% Increase 60-Day, 27% Increase 90-Day 2,000 1,800 1,777 1,600 1,400 1,368 1,301 1,200 1,270 1,000 800 802…
  9. Q4 2014 Earnings Results – Whiting Petroleum Corp. – slide 9
    Williston Basin Production Profile Per Well Results: 48% IRR at 60/Bbl NYMEX(1) 1,000 EUR - 700 MBOE(2) Nymex oil price/Bbl 60(3) 70(4) CAPEX (MM)(5) 6.8 6.8 Daily Equivalent Production IRR (%) 48% 72% Payout (Yrs.) 1.9…
  10. Q4 2014 Earnings Results – Whiting Petroleum Corp. – slide 10
    Redtail Development Program Economic Sweet Spot (Weld County, Colorado) OBJECTIVE Niobrara A Shale Niobrara B Shale Niobrara C Shale Fort Hays/Codell DEVELOPMENT PLAN Mix of 960 and 640-acre spacing units 6,685 potential…
  11. Q4 2014 Earnings Results – Whiting Petroleum Corp. – slide 11
    Redtail Niobrara Production Profile Per Well Results: 30% IRR at 60/Bbl NYMEX(1)(2) 1000 EUR - 450 MBOE(3) Nymex oil price/Bbl 60 70 CAPEX (MM)(4) 5.0 5.0 Daily Equivalent Production IRR (%) 30% 48% Payout (Yrs.) 2.6…
  12. Q4 2014 Earnings Results – Whiting Petroleum Corp. – slide 12
    Redtail Infrastructure Plan: A Great Place to Find an Oil Field December 2014 Trailblazer REX to KC area hub to East OH hub Redtail Facilities Plan Planned Gathering System Gas Gathering Lines 141 Miles Trailblazer/REX Oil…
  13. Q4 2014 Earnings Results – Whiting Petroleum Corp. – slide 13
    Adjusted Net Income and Discretionary Cash Flow Three and Twelve Months Ended December 31, 2014 and 2013 (1)(2) Three Months Ended Twelve Months Ended Dec. 31, Dec. 31, 2014 2013(3) 2014 2013(3) (In millions, expect per share…
  14. Q4 2014 Earnings Results – Whiting Petroleum Corp. – slide 14
    Guidance for Q1 and Full-Year 2015 Guidance First Quarter Full-Year 2015 2015 Production (MMBOE) .................................................... 14.45 - 14.85 59.00 - 59.70 Lease operating expense per BOE…
  15. Q4 2014 Earnings Results – Whiting Petroleum Corp. – slide 15
    Oil-Focused Strategy Delivers Consistently Strong Margins Consistently Delivering Strong EBITDA Margins (1) Oil 82.79/Bbl NGL 39.17/Bbl Gas 5.53/Mcf 73.88 76.76 73.38/BOE 80.00 69.85 70.00 61.48 Whiting Realized…
  16. Q4 2014 Earnings Results – Whiting Petroleum Corp. – slide 16
    Total Capitalization ( in Thousands) Dec. 31, 2014 Dec. 31, 2013 Cash and Cash Equivalents 78,100 699,460 Long-Term Debt: Senior Notes 3,878,782 2,303,834 Credit Agreement 1,400,000 - Senior Subordinated Notes 350,000 350,000…
  17. Q4 2014 Earnings Results – Whiting Petroleum Corp. – slide 17
    Outstanding Bond and Credit Agreement Amount Ratings 2/13/15 Coupon / Description Maturity Outstanding Moody's / S&P Price 6.500% / Sr. Sub. 10/01/2018 0.350 B Ba3 / BB- 101.000 5.000% / Sr. 03/15/2019 1.100 B Ba2 / BB+ 99.250…
  18. Q4 2014 Earnings Results – Whiting Petroleum Corp. – slide 18
    Hedge Position Existing Crude Oil Hedge Positions(1) Weighted Average As a Percentage of Derivative Hedge Contracted Crude NYMEX Price December 2014 Instrument Period (Bbls per Month) (per Bbl) Oil Production Three-way collars (2)…
  19. Q4 2014 Earnings Results – Whiting Petroleum Corp. – slide 19
    Fixed-Price Contracts Existing Fixed-Differential Crude Oil Sales Contracts(1) Differential Contracted Volume from NYMEX Period (Bbls per Day) (per Bbl) 04/2015 to 12/2015 25,000 4.75 01/2016 to 12/2016 28,750 4.75 01/2017 to…
  20. Q4 2014 Earnings Results – Whiting Petroleum Corp. – slide 20
    Whiting Petroleum A Stronger Company Significant Fourth Quarter and Full Year 2014 Achievements 1) Whiting Completes the Acquisition of Kodiak Oil & Gas Corp. Making Whiting the Largest Bakken / Three Forks Producer in the Williston…
  21. Q4 2014 Earnings Results – Whiting Petroleum Corp. – slide 21
    Adjusted Net Income(1) ( in Thousands, Except Per Share Data) Reconciliation of Net Income (Loss) Available to Common Shareholders to Adjusted Net Income Available to Common Shareholders Three Months Ended Year Ended December 31,…
  22. Q4 2014 Earnings Results – Whiting Petroleum Corp. – slide 22
    Discretionary Cash Flow(1) ( in Thousands) Reconciliation of Net Cash Provided by Operating Activities to Discretionary Cash Flow Three Months Ended Year Ended December 31, December 31, 2014 2013 2014 2013 Net cash provided…

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