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BAML Leveraged Finance Conference 2013 – Whiting Petroleum Corp.

Whiting Petroleum Corp. · Dec 3, 2013 · 27 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. BAML Leveraged Finance Conference 2013 – Whiting Petroleum Corp. – slide 1
    Whiting Petroleum Corporation Bank of America Merrill Lynch Leveraged Finance Conference December 2013
  2. BAML Leveraged Finance Conference 2013 – Whiting Petroleum Corp. – slide 2
    Whiting Petroleum A Company on the Move Sale of 32,183 Net Acres in our Big Tex Prospect in the Delaware Basin for 150.1 Million, subject to normal closing(1) and post closing adjustments 261 Million Acquisition of 39,310 Gross (17,282…
  3. BAML Leveraged Finance Conference 2013 – Whiting Petroleum Corp. – slide 3
    Whiting Overview Q3 2013 Production(1) 92.8 MBOE/d Proved Reserves(2) 396.3 MMBOE % Oil(2) 79% R/P ratio(3) 14 years Drilling on the Obrigewitch 3 well pad in North Dakota (1) The production attributable to the Postle…
  4. BAML Leveraged Finance Conference 2013 – Whiting Petroleum Corp. – slide 4
    Outstanding Bond and Credit Agreement Amount Ratings 09/30/13 Coupon / Description Maturity Outstanding Moody's / S&P Price 7.00% / Sr. Sub. (1) 2/1/2014 250.0 mil. Ba3 / BB- 102.0 6.50% / Sr. Sub. 10/1/2018 350.0 mil. Ba3 / BB-…
  5. BAML Leveraged Finance Conference 2013 – Whiting Petroleum Corp. – slide 5
    Adjusted Net Income and Discretionary Cash Flow Three and Nine Months Ended September 30, 2013 and 2012 Three Months Ended Nine Months Ended September 30, September 30, 2013 2012 2013 2012 (In millions, expect per share data) Net…
  6. BAML Leveraged Finance Conference 2013 – Whiting Petroleum Corp. – slide 6
    Guidance for Q4 and Full-Year 2013 Guidance Fourth Quarter Full-Year 2013 2013 Production (MMBOE) .................................................... 8.80 - 9.20 33.90 - 34.30 Lease operating expense per BOE(1)…
  7. BAML Leveraged Finance Conference 2013 – Whiting Petroleum Corp. – slide 7
    Consistently Good Margins Consistently Delivering Strong EBITDA Margins (1) Oil 97.69/Bbl NGL 35.78/Bbl Gas 3.64/Mcf 90.00 81.21/BOE 73.88 74.77 75.88 80.00 69.06 69.85 Whiting Realized Prices(1) 70.00 61.48 53.57 60.00…
  8. BAML Leveraged Finance Conference 2013 – Whiting Petroleum Corp. – slide 8
    Total Capitalization ( in Thousands) Sept. 30, 2013 Dec. 31, 2012 Cash and Cash Equivalents 1,025,579 44,800 Long Term Debt: Senior Notes 2,303,991 - Credit Agreement - 1,200,000 Senior Subordinated Notes(1) 600,000 600,000…
  9. BAML Leveraged Finance Conference 2013 – Whiting Petroleum Corp. – slide 9
    Disciplined Hedging Strategy Existing Crude Oil Hedge Positions(1) Weighted Average As a Percentage of Derivative Hedge Contracted Volume NYMEX Price September 2013 Instrument Period (Bbls per Month) (per Bbl) Oil Production…
  10. BAML Leveraged Finance Conference 2013 – Whiting Petroleum Corp. – slide 10
    Fixed-Price Marketing Contracts Existing Natural Gas Marketing Contracts(1) Weighted Average As a Percentage of Hedge Contracted Volume Contracted Price September 2013 Period (MMBtu per Month) (per MMBtu) Gas Production 2013 Q4…
  11. BAML Leveraged Finance Conference 2013 – Whiting Petroleum Corp. – slide 11
    Map of Operations Q3 2013 Net Production Michigan 92.8 MBOE/d 2.4 MBOE/D ROCKY MOUNTAINS 6% 75.6 MBOE/D 13% HEADQUARTERS Denver, Colorado Mid-Con 1.5 MBOE/D PERMIAN 12.0 MBOE/D 81% Gulf Coast Rockies Permian 1.3…
  12. BAML Leveraged Finance Conference 2013 – Whiting Petroleum Corp. – slide 12
    Whiting Lease Areas in Williston Basin September 30, 2013 Gross Net Field Target Acres Acres Middle Bakken / Sanish / Parshall Three Forks 175,066 82,390 Sanish Pronghorn Pronghorn Sand 195,336 128,011 CASSANDRA STARBUCK Lewis…
  13. BAML Leveraged Finance Conference 2013 – Whiting Petroleum Corp. – slide 13
    Well Completion Evolution Sliding Sleeve vs Cemented Liner with Plug & Perf Swell PackersSliding with Sliding Sleeve Sleeves Potential Frac Ports Entry Annulus Stages per Stage Points Free fluid between packers 30 1 30…
  14. BAML Leveraged Finance Conference 2013 – Whiting Petroleum Corp. – slide 14
    Southern Williston Basin Lewis & Clark and Pronghorn (September 30, 2013) OBJECTIVE Pronghorn Sand 3 wells per 1,280-acre spacing unit ACREAGE Whiting has assembled 395,490 gross (263,784 net) acres in our Southern Williston…
  15. BAML Leveraged Finance Conference 2013 – Whiting Petroleum Corp. – slide 15
    Western Williston Basin Cassandra, Hidden Bench, Tarpon, and Missouri Breaks (September 30, 2013) OBJECTIVE(1) Bakken 4 wells per 1,280-acre spacing unit Three Forks 3 wells per 1,280-acre spacing unit 16.7 (3/8/2013) ACREAGE…
  16. BAML Leveraged Finance Conference 2013 – Whiting Petroleum Corp. – slide 16
    Missouri Breaks 24-Hr Average IP Rates Prior Completion Design vs. Cemented Liner Completion Prior Well Design Versus Cemented Liner Completion 1,400 8 Wells 1,200 1,000 800 31 Wells 600 400 200 0 Average 24-Hr IP…
  17. BAML Leveraged Finance Conference 2013 – Whiting Petroleum Corp. – slide 17
    Missouri Breaks Cumulative Production Plot Comparison 18 16 14 12 Cum Oil (MBO) 10 8 6 4 2 0 5 10 15 20 25 30 Elapsed Days Cemented Liner Average Sliding Sleeve Avg Cemented Liner High Well Cemented…
  18. BAML Leveraged Finance Conference 2013 – Whiting Petroleum Corp. – slide 18
    Completion Costs Comparison Williston Basin Well Costs Remain Flat with New Completion Design 24-Hour IP Field Well Name Liner Style Completion (BOEPD) AFE AFE Date Hidden Bench Eide 41-13HR Uncemented Sliding Sleeve 2,715…
  19. BAML Leveraged Finance Conference 2013 – Whiting Petroleum Corp. – slide 19
    Redtail Niobrara Prospect: Another Transformative Multi Year Project Weld County, Colorado (September 30, 2013) OBJECTIVE Niobrara B Shale Niobrara A Shale DEVELOPMENT PLAN Mix of 960 and 640-acre spacing units Wildhorse…
  20. BAML Leveraged Finance Conference 2013 – Whiting Petroleum Corp. – slide 20
    Redtail Development Plan Upper Niobrara (A & B Zones) as of September 30, 2013 DRILLING INVENTORY GROSS WELLS 16 WELLS/DSU WELL STATUS PHASE 1 PHASE 2 PHASE 3 PHASE 4 TOTAL DRILLED 33 8 0 5 46 PERMITTED 18 1 1 1 21 ADDITIONAL 2 YR…
  21. BAML Leveraged Finance Conference 2013 – Whiting Petroleum Corp. – slide 21
    Redtail Development Plan Infrastructure (September 30, 2013) Redtail Facilities Plan Planned Gathering System Gas Gathering Lines 54 Miles Oil Gathering Lines 54 Miles SW Gathering Lines 54 Miles Frac Water Supply Lines 16 Miles…
  22. BAML Leveraged Finance Conference 2013 – Whiting Petroleum Corp. – slide 22
    Redtail Niobrara Prospect Improved Completion Technology Results in Improved Performance (1) 70,000 60,000 50,000 40,000 Cum BOE 30,000 20,000 10,000 400 MBOE Type Curve Cum vs Time 8 Recent Well Average Cum vs…
  23. BAML Leveraged Finance Conference 2013 – Whiting Petroleum Corp. – slide 23
    Big Tex Prospect Pecos, Reeves, and Ward Counties, Texas (September 30, 2013) OBJECTIVE Vertical Wolfbone Horizontal Wolfcamp ACREAGE Whiting has assembled 97,430 gross (73,356 net) acres in our Big Tex prospect in the Delaware…
  24. BAML Leveraged Finance Conference 2013 – Whiting Petroleum Corp. – slide 24
    North Ward Estes Field Development Plan Production Up 12.5% YTD and 13.5% YoY Project Timing and Net Reserves(1) Injection Other CO2 Project Start Date PVPD Proved P2 P3 Total Base: Primary, WF & CO2 42 16 4 66 128 Phase 1 2007 -…
  25. BAML Leveraged Finance Conference 2013 – Whiting Petroleum Corp. – slide 25
    Whiting Petroleum A Company on the Move Sale of 32,183 Net Acres in our Big Tex Prospect in the Delaware Basin for 150.1 Million, subject to normal closing(1) and post closing adjustments 261 Million Acquisition of 39,310 Gross (17,282…
  26. BAML Leveraged Finance Conference 2013 – Whiting Petroleum Corp. – slide 26
    Adjusted Net Income(1) ( in Thousands) Reconciliation of Net Income Available to Common Shareholders to Adjusted Net Income Available to Common Shareholders Three Months Ended Nine Months Ended September 30, September 30, 2013…
  27. BAML Leveraged Finance Conference 2013 – Whiting Petroleum Corp. – slide 27
    Discretionary Cash Flow(1) ( in Thousands) Reconciliation of Net Cash Provided by Operating Activities to Discretionary Cash Flow Three Months Ended Nine Months Ended September 30, September 30, 2013 2012 2013 2012 Net cash…

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