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Credit Suisse 2012 Energy Summit – Whiting Petroleum Corp.

Whiting Petroleum Corp. · Feb 7, 2012 · 30 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. Credit Suisse 2012 Energy Summit – Whiting Petroleum Corp. – slide 1
    Whiting Petroleum Corporation Laying a 24 natural gas trunk line leading to the Belfield In the foreground is the Pronghorn Federal 21-14TFH, completed with an initial Gas Processing Plant in Stark County, N.D. flow rate of 1,849…
  2. Credit Suisse 2012 Energy Summit – Whiting Petroleum Corp. – slide 2
    Company Overview Market Capitalization1 5.9 B Long-term Debt2 1,200 MM Shares Outstanding 117.4 MM Debt/Total Cap3 28.9% Proved reserves4 345.2 MMBOE % Oil 86% RP ratio5 13.9 years Drilling the Hutchins Stock Association 1096…
  3. Credit Suisse 2012 Energy Summit – Whiting Petroleum Corp. – slide 3
    Map of Operations ROCKY MOUNTAINS 44.4 MBOE/D MICHIGAN 2.8 MBOE/D Q4 2011 Net Production 70.7 MBOE/d 4% 2% 12% MID-CONTINENT 8.4 MBOE/D 19% 63% PERMIAN 13.4 MBOE/D Michigan Gulf Coast Mid-Continent Permian Basin…
  4. Credit Suisse 2012 Energy Summit – Whiting Petroleum Corp. – slide 4
    Platform for Continued Growth (1) Proved Reserves (12/31/2011) 2% 12% 2% 46% 38% Rocky Mountains Permian Basin Gulf Coast Mid-Continent Michigan 345.2 MMBOE (12/31/2011) 1) Whiting reserves at December 31, 2011 86% Oil…
  5. Credit Suisse 2012 Energy Summit – Whiting Petroleum Corp. – slide 5
    Whiting Pre-Tax PV10 Values at December 31, 2011 (1) - Using 96.19/Bbl and 4.12/Mcf Held Flat Oil / Cond Plant Prod MMBO MMBNGL BCF MMBOE PV10, MM Total Proved 260 38 285 345 7,405 Total Probable 57 14 211 106 1,035 Total…
  6. Credit Suisse 2012 Energy Summit – Whiting Petroleum Corp. – slide 6
    Capital Budget for Key Development Areas in 2012 ( in millions) Non-Op Facilities 42MM Northern Rockies 2012 Gross Net 228MM 3% CAPEX 851MM Wells Wells Exploration (MM ) 14% 52% Expense (1) Northern Rockies 851 218 124 56MM…
  7. Credit Suisse 2012 Energy Summit – Whiting Petroleum Corp. – slide 7
    All Whiting Lease Areas In Williston Basin Plays at December 31, 2011 Gross Acres Net Acres Sanish / Parshall 177,399 83,062 - Middle Bakken / Three Forks Objectives - 108 wells in 2011 Lewis & Clark / Pronghorn 385,665 256,296 -…
  8. Credit Suisse 2012 Energy Summit – Whiting Petroleum Corp. – slide 8
    Whiting Drilling Objectives in the Western Williston Basin -- Shooting for the Sweet Spots A A Please note dual targets in the Middle Bakken and Pronghorn Sand / Upper Three Forks 8
  9. Credit Suisse 2012 Energy Summit – Whiting Petroleum Corp. – slide 9
    De-Risked Map Williston Basin (1) STARBUCK CASSANDRA SANISH 103,282 Prospect Gross Acres 30,661 Prospect Gross Acres 108,815 Prospect Gross Acres 87,685 Prospect Net Acres 14,501 Prospect Net Acres 66,480 Prospect Net Acres 100%…
  10. Credit Suisse 2012 Energy Summit – Whiting Petroleum Corp. – slide 10
    Williston Basin De-Risked Future Drilling Locations at December 31, 2011 De-Risked Gross De-Risked Formation Wells Per De-Risked Wells % De-Risked Future Acreage Acreage Target 1280 Locations Completed Locations Sanish Bakken…
  11. Credit Suisse 2012 Energy Summit – Whiting Petroleum Corp. – slide 11
    Typical Non-Sanish Field Bakken or Pronghorn Sand / Three Forks Well Expected Results(1) 1000 EUR 350 MBOE, Capex 7.0 MM Oil Price (/Bbl) 90.00 100.00 ROI 2.0 2.3 Payout (yrs) 2.3 1.9 PV10 (MM) 3.23 4.57 IRR 35% 47% Daily…
  12. Credit Suisse 2012 Energy Summit – Whiting Petroleum Corp. – slide 12
    Average IP and 30, 60, 90 Day Production(1) of Whiting Operated Wells(2) Sanish Bakken Avg IP BOE/d 24- Avg WI % Avg NRI % hr Test Avg 1st 30 Day Avg 1st 60 Day Avg 1st 90 Day No. of Wells 31 31 31 28 24 16 Averages 67% 54% 2,018…
  13. Credit Suisse 2012 Energy Summit – Whiting Petroleum Corp. – slide 13
    Six Month Cumulative Production by Operator For Bakken Wells Drilled Since January 2009 & Operators With Greater Than 10 Wells Producing Source: IHS Energy, Inc. & North Dakota Industrial Commission (As of October, 2011) 13
  14. Credit Suisse 2012 Energy Summit – Whiting Petroleum Corp. – slide 14
    Pronghorn Q4 2011 Completions(1) Well Name WI% NRI% IP BOEPD PRONGHORN FEDERAL 34-11 TFH 100% 80% 1,645 PRONGHORN FEDERAL 21-14TFH 56% 45% 1,849 BRUENI 21-16TFH 60% 48% 889 MASTEL 41-18TFH 77% 61% 3,218 MARSH 21-16TFH-R 79%…
  15. Credit Suisse 2012 Energy Summit – Whiting Petroleum Corp. – slide 15
    Williston Basin Off-Take Expansion (1) Existing Pipelines Proposed Pipelines 2011 2012 2013 All Volumes Barrels per Day Existing Capacity Total Additions Additions Additions Enbridge 185,000 25,000 Q2 145,000 Q4 355,000…
  16. Credit Suisse 2012 Energy Summit – Whiting Petroleum Corp. – slide 16
    Big Tex Prospect Pecos, Reeves and Ward Counties, Texas OBJECTIVE Bone Spring Wolfcamp ACREAGE Whiting has assembled 120,719 gross (89,962 net) acres in our Big Tex prospect in the Delaware Basin: Average WI of 76% Average NRI…
  17. Credit Suisse 2012 Energy Summit – Whiting Petroleum Corp. – slide 17
    Redtail Niobrara Prospect Weld County, Colorado OBJECTIVE Niobrara Shale ACREAGE Whiting has assembled 104,425 gross (76,065 net) acres in our Redtail prospect in the northeastern portion of the DJ Basin Redtail Average WI of…
  18. Credit Suisse 2012 Energy Summit – Whiting Petroleum Corp. – slide 18
    EOR Projects - Postle and North Ward Estes Fields % Postle Postle Total N. Ward Whiting N. Ward Estes Whiting Estes (1) 12/31/11 Proved Reserves Oil MMBbl 167 131 298 44% Gas Bcf 263 22 285 8% (2) (2) Total MMBOE 210 135 345…
  19. Credit Suisse 2012 Energy Summit – Whiting Petroleum Corp. – slide 19
    Postle Field - Net Production Forecasts (1) Postle Field 3P Unrisked Production Forecast 25 20 120 - 130 MMcf/d Current CO2 Injection Production Rate Mboe/d 15 10 P1 + P2 (no possible) 5 Proved 0 Jun Dec. 05…
  20. Credit Suisse 2012 Energy Summit – Whiting Petroleum Corp. – slide 20
    North Ward Estes - Net Production Forecasts (1) North Ward Ested 3P Unrisked Production Forecast (3) 30 285 - 295 MMcf/d Current CO2 Injection 25 Production Rate Mboe/d 20 P1 + P2 + P3 15 P1 + P2 10 Proved 5 0…
  21. Credit Suisse 2012 Energy Summit – Whiting Petroleum Corp. – slide 21
    Development Plans North Ward Estes Field Ward and Winkler Counties, Texas Injection CO2 Project Start Date Phase 1 2007 - 2008 Total 2012 - 2040 Remaining Capital Expenditures (1) Phase 2 2009 - 2010 (In Millions) CapEx (2)…
  22. Credit Suisse 2012 Energy Summit – Whiting Petroleum Corp. – slide 22
    Consistently Strong Margins Consistently Delivering Strong EBITDA Margins (1) 80.61/Bbl 5.02/Mcf 69.06 71.80/BOE 80.00 70.00 61.48 Whiting Realized Prices(1) 53.57 60.00 50.52 44.70 45.01 50.00 30.82/61% 25.71/57%…
  23. Credit Suisse 2012 Energy Summit – Whiting Petroleum Corp. – slide 23
    Steady Production Growth Average Daily Production (MBOE/d) Production2005 2012E 12% CAGR Production 78.6 64.7 67.9 55.40 47.7 41.5 40.4 33.00 2005 2006 2007 2008 2009 2010 2011 2012E 23
  24. Credit Suisse 2012 Energy Summit – Whiting Petroleum Corp. – slide 24
    Total Capitalization ( in thousands) Sept. 30, Dec. 31, 2011 2010 Cash and Cash Equivalents 6,088 18,952 Long-Term Debt: Credit Agreement 600,000 200,000 Senior Subordinated Notes 600,000 600,000 Total Long-Term Debt 1,200,000…
  25. Credit Suisse 2012 Energy Summit – Whiting Petroleum Corp. – slide 25
    Outstanding Bonds and Credit Agreement Amount Ratings 11/2/11 Coupon / Description Maturity Outstanding Moodys / S&P Price 7.00% / Sr. Sub. NC 02/01/2014 250.0 mil. Ba3 / BB 107.00 6.50% / Sr. Sub. NC4 10/01/2018 350.0 mil. Ba3 / BB…
  26. Credit Suisse 2012 Energy Summit – Whiting Petroleum Corp. – slide 26
    In Summary Oil weighted portfolio, long-lived reserve Reserves 86% oil; 13.9 year R/P (1) base Grown production 315% from 17.0 Multi-year inventory of development, MBOE/D at Nov. 2003 IPO to 70.7 MBOE/D exploitation and exploration…
  27. Credit Suisse 2012 Energy Summit – Whiting Petroleum Corp. – slide 27
    Disciplined Hedging Strategy (1) Utilize hedges to manage exposure against potential commodity price declines while maintaining pricing upside Employ mix of contracts weighted toward the short-term Existing Crude Oil Hedge Positions…
  28. Credit Suisse 2012 Energy Summit – Whiting Petroleum Corp. – slide 28
    Fixed-Price Marketing Contracts Existing Natural Gas Marketing Contracts Weighted Average As a Percentage of Hedge Contracted Volume Contracted Price December 2011 Period (MMBtu per Month) (per MMBtu) Gas Production 2012 Q1…
  29. Credit Suisse 2012 Energy Summit – Whiting Petroleum Corp. – slide 29
    Adjusted Net Income (1) (In Thousands) Reconciliation of Net Income (Loss) Available to Common Shareholders to Adjusted Net Income (Loss) Available to Common Shareholders Three Months Ended Nine Months Ended September 30,…
  30. Credit Suisse 2012 Energy Summit – Whiting Petroleum Corp. – slide 30
    Discretionary Cash Flow (1) Reconciliation of Net Cash Provided by Operating Activities to Discretionary Cash Flow (In Thousands) Three Months Ended Nine Months Ended September 30, September 30, 2011 2010 2011 2010 Net cash…

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