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Current Corporation Information – Whiting Petroleum Corp.

Whiting Petroleum Corp. · Oct 29, 2009 · 54 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. Current Corporation Information – Whiting Petroleum Corp. – slide 1
    Whiting Petroleum Corporation (Foreground) Pump installation on the Smith 11- 11-7H well (IP: 2,421 BOE/D) Drilling operations on the TTT Ranch 11- 11-26H (foreground) (Background) Bakken production at the Abbott 11- 11-18H well…
  2. Current Corporation Information – Whiting Petroleum Corp. – slide 2
    Company Overview Market Capitalization1 3.1 B Long-term Debt2 769.6 MM Shares Outstanding 50.8 MM Debt/Total Cap2 25.2% Proved reserves3 239.1 MMBOE % Oil 75% RP ratio4 13.6 years Drilling the Federal 397-3G-G1 discovery well…
  3. Current Corporation Information – Whiting Petroleum Corp. – slide 3
    Net Income and Discretionary Cash Flow for the Three Months Ended September 30, 2009 and 2008 Three Months Ended 9/30/09 9/30/08 (In millions, except per share data) Net Income 30.9 112.4 Net Income Per Diluted Share 0.59 2.65…
  4. Current Corporation Information – Whiting Petroleum Corp. – slide 4
    Consistently Strong Margins Consistently Delivering Strong EBITDA Margins (1) 69.06 65.00 53.57 55.00 50.52 Whiting Realized Prices(1) 48.13 44.70 45.10/65% 45.00 41.79 35.23 /BOE 31.29/58% 30.82/61% 32.97 35.00…
  5. Current Corporation Information – Whiting Petroleum Corp. – slide 5
    Platform for Continued Growth Quarterly Average Daily Production Proved Reserves (12/31/2008) 4% 55.5 55.8 16% 55.3 55.0 54.3 35% Average Daily Production (MBOE/d) se 4% 50.5 c rea In % 50.0 10 44.2 45.0 41% 40.9 40.6…
  6. Current Corporation Information – Whiting Petroleum Corp. – slide 6
    Whiting a Top Oil Producer in Three States OKLAHOMA (1) NORTH DAKOTA (2) TEXAS (3) 3 5 17 Total Barrels: 1,837,600 Total BOE: 6,077,200 Total Barrels: 3,179,800 (1) According to the Oklahoma Corporation Commission for the…
  7. Current Corporation Information – Whiting Petroleum Corp. – slide 7
    Map of Operations Proved Reserves at December 31, 2008 Pre-Tax Q3 2009 PV10% Average Daily Net (1) (2) Oil Gas Total Value Production Core Area (MMBbl) (Bcf) (MMBOE) Oil % (in millions) (MBOE/d) Permian Basin 88.1 57.8 97.7 90%…
  8. Current Corporation Information – Whiting Petroleum Corp. – slide 8
    Whiting Petroleum Corporation Highlights 1. Geographically diversified, long-lived reserve base 2. Multi-year inventory of development, exploitation and exploration projects to drive organic production growth going forward (21%…
  9. Current Corporation Information – Whiting Petroleum Corp. – slide 9
    Our Formula for Success Long-lived properties Predictable performance High PDP content Multi-zone potential Permian Basin North Ward Estes field New Rockies exploration Anadarko Basin areas (Lewis & Clark) Postle field…
  10. Current Corporation Information – Whiting Petroleum Corp. – slide 10
    Reserve Components at Year-End 2008 (1) (2) (3) As of 12/31/08 MMBOE % of Total PDP 123.4 52% PDNP 35.7 15% PUD 80.0 33% Total Proved 239.1 100% Proved 239.1 49% Probable 133.2 28% Possible 111.6 23% Total 3P 483.9…
  11. Current Corporation Information – Whiting Petroleum Corp. – slide 11
    Major Fields with Probable and Possible Reserves at December 31, 2008 (1) (2) (3) Capex Region Field MMBOE MM Per BOE Permian North Ward Estes 78 33 0.42 Rockies Sulphur Creek 41 378 9.22 Rockies Sanish 49 404 8.25 Rockies…
  12. Current Corporation Information – Whiting Petroleum Corp. – slide 12
    Finding Costs (in Thousands) 2004 2005 2006 2007 2008 Five-Year Total/Avg. (2004 2008) Proved Acquisitions 525,563 906,208 29,778 8,128 294,056 1,763,733 Unproved Acquisitions 4,401 16,124 38,628 13,598 98,841 171,592 Development…
  13. Current Corporation Information – Whiting Petroleum Corp. – slide 13
    Whiting Net Asset Value Calculation at Dec. 31, 2008 (1)(2) Using Prices of 78.00/Bbl and 5.00/Mcf Held Flat Oil & NGL MBO MBNGL MBO MMCF MBOE PV10, M PPD 78,727 9,933 88,660 208,481 123,407 2,693,119 PBP 2,744 689 3,433 17,215 6,302…
  14. Current Corporation Information – Whiting Petroleum Corp. – slide 14
    Key Development Areas for 2009 ( in millions) Sanish Field Northern Northern Rockies Rockies Net Wells Capex Existing Properties 19.0 206.0 Sanish 2009 Capital Projects Parshall Parshall Field Net Wells Capex 5.2 29.8…
  15. Current Corporation Information – Whiting Petroleum Corp. – slide 15
    Reserve & Production Profiles Proved Reserves By Avg. Production By Proved Reserves Core Area Core Area As of Dec. 31, 2008 4% 4% Q3 2009 239.1 MMBOE 55.8 MBOE/d 16% 35% 5% 6% 33% 16% 53% 41% 67% 20% Developed…
  16. Current Corporation Information – Whiting Petroleum Corp. – slide 16
    2008 vs. 2009 Exploration & Development Expenditures By Reserve Category 2008 947 MM Actual 2009 470 MM Budget (1) 12% 21% 50% 29% 59% 29% Proved CO2 Recovery Projects (Proved) Non-Proved (1) This amount has not…
  17. Current Corporation Information – Whiting Petroleum Corp. – slide 17
    Whiting Developed & Undeveloped Acreage by Core Area 17
  18. Current Corporation Information – Whiting Petroleum Corp. – slide 18
    Drilling operations on the Hatch Point Threemile 43-18H San Juan County, Utah 18
  19. Current Corporation Information – Whiting Petroleum Corp. – slide 19
    Whiting Williston Basin Bakken Activity Basin-wide stratigraphic trap in shale and dolomitic siltstone 194,370 gross; 88,008 net acres in Sanish and Parshall fields Average EUR 850 MBOE/well, average CWC of approximately…
  20. Current Corporation Information – Whiting Petroleum Corp. – slide 20
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  21. Current Corporation Information – Whiting Petroleum Corp. – slide 21
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  22. Current Corporation Information – Whiting Petroleum Corp. – slide 22
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  23. Current Corporation Information – Whiting Petroleum Corp. – slide 23
    Dave Edwards, Whiting Drilling Consultant, inspects a new PDC bit on the Carkuff 11-12H well, Sanish Field, Mountrail County, ND 23
  24. Current Corporation Information – Whiting Petroleum Corp. – slide 24
    Bakken Development in the Northern Rockies Sanish Field Operated; average WI of 63% for currently producing wells As of October 23, 2009, there were 92 producing wells in the Sanish field Whiting-operated wells average 830 BOE/D…
  25. Current Corporation Information – Whiting Petroleum Corp. – slide 25
    Bakken Development - Sanish and Parshall Fields 25
  26. Current Corporation Information – Whiting Petroleum Corp. – slide 26
    30- and 60-day Average Production Rates for Whiting Operated Sanish Field Wells in 2008 Average 1st Average 1st IP (BOE/d) 24-hr. 30 Days 60 Days Well Name WI NRI Comp. Date Test (BOE/d) (BOE/d) 1) McNamara 42-26H (Infill) 90% 73%…
  27. Current Corporation Information – Whiting Petroleum Corp. – slide 27
    (Continued) 30- and 60-day Average Production Rates for Whiting Operated Sanish Field Wells in 2009 IP (BOE/d) 24-hr. Avg. 1st 30 Avg. 1st 60 Well Name WI NRI Comp. Date Test (BOE/d) (BOE/d) 1) Maki 11-27H 76% 62% 10/23/09 4,761 (1)…
  28. Current Corporation Information – Whiting Petroleum Corp. – slide 28
    Sanish Bakken Type Curve Comparison Sanish Production Profiles in Oil Equivalents (1) (2) 10,000 Proved Forecast Range Equivalent Daily Production Proved + Probable Forecast Range 1,000 (BOE/D) EURS will vary well to…
  29. Current Corporation Information – Whiting Petroleum Corp. – slide 29
    Enbridge Phase VI Expansion Enbridge to expand take-away capacity from 110,000 Bbls/d to 161,000 Bbls/d in the first quarter of 2010 Sanish Field Hydrotest section Modified pump station New Tank 29
  30. Current Corporation Information – Whiting Petroleum Corp. – slide 30
    Sanish Field (Bakken), Mountrail County, ND (Foreground) - Drilling the Fladeland 11-12H (IP: 1,972 BOE/D) (Background) - Drilling the TTT Ranch 11-6H (IP: 3,102 BOE/D) 30
  31. Current Corporation Information – Whiting Petroleum Corp. – slide 31
    Bakken Economics (1) : IRR and ROI 160 7 140 6 1000 MBOe 700 MBOe 120 5 100 IRR (%) 4 ROI 80 3 60 2 40 1000 MBOe 700 MBOe 20 1 0 0 50 60 70 50 60 70 NYMEX Oil Price (/Bbl) NYMEX Oil Price (/Bbl) (1)…
  32. Current Corporation Information – Whiting Petroleum Corp. – slide 32
    Bakken Economics(1) : PV(10%) 18000 16000 1000 MBOe 14000 700 MBOe PV(10%) (M) 12000 10000 8000 6000 4000 2000 0 50 60 70 NYMEX Oil Price (/Bbl) (1) Economics based on results observed in Whiting-operated…
  33. Current Corporation Information – Whiting Petroleum Corp. – slide 33
    Finding Cost Comparison: /BOE Barnett (1) Haynesville (1) Pinedale (2) Bakken (3) Gross EUR (BCFE) 2.65 6.5 5.7 5.1 Gross Well Cost 2.80 7.0 5.5 5.5 (MM) 6:1 Conversion Net EUR (MBOE) 331 812 788 697 F&D Cost ( / BOE) 8.46 8.62 6.98…
  34. Current Corporation Information – Whiting Petroleum Corp. – slide 34
    Finding Cost Comparison: /MCFE Barnett (1) Haynesville (1) Pinedale (2) Bakken (3) Gross EUR (BCFE) 2.65 6.5 5.7 5.1 Gross Well Cost 2.80 7.0 5.5 5.5 (MM) 6:1 Conversion Net EUR (BCFE) 2.01 4.88 4.87 4.18 F&D Cost ( / MCFE) 1.39 1.44…
  35. Current Corporation Information – Whiting Petroleum Corp. – slide 35
    Sanish Field Whiting Braaflat 11-11H: Uppermost Three Forks Strong pale yellow UV fluorescence Thin to very thin bedded Ripple-laminated microcrystalline dolomites with green claystones interbedded 35
  36. Current Corporation Information – Whiting Petroleum Corp. – slide 36
    Lewis & Clark Prospect (Three Forks) Billings and Golden Valley Counties, North Dakota Whiting has assembled 175,352 gross (107,136 net) acres in the Lewis & Clark prospect in the southern Williston Basin On December 13, 2008, the…
  37. Current Corporation Information – Whiting Petroleum Corp. – slide 37
    Sulphur Creek Field (Boies Ranch and Jimmy Gulch) Rio Blanco County, Colorado Whitings net production from the Sulphur Creek field in Rio Blanco County, Colorado, was 7.2 MMcf per day as of October 20, 2009 In the Sulphur Creek…
  38. Current Corporation Information – Whiting Petroleum Corp. – slide 38
    Flat Rock Field Uintah County, Utah 22,029 gross acres (11,533 net) 11.5 MMcfe of daily net production as of October 20, 2009 10 wells in the Entrada formation (11,500 feet) 24 wells in the Wasatch and Dakota formations 95% of…
  39. Current Corporation Information – Whiting Petroleum Corp. – slide 39
    Postle and North Ward Estes Fields Build in Core Areas (1) Postle Field Proved Reserve % Postle Production Growth(2) Postle Total N. Ward 140 - 150 MMcf/d CO2 Injection Whiting N. Ward Estes Whiting Estes 10.0 9.0 12/31/08 Proved…
  40. Current Corporation Information – Whiting Petroleum Corp. – slide 40
    Total Postle, N. Ward Estes and Ancillary Properties Fully Developed Costs Per BOE Reserves or Acq. and Net Production Dev. Cost (MM) (Net MMBOE) (/BOE) Acquisition Purchase Price (effective 7/1/05) 802 Remaining Proved at…
  41. Current Corporation Information – Whiting Petroleum Corp. – slide 41
    Development Plans Postle Field Texas County, Oklahoma HMU Ph-III Expansion Total 2009 - 2019 Remaining Capital PUMU Expenditures (1) (in millions) Optimizations CapEx Drilling, Completion, Workovers & Dry Trail Gas Plant Cost…
  42. Current Corporation Information – Whiting Petroleum Corp. – slide 42
    Postle Quarter-End Net BOE/D Production Postle Field 9400 8800 8200 Net boe/d 7600 7000 6400 5800 5200 4600 Mar-07 Sep-07 Apr-08 Oct-08 May-09 Nov-09 Date 42
  43. Current Corporation Information – Whiting Petroleum Corp. – slide 43
    Development Plans North Ward Estes Field Ward and Winkler Counties, Texas Project Timing Injection Project Start Phase 1 CO2 Area 2007 & 2008 Phase 2 CO2 Area 2009 & 2010 Phase 3 CO2 Area 2011 - 2018 Phase 4 CO2 Area 2019…
  44. Current Corporation Information – Whiting Petroleum Corp. – slide 44
    North Ward Estes Quarter-End Net BOE/D Production North Ward Estes Field 8200 Commencement of CO2 injection in Pilot in May 2007 at 2 MMcf/d 7600 CO2 injection reaches Net boe/d 100 MMcf/d in Jan. 2008, Phase I 7000…
  45. Current Corporation Information – Whiting Petroleum Corp. – slide 45
    North Ward Estes and Postle Quarter-End Net BOE/D Production North Ward Estes & Postle Field Total 18000 16000 Net boe/d 14000 12000 10000 8000 Mar-07 Sep-07 Apr-08 Oct-08 May-09 Nov-09 Date 45
  46. Current Corporation Information – Whiting Petroleum Corp. – slide 46
    Estimated Net Reserves from CO2 Flood North Ward Estes Total Net Proved, Probable & Possible CO2 Reserves at 12/31/08 = 80 MMBOE Total Net Proved, Probable & Possible Reserves from All Sources at 12/31/08 = 150 MMBOE 12% PVPD -…
  47. Current Corporation Information – Whiting Petroleum Corp. – slide 47
    Production Growth (in BOE/D) Net Production from Bakken, Postle and N. Ward Estes 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Bakken 10,700 15,300 14,250 15,850 17,300…
  48. Current Corporation Information – Whiting Petroleum Corp. – slide 48
    Disciplined Financial Approach Maintain conservative financial policy Debt/Capitalization target < 40% 25.2% at September 30, 2009 Utilize oil & gas hedges Hedged approximately 38% of September 2009 oil production level (which…
  49. Current Corporation Information – Whiting Petroleum Corp. – slide 49
    Total Capitalization ( in thousands) As of September 30, 2009 Cash and Cash Equivalents 15,860 Long-Term Debt: Credit Agreement 150,000 Senior Subordinated Notes 619,604 Total Long-Term Debt 769,604 Stockholders Equity…
  50. Current Corporation Information – Whiting Petroleum Corp. – slide 50
    Disciplined Hedging Strategy 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…
  51. Current Corporation Information – Whiting Petroleum Corp. – slide 51
    Fixed-Price Marketing Contracts Existing Natural Gas Marketing Contracts (1) Contracted Volumes As a Percentage of Weighted Average Wellhead Price Period (Mcf per Month) September 2009 Production (/Mcf) Q4 2009 496,333 21.9% 5.32…
  52. Current Corporation Information – Whiting Petroleum Corp. – slide 52
    In Summary Geographically diversified, long- Five core regions; 13.6(1) year R/P lived reserve base Grown proved reserves 233% from 71.7 MMBOE at Nov. 2003 IPO to 239.1 MMBOE at 12/31/08 Grown production 228% from 17.0 MBOE/D at…
  53. Current Corporation Information – Whiting Petroleum Corp. – slide 53
    Discretionary Cash Flow (1) Reconciliation of Net Cash Provided by Operating Activities to Discretionary Cash Flow (In Thousands) Three Months Ended September 30, 2009 2008 Net cash provided by operating activities....... 143,515…
  54. Current Corporation Information – Whiting Petroleum Corp. – slide 54
    Bakken Oil Production Operations on the Bartleson 44-1H, Sanish Field, Mountrail County, ND NOTE: Completed in May 2006, this well was Whitings first Bakken oil producer in the Sanish field. 54

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