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1Q 2010 Financial and Operating Results – Whiting Petroleum Corp.

Whiting Petroleum Corp. · Apr 29, 2010 · 45 slides

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Slides

  1. 1Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 1
    Whiting Petroleum Corporation (Foreground) Pump installation on the Smith 11-7H well (IP: 2,421 BOE/D) (Background) Bakken production at the Abbott 11-18H well (IP: 1,959 BOE/D) Sanish Field, Mountrail County, ND First…
  2. 1Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 2
    Reserve and Resource Information Whiting uses in this presentation the terms proved, probable and possible reserves. Proved reserves are reserves which, by analysis of geoscience and engineering data, can be estimated with reasonable…
  3. 1Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 3
    Company Overview Market Capitalization1 4.4 B Long-term Debt2 719.6 MM Shares Outstanding 51.0 MM Debt/Total Cap2 23.5% Proved reserves3 275.0 MMBOE % Oil 81% RP ratio4 13.6 years Drilling the Federal 397-3G-G1 discovery well…
  4. 1Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 4
    Adjusted Net Income and Discretionary Cash Flow for the Three Months Ended March 31, 2010 and 2009 (1)(2) Three Months Ended 3/31/10 3/31/09 (In millions, except per share data) Net Income (Loss) 81.2 ( 43.8) Adjusted Net Income…
  5. 1Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 5
    Consistently Strong Margins Consistently Delivering Strong EBITDA Margins (1) 68.68/Bbl 69.06 5.67/Mcf 61.65/BOE 65.00 53.57 50.52 Whiting Realized Prices(1) 55.00 44.70 45.01 45.10/65% 45.00 41.48/67% 35.23…
  6. 1Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 6
    Platform for Continued Growth Average Daily Production Proved Reserves (12/31/2009) 65.0 3% 14% 59.9 35% Average Daily Production (MBOE/d) 60.0 3% 55.5 e eas 55.0 c r In % 49 47.9 50.0 45% 45.0 Rocky Mountains…
  7. 1Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 7
    Whiting a Top Oil Producer in Three States NORTH DAKOTA (1) OKLAHOMA (2) TEXAS (3) 4 5 16 Total Barrels: 6,760,500 Total Barrels: 1,469,014 Total Barrels: 3,571,309 (1) According to the North Dakota Industrial Commission…
  8. 1Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 8
    Whiting Total Reserves and Resources at Dec. 31, 2009 Oil & NGL MMBO MMBNGL MMBO BCF MMBOE % of MMBOE PDP 104 12 116 157 142 19.5% PBP 2 1 3 13 5 0.7% PNP 23 3 26 8 27 3.7% PUD 64 15 79 129 101 13.8% Total Proved (1) (2) 193 31…
  9. 1Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 9
    Major Fields with Probable and Possible Reserves at December 31, 2009 (1) (2) Capex Region Field MMBOE MM Per BOE Permian North Ward Estes 124 647 5.22 (Additional phases and larger CO2 slug sizes) Rockies Sanish 63 586 9.30 (65…
  10. 1Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 10
    Whiting Total Resource Potential at Dec. 31, 2009 (1)(2)(3) Using Prices of 75.00/Bbl and 6.00/Mcf Held Flat Oil & NGL Nat. Gas MMBO MMBNGL MMBO BCF MMBOE PV10, MM Lewis & Clark ND 58 5 63 24 66 828 (3 Forks Expl. Drlg.) Sanish…
  11. 1Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 11
    Whiting Total Reserves & Resources at Dec. 31, 2009 with Breakout of % Bakken and EOR BAK & BAK & POSTLE & POSTLE & 3FKS 3FKS N WARD N WARD MMBOE (MMBOE) % (MMBOE) % PDP 142 25 18% 57 40% PBP 5 0 0% 0 0% PNP 27 0 0% 22 81% PUD 101…
  12. 1Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 12
    Whiting Pre-Tax PV10 Values at Dec. 31, 2009 (1) Using 75.00/Bbl and 6.00/Mcf Held Flat Excludes Resource Potential (2) Oil & NGL Nat. Gas MMBO MMBNGL MMBO BCF MMBOE PV10, MM PPD 104 12 116 157 142 2,755 PBP 2 1 3 13 5 71 PNP 23 3…
  13. 1Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 13
    Key Development Areas for 2010 ( ( in in millions) millions) Sanish Field Northern Rockies Existing Properties Net Wells Capex 48 274 Sanish 2010 Capital Projects Parshall Lewis & Clark Lewis & Clark Net Wells Capex 9 62…
  14. 1Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 14
    2010 Exploration and Development Budget Estimated Gross and Net Wells in 2010 EST. 2010 CAPEX (In MM) PLANNED WELLS Gross Net NORTHERN ROCKIES Sanish Field 274 86 48 Parshall Field 11 12 2 Lewis & Clark Area 62 13 9 Other…
  15. 1Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 15
    Reserve & Production Profiles Avg. Production By Proved Reserves Core Area As of Dec. 31, 2009 Q1 2010 275.0 MMBOE 59.9 MBOE/d 4% 5% 16% 36% 55% 64% 20% Developed Michigan Gulf Coast Undeveloped Mid-Continent…
  16. 1Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 16
    2009 vs. 2010 Exploration & Development Expenditures By Reserve Category 2009 480 MM Actual (1) 2010 830 MM Budget 25% 21% 50% 44% 31% 29% Proved CO2 Recovery Projects (Proved) Non-Proved (1) This amount was not…
  17. 1Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 17
    Whiting Developed & Undeveloped Acreage by Core Area 17
  18. 1Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 18
    Whiting Williston Basin Bakken Activity Basin-wide stratigraphic trap in shale and dolomitic siltstone 189,516 gross; 86,978 net acres in Sanish and Parshall fields Average EUR 850 MBOE/well, average CWC of approximately…
  19. 1Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 19
    Bakken Development in the Northern Rockies Sanish Field Operated; average WI of 61% for currently producing wells As of April 20, 2010, there were 128 producing wells in the Sanish field. Whiting completed a total of 79 operated…
  20. 1Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 20
    Middle Bakken Induced Fractures Sanish Bay Whiting EOG Hess Corp. 42- 42-12H Braaflat 11- 11-11H Van Hook 1-1-13H St. Andes IP: 2,638 BOE/D IP: 2,997 BOE/D IP: 1,661 BOE/D 151- 151-89- 89-2413H- 2413H-1 TA 20 20
  21. 1Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 21
    Sanish and Parshall Field Area Development Units in which WLL Owns an New New17-mile 17-mile66Residue Residue New New17-mile 17-mile8 8Crude CrudeOilOilLine Line PARSHALL FIELD Gas/NGL Gas/NGLLineLineto toWBI- WBI- To…
  22. 1Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 22
    Fully Fully Developed Developed Bakken Bakken and and Three Three Forks Forks Horizontal Horizontal Wells Wells in in Sanish Sanish Field Field of o n res i tu ct i re Frac D n e Op Bakken Three Forks Total Current…
  23. 1Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 23
    30-, 60- and 90-day Average Production Rates for Whiting Operated Sanish Field Wells Average 1st Average 1st Average 1st IP (BOE/d) 24-hr. 30 Days 60 Days 90 Days 2010 Wells WI NRI Test Date Test (BOE/d) (BOE/d) (BOE/d) 1) Rohde…
  24. 1Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 24
    Reported Initial Daily Rate (BOEPD) North Dakota Middle Bakken Horizontal Wells since 2000 North North Dakota Dakota Industrial Industrial Commission Commission March, 2010 March, 2010 24
  25. 1Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 25
    Typical Bakken Production Profile East/Central Sanish (1) (2) Production Profiles in Oil Equivalents East/Central Sanish EUR - 950 MBOE, CAPEX 5.5MM Nymex oil price/Bbl 60 70 80 10,000 ROI 5.0 6.2 7.3 IRR (%) 154% 233% 349%…
  26. 1Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 26
    Typical Bakken Production Profile West Sanish (1) (2) (3) Production Profiles in Oil Equivalents - West Sanish EUR - 650 MBOE , CAPEX 5.5MM 10,000 Nymex oil price/Bbl 60 70 80 ROI 3.0 3.7 4.4 Proved Forecast Range IRR (%) 41% 63%…
  27. 1Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 27
    Enbridge Pipeline Expansion (1) Enbridge to add 30,000 Bbls/d take- Cromer away capacity in Q1 2011 and 85,000 Enbridge expanded its take-away Bbls/d take-away capacity 51,000 Bbls/d to 161,000 capacity in Q2 2013, Bbls/d in early…
  28. 1Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 28
    Finding Cost Comparison Eagle Haynesville Pinedale Bakken Ford Oil(1) Gas(2) Gas(3) Oil(4) Gross EUR (BCFE) 3.1 7.5 6.5 5.1 Gross Well Cost (MM) 5.5 8.5 5.0 5.5 6:1 Conversion Net EUR (MBOE) 385 938 867 697 F&D Cost ( / BOE) 14.29 9.07…
  29. 1Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 29
    Lewis & Clark Area 250 Units / 500 Potential Locations OBJECTIVE Upper Three Forks along pinch-out of General General Outline Outline the overlying Bakken Shale Bicentennial Bicentennial Field Field Upper Upper Bakken Shale…
  30. 1Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 30
    Flat Rock Field Uintah County, Utah 22,029 gross acres (11,454 net) 13.3 MMcfe of daily net production as of April 1, 2010 10 wells in the Entrada formation (11,500 feet) 25 wells in the Wasatch and Dakota formations 95% of…
  31. 1Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 31
    EOR Projects - Postle and North Ward Estes Fields (1) Postle Field Proved Reserve % Postle Production Forecast (2) Postle Total N. Ward 10.0 9.6 Whiting N. Ward Estes Whiting Estes 130 - 140 MMcf/d Current CO2 Injection 12/31/09…
  32. 1Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 32
    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…
  33. 1Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 33
    Development Plans Postle Field Texas County, Oklahoma Total Remaining Capital Expenditures (1) HMU Ph-III Expansion (In Millions) PUMU Optimizations CapEx (2) Drilling, Completion, Workovers & Dry Trail Gas Plant Costs (thru…
  34. 1Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 34
    Postle Quarter-End Net BOE/D Production Postle Field Mar. Production: 9,610 BOE/D 10600 9600 Net boe/d 8600 7600 6600 5600 4600 Mar-07 Mar-08 Mar-09 Mar-10 Jun-07 Jun-08 Jun-09 Sep-07…
  35. 1Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 35
    Development Plans North Ward Estes Field Ward and Winkler Counties, Texas Project Timing and Net Reserves (1) Injection Other CO2 Project Start Date PVPD Proved P2 P3 Total Primary & WF 15 15 1 9 40 Phase 1 2007 - 2008 9 4 4 10…
  36. 1Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 36
    Development Plans North Ward Estes Field Ward and Winkler Counties, Texas Injection CO2 Project Start Date Phase 1 2007 - 2008 Total 2010 - 2030 Remaining Phase 2 2009 - 2010 Capital Expenditures (1) (In Millions) Phase 3 2010 -…
  37. 1Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 37
    North Ward Estes Quarter-End Net BOE/D Production North Ward Estes Field Mar. Production: 8,080 BOE/D 8800 Commencement of CO2 injection in Pilot in May Actual 8200 2007 at 2 MMcf/d CO2 injection reaches 100 MMcf/d in Jan. 2008,…
  38. 1Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 38
    North Ward Estes and Postle Quarter-End Net BOE/D Production North Ward Estes & Postle Field Total Mar. Production: 17,690 BOE/D 20000 18000 Net boe/d 16000 14000 12000 10000 8000 Jun-07 Jun-08 Jun-09 Mar-07…
  39. 1Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 39
    Production Growth (in BOE/D) Net Production from Bakken, Postle and N. Ward Estes 25,000 20,000 15,000 10,000 5,000 0 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Bakken 14,250 15,850 17,300 18,625 21,690 Postle / N.W.E 13,468…
  40. 1Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 40
    Total Capitalization ( in thousands) March 31, March 31, 2010 2009 Cash and Cash Equivalents 13,053 7,013 Long-Term Debt: Credit Agreement 100,000 570,000 Senior Subordinated Notes 619,594 619,556 Total Long-Term Debt 719,594…
  41. 1Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 41
    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…
  42. 1Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 42
    Fixed-Price Marketing Contracts Existing Natural Gas Marketing Contracts (1) Contracted Volumes Weighted Average Contracted Price As a Percentage of Period (Mcf per Month) (/Mcf) March 2010 Production Q2 2010 695,667 5.36 30.0% Q3…
  43. 1Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 43
    In Summary Geographically diversified, long- Five core regions; 13.6 (1) year R/P lived reserve base Grown proved reserves 284% from 71.7 MMBOE at Nov. 2003 IPO to 275.0 MMBOE at 12/31/09 Multi-year inventory of Grown production…
  44. 1Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 44
    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 March 31, 2010 2009 Net Income (Loss)…
  45. 1Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 45
    Discretionary Cash Flow (1) Reconciliation of Net Cash Provided by Operating Activities to Discretionary Cash Flow (In Thousands) Three Months Ended March 31, 2010 2009 Net cash provided by operating activities....... 194,537…

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