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First Quarter 2012 – Whiting Petroleum Corp.

Whiting Petroleum Corp. · Apr 26, 2012 · 33 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. First Quarter 2012 – Whiting Petroleum Corp. – slide 1
    In April 2012 Whiting drilled the Stubstad 14-6TFX in the Sanish field, which flowed 2,249 BOE/d from the Three Forks formation. This is the highest initial production rate for a Whiting operated Three Forks well in the Sanish…
  2. First Quarter 2012 – Whiting Petroleum Corp. – slide 2
    Company Overview Market Capitalization(1) 6.6B Long-Term Debt(2) 1,240 MM Shares Outstanding 117.6 MM Debt/Total Cap(3) 28.5% Proved Reserves(4) 345.2 MMBOE % Oil 86% R/P ratio(5) 13.9 years Drilling the Hutchins Stock…
  3. First Quarter 2012 – Whiting Petroleum Corp. – slide 3
    Map of Operations ROCKY MOUNTAINS 54.0 MBOE/D MICHIGAN 2.7 MBOE/D Q1 2012 Net Production 80.7 MBOE/d 3% 2% 11% 17% MID-CONTINENT 8.7 MBOE/D 67% PERMIAN 13.6 MBOE/D Michigan Gulf Coast Mid-Continent Permian Basin…
  4. First Quarter 2012 – Whiting Petroleum Corp. – slide 4
    Platform for Continued Growth (1) 345.2 MMBOE Proved Reserves (12/31/2011) 3% 12% 2% 46% 37% Rocky Mountains Permian Basin Gulf Coast Mid-Continent Michigan 86% Oil / 14% Natural Gas (1) Whiting reserves at December…
  5. First Quarter 2012 – Whiting Petroleum Corp. – slide 5
    Whiting Pre-Tax PV10% Values at December 31, 2011 (1) - Using SEC NYMEX of 96.19/Bbl and 4.12/Mcf Held Flat Proved Reserves (1) Pre-Tax PV10% Oil Natural Gas Total % Value(3) Core Area (MMBbl)(2) (Bcf) (MMBOE) Oil(2) (In MM)…
  6. First Quarter 2012 – Whiting Petroleum Corp. – slide 6
    Whiting Pre-Tax PV10% Values at December 31, 2011 (1) - Using SEC NYMEX of 96.19/Bbl and 4.12/Mcf Held Flat Probable Reserves (1) Natural Pre-Tax PV10% Oil Gas Total % Value(3) Core Area (MMBbl)(2) (Bcf) (MMBOE) Oil(2) (In MM)…
  7. First Quarter 2012 – Whiting Petroleum Corp. – slide 7
    Whiting Pre-Tax PV10% Values at December 31, 2011 (1) - Using SEC NYMEX of 96.19/Bbl and 4.12/Mcf Held Flat Resource Potential (1) Natural Pre-Tax PV10% Oil Gas Total % Value(3) Core Area (MMBbl)(2) (Bcf) (MMBOE) Oil(2) (In MM)…
  8. First Quarter 2012 – Whiting Petroleum Corp. – slide 8
    Capital Budget for Key Development Areas in 2012 ( in millions) Northern Rockies Non-Op 851MM 133MM Facilities 238MM 2012 CAPEX Gross Net Exploration (MM ) % Wells Wells Expense (2) Northern Rockies 851 47% 218 124 56MM EOR 177…
  9. First Quarter 2012 – Whiting Petroleum Corp. – slide 9
    All Whiting Lease Areas In Williston Basin Plays at March 31, 2012 Gross Acres Net Acres Sanish / Parshall 177,001 83,011 - Middle Bakken / Three Forks Objectives Pronghorn 170,870 121,403 - Pronghorn Sand Objective Lewis & Clark…
  10. First Quarter 2012 – Whiting Petroleum Corp. – slide 10
    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 11
  11. First Quarter 2012 – Whiting Petroleum Corp. – slide 11
    Typical Bakken Production Profiles Sanish Field (1) (2) Production Profiles in Oil Equivalents Bakken - Sanish EUR - 950 MBOE, CAPEX 6MM Nymex oil price/Bbl 80 90 100 10,000 ROI 6.7:1 7.7:1 8.8:1 IRR (%) 498% 809% 1,303%…
  12. First Quarter 2012 – Whiting Petroleum Corp. – slide 12
    Typical Three Forks Production Profile Sanish Field (1) (2) Production Profile in Oil Equivalents Three Forks - Sanish 1,000 EUR - 400 MBOE , CAPEX 6 MM Nymex oil price/Bbl 80 90 100 Equivalent Daily Production ROI 2.5:1…
  13. First Quarter 2012 – Whiting Petroleum Corp. – slide 13
    Typical Non-Sanish Field Bakken or Pronghorn Sand / Three Forks Well Expected Results(1) 1000 EUR 600 MBOE, Capex 7.0 MM Oil Price (/Bbl) 90.00 100.00 ROI 3.7 4.2 Payout (yrs) 0.9 0.8 PV10 (MM) 11.03 13.28 IRR 155% 213% EUR 350…
  14. First Quarter 2012 – Whiting Petroleum Corp. – slide 14
    Average IP and 30, 60, 90 Day Production(1) of 2011 Whiting Operated Sanish Bakken and Pronghorn Wells 2011 Sanish Bakken Wells 2011 Pronghorn Wells 2,500 2,000 1,500 1,000 2,017 1,783 500 803 772 650 659 589…
  15. First Quarter 2012 – Whiting Petroleum Corp. – slide 15
    Six Month Cumulative Production by Operator For Bakken and Three Forks Wells Drilled Since January 2009 & Operators with Greater that 10 Wells Producing Source: IHS Energy, Inc. & North Dakota Industrial Commission (As of April,…
  16. First Quarter 2012 – Whiting Petroleum Corp. – slide 16
    Williston Basin Off-Take Expansion (1) Existing Pipelines Proposed Pipelines 2012 2013 All Volumes Barrels per Day Existing Capacity Total Additions Additions Enbridge 210,000 145,000 Q4 355,000 Bridger / Belle Fourche…
  17. First Quarter 2012 – Whiting Petroleum Corp. – slide 17
    Big Tex Prospect Pecos, Reeves and Ward Counties, Texas OBJECTIVE Vertical Wolfbone Hz. Wolfcamp & Hz. Bone Spring ACREAGE Whiting has assembled 118,356 gross (87,599 net) acres in our Big Tex prospect in the Delaware Basin:…
  18. First Quarter 2012 – Whiting Petroleum Corp. – slide 18
    Redtail Niobrara Prospect Weld County, Colorado OBJECTIVE Niobrara Shale ACREAGE Whiting has assembled 97,267 gross (74,808 net) acres in our Redtail prospect in the northeastern portion of the DJ Basin Redtail Average WI of…
  19. First Quarter 2012 – Whiting Petroleum Corp. – slide 19
    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) (3) (2) Total MMBOE 210 135 345…
  20. First Quarter 2012 – Whiting Petroleum Corp. – slide 20
    North Ward Estes - Net Production Forecasts (1) North Ward Estes 3P Unrisked Production Forecast (2) 25 315 335 MMcf/d Current CO2 Injection 20 P1 + P2 + P3 Production Rate Mboe/d 15 P1 + P2 10 8,830 BOE/d Proved…
  21. First Quarter 2012 – Whiting Petroleum Corp. – slide 21
    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 Base: Primary, 44 4 6 60 114 WF & CO2 Phase 1 2007 -…
  22. First Quarter 2012 – Whiting Petroleum Corp. – slide 22
    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)…
  23. First Quarter 2012 – Whiting Petroleum Corp. – slide 23
    Adjusted Net Income and Discretionary Cash Flow for the Three Months Ended March 31, 2012 and 2011 (1)(2) Three Months Ended 3/31/2012 3/31/2011 (In millions, expect per share data) Net Income 98.2 19.1 Adjusted Net Income 122.0…
  24. First Quarter 2012 – Whiting Petroleum Corp. – slide 24
    Guidance for Q2 and Full-Year 2012(1) Guidance Second Quarter Full-Year 2012 2012 Production (MMBOE) 7.00 - 7.40 29.00 - 30.20 Lease operating expense per BOE 12.20 - 12.50 12.30 - 12.60 General and admin. expense per BOE 3.70 -…
  25. First Quarter 2012 – Whiting Petroleum Corp. – slide 25
    Consistently Strong Margins Consistently Delivering Strong EBITDA Margins (1) 90.51/Bbl 3.43/Mcf 74.17/BOE 80.00 69.06 73.88 61.48 Whiting Realized Prices(1) 70.00 50.52 53.57 60.00 44.70 45.01 49.19/66% /BOE 50.00…
  26. First Quarter 2012 – Whiting Petroleum Corp. – slide 26
    Steady Production Growth 12% CAGR Production Production2005 2012E(1) Average Daily Production (MBOE/d) 80.9 64.6 67.9 55.5 47.9 41.5 40.3 33.1 2005 2006 2007 2008 2009 2010 2011 2012E (1) Represents the mid-point of…
  27. First Quarter 2012 – Whiting Petroleum Corp. – slide 27
    Total Capitalization ( in thousands) Mar. 31, Dec. 31, 2012 2011 Cash and Cash Equivalents 9,825 15,811 Long-Term Debt: Credit Agreement 640,000 780,000 Senior Subordinated Notes 600,000 600,000 Total Long-Term Debt 1,240,000…
  28. First Quarter 2012 – Whiting Petroleum Corp. – slide 28
    Outstanding Bonds and Credit Agreement Amount Ratings 3/31/12 Coupon / Description Maturity Outstanding Moodys / S&P Price 7.00% / Sr. Sub. NC 02/01/2014 250.0 mil. Ba3 / BB+ 106.750 6.50% / Sr. Sub. NC4 10/01/2018 350.0 mil. Ba3 /…
  29. First Quarter 2012 – Whiting Petroleum Corp. – slide 29
    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(1)…
  30. First Quarter 2012 – Whiting Petroleum Corp. – slide 30
    Fixed-Price Marketing Contracts Existing Natural Gas Marketing Contracts(1) Weighted Average As a Percentage of Hedge Contracted Volume Contracted Price March 2012 Period (MMBtu per Month) (per MMBtu) Gas Production 2012 Q2…
  31. First Quarter 2012 – Whiting Petroleum Corp. – slide 31
    In Summary Oil weighted, long-lived reserve base Reserves 86% oil; 13.9 year R/P (1) 2,264 3P and 3,741 Resource future Multi-year inventory to drive organic drilling locations; Project 17 - 22% YoY production growth production…
  32. First Quarter 2012 – Whiting Petroleum Corp. – slide 32
    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 March 31, 2012 2011 Net Income Available to Common…
  33. First Quarter 2012 – Whiting Petroleum Corp. – slide 33
    Discretionary Cash Flow (1) Reconciliation of Net Cash Provided by Operating Activities to Discretionary Cash Flow (In Thousands) Three Months Ended March 31, 2012 2011 Net cash provided by operating activities 352,992 214,055…

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