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Wells Fargo Securities Pipeline MLP & Energy Symposium – Whiting Petroleum Corp.

Whiting Petroleum Corp. · Dec 5, 2012 · 28 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. Wells Fargo Securities Pipeline MLP & Energy Symposium – Whiting Petroleum Corp. – slide 1
    Whiting completed the Kannianen 22-32XH during the third quarter flowing 3,462 BOE per day on September 6, 2012 in the Sanish field located in Mountrail, North Dakota. Our Redtail prospect, located in the Denver Julesberg Basin in…
  2. Wells Fargo Securities Pipeline MLP & Energy Symposium – Whiting Petroleum Corp. – slide 2
    Whiting Overview Q3 2012 Production 82.6 MBOE/d Proved Reserves(1) 345.2 MMBOE % Oil 86% R/P ratio(2) 14 years Sunrise at our Dry Trails Plant in Postle Field, Whitings EOR project in Texas County, Oklahoma. (1) Whiting…
  3. Wells Fargo Securities Pipeline MLP & Energy Symposium – Whiting Petroleum Corp. – slide 3
    Map of Operations ROCKY MOUNTAINS 59.6 MBOE/D MICHIGAN Q3 2012 Net Production 2.6 MBOE/D 82.6 MBOE/d 3% 1% 10% 13% MID-CONTINENT 8.4 MBOE/D 73% PERMIAN 11.0 MBOE/D Michigan Gulf Coast Mid-Continent Permian Basin…
  4. Wells Fargo Securities Pipeline MLP & Energy Symposium – 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. Wells Fargo Securities Pipeline MLP & Energy Symposium – 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) Natural Pre-Tax PV10% Oil Gas Total % Value(3) Core Area (MMBbl)(2) (Bcf) (MMBOE) Oil(2) (In MM) %…
  6. Wells Fargo Securities Pipeline MLP & Energy Symposium – 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) Pre-Tax PV10% Core Area Natural Total % Value(3) Oil (MMBbl)(2) Gas (Bcf) (MMBOE) Oil(2) (In MM) %…
  7. Wells Fargo Securities Pipeline MLP & Energy Symposium – 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. Wells Fargo Securities Pipeline MLP & Energy Symposium – Whiting Petroleum Corp. – slide 8
    Capital Budget for Key Development Areas in 2012 ( in millions) Well Work, Misc Costs Northern Rockies 50MM 851MM Non-Op 160MM Facilities 2012 CAPEX Gross Net 215MM (MM ) % Wells Wells Exploration Northern Rockies 851 45% 218…
  9. Wells Fargo Securities Pipeline MLP & Energy Symposium – Whiting Petroleum Corp. – slide 9
    Whiting Lease Areas In Williston Basin Plays at September 30, 2012 Gross Acres Net Acres Sanish / Parshall 177,339 83,116 - Middle Bakken / Three Forks Objectives Pronghorn 206,365 130,269 - Pronghorn Sand Objective CASSANDRA Lewis…
  10. Wells Fargo Securities Pipeline MLP & Energy Symposium – 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. Wells Fargo Securities Pipeline MLP & Energy Symposium – Whiting Petroleum Corp. – slide 11
    Big Island Prospect Golden Valley and Wibaux Counties, ND OBJECTIVE Vertical Red River LEWIS & CLARK ACREAGE Whiting has assembled 171,825 gross (121,982 net) acres in our Big Island prospect: Have identified over 50 prospects…
  12. Wells Fargo Securities Pipeline MLP & Energy Symposium – Whiting Petroleum Corp. – slide 12
    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%…
  13. Wells Fargo Securities Pipeline MLP & Energy Symposium – Whiting Petroleum Corp. – slide 13
    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…
  14. Wells Fargo Securities Pipeline MLP & Energy Symposium – Whiting Petroleum Corp. – slide 14
    Williston Basin (Bakken and Three Forks) Range of Reserves: Non-Sanish Bakken/Pronghorn/Three Forks(1)(2) EUR - 600 MBOE , Development Phase CAPEX 7 MM 1,000 Nymex oil price/Bbl 80 90 100 ROI 3.2 3.7 4.2 IRR (%) 107% 155% 213%…
  15. Wells Fargo Securities Pipeline MLP & Energy Symposium – Whiting Petroleum Corp. – slide 15
    Twelve Month Average Production by Operator For Bakken and Three Forks wells drilled since January 2009 & operators with 10 wells or greater producing Source: IHS Energy, Inc. & North Dakota Industrial Commission (As of September…
  16. Wells Fargo Securities Pipeline MLP & Energy Symposium – Whiting Petroleum Corp. – slide 16
    2012 Productivity Increasing as Drilling Shifts to New Development Areas 2012 Average 30, 60, 90 Day Rates Sanish Bakken & Three Forks vs. Pronghorn & Lewis and Clark & Hidden Bench 700 600 590 560 503 500 457 444 400 400…
  17. Wells Fargo Securities Pipeline MLP & Energy Symposium – Whiting Petroleum Corp. – slide 17
    Plants / Pipelines Williston Basin Natural Gas Processing Plants (Robinson Lake) Gathering System Oil Gathering Lines 112 Miles Gas gathering Lines 321 Miles Current wells connected (Op & Non-Op) 635 SANISH Est. Ultimate Wells…
  18. Wells Fargo Securities Pipeline MLP & Energy Symposium – Whiting Petroleum Corp. – slide 18
    Plants / Pipeline Williston Basin Natural Gas Processing Plants (Belfield) Planned Gathering System Oil Gathering Lines 83 Miles Gas gathering Lines 25 Miles Wells connected 61 Pronghorn Field Ultimate wells connected (Op & Non)…
  19. Wells Fargo Securities Pipeline MLP & Energy Symposium – Whiting Petroleum Corp. – slide 19
    Big Tex Prospect Pecos, Reeves and Ward Counties, Texas OBJECTIVE Vertical Wolfbone Hz. Wolfcamp & Hz. Bone Spring ACREAGE Whiting has assembled 121,461 gross (91,258 net) acres in our Big Tex prospect in the Delaware Basin:…
  20. Wells Fargo Securities Pipeline MLP & Energy Symposium – Whiting Petroleum Corp. – slide 20
    Redtail Niobrara Prospect Weld County, Colorado OBJECTIVE Niobrara Shale ACREAGE Whiting has assembled 105,569 Two Mile 15-1033AH gross (77,608 net) acres in our Niobrara A Test Redtail prospect in the northeastern portion of…
  21. Wells Fargo Securities Pipeline MLP & Energy Symposium – Whiting Petroleum Corp. – slide 21
    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…
  22. Wells Fargo Securities Pipeline MLP & Energy Symposium – Whiting Petroleum Corp. – slide 22
    North Ward Estes - Net Production Forecasts (1) North Ward Estes 3P Unrisked Production Forecast (2)(3) 25 330 350 MMcf/d Current CO2 Injection Production Rate MBOE/d 20 P1 + P2 + P3 15 P1 + P2 10 8,465 BOE/d…
  23. Wells Fargo Securities Pipeline MLP & Energy Symposium – Whiting Petroleum Corp. – slide 23
    Development Plans North Ward Estes Field Ward and Winkler Counties, Texas Project Timing and Net Reserves (1)(2) Injection Other CO2 Project Start Date PVPD Proved P2 P3 Total Base: Primary, 44 4 6 60 114 WF & CO2 Phase 1 2007 -…
  24. Wells Fargo Securities Pipeline MLP & Energy Symposium – Whiting Petroleum Corp. – slide 24
    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)…
  25. Wells Fargo Securities Pipeline MLP & Energy Symposium – Whiting Petroleum Corp. – slide 25
    Consistently Strong Margins Consistently Delivering Strong EBITDA Margins (1) 80.86/Bbl (2) 80.00 73.88 74.17 3.44/Mcf 69.06 66.13 67.99/BOE 70.00 Whiting Realized Prices(1) 61.48 60.00 53.57 50.52 44.70 45.01…
  26. Wells Fargo Securities Pipeline MLP & Energy Symposium – Whiting Petroleum Corp. – slide 26
    Outstanding Bonds and Credit Agreement Amount Ratings 9/30/12 Coupon / Description Maturity Outstanding Moodys / S&P Price 7.00% / Sr. Sub. NC 02/01/2014 250.0 mil. Ba3 / BB+ 106.625 6.50% / Sr. Sub. NC4 10/01/2018 350.0 mil. Ba3 /…
  27. Wells Fargo Securities Pipeline MLP & Energy Symposium – Whiting Petroleum Corp. – slide 27
    In Summary Oil weighted, long-lived reserve base RESERVES 86% OIL; 14 YEAR R/P (1) 2,264 3P 3,741 RESOURCE Multi-year inventory to drive organic 6,005 FUTURE DRILLING LOCATIONS production growth PROJECT 20% - 23% YOY PRODUCTION…
  28. Wells Fargo Securities Pipeline MLP & Energy Symposium – Whiting Petroleum Corp. – slide 28
    Guidance for Q4 and Full-Year 2012 Guidance Fourth Quarter Full-Year 2012 2012 Production (MMBOE) ................................................ 7.60 - 8.00 29.90 - 30.30 Lease operating expense per BOE…

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