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2Q 2011 – Whiting Petroleum Corp.

Whiting Petroleum Corp. · Jul 28, 2011 · 56 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. 2Q 2011 – Whiting Petroleum Corp. – slide 1
    Whiting Petroleum Corporation Drilling operations on the Bartleson 44-30H in Sanish field, Mountrail County, Drilling ND. The the Rohde well was 14-6XH fractureCross-Unit stimulatedWellin 29instages Sanish Field, and Mountrail…
  2. 2Q 2011 – 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. 2Q 2011 – Whiting Petroleum Corp. – slide 3
    Whiting New Record Williston Basin Net Operated Production 3
  4. 2Q 2011 – Whiting Petroleum Corp. – slide 4
    Map of Operations Q2 2011 Net Production 64.1 MBOE/d ROCKY MOUNTAINS 5% 4% 37.2 MBOE/D 13% MICHIGAN 3.1 MBOE/D 58% 20% Michigan Gulf Coast MID-CONTINENT 8.5 MBOE/D Mid-Continent Permian Basin Rocky Mountains PERMIAN…
  5. 2Q 2011 – Whiting Petroleum Corp. – slide 5
    Company Overview Market Capitalization1 7.2 B Long-term Debt2 1,060 MM Shares Outstanding 117.4 MM Debt/Total Cap2 27.8% Proved reserves3 304.9 MMBOE % Oil 83% RP ratio4 12.9 years Drilling the Hutchins Stock Association 1096…
  6. 2Q 2011 – Whiting Petroleum Corp. – slide 6
    Key Development Areas for 2011 ( in millions) Sanish Field Northern Rockies Existing Properties Gross Wells Capex 95 319 Sanish 2011 Capital Projects Parshall Lewis & Clark Lewis & Clark Gross Wells Capex 48 330 NEW 2011…
  7. 2Q 2011 – Whiting Petroleum Corp. – slide 7
    2011 Exploration and Development Budget Estimated Gross and Net Wells in 2011 EST. 2011 CAPEX IN MM Gross Wells Net Wells Area Current Prior Current Prior Current Northern Rockies Sanish 319 95 53 Parshall 1 1 Lewis & Clark 330 48…
  8. 2Q 2011 – Whiting Petroleum Corp. – slide 8
    2010 vs. 2011 Capital Expenditures by Reserve Category 2010 978 MM Actual 2011 1,600 MM Budget 17% 16% 13% 37% 20% 25% 22% 50% Proved CO2 Recovery Projects (Proved) Non-Proved Land 8
  9. 2Q 2011 – Whiting Petroleum Corp. – slide 9
    All Whiting Prospect Areas in Bakken/Three Forks Hydrocarbon System at June 30, 2011(1) (2) STARBUCK CASSANDRA SANISH 87,378 Net Acres 13,842 Net Acres 65,056 Net Acres 7 Wells in 2011 8 Wells in 2011 95 Wells in 2011 Target: M.…
  10. 2Q 2011 – Whiting Petroleum Corp. – slide 10
    All Whiting Lease Areas in Bakken / Three Forks Hydrocarbon System at June 30, 2011 Gross Acres Net Acres Sanish / Parshall 178,444 82,902 -Bakken and Three Forks Objectives -229 producing wells in Sanish -127 producing wells in…
  11. 2Q 2011 – Whiting Petroleum Corp. – slide 11
    Whiting Drilling Objectives in the Western Williston Basin -- Shooting for the Sweet Spots A A Lower Bakken Shale 11
  12. 2Q 2011 – Whiting Petroleum Corp. – slide 12
    Lewis & Clark Area 250 Units / 500 Potential Locations OBJECTIVE Upper Three Forks along pinch-out of the General Outline overlying Bakken Shale Bicentennial Field Upper Bakken Shale ACREAGE Developed in 1980s Whiting has assembled…
  13. 2Q 2011 – Whiting Petroleum Corp. – slide 13
    Production History of Federal 32-4TFH Well at Lewis & Clark (1) (2) (3) 1200 Gross Production 7/15/11: 145 BOE/D 1000 800 600 400 200 0 Dec-09 Oct-10 Jan-10 Jun-10 Dec-10 Jan-11 Jun-11…
  14. 2Q 2011 – Whiting Petroleum Corp. – slide 14
    Sanish and Parshall Fields - Recent and Notable Wells 17-mile 6 & 10 Residue 17-mile 8 Crude Oil Line Units in which WLL Owns an Gas/NGL Line to WBI- To Enbridge Initial oil sales PARSHALL FIELD Interest Gas sales to Midwest markets…
  15. 2Q 2011 – Whiting Petroleum Corp. – slide 15
    Fully Developed Bakken and Three Forks Horizontal Wells in Sanish Field Area (1)Represents an increase of 167 gross wells from the previous estimate of 382. Well counts and well plans will vary based upon continued…
  16. 2Q 2011 – Whiting Petroleum Corp. – slide 16
    Six Month Cumulative Production by Operator For Bakken Wells Drilled Since January 2009 (1) Source: IHS Energy, Inc. July, 2011 (1) For operators with more than 10 completions 16
  17. 2Q 2011 – Whiting Petroleum Corp. – slide 17
    Williston Basin Off-Take Expansion Existing Pipelines Proposed Pipelines All Volumes Existing 2011 2012 2013 Total Barrels per Day Capacity Additions Additions Additions Enbridge 185,000 25,000 Q2 145,000 Q4 355,000 Bridger /…
  18. 2Q 2011 – Whiting Petroleum Corp. – slide 18
    Average IP and 30, 60, 90 Day Production of Whiting Operated Wells Completed in 2011 Sanish Bakken Wells Avg IP BOE/d 24-hr Avg BOE/D Avg BOE/D Avg BOE/D Avg WI % Avg NRI % Test 1st 30 Day 1st 60 Day 1st 90 Day No. of Wells 21 21 21…
  19. 2Q 2011 – Whiting Petroleum Corp. – slide 19
    Redtail Niobrara Prospect Weld County, Colorado OBJECTIVE Niobrara Shale ACREAGE Whiting has assembled 103,880 gross (75,701 net) acres in our Redtail prospect in the Redtail northeastern portion of the DJ Recent and Future…
  20. 2Q 2011 – Whiting Petroleum Corp. – slide 20
    Big Tex Prospect Pecos, Reeves and Ward Counties, Texas OBJECTIVE Wolfbone ACREAGE Whiting has assembled 116,494 gross (83,303 net) acres in our Big Tex prospect in the Delaware Basin: 540 per net acre Average WI of 76%…
  21. 2Q 2011 – Whiting Petroleum Corp. – slide 21
    EOR Projects - Postle and North Ward Estes Fields % Postle Postle Total N. Ward Whiting N. Ward Estes Whiting Estes 12/31/10 Proved Reserves Oil MMBbl 130 124 254 49% Gas Bcf 276 27 304 9% (1) (1) Total MMBOE 177 128 305 42% %…
  22. 2Q 2011 – Whiting Petroleum Corp. – slide 22
    Postle Field - Net Production Forecasts (1) Postle Field 3P Unrisked Net Production Forecast (2) 25 20 120 - 130 MMcf/d Current CO2 Injection Production Rate Mboe/d 15 10 P1 + P2 (no P3) 5 Proved 0 Jun Jun 05…
  23. 2Q 2011 – Whiting Petroleum Corp. – slide 23
    North Ward Estes - Net Production Forecasts (1) North Ward Estes 3P Unrisked Net Production Forecast (2) 25 240 - 260 MMcf/d Current CO2 Injection 20 P1 + P2 + P3 Production Rate Mboe/d 15 P1 + P2 10 Proved…
  24. 2Q 2011 – Whiting Petroleum Corp. – slide 24
    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, 33 12 1 64 110 WF & CO2 Phase 1 2007 -…
  25. 2Q 2011 – Whiting Petroleum Corp. – slide 25
    Development Plans North Ward Estes Field Ward and Winkler Counties, Texas Injection CO2 Project Start Date Phase 1 2007 - 2008 Total 2011 - 2040 Remaining Capital Expenditures (1) Phase 2 2009 - 2010 (In Millions) CapEx (2)…
  26. 2Q 2011 – Whiting Petroleum Corp. – slide 26
    North Ward Estes Quarterly Average Net BOE/D Production North Ward Estes Field Q2 11 CO2 Injection: Q2 11 Net Prod: 250 MMcf/d 8,125 BOE/D 8800 Commencement of CO2 injection in Pilot 8200 in May 2007 at 2 MMcf/d CO2 injection…
  27. 2Q 2011 – Whiting Petroleum Corp. – slide 27
    Whiting Estimated Oil Recovery Type Curve from CO2 Flood - North Ward Estes (1) (1) Whiting currently estimates a 15% recovery factor in arriving at its total for proved, probable and possible reserve 27 potential. The Company is…
  28. 2Q 2011 – Whiting Petroleum Corp. – slide 28
    Whiting Estimated Oil Recovery Type Curve from CO2 Flood - North Ward Estes (1) P1 + P2 P1 (P3) (P2) (P1) (1) Whiting currently estimates a 15% recovery factor in arriving at its total for proved, probable and possible…
  29. 2Q 2011 – Whiting Petroleum Corp. – slide 29
    Production Results (in BOE/D) Net Production from Bakken (1), Postle and N. Ward Estes 30000 25000 20000 15000 10000 5000 0 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Bakken (1) 26,150 27,855 29,085 27,380 26,990 Postle / N.W.E.…
  30. 2Q 2011 – Whiting Petroleum Corp. – slide 30
    Adjusted Net Income and Discretionary Cash Flow for the Three Months Ended June 30, 2011 and 2010 (1)(2)(3) Three Months Ended 6/30/11 6/30/10 (In millions, except per share data) Net Income 202.9 119.9 Adjusted Net Income 120.3…
  31. 2Q 2011 – Whiting Petroleum Corp. – slide 31
    Consistently Strong Margins Consistently Delivering Strong EBITDA Margins (1) 89.10/Bbl 4.97/Mcf 78.45/BOE 80.00 69.06 70.00 61.48 Whiting Realized Prices(1) 60.00 53.57 50.52 44.70 45.01 54.23/69% 50.00 45.10/65%…
  32. 2Q 2011 – Whiting Petroleum Corp. – slide 32
    Total Capitalization ( in thousands) June 30, Dec. 31, 2011 2010 Cash and Cash Equivalents 11,089 18,952 Long-Term Debt: Credit Agreement 460,000 200,000 Senior Subordinated Notes 600,000 600,000 Total Long-Term Debt 1,060,000…
  33. 2Q 2011 – Whiting Petroleum Corp. – slide 33
    Outstanding Bonds and Credit Agreement Amount Ratings Current Coupon / Description Maturity Outstanding Moodys / S&P Price 7.00% / Sr. Sub. NC 02/01/2014 250.0 mil. Ba3 / BB 106.250 6.50% / Sr. Sub. NC4 10/01/2018 350.0 mil. Ba3 /…
  34. 2Q 2011 – Whiting Petroleum Corp. – slide 34
    Guidance for Q3 and Full-Year 2011 (1) Includes the effect of Whitings fixed-price gas contracts. Please refer to fixed-price gas contracts on slide 36. 34
  35. 2Q 2011 – Whiting Petroleum Corp. – slide 35
    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…
  36. 2Q 2011 – Whiting Petroleum Corp. – slide 36
    Fixed-Price Marketing Contracts Existing Natural Gas Marketing Contracts Contracted Volumes Weighted Average Contracted Price As a Percentage of Period (Mcf per Month) (/Mcf) June 2011 Gas Production Q3 2011 772,460 5.30 36.8% Q4…
  37. 2Q 2011 – Whiting Petroleum Corp. – slide 37
    In Summary Geographically diversified, long- Five core regions; 12.9 (1) year R/P lived reserve base Grown proved reserves 325% from 71.7 MMBOE at Nov. 2003 IPO to 304.9 MMBOE at 12/31/10 Multi-year inventory of Grown production…
  38. 2Q 2011 – Whiting Petroleum Corp. – slide 38
    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 June 30, 2011 2010 Net Income…
  39. 2Q 2011 – Whiting Petroleum Corp. – slide 39
    Discretionary Cash Flow (1) Reconciliation of Net Cash Provided by Operating Activities to Discretionary Cash Flow (In Thousands) Three Months Ended June 30, 2011 2010 Net cash provided by operating activities..... 374,163…
  40. 2Q 2011 – Whiting Petroleum Corp. – slide 40
    Platform for Continued Growth (1) Proved Reserves (12/31/2010) 3% 14% 3% 40% 40% Rocky Mountains Permian Basin Gulf Coast Mid-Continent Michigan 304.9 MMBOE (12/31/2010) 83% Oil / 17% Natural Gas (1) Whiting reserves at…
  41. 2Q 2011 – Whiting Petroleum Corp. – slide 41
    Whiting a Top Oil Producer in Three States NORTH DAKOTA (1) OKLAHOMA (2) TEXAS (3) 2 3 17 13,705,737 Barrels in 2010 Total Barrels: 3,089,028 Total Barrels: 3,888,017 (1) Whiting was the second largest oil producer, according…
  42. 2Q 2011 – Whiting Petroleum Corp. – slide 42
    Whiting Total Reserves and Resources at Dec. 31, 2010 Oil & NGL % of Total 3P MMBO MMBNGL MMBO BCF MMBOE MMBOE PDP 134 13 147 204 181 29% PBP 2 1 3 13 5 1% PNP 24 4 28 3 29 5% PUD 64 12 76 83 90 14% Total Proved (1) (2) 224 30…
  43. 2Q 2011 – Whiting Petroleum Corp. – slide 43
    Major Fields with Probable and Possible Reserves at December 31, 2010 (1) (2) Capex Region Field MMBOE MM Per BOE Permian North Ward Estes 130 1,199 9.22 (Additional phases and larger CO2 slug sizes) Rockies Various Fields and…
  44. 2Q 2011 – Whiting Petroleum Corp. – slide 44
    Whiting Total Resource Potential at Dec. 31, 2010(1)(2)(3) - Using SEC Prices of 79.43/Bbl and 4.38/Mcf Held Flat Oil & NGL Nat. Gas MMBO MMBNGL MMBO BCF MMBOE PV10, MM Williston Basin Bakken & Three Forks 127 11 138 70 149 1,670…
  45. 2Q 2011 – Whiting Petroleum Corp. – slide 45
    Whiting Total Reserves at December 31, 2010 - with Breakout of % Bakken / Three Forks and EOR BAK & BAK & 3FKS 3FKS EOR EOR MMBOE (MMBOE) % (MMBOE) % PDP 181 49 27% 65 36% PBP 5 0 2% 0 0% PNP 29 0 0% 27 93% PUD 90 25 28% 41 46%…
  46. 2Q 2011 – Whiting Petroleum Corp. – slide 46
    Whiting Pre-Tax PV10 Values at December 31, 2010 (1) - Using 79.43/Bbl and 4.38/Mcf Held Flat OIL & NGL Nat. Gas MMBO MMBNGL MMBO BCF MMBOE PV10, MM PDP 134 13 147 204 181 3,718 PBP 2 1 3 13 5 42 PNP 24 4 28 3 29 423 PUD 64 12 76…
  47. 2Q 2011 – Whiting Petroleum Corp. – slide 47
    Finding Costs (in Thousands) Seven-Year 2004 2005 2006 2007 2008 2009 2010 Total/Avg (2004 2010) Proved Acquisitions 525,563 906,208 29,778 8,128 294,056 78,800 22,763 1,865,296 Unproved Acquisitions 4,401 16,124 38,628 13,598…
  48. 2Q 2011 – Whiting Petroleum Corp. – slide 48
    Whiting Developed & Undeveloped Acreage by Core Area 48
  49. 2Q 2011 – Whiting Petroleum Corp. – slide 49
    At Sanish Field Bakken / Three Forks Hydrocarbon System Sanish Bay Whiting EOG Hess Corp. 42-12H Braaflat 11-11H Van Hook 1-13H St. Andes IP: 2,638 BOE/D IP: 2,997 BOE/D IP: 1,661 BOE/D 151-89-2413H-1 TA 49
  50. 2Q 2011 – Whiting Petroleum Corp. – slide 50
    Sanish Field Bakken Drainage Area Micro Seismic recorded during fracture stimulation of the Holmberg 44-24H 24-Stage Frac / IP: 2,558 BOE/D on April 13, 2010 Toe of Lateral 1280 Acres Heel of Well developed NE-trending…
  51. 2Q 2011 – Whiting Petroleum Corp. – slide 51
    Sanish Field Development Pattern Bakken Cross-Unit Bakken Wing Well Configuration Well Configuration Three Forks Well Configuration Combined Bakken (Wing Well) & Three Forks Configuration Bakken Three Forks 51
  52. 2Q 2011 – Whiting Petroleum Corp. – slide 52
    Typical Bakken Production Profiles Sanish Field (1) (2) Production Profiles in Oil Equivalents Bakken - Sanish EUR - 950 MBOE, CAPEX 5.5MM Nymex oil price/Bbl 70 80 90 10,000 ROI 6.1:1 7.3:1 8.4:1 IRR (%) 395% 676% 1,138%…
  53. 2Q 2011 – Whiting Petroleum Corp. – slide 53
    Typical Three Forks Production Profile Sanish Field (1) (2) Production Profile in Oil Equivalents Three Forks - Sanish 1,000 EUR - 400 MBOE , CAPEX 5.5 MM Nymex oil price/Bbl 70 80 90 Equivalent Daily Production ROI 2.2:1…
  54. 2Q 2011 – Whiting Petroleum Corp. – slide 54
    Flat Rock Field Uintah County, Utah 22,029 gross acres (11,454 net) 21.9 MMcfe of daily net production as of July 15, 2011 13 wells in the Entrada formation (11,500 feet) 25 wells in the Wasatch and Dakota FLAT ROCK FIELD AREA…
  55. 2Q 2011 – Whiting Petroleum Corp. – slide 55
    Total Postle, North 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…
  56. 2Q 2011 – Whiting Petroleum Corp. – slide 56
    Development Plans Postle Field Texas County, Oklahoma Total 2011 - 2015 Remaining Capital Expenditures (in millions, net) CapEx Drilling, Completion, Workovers & Dry Trail Gas Plant 285 CO2 Purchases 11 Total: 296 Completed…

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