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3Q 2010 Financial and Operating Results – Whiting Petroleum Corp.

Whiting Petroleum Corp. · Oct 28, 2010 · 40 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. 3Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 1
    Whiting Petroleum Corporation Drilling the Rohde 14-6XH Cross-Unit Well in Sanish Field, Mountrail County, ND IP: 3,293 BOE/D Third Quarter 2010 Financial and Operating Results October 28, 2010 Drilling operations on the TTT…
  2. 3Q 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. 3Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 3
    Company Overview Market Capitalization1 5.9 B Long-term Debt2 700.0 MM Shares Outstanding 58.5 MM Debt/Total Cap2 22.1% Proved reserves3 275.0 MMBOE % Oil 81% RP ratio4 13.6 years Drilling the Hutchins Stock Association 1096…
  4. 3Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 4
    Platform for Continued Growth Average Daily Production Proved Reserves (12/31/2009) 75.0 3% 14% 70.0 35% Average Daily Production (MBOE/d) 66.1 3% 64.6 65.0 59.9 60.0 55.5 55.0 45% 50.0 47.9 Rocky Mountains Permian…
  5. 3Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 5
    Map of Operations Proved Reserves at December 31, 2009 (1) Pre-Tax Q3 2010 PV10% Average Daily Net Oil (2) Gas Total Value (1) Production Core Area (MMBbl) (Bcf) (MMBOE) Oil % (in millions) (MBOE/d) Permian Basin 112.3 66.2 123.3…
  6. 3Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 6
    Reserve & Production Profiles Avg. Production By Proved Reserves Core Area As of Dec. 31, 2009 Q3 2010 275.0 MMBOE 66.1 MBOE/d 4% 4% 15% 36% 59% 64% 18% Developed Michigan Gulf Coast Undeveloped Mid-Continent Permian…
  7. 3Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 7
    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…
  8. 3Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 8
    2009 vs. 2010 Exploration & Development Expenditures By Reserve Category 2009 480 MM Actual (1) 2010 830 MM Budget 26% 21% 50% 46% 28% 29% Proved CO2 Recovery Projects (Proved) Non-Proved (1)This amount was not…
  9. 3Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 9
    Whiting Developed & Undeveloped Acreage by Core Area 9
  10. 3Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 10
    Whiting Net Acres in Bakken/Three Forks Hydrocarbon System (1) Prospect Area Formation Gross Net Net Acres Acres Undeveloped Bakken/Three Forks Acreage North Dakota Lewis & Clark Bakken & Three Forks 337,052 232,908 216,689 Sanish…
  11. 3Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 11
    Whiting Williston Basin Bakken Activity Basin-wide stratigraphic trap in shale and dolomitic siltstone 183,299 gross; 85,194 net acres in Sanish and Parshall fields Average EUR 850 MBOE/well, average CWC of approximately…
  12. 3Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 12
    Sanish and Parshall Fields - Recent and Notable Wells 17-mile 6 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 Gas sales to Midwest markets To Midwest…
  13. 3Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 13
    30-, 60- and 90-day Average Production Rates for Whiting Operated Bakken Wells in Sanish Field Average Average Average 1st 1st 60 1st 90 IP (BOE/d) 24-hr. 30 Days Days Days 2010 Wells WI NRI Test Date Test (BOE/d) (BOE/d) (BOE/d) 1)…
  14. 3Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 14
    (Continued) 30-, 60- and 90-day Average Production Rates for Whiting Operated Bakken Wells in Sanish Field Average Average Average 1st 1st 60 1st 90 IP (BOE/d) 24-hr. 30 Days Days Days 2010 Wells WI NRI Test Date Test (BOE/d)…
  15. 3Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 15
    30-, 60- and 90-day Average Production Rates for Whiting Operated Three Forks Wells in Sanish Field Average Average Average 1st 1st 60 1st 90 IP (BOE/d) 24-hr. 30 Days Days Days 2010 Wells WI NRI Test Date Test (BOE/d) (BOE/d)…
  16. 3Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 16
    Microseismic Events Recorded during fracture stimulation of the Holmberg 44-24H 24-Stage Frac / IP: 2,558 BOE/D on April 13, 2010 Excellent frac saturation evidenced by minimal gaps of unfraced rock along the wellbore with some…
  17. 3Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 17
    Bakken Drainage Area 1280 Acres Toe of Lateral Heel of Lateral 17
  18. 3Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 18
    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 18
  19. 3Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 19
    Fully Developed Bakken and Three Forks Horizontal Wells in Sanish Field Area (1)Represents an increase of 152 gross wells from the previous estimate of 382. Well counts and well plans will vary based upon continued…
  20. 3Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 20
    Enbridge Pipeline Expansion (1) Enbridge to add 30,000 Bbls/d take- 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 2010…
  21. 3Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 21
    Lewis & Clark Area 250 Units / 500 Potential Locations OBJECTIVE Upper Three Forks along pinch-out of the General Outline overlying Bakken Shale Bicentennial Field Wolski 44-23 TFH Drilling Upper Bakken Shale ACREAGE Developed in…
  22. 3Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 22
    Production History of Federal 32-4 Well at Lewis & Clark (1) (2) (3) Gross Production Federal 32-4 Production 9/30/2010: 259 BOE/D 7,686 Lateral / 15-Stage Frac 1,200 1,000 800 BOE / d 600 400 200 0…
  23. 3Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 23
    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 4.4 MMcf per day as of October 15, 2010 Whiting owns 10,196…
  24. 3Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 24
    Flat Rock Field Uintah County, Utah 22,029 gross acres (11,454 net) 17.9 MMcfe of daily net production as of October 15, 2010 10 wells in the Entrada formation (11,500 feet) 25 wells in the Wasatch and Dakota formations 95% of…
  25. 3Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 25
    EOR Projects - Postle and North Ward Estes Fields (1) Postle Field Proved Reserve % Postle Production Forecast (2) Postle Total N. Ward Whiting N. Ward Estes Whiting Estes 9.1 125 - 135 MMcf/d Current 10.0 CO2 Injection 12/31/09…
  26. 3Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 26
    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…
  27. 3Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 27
    Postle Quarterly Average Net BOE/D Production Postle Field Q3 10 CO2 Injection Q3 10 Net Prod: 125 MMcfd 9,300 BOE/D 10600 Actual Forecast 9600 Net boe/d 8600 7600 6600 5600 4600 Mar-10 Jun-10 Mar-09 Jun-09…
  28. 3Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 28
    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…
  29. 3Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 29
    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 -…
  30. 3Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 30
    North Ward Estes Quarterly Average Net BOE/D Production North Ward Estes Field Q3 10 CO2 Injection: Q3 10 Net Prod: 200 MMcf/d 7,485 BOE/D 8800 Commencement of CO2 injection in Pilot in May 2007 at 2 MMcf/d 8200 CO2 injection…
  31. 3Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 31
    North Ward Estes and Postle Quarterly Average Net BOE/D Production North Ward Estes & Postle Field Total Q3 10 Net Prod: 16,785 BOE/D 20000 18000 Net boe/d 16000 14000 12000 10000 8000 Jun-07 Jun-08 Jun-09…
  32. 3Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 32
    Production Growth (in BOE/D) Net Production from Bakken, Postle and N. Ward Estes 30,000 25,000 20,000 15,000 10,000 5,000 0 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Bakken 17,300 18,625 21,690 25,895 27,385 Postle / N.W.E 15,085…
  33. 3Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 33
    Adjusted Net Income and Discretionary Cash Flow for the Three Months Ended Sept. 30, 2010 and 2009 (1)(2) Three Months Ended 9/30/10 9/30/09 (In millions, except per share data) Net Income 5.6 30.9 Adjusted Net Income 71.6 15.8…
  34. 3Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 34
    Consistently Strong Margins Consistently Delivering Strong EBITDA Margins (1) 66.10/Bbl 69.06 5.02/Mcf 65.00 59.32/BOE 53.57 50.52 Whiting Realized Prices(1) 55.00 44.70 45.01 45.10/65% 45.00 35.23 39.46/67%…
  35. 3Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 35
    Total Capitalization ( in thousands) Sept. 30, Sept. 30, 2010 2009 Cash and Cash Equivalents 3,211 15,860 Long-Term Debt: Credit Agreement 100,000 150,000 Senior Subordinated Notes 600,000 619,604 Total Long-Term Debt 700,000…
  36. 3Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 36
    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…
  37. 3Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 37
    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) Sept. 2010 Gas Production Q4 2010 823,178 5.29…
  38. 3Q 2010 Financial and Operating Results – 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 Nine Months Ended Sept. 30, Sept. 30,…
  39. 3Q 2010 Financial and Operating Results – 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 Sept. 30, 2010 2009 Net cash provided by operating activities..... 280,134…
  40. 3Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 40
    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…

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