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1Q 2011 Financial and Operating Results – Whiting Petroleum Corp.

Whiting Petroleum Corp. · Apr 28, 2011 · 46 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. 1Q 2011 Financial and Operating Results – 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 stimulatedWell in 29instages Sanish Field, and…
  2. 1Q 2011 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 2011 Financial and Operating Results – Whiting Petroleum Corp. – slide 3
    Company Overview Market Capitalization1 8.5 B Long-term Debt2 980.0 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…
  4. 1Q 2011 Financial and Operating Results – Whiting Petroleum Corp. – slide 4
    Consistently Strong Margins Consistently Delivering Strong EBITDA Margins (1) 80.14/Bbl 5.04/Mcf 69.06 70.34/BOE 61.48 53.57 Whiting Realizzed Prices(1) 50.52 44.70 45.01 35.23 OE /BO 27.50 W (1) Includes…
  5. 1Q 2011 Financial and Operating Results – Whiting Petroleum Corp. – slide 5
    Platform for Continued Growth Average Daily Production Proved Reserves (12/31/2010) 3% 14% 3% 40% 40% Rocky Mountains Permian Basin G lf Coast Gulf C t Mid C ti Mid-Continent t Michigan 304.9 MMBOE (12/31/2010) 83%…
  6. 1Q 2011 Financial and Operating Results – Whiting Petroleum Corp. – slide 6
    Map of Operations Q1 2011 66.0 MBOE/d 4% 4% ROCKY MOUNTAINS 39.3 MBOE/D 13% MICHIGAN 2.8 MBOE/D 60% 19% Michigan Gulf Coast MID-CONTINENT 8.8 MBOE/D Mid-Continent Permian Basin R k M Rocky Mountains t i PERMIAN 12.4…
  7. 1Q 2011 Financial and Operating Results – Whiting Petroleum Corp. – slide 7
    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…
  8. 1Q 2011 Financial and Operating Results – Whiting Petroleum Corp. – slide 8
    Major Fields with Probable and Possible Reserves at December 31, 2010 (1) (2) Capex p 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…
  9. 1Q 2011 Financial and Operating Results – Whiting Petroleum Corp. – slide 9
    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 1,670…
  10. 1Q 2011 Financial and Operating Results – Whiting Petroleum Corp. – slide 10
    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%…
  11. 1Q 2011 Financial and Operating Results – Whiting Petroleum Corp. – slide 11
    Key Development Areas for 2011 ( in millions) Sanish Field Northern Rockies Existing Properties Net Wells Capex 54 352 Sanish 2011 Capital Projects Parshall Lewis & Clark Lewis & Clark Net Wells 30 Capex 278 2011 Exploration…
  12. 1Q 2011 Financial and Operating Results – Whiting Petroleum Corp. – slide 12
    2011 Exploration and Development Budget Estimated Gross and Net Wells in 2011 EST. 2011 CAPEX PLANNED WELLS (In MM) Gross Net NORTHERN ROCKIES Sanish Field 352 95 54 Parshall Field 12 11 2 Lewis & Clark Area 278 51 30 Other (Hidden…
  13. 1Q 2011 Financial and Operating Results – Whiting Petroleum Corp. – slide 13
    2010 vs. 2011 Capital Expenditures By Reserve Category 2010 978 MM Actual 2011 1,350 MM Budget 20% 16% 8% 37% 23% 25% 49% 22% Proved CO2 Recovery Projects (Proved) Non-Proved Land 13
  14. 1Q 2011 Financial and Operating Results – Whiting Petroleum Corp. – slide 14
    Whiting Developed & Undeveloped Acreage by Core Area 14
  15. 1Q 2011 Financial and Operating Results – Whiting Petroleum Corp. – slide 15
    Whiting Prospect Areas in Bakken/Three Forks Hydrocarbon System at March 31, 2011(1) S i h / Parshall Sanish P h ll Gross Net Acres Acres - Bakken and Three Forks Objectives - 194 producing wells in Sanish 180,689 84,278 - 127…
  16. 1Q 2011 Financial and Operating Results – Whiting Petroleum Corp. – slide 16
    Sanish and Parshall Fields - Recent and Notable Wells Units in which WLL Owns an 17-mile 6 & 10 Residue Gas/NGL Line to WBI- 17-mile 8 Crude Oil Line To Enbridge Initial oil sales PARSHALL FIELD Interest Gas sales to Midwest…
  17. 1Q 2011 Financial and Operating Results – Whiting Petroleum Corp. – slide 17
    IP, 30-, and 60- day Average Production Rates for Whiting Operated Wells in Sanish Field in 2011 Completion Average 1st 30 Days Average 1st 60 Days Well Name WI% Date BOEPD (BOE/d) (BOE/d) 1) STATE 12-32H 39.84% 4/11/2011 2,247 2)…
  18. 1Q 2011 Financial and Operating Results – Whiting Petroleum Corp. – slide 18
    Six Month Cumulative Production by Operator For Bakken Wells Drilled Since January 2009 Source: IHS Energy, Inc. January, 2011 18
  19. 1Q 2011 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 163 gross wells from the previous estimate of 382. Well counts and well plans will vary based upon continued…
  20. 1Q 2011 Financial and Operating Results – Whiting Petroleum Corp. – slide 20
    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%…
  21. 1Q 2011 Financial and Operating Results – Whiting Petroleum Corp. – slide 21
    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 on ROI 2.2:1 2.7:1 3.2:1 quivalent…
  22. 1Q 2011 Financial and Operating Results – Whiting Petroleum Corp. – slide 22
    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 /…
  23. 1Q 2011 Financial and Operating Results – Whiting Petroleum Corp. – slide 23
    Lewis & Clark Area 250 Units / 500 Potential Locations OBJECTIVE pp Three Forks along Upper g pinch-out p of the General Outline overlying Bakken Shale Bicentennial Field Upper Bakken Shale ACREAGE Developed in 1980s Whiting has…
  24. 1Q 2011 Financial and Operating Results – Whiting Petroleum Corp. – slide 24
    IP, 30-, 60- and 90-day Average Production Rates for Whiting Operated Wells in Lewis & Clark Field IP (BOE/d) 24- Average 1st 30 Average 1st 60 Average 1st 90 WellName WI NRI Test Date hr Test Days (BOE/d) Days (BOE/d) Days (BOE/d)…
  25. 1Q 2011 Financial and Operating Results – Whiting Petroleum Corp. – slide 25
    Production History of Federal 32-4TFH Well at Lewis & Clark (1) (2) (3) Gross Production 1200 4/15/11: 179 BOE/D 1000 800 E/d BOE 600 400 200 0 Dec-09 9 Jan-10 0 Feb-10 0 Mar-10 0 Apr-10…
  26. 1Q 2011 Financial and Operating Results – Whiting Petroleum Corp. – slide 26
    Redtail Niobrara Prospect Weld County, Colorado OBJECTIVE Niobrara Shale ACREAGE Whiting g has assembled 102,920 , gross (74,741 net) acres in our Redtail prospect in the northeastern portion of the DJ Basin Redtail 74 741…
  27. 1Q 2011 Financial and Operating Results – Whiting Petroleum Corp. – slide 27
    Big Tex Prospect Pecos, Reeves and Ward Counties, Texas OBJECTIVE Wolfcamp and Bone Spring ACREAGE Whiting has assembled 111,665 gross (83,303 net) acres in our Big Tex prospect in the Delaware Basin: Average WI of 75% Average…
  28. 1Q 2011 Financial and Operating Results – Whiting Petroleum Corp. – slide 28
    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% Total MMBOE 177 128 (1) 305 42% (1) %…
  29. 1Q 2011 Financial and Operating Results – Whiting Petroleum Corp. – slide 29
    EOR Projects Net Production Forecasts (1) Postle Field 3P Unrisked Net Production Forecast (2) 12 130 - 140 MMcf/d Current Mboe/d CO2 Injection 10 8 Production Rate M P1 + P2 (no P3) 6 4 Proved 2 0 Jun Mar 05 11…
  30. 1Q 2011 Financial and Operating Results – Whiting Petroleum Corp. – slide 30
    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 T t l Total: 296…
  31. 1Q 2011 Financial and Operating Results – Whiting Petroleum Corp. – slide 31
    Postle Quarterly Average Net BOE/D Production Postle Field Q1 11 CO2 Injection 130 MMcfd Q1 11 Net Prod: 8,455 BOE/D 10600 9600 et boe/d d 8600 7600 6600 Ne 5600 4600 Mar-07 Jun-07 Mar-08 Jun-08 Mar-09…
  32. 1Q 2011 Financial and Operating Results – Whiting Petroleum Corp. – slide 32
    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: P B Primary, i 33 12 1 64 110 WF & CO2 Phase 1…
  33. 1Q 2011 Financial and Operating Results – Whiting Petroleum Corp. – slide 33
    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)…
  34. 1Q 2011 Financial and Operating Results – Whiting Petroleum Corp. – slide 34
    North Ward Estes Quarterly Average Net BOE/D Production North Ward Estes Field Q1 11 CO2 Injection: Q1 11 Net Prod: 250 MMcf/d 8,120 BOE/D 8800 Commencement of CO2 injection in Pilot in May 8200 2007 at 2 MMcf/d CO2 injection…
  35. 1Q 2011 Financial and Operating Results – Whiting Petroleum Corp. – slide 35
    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 35 potential. The Company is…
  36. 1Q 2011 Financial and Operating Results – Whiting Petroleum Corp. – slide 36
    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…
  37. 1Q 2011 Financial and Operating Results – Whiting Petroleum Corp. – slide 37
    Production Growth (in BOE/D) Net Production from Bakken, Postle and N. Ward Estes 30 000 30,000 25,000 20,000 15,000 10,000 5,000 , - Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Bakken kk 21,690 25,890 27,385 28,020…
  38. 1Q 2011 Financial and Operating Results – Whiting Petroleum Corp. – slide 38
    Adjusted Net Income and Discretionary Cash Flow for the Three Months Ended March 31, 2011 and 2010 (1)(2) Three Months Ended 3/31/11 3/31/10 (In millions, except per share data) Net Income 19.1 81.2 Adjusted Net Income 99.7 62.3…
  39. 1Q 2011 Financial and Operating Results – Whiting Petroleum Corp. – slide 39
    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 106.500 6.50% / Sr. Sub. NC4 10/01/2018 350.0 mil. Ba3 /…
  40. 1Q 2011 Financial and Operating Results – Whiting Petroleum Corp. – slide 40
    Total Capitalization ( in thousands) March 31, March 31, 2011 2010 Cash and Cash Equivalents 5,026 18,952 Long-Term Debt: Credit Agreement 380,000 200,000 Senior Subordinated Notes 600,000 , 600,000 , Total Long-Term Debt…
  41. 1Q 2011 Financial and Operating Results – Whiting Petroleum Corp. – slide 41
    Guidance for Q2 and Full-Year 2011 Guidance Second Quarter Full-Year 2011 2011 Production (MMBOE) 6.15 - 6.35 25.80 - 26.20 Lease operating expense per BOE 11.60- 11.80 11.20- 11.40 General and admin. expense per BOE 3.30 - 3.50…
  42. 1Q 2011 Financial and Operating Results – Whiting Petroleum Corp. – slide 42
    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…
  43. 1Q 2011 Financial and Operating Results – Whiting Petroleum Corp. – slide 43
    Fixed-Price Marketing Contracts Existing Natural Gas Marketing Contracts Contracted Volumes Weighted Average Contracted Price As a Percentage of Period (Mcf per Month) (/Mcf) March 2011 Gas Production Q2 2011 778,914 5.31 34.2% Q3…
  44. 1Q 2011 Financial and Operating Results – Whiting Petroleum Corp. – slide 44
    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…
  45. 1Q 2011 Financial and Operating Results – Whiting Petroleum Corp. – slide 45
    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 M 31, Mar. 31 2011 2010 Net Income Available to…
  46. 1Q 2011 Financial and Operating Results – Whiting Petroleum Corp. – slide 46
    Discretionary Cash Flow (1) Reconciliation of Net Cash Provided by Operating Activities to Discretionary Cash Flow (In Thousands) Three Months Ended Mar. 31, 2011 2010 Net cash provided pro ided by b operating activities.....…

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