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Current Corporate Presentation – Whiting Petroleum Corp.

Whiting Petroleum Corp. · Feb 28, 2013 · 39 slides

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Slides

  1. Current Corporate Presentation – Whiting Petroleum Corp. – slide 1
    Whiting Petroleum Corporation Current Corporate Presentation February 2013
  2. Current Corporate Presentation – Whiting Petroleum Corp. – slide 2
    Whiting Overview Q4 2012 Production 86.1 MBOE/d Proved Reserves(1) 378.8 MMBOE % Oil 80% R/P ratio(2) 13 years Drilling on the Hidden Bench Prospect in McKenzie County, North Dakota. (1) Whiting reserves at December 31,…
  3. Current Corporate Presentation – Whiting Petroleum Corp. – slide 3
    Whiting Petroleum North Dakota 1 Oil Producer * Barrels of oil per day * Numbers derived from the preliminary December 2012 Oil & Gas Production Report published by the North Dakota State Industrial Commission, Department of…
  4. Current Corporate Presentation – Whiting Petroleum Corp. – slide 4
    Map of Operations ROCKY MOUNTAINS Q4 2012 Net Production 63.0 MBOE/D 86.1 MBOE/d MICHIGAN 2.7 MBOE/D 3% 2% 9% 13% MID-CONTINENT 8.1 MBOE/D PERMIAN 11.0 MBOE/D 73% Rockies Permian GULF COAST MidCon Michigan 1.3…
  5. Current Corporate Presentation – Whiting Petroleum Corp. – slide 5
    Platform for Continued Growth 80% Oil / 10% NGL / 10% Natural Gas 378.8 MMBOE Proved Reserves(1) (12/31/2012) 2% 1% 13% 51% 33% Rocky Mountains Permian Basin MidContinent Michigan Gulf Coast (1) Whiting reserves at…
  6. Current Corporate Presentation – Whiting Petroleum Corp. – slide 6
    Whiting Pre-Tax PV10% Values at December 31, 2012 Using SEC NYMEX of 94.71/Bbl and 2.76/Mcf Held Flat 3P Reserves (1) Natural PreTax PV10% Oil NGLs Gas Total % Value (MMBbl) (MMBbl) (Bcf) (MMBOE) Oil (In MM) % Total Proved 301.3…
  7. Current Corporate Presentation – Whiting Petroleum Corp. – slide 7
    Capital Budget for Key Development Areas in 2013 ( in millions) Well Work, Facilities Misc. Costs, 178 MM Other Northern 150 MM Rockies 1,142 MM Exploration EST. 2013 Expense (2) CAPEX IN Gross Net 82 MM MM % Wells Wells…
  8. Current Corporate Presentation – Whiting Petroleum Corp. – slide 8
    Drilling Inventory Identified Primary Locations Northern Rockies Gross Net Wells per Spacing Unit Southern Williston (Lewis & Clark; Pronghorn) 1,104 410.2 3 Pronghorn Sand / 1280 Western Williston(1) (Cassandra; Hidden Bench;…
  9. Current Corporate Presentation – Whiting Petroleum Corp. – slide 9
    Williston Basin Prospective Location Details Missouri Breaks Upper Three Forks Core data and subsurface mapping indicate sufficient pore volume in the Upper Three Forks to potentially justify 3 wells per spacing unit. Hidden…
  10. Current Corporate Presentation – Whiting Petroleum Corp. – slide 10
    Whiting Lease Areas in Williston Basin December 31, 2012 Gross Acres Net Acres Sanish / Parshall 175,529 82,533 Middle Bakken / Three Forks Pronghorn 197,322 128,113 Sanish Pronghorn Sand CASSANDRA STARBUCK Lewis & Clark…
  11. Current Corporate Presentation – Whiting Petroleum Corp. – slide 11
    Williston Basin Primary and Prospective Drilling Plan by Area 12
  12. Current Corporate Presentation – Whiting Petroleum Corp. – slide 12
    Southern Williston Basin Lewis & Clark and Pronghorn (December 31, 2012) Planned Higher Density Pilot Locations OBJECTIVE Pronghorn Sand 3 wells per 1,280acre spacing unit ACREAGE Whiting has assembled 398,334 gross (262,974…
  13. Current Corporate Presentation – Whiting Petroleum Corp. – slide 13
    Western Williston Basin Cassandra, Hidden Bench, Tarpon, and Missouri Breaks (December 31, 2012) Planned Higher Density Pilot Locations OBJECTIVE(1) Bakken 4 wells per 1,280acre spacing unit Three Forks 3 wells per 1,280acre…
  14. Current Corporate Presentation – Whiting Petroleum Corp. – slide 14
    Sanish Area Sanish and Parshall Fields (December 31, 2012) Planned Higher Density Pilot Locations OBJECTIVE Bakken 3.5 wells per 1,280acre spacing unit Three Forks 3 wells per 1,280acre spacing unit ACREAGE Whiting has…
  15. Current Corporate Presentation – Whiting Petroleum Corp. – slide 15
    Red River Plays Sheridan, Roosevelt, Golden Valley and Wibaux Counties OBJECTIVE Vertical Red River BIG ISLAND Whiting has assembled 172,464 gross (122,389 net) acres in our Big Island development project: 9 of 10 successful…
  16. Current Corporate Presentation – Whiting Petroleum Corp. – slide 16
    Williston Basin Production Profile Range of Reserves: Bakken / Pronghorn Sand / Three Forks (1)(2) EUR - 600 MBOE , Development Phase CAPEX 7.5 MM 1,000 Nymex oil price/Bbl 80 90 100 ROI 3.0 3.5 4.0 IRR (%) 93% 135% 189% Payout…
  17. Current Corporate Presentation – Whiting Petroleum Corp. – slide 17
    Twelve Month Average Production by Operator For Bakken and Three Forks wells drilled since January 2009 & operators with greater than 30 wells producing Source: IHS Energy, Inc. & North Dakota Industrial Commission (As of December…
  18. Current Corporate Presentation – Whiting Petroleum Corp. – slide 18
    Significant Productivity Increase Year-over-Year Average Rate (BOPD) All Whiting Bakken / Three Forks / Pronghorn Sand Wells Drilled in the Williston Basin 2011 and 2012 700 600 572 500 470 432 403 400 373 338…
  19. Current Corporate Presentation – Whiting Petroleum Corp. – slide 19
    Productivity Increase with Shift to New Development Areas 2012 Average 30, 60, 90 Day Rates (BOPD) Sanish Bakken and Three Forks vs. Pronghorn, Lewis & Clark and Hidden Bench 700 655 600 555 524 500 472 419 428…
  20. Current Corporate Presentation – Whiting Petroleum Corp. – slide 20
    NDPA Williston Basin Oil Production & Export Capacity (1) BOPD Dec 2012 Production 828,426 BOPD Williston Basin NDPA Production Case 1 Williston Basin NDPA Production Case 2 (1) Production forecast is for visual…
  21. Current Corporate Presentation – Whiting Petroleum Corp. – slide 21
    Plants / Pipeline Williston Basin Natural Gas Processing Plants (Robinson Lake) Gathering System Oil Gathering Lines 121 Miles Gas Gathering Lines 363 Miles Current Wells Connected (Op.) 313 SANISH Current Wells Connected (Non-Op.)…
  22. Current Corporate Presentation – Whiting Petroleum Corp. – slide 22
    Plants / Pipeline Williston Basin Natural Gas Processing Plants (Belfield) Planned Gathering System Oil Gathering Lines 143 Miles Gas Gathering Lines 137 Miles Current Wells Connected (12/31/12 Op.) 80 Current Wells Connected…
  23. Current Corporate Presentation – Whiting Petroleum Corp. – slide 23
    Redtail Niobrara Prospect Weld County, Colorado (December 31, 2012) OBJECTIVE Niobrara B Shale Niobrara A Shale ACREAGE Whiting has assembled 109,856 gross (79,467 net) acres in our Redtail prospect in the northeastern…
  24. Current Corporate Presentation – Whiting Petroleum Corp. – slide 24
    Redtail Niobrara Prospect Weld County, Colorado (December 31, 2012) OBJECTIVE Whiting Wells Whiting Lease Area Niobrara B Shale Niobrara A Shale DEVELOPMENT PLAN Mix of 960 and 640acre spacing units 8 Wells per spacing unit…
  25. Current Corporate Presentation – Whiting Petroleum Corp. – slide 25
    Big Tex Prospect Pecos, Reeves, and Ward Counties, Texas (December 31, 2012) OBJECTIVE Vertical Wolfbone Hz. Wolfcamp ACREAGE Whiting has assembled 116,694 gross (86,882 net) acres in our Big Tex prospect in the Delaware…
  26. Current Corporate Presentation – Whiting Petroleum Corp. – slide 26
    Big Tex Prospect Pecos, Reeves, and Ward Counties, Texas DRILLING HIGHLIGHTS The May 2502H well was completed on January 23, 2013. It tested at a peak 24hour rate of 674 BOPD and achieved a 30day average peak rate of 397…
  27. Current Corporate Presentation – Whiting Petroleum Corp. – slide 27
    EOR Projects Postle and North Ward Estes Fields Postle Total % Postle Whiting N. Ward Estes Whiting N. Ward Estes 12/31/12 Proved Reserves(1) Oil MMBbl 180.1 121.2 301.3 40% NGL MMNgl 19.3 20.8 40.1 52% Gas Bcf 199.1 25.2 224.3…
  28. Current Corporate Presentation – Whiting Petroleum Corp. – slide 28
    Development Plan North Ward Estes Field Project Timing and Net Reserves(1) Injection Other CO2 Project Start Date PVPD Proved P2 P3 Total Base: Primary, 42 16 4 66 128 WF & CO2 Phase 1 2007 - 2014 0 1 1 1 3 Phase 2 2009 - 2019…
  29. Current Corporate Presentation – Whiting Petroleum Corp. – slide 29
    Adjusted Net Income and Discretionary Cash Flow Three and Twelve Months Ended December 31, 2012 and 2011 (1)(2) Three Months Ended Twelve Months Ended December 31, December 31, 2012 2011 2012 2011 (In millions, expect per share…
  30. Current Corporate Presentation – Whiting Petroleum Corp. – slide 30
    Guidance for Q1 and Full-Year 2013 Guidance First Quarter Full-Year 2013 2013 Production (MMBOE) 7.80 - 8.20 33.80 - 35.00 Lease operating expense per BOE 12.50 - 12.90 12.40 - 12.70 General and admin. expense per BOE 3.40 -…
  31. Current Corporate Presentation – Whiting Petroleum Corp. – slide 31
    Consistently Good Margins Consistently Delivering Strong EBITDA Margins (1) Oil 83.09/Bbl NGL 43.10/BOE Gas 3.65/Mcf 80.00 74.17 71.09/BOE 69.06 73.88 66.13 67.99 70.00 61.48 Whiting Realized Prices(1) 60.00 53.57 45.01…
  32. Current Corporate Presentation – Whiting Petroleum Corp. – slide 32
    Total Capitalization ( in Thousands) Dec. 31, 2012 Dec. 31, 2011 Cash and Cash Equivalents 44,800 15,811 Long Term Debt: Credit Agreement 1,200,000 780,000 Senior Subordinated Notes 600,000 600,000 Total LongTerm Debt…
  33. Current Corporate Presentation – Whiting Petroleum Corp. – slide 33
    Outstanding Bond and Credit Agreement Amount Ratings 12/31/12 Coupon / Description Maturity Outstanding Moodys / S&P Price 7.00% / Sr. Sub. NC 02/01/2014 250.0 mil. Ba3 / BB+ 105.00 6.50% / Sr. Sub. NC4 10/01/2018 350.0 mil. Ba3…
  34. Current Corporate Presentation – Whiting Petroleum Corp. – slide 34
    Disciplined Hedging Strategy Utilize hedges to manage exposure against potential commodity price declines while maintaining pricing upside Employ mix of contracts weighted toward the shortterm Existing Crude Oil Hedge Positions(1)…
  35. Current Corporate Presentation – Whiting Petroleum Corp. – slide 35
    Fixed-Price Marketing Contracts Existing Natural Gas Marketing Contracts(1) Weighted Average As a Percentage of Hedge Contracted Volume Contracted Price December 2012 Period (MMBtu per Month) (per MMBtu) Gas Production 2013 Q1…
  36. Current Corporate Presentation – Whiting Petroleum Corp. – slide 36
    Whiting Highlights RESERVES: 80% OIL (1) OIL WEIGHTED, LONG 13 YEAR R/P(1) LIVED RESERVE BASE NUMBER ONE OIL PRODUCER IN NORTH DAKOTA(2) MULTIYEAR INVENTORY 9,661 GROSS (4,503.2 NET) POTENTIAL DRILLING LOCATIONS TO DRIVE…
  37. Current Corporate Presentation – Whiting Petroleum Corp. – slide 37
    Appendix 38
  38. Current Corporate Presentation – Whiting Petroleum Corp. – slide 38
    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 Twelve Months Ended December 31, December 31, 2012…
  39. Current Corporate Presentation – Whiting Petroleum Corp. – slide 39
    Discretionary Cash Flow(1) ( in Thousands) Reconciliation of Net Cash Provided by Operating Activities to Discretionary Cash Flow Three Months Ended Twelve Months Ended December 31, December 31, 2012 2011 2012 2011 383,270…

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