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Third Quarter 2011 Financial and Operating Results – Whiting Petroleum Corp.

Whiting Petroleum Corp. · Nov 3, 2011 · 36 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. Third Quarter 2011 Financial and Operating Results – Whiting Petroleum Corp. – slide 1
    Whiting Petroleum Corporation Laying a 24 natural gas trunk line leading to the Belfield In the foreground is the Pronghorn Federal 21-14TFH, completed with an initial Gas Processing Plant in Stark County, N.D. flow rate of 1,849 BOE/D.…
  2. Third Quarter 2011 Financial and Operating Results – Whiting Petroleum Corp. – slide 2
    Company Overview Market Capitalization1 5.9 B Long-term Debt2 1,200 MM Shares Outstanding 117.4 MM Debt/Total Cap2 28.9% Proved reserves3 304.9 MMBOE % Oil 83% RP ratio4 12.9 years Drilling the Hutchins Stock Association 1096…
  3. Third Quarter 2011 Financial and Operating Results – Whiting Petroleum Corp. – slide 3
    Map of Operations Q3 2011 Net Production 70.7 MBOE/d ROCKY MOUNTAINS 4% 3% 43.9 MBOE/D 12% MICHIGAN 3.0 MBOE/D 18% 63% Michigan Gulf Coast MID-CONTINENT 8.4 MBOE/D Mid-Continent Permian Basin R k M Rocky Mountains t…
  4. Third Quarter 2011 Financial and Operating Results – Whiting Petroleum Corp. – slide 4
    2011 Capital Budget By Area ( in millions) 2011 Capital Budget 1.7 B Other (1) Land 5% 13% 92MM 217MM Bakken/Three Forks Hydrocarbon System 52% 882MM Permian 7% 117MM EOR 18% 314MM Central Rockies 5% 79MM (1)…
  5. Third Quarter 2011 Financial and Operating Results – Whiting Petroleum Corp. – slide 5
    Breakdown of 2011 Capital Budget By Area ( in millions) EST 2011 CAPEX IN MM Gross Wells EST. 2011 CAPEX IN MM Gross Wells Net Wells Net Wells Northern Rockies Sanish 355.5 105 53.3 Parshall 4.7 3 0.6 Lewis & Clark 311.6 48 35.9…
  6. Third Quarter 2011 Financial and Operating Results – Whiting Petroleum Corp. – slide 6
    All Whiting Lease Areas In Williston Basin Plays at September 30, 2011 Gross Acres Net Acres Sanish / Parshall 177,719 83,230 -Middle Bakken / Three Forks Objectives -108 wells in 2011 Lewis & Clark / Pronghorn 384,658 255,905…
  7. Third Quarter 2011 Financial and Operating Results – Whiting Petroleum Corp. – slide 7
    Whiting Drilling Objectives in the Western Williston Basin -- Shooting for the Sweet Spots A A 1 2 3 4 5 6 7 8 9 10 Area Starbuck IP Missouri Breaks IP Tarpon IP Hidden Bench IP O'Neil Creek IP Beaver Creek IP Demores IP Elkhorn…
  8. Third Quarter 2011 Financial and Operating Results – Whiting Petroleum Corp. – slide 8
    Typical Non-Sanish Field Bakken or Pronghorn Sand / Three Forks Well Expected Results 1000 EUR 350 MBOE, Capex 7.0 MM Oil Price (/Bbl) 90.00 100.00 ROI 2.0 2.3 Payout (yrs) 23 2.3 19 1.9 PV10 (MM) 3.23 4.57 IRR 35% 47% EUR…
  9. Third Quarter 2011 Financial and Operating Results – Whiting Petroleum Corp. – slide 9
    Sanish and Parshall Fields - Recent and Notable Wells Units in which 17-mile 6 & 10 Residue 17-mile 8 Crude Oil Line WLL Owns an Gas/NGL Line to WBI- To Enbridge Initial oil sales PARSHALL FIELD Interest Gas sales to Midwest markets To…
  10. Third Quarter 2011 Financial and Operating Results – Whiting Petroleum Corp. – slide 10
    Fully Developed Bakken and Three Forks Horizontal Wells in Sanish Field Area (1)Represents an increase of 182 gross wells from the previous estimate of 382. Well counts and well plans will vary based upon continued…
  11. Third Quarter 2011 Financial and Operating Results – Whiting Petroleum Corp. – slide 11
    Six Month Cumulative Production by Operator For Bakken Wells Drilled Since January 2009 & Operators With Greater Than 10 Wells Producing Source: IHS Energy, Inc. & North Dakota Industrial Commission (As of October, 2011) 11
  12. Third Quarter 2011 Financial and Operating Results – Whiting Petroleum Corp. – slide 12
    Williston Basin Off-Take Expansion (1) Existing Pipelines Proposed Pipelines 2011 2012 2013 All Volumes Barrels per Day Existing Capacity Total Additions Additions Additions Enbridge 185,000 25,000 Q2 145,000 Q4 355,000…
  13. Third Quarter 2011 Financial and Operating Results – Whiting Petroleum Corp. – slide 13
    Average IP and 30, 60, 90 Day Production(1) of Whiting Operated Wells Sanish Bakken Avg IP BOE/d 24hr Avg WI % Avg NRI % Test Avg 1st 30 Day Avg 1st 60 Day Avg 1st 90 Day No. of Wells 30 30 30 28 24 16 A Averages 68% 55% 2 035…
  14. Third Quarter 2011 Financial and Operating Results – Whiting Petroleum Corp. – slide 14
    De-Risked Map Williston Basin (1) CASSANDRA STARBUCK 30,661 Prospect Gross Acres SANISH 103,922 Prospect Gross Acres 14,483 Prospect Net Acres 108,815 Prospect Gross Acres 88,320 Prospect Net Acres 100% De-Risked 66,568 Prospect…
  15. Third Quarter 2011 Financial and Operating Results – Whiting Petroleum Corp. – slide 15
    De-Risked Map Lewis & Clark Golden Valley and Billings Counties, North Dakota 46% 1st 30 Day Avg BOEPD for wells drilled 2000 thru 2009 1st 30 Day Avg BOEPD for wells drilled 2009 thru 2011 15
  16. Third Quarter 2011 Financial and Operating Results – Whiting Petroleum Corp. – slide 16
    De-Risked Map Pronghorn Billings and Stark Counties, North Dakota 59% 1st 30 Day Avg BOEPD for wells drilled 2000 thru 2009 1st 30 Day Avg BOEPD for wells drilled 2009 thru 2011 16
  17. Third Quarter 2011 Financial and Operating Results – Whiting Petroleum Corp. – slide 17
    De-Risked Map Hidden Bench McKenzie County, North Dakota 100% 1st 30 Day Avg BOEPD for wells drilled 2000 thru 2009 1st 30 Day Avg BOEPD for wells drilled 2009 thru 2011 17
  18. Third Quarter 2011 Financial and Operating Results – Whiting Petroleum Corp. – slide 18
    De-Risked Map Tarpon McKenzie County, North Dakota 100% 1st 30 Day Avg BOEPD for wells drilled 2000 thru 2009 1st 30 Day Avg BOEPD for wells drilled 2009 thru 2011 18
  19. Third Quarter 2011 Financial and Operating Results – Whiting Petroleum Corp. – slide 19
    De-Risked Map Cassandra Williams County, North Dakota 100% 1st 30 Day Avg BOEPD for wells drilled 2000 thru 2009 1st 30 Day Avg BOEPD for wells drilled 2009 thru 2011 19
  20. Third Quarter 2011 Financial and Operating Results – Whiting Petroleum Corp. – slide 20
    Big Tex Prospect Pecos, Reeves and Ward Counties, Texas OBJECTIVE Bone Spring Wolfcamp ACREAGE Whiting has assembled 121,771 121 771 gross (89,852 net) acres in our Big Tex prospect in the Delaware Basin: Average g WI of 76%…
  21. Third Quarter 2011 Financial and Operating Results – Whiting Petroleum Corp. – slide 21
    Redtail Niobrara Prospect Weld County, Colorado OBJECTIVE Niobrara Shale ACREAGE Whiting has assembled 104,425 gross (76 (76,065 065 net) acres in our o r Redtail prospect in the northeastern portion of the DJ Basin Redtail…
  22. Third Quarter 2011 Financial and Operating Results – Whiting Petroleum Corp. – slide 22
    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% %…
  23. Third Quarter 2011 Financial and Operating Results – Whiting Petroleum Corp. – slide 23
    Postle Field - Net Production Forecasts (1) Postle Field 3P Unrisked Net Production Forecast (2) 25 20 120 - 130 MMcf/d Current CO2 Injection ction Rate Mboe//d 15 10 Produc P1 + P2 (no P3) 5 Proved 0 Jun…
  24. Third Quarter 2011 Financial and Operating Results – Whiting Petroleum Corp. – slide 24
    North Ward Estes - Net Production Forecasts (1) North Ward Estes 3P Unrisked Net Production Forecast (2) 25 285 - 295 MMcf/d Current CO2 Injection 20 P1 + P2 + P3 ction Rate Mboe//d 15 P1 + P2 10 Produc Proved…
  25. Third Quarter 2011 Financial and Operating Results – Whiting Petroleum Corp. – slide 25
    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…
  26. Third Quarter 2011 Financial and Operating Results – Whiting Petroleum Corp. – slide 26
    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…
  27. Third Quarter 2011 Financial and Operating Results – Whiting Petroleum Corp. – slide 27
    Adjusted Net Income and Discretionary Cash Flow for the Three Months Ended September 30, 2011 and 2010 (1)(2)(3) Three Months Ended Nine Months Ended 9/30/2011 9/30/2010 9/30/2011 9/30/2010 (In millions, expect per share data)…
  28. Third Quarter 2011 Financial and Operating Results – Whiting Petroleum Corp. – slide 28
    Consistently Strong Margins Consistently Delivering Strong EBITDA Margins (1) 80.61/Bbl 5.02/Mcf 80.00 71.80/BOE 69.06 70.00 61.48 Whiting Realizzed Prices(1) 60.00 53.57 50.52 44.70 45.01 50.00 45.10/65% 49.54/69% OE…
  29. Third Quarter 2011 Financial and Operating Results – Whiting Petroleum Corp. – slide 29
    Total Capitalization ( in thousands) Sept. 30, Dec. 31, 2011 2010 Cash and Cash Equivalents 6,088 18,952 Long-Term Debt: Credit Agreement 600,000 200,000 Senior Subordinated Notes 600,000 , 600,000 , Total Long-Term Debt…
  30. Third Quarter 2011 Financial and Operating Results – Whiting Petroleum Corp. – slide 30
    Outstanding Bonds and Credit Agreement Amount Ratings 11/2/11 Coupon / Description Maturity Outstanding Moodys / S&P Price 7.00% / Sr. Sub. NC 02/01/2014 250.0 mil. Ba3 / BB 107.00 6.50% / Sr. Sub. NC4 10/01/2018 350.0 mil. Ba3 / BB…
  31. Third Quarter 2011 Financial and Operating Results – Whiting Petroleum Corp. – slide 31
    Guidance for Q4 and Full-Year 2011 Guidance Fourth Quarter Full-Year 2011 2011 Production (MMBOE) 6.85 - 7.25 25.15 - 25.55 L Lease operating ti expense per BOE 11 40 - 11.70 11.40 11 70 11 90 - 12.10 11.90 12 10 General…
  32. Third Quarter 2011 Financial and Operating Results – Whiting Petroleum Corp. – slide 32
    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…
  33. Third Quarter 2011 Financial and Operating Results – Whiting Petroleum Corp. – slide 33
    Fixed-Price Marketing Contracts Existing Natural Gas Marketing Contracts Weighted Average As a Percentage of Hedge Contracted Volume Contracted Price September 2011 Period (MMBtu per Month) (per MMBtu) Gas Production 2011 Q4 772…
  34. Third Quarter 2011 Financial and Operating Results – Whiting Petroleum Corp. – slide 34
    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…
  35. Third Quarter 2011 Financial and Operating Results – Whiting Petroleum Corp. – slide 35
    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 September 30,…
  36. Third Quarter 2011 Financial and Operating Results – Whiting Petroleum Corp. – slide 36
    Discretionary Cash Flow (1) Reconciliation of Net Cash Provided by Operating Activities to Discretionary Cash Flow (In Thousands) Three Months Ended Nine Months Ended September 30, September 30, 2011 2010 2011 2010 Net cash…

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