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2Q 2010 Financial and Operating Results – Whiting Petroleum Corp.

Whiting Petroleum Corp. · Jul 29, 2010 · 39 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 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 1
    Whiting Petroleum Corporation Drilling the Tollefson 44-10H in Sanish Field, Mountrail County, ND IP: 2,636 BOE/D Second Quarter 2010 Financial and Operating Results July 29, 2010 Drilling operations on the TTT Ranch 11-26H…
  2. 2Q 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. 2Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 3
    Company Overview Market Capitalization1 4.4B Long-term Debt2 649.6 MM Shares Outstanding 51.0 MM Debt/Total Cap2 20.9% Proved reserves3 275.0 MMBOE % Oil 81% RP ratio4 13.6 years Drilling the Hutchins Stock Association 1096 in…
  4. 2Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 4
    Adjusted Net Income and Discretionary Cash Flow for the Three Months Ended June 30, 2010 and 2009 (1)(2) Three Months Ended 6/30/10 6/30/09 (In millions, except per share data) Net Income (Loss) 119.9 ( 93.2) Adjusted Net Income…
  5. 2Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 5
    Consistently Strong Margins Consistently Delivering Strong EBITDA Margins (1) 69.10/Bbl 69.06 4.56/Mcf 65.00 61.25/BOE 53.57 50.52 Whiting Realized Prices(1) 55.00 44.70 45.01 45.10/65% 45.00 40.87/67% 35.23…
  6. 2Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 6
    Platform for Continued Growth Average Daily Production Proved Reserves (12/31/2009) 75.0 3% 14% 70.0 35% Average Daily Production (MBOE/d) 3% 64.6 65.0 e 59.9 60.0 eas r c In 55.5 55.0 6 0% 45% 50.0 47.9 Rocky…
  7. 2Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 7
    Map of Operations Proved Reserves at December 31, 2009 (1) Pre-Tax Q2 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…
  8. 2Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 8
    2010 Exploration and Development Budget Estimated Gross and Net Wells in 2010 EST. 2010 CAPEX PLANNED WELLS (In MM) Gross Net NORTHERN ROCKIES Sanish Field 273 98 52 Parshall Field 11 15 3 Lewis & Clark Area 77 13 10 Other…
  9. 2Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 9
    Reserve & Production Profiles Avg. Production By Proved Reserves Core Area As of Dec. 31, 2009 Q2 2010 275.0 MMBOE 64.6 MBOE/d 4% 4% 16% 36% 57% 64% 19% Developed Michigan Gulf Coast Undeveloped Mid-Continent Permian…
  10. 2Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 10
    2009 vs. 2010 Exploration & Development Expenditures By Reserve Category 2009 480 MM Actual (1) 2010 830 MM Budget 25% 21% 50% 44% 31% 29% Proved CO2 Recovery Projects (Proved) Non-Proved (1) This amount was not…
  11. 2Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 11
    Whiting Net Acres in Bakken Hydrocarbon System (1) Prospect Area Formation Gross Net Net Acres Acres Undeveloped Bakken Acreage North Dakota Lewis & Clark Three Forks 340,241 225,685 222,428 (2) Sanish Bakken & Three Forks…
  12. 2Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 12
    Whiting Williston Basin Bakken Activity Basin-wide stratigraphic trap in shale and dolomitic siltstone 185,669 gross; 86,081 net acres in Sanish and Parshall fields Average EUR 850 MBOE/well, average CWC of approximately…
  13. 2Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 13
    Middle Bakken Induced Fractures Sanish Bay Whiting EOG Hess Corp. 42- 42-12H Braaflat 11- 11-11H Van Hook 1-1-13H St. Andes IP: 2,638 BOE/D IP: 2,997 BOE/D IP: 1,661 BOE/D 151- 151-89- 89-2413H- 2413H-1 TA 13 13
  14. 2Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 14
    Sanish and Parshall Field Area Development Units in which WLL Owns an 17-mile 17-mile6 Gas/NGL 6Residue Gas/NGLLine Residue Lineto toWBI- WBI- To 17-mile 17-mile8 ToEnbridge 8Crude CrudeOil EnbridgeInitial OilLine…
  15. 2Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 15
    Fully Fully Developed Developed Bakken Bakken and and Three Three Forks Forks Horizontal Horizontal Wells Wells in in Sanish Sanish Field Field Area Area of es n r c o ti actu re r Di ral F tu Na Bakken Three Forks…
  16. 2Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 16
    30-, 60- and 90-day Average Production Rates for Whiting Operated Sanish Field Wells Average 1st Average 1st Average 1st 30 60 Days 90 Days 2010 Wells WI NRI Test Date IP (BOE/d) 24-hr. Test Days (BOE/d) (BOE/d) (BOE/d) 1) Oppenboen…
  17. 2Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 17
    (Continued) 30-, 60- and 90-day Average Production Rates for Whiting Operated Sanish Field Wells 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)…
  18. 2Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 18
    Reported Initial Daily Rate (BOEPD) North Dakota Middle Bakken Horizontal Wells since 2000 North North Dakota Dakota Industrial Industrial Commission Commission ++ Public Public Announcements Announcements July, 2010 July, 2010…
  19. 2Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 19
    Six Month Cumulative Production by Operator For Bakken Wells Drilled Since January 2009 Source: Source: North North Dakota Dakota Industrial Industrial Commission Commission ++ Montana Montana Board Board of of Oil Oil & & Gas…
  20. 2Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 20
    Microseismic Events Recorded during during fracture fracture stimulation stimulation of of the the Holmberg Holmberg 44 -24H 44-24H 24-Stage Frac / IP: 2,558 BOE/D Excellent frac saturation evidenced by minimal gaps of…
  21. 2Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 21
    Whitings Sanish Field Track Record Installed 1,242 sleeves in 94 wells (thru 5/10) 20 intervals tight: (1.6%) 8 sleeves (4 wells) not opened: (0.8%) 5 sleeves skipped due to human error: (0.4%) Successfully pumped: 987 sleeves…
  22. 2Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 22
    Enbridge Pipeline Expansion (1) Enbridge to add 30,000 Bbls/d take- Cromer 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…
  23. 2Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 23
    Lewis & Clark Area 250 Units / 500 Potential Locations OBJECTIVE Upper Three Forks along pinch-out of General General Outline Outline the overlying Bakken Shale Bicentennial Bicentennial Field Field Upper Upper Bakken Shale…
  24. 2Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 24
    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 4.8 MMcf per day as of July 20, 2010 Whiting owns 10,196 gross…
  25. 2Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 25
    Flat Rock Field Uintah County, Utah 22,029 gross acres (11,454 net) 14.0 MMcfe of daily net production as of July 20, 2010 10 wells in the Entrada formation (11,500 feet) 25 wells in the Wasatch and Dakota formations 95% of…
  26. 2Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 26
    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 10.0 9.4 125 - 135 MMcf/d Current CO2 Injection 12/31/09…
  27. 2Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 27
    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…
  28. 2Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 28
    Postle Quarterly Average Net BOE/D Production Postle Field Q2 10 CO2 Injection: 135 MMcf/d Q2 10 Net Prod: 9,550 BOE/D 10600 9600 Net boe/d 8600 7600 6600 5600 4600 Mar-07 Mar-08 Jun-07 Mar-09 Jun-08…
  29. 2Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 29
    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…
  30. 2Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 30
    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 -…
  31. 2Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 31
    North Ward Estes Quarterly Average Net BOE/D Production North Ward Estes Field Q2 10 CO2 Injection: Q2 10 Net Prod: 230 MMcf/d 7,700 BOE/D 8800 Commencement of CO2 injection in Pilot in May 8200 2007 at 2 MMcf/d CO2 injection…
  32. 2Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 32
    North Ward Estes and Postle Quarterly Average Net BOE/D Production North Ward Estes & Postle Field Total Q2 10 Net Prod: 17,250 BOE/D 20000 18000 Net boe/d 16000 14000 12000 10000 8000 Jun-07 Jun-08 Jun-09…
  33. 2Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 33
    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 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Bakken 15,850 17,300 18,625 21,690 25,895 Postle / N.W.E…
  34. 2Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 34
    Total Capitalization ( in thousands) June 30, June 30, 2010 2009 Cash and Cash Equivalents 15,521 13,178 Long-Term Debt: Credit Agreement 30,000 220,000 Senior Subordinated Notes 619,603 619,565 Total Long-Term Debt 649,603…
  35. 2Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 35
    Disciplined Hedging Strategy 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 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 36
    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) June 2010 Production Q3 2010 742,333 5.33 34.1% Q4…
  37. 2Q 2010 Financial and Operating Results – Whiting Petroleum Corp. – slide 37
    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…
  38. 2Q 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 Six Months Ended June 30, June 30, 2010…
  39. 2Q 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 June 30, 2010 2009 Net cash provided by operating activities..... 243,586…

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