Whiting First Quarter 2010 Financial and Operating Results

Full report here.
Note: some figures are rounded. Typographical errors possible. See original report for specifics.

Highlights

• 59,865 boepd, Q1 2010 compared to 54,320 boepd, Q1 2009
• Bakken production (Sanish / Parshall) increased 23% in March 2010 over December 2010
• Production guidance for 2010: raised to 11.5% to 13% over 2009

Production in Q1 2010 sets record: 5.39 million boe (80% oil)

• Represents a 10% increase over Q1 2009
• The production increases were primarily due to the Bakken play

Financial

• $1.60 per basic share/$1.46 per diluted share vs 2009 $0.92 per basic and diluted share
• First quarter discretionary cash flow of $215 million exceeded $125 CAPEX
• Paid down debt; reduced borrowings from $160 million to $100 million

IPs: 24-hour tests

Operations

Sanish Field

• 15,000 boepd
• Completed 19 wells in this quarter; total of 83 WLL-operated wells in the Sanish
• One of these: TFS, Anderson 11-7TFH, with an IP of 1,262.
• 2010: plans to complete 86 operated wells (48 net wells)
• 76 are planned Bakken; 10 are planned TFS

• WLL completed 17-mile pipeline from Sanish field to Enbridge pipeline at Stanley, ND
• Capacity: 65,000 bbls/day; currently moving 10,000 bbls/day
• Expects to move 2/3rd of its production by pipeline by end of 2010
• Saves $1 - $2/bbl vs truck

Parshall Field

• 6,500 boepd
• Has participated in 116 wells in the Parshall
• 111 are producing; 4 are awaiting completion; and one is being drilled