Whiting's New Corporate Presentation -- April, 2012

Link here to WLL website to access the corporate presentation. It loads as a PDF on a non-mobile PC, but comes up so much nice on a mobile device like the iPad.

Things that caught my eye as I "rushed" through the presentation with NASCAR on in the background:

Some numbers rounded.

4Q11 production: 70,000 boepd

Production in Michigan exceeds production along the Gulf Coast (for WLL):

• Michigan: 3,000 boepd
• Gulf Coast: 2,000 boepd
• Rocky Mountains: 45 boedp

Prospects

• Prospects in the Bakken remain the same (dual targets = middle Bakken and Pronghorn Sand/Upper Three Forks
• Starbuck (MT) (dual targets)
• Missouri Breaks (MT) (dual targets)
  
• Big Island (SW ND) (outside the Bakken) (multiple objectives)
• Lewis & Clark (SW ND) (single target: Pronghorn Sand/Upper Three Forks)
• Pronghorn (SW ND) (single target)
• Hidden Bench (ND) (dual targets)
• Tarpon (ND) (dual targets)
• Cassandra (ND) (dual targets)
• Sanish and Parshall (ND) (dual target)
• Go to the presentation to see the relative thickness of the various plays

"Typical" wells: EURs, payout; CAPEX (I may be misreading this slide; if interested, look at it)

Sanish Field, "typical" Bakken well

• wells with 950,000 bbls EUR: CAPEX $6 million; payout in 0.5 to 0.6 years
• wells with 450,000 bbls EUR: CAPEX $6 million; payout in 0.9 to 1.4 years

Sanish Field, "typical" Three Forks well

• wells with 400,000 bbls EUR; CAPEX $6 million; payout in 1.1 to 1.8 years

Typical Non-Sanish Field Bakken or Pronghorn/Three Forks well

• wells with 600,000 EUR: CAPEX $7 million; payout in 0.8 to 0.9 year
• wells with 350,000 EUR: CAPEX $7 million: payout in 1.9 to 2.3 years

Slide 18: Whiting leads all other Bakken operators in 6-month average production/well; selected examples:

• Whiting: 91 mboe 10 (avg first six months)
• BEXP: 85
• ERF: 80
• Slawson: 75
• KOG: 67
• CLR: 61
• OAS: 57

Slide 26: Margins (again, numbers rounded)

• 2005: $45
• 2006: $50
• 2007: $55
• 2008: $70
• 2009: $45
• 2010: $60
• 2011: $75 (actual: $73.88)
  

From all of the above, what gets my attention?

• Whiting leads ALL operators in 6-month production per well (average)
• 2011 margins at record levels (>$70/bbl)
• EURs approaching 1million bbls (when I first started blogging about the Bakken, EURs were around 400,000 bbls, if I recall correctly); other operators (I believe KOG) also report EURs of 1 million

Of those three, what gets my attention?

• 2011 margins at record levels despite takeaway obstacles reducing profit/bbl

Disclaimer: I may have misread or misinterpreted some of the slides but that's what I saw when I went through the presentation pretty quickly; if something doesn't look right, go to the linked presentation; typos may be present; numbers rounded.