Monday, January 9, 2017

Whiting: December, 2017, Presentation

For newbies: my takeaways from this presentation:
  • superfracks will become the norm in the Williston Basin: > 10 million lbs of sand
  • superfracks + best locations --> EURs of 1.5 million boe (and heading higher)
  • infrastructure in place in the Williston Basin (but still transportation costs impact) 
  • although WLL gives equal billing on cover slide to Niobrara and Bakken, the Bakken accounts for 91% of WLL's Rocky Mountain (Niobrara/Bakken) production)
    • either Niobrara falls by the wayside, or there's a lot of potential there
  • ranking #1 among peers for 90-day average rate of production is quite incredible considering one of the peer competitors is EOG
Link here to presentations. Twenty-one slides.

Cover slide: bills itself as the premier Bakken and Niobrara operator.

Summary for 3Q16:
  • net cash generated by operating activities: $151 million; exceeds CAPEX of $66 million
  • production at high end of guidance: 119,890 boe/d
  • LOE below low end of guidance: $7.98 / boe
  • Williston Basin fracks: 5 million + lbs track 900,000 boe type curves after 265 days
  • Williston Basin fracks: 10 million + lbs tracks 1.5 million boe type curves 
  • thirteen (13) new McKenzie wells test at average rate of 3,727 boe/d
  • announced sale of Dakota Midstream assets for ~ $375 million
Williston Basin
  • Bakken / Three Forks
  • 105,645 boe/d (3Q16) ( 105,645 / 116,590 = 91%)
Redtail
  • Niobrara A, B, C & Codell / Ft Hays
  • 10,945 boe/d (3Q16)
Williston Basin
  • 443,125 net acres
  • 99% held by production
  • development plan
    • 1,280-acre spacing units
    • targeting 900,000 bbls boe EURS
    • 5,471 potential gross drilling locations
  • forecast: 22 DUCs at end of CY16
  • completed well cost (CWC): $6.8 million 
Williston Basin: highlights two wells, one unit: average IP
  • P Bibler 155-99-16-31-30-1H (#29693); 2,674 boe/d; 10 million lbs; tracking at 1.5 million boe EUR
  • Carscallen 31-14-4H (#32340); 2,766 boe/d; 13.6 million lbs; tracking at well over 1.5 million boe EUR
  • Rolla Federal unit: 13 wells
    • Bakken average: 3,445 boe/d (3 wells)
    • Three Forks average: 3,8012 boe/d (10 wells)
Bakken/Three Forks: gross acreage by county
  • Mountrail: 172,888; 18% of total locations
  • McKenzie: 165,319; 28% 
  • Williams: 147,208; 32%
  • Stark: 87,084; 6%
  • Dunn: 55,385; 8% 
Slide 10: "first super completion Three Forks well exceeding 1.5 million boe type curve
  • Rolla Federal 11-3-1TFHU; 10 million lbs
  • graph shows impact of "flowing back frack load"
  • tracking well above 1.5 million boe EUR
Ranking among Bakken peers, 90-day average rate
  • #1
  • peers include: Newfield, Oasis, EOG, QEP, XTO, Hess, BR, and SM Energy
  • source: NDIC
  • range: 1,080 (WLL) all the way down to 374
Drill times:
  • steady decline since 1Q12
  • 3Q16: 14.64 days
  • 1Q12: 39.43 days 

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