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