WLL: Let's Look At The Slides -- May 1, 2018

Updates

Later, 5:45 p.m. CDT: see first comment --

At the very end of Whiting's conference call, a question came up about EOR.

The executives kind of sidestepped the issue, but did indicate that Whiting is definitely evaluating the concept alongside current operations.

The CEO then chimed in with a comment regarding present recovery rate is not especially high.

EOR for the shales is probably a few years off, but I suspect it will boost recovery significantly. 

Original Post

WLL: holy mackerel -- with EPS of 92 cents by 67 cents.

Let's look at the slides, for 1Q18 (compare history of WLL at this post):

• average production: 127,000 boe -- above midpoint of guidance
• adjusted earnings of 92 cents/share
• net cash exceeded CAPEX by $46 million
• discretionary flow exceeded CAPEX by $103 million
• DD&A per boe "significantly" below low end of guidance
• Williston Basin to grow 14% from 4Q17 to 4Q18
• to drill 120 wells in the Williston Basin
• Williston Basin 
• CAPEX: $600 million
• net acres
• tier 1: 239,606 acres; 1,122 net wells
• tier 2: 169,987 acres; 1,680 net wells
• grand total: 409,593 net acres
• 4 rig program; 5th rig end of April
• 2 - 4 completion crews
• targeting 1 million boe EUR wells
• well costs: $6.5 to $7.1 million 
• locations
• Hidden Bench enhanced completions outperforming a million boe type curve
• Polar enhanced completions outperforming a million boe type curve
• Sanish enhanced completions outperforming a million boe type curve
• optimized completions
• 600 - 1,200 lbs/ft proppant
• 200' - 300' stage spacing
• 15 - 40 bbl/ft fluid
• 30'- 50' cluster spacing
• all cemented liner plug & perf (PnP)
• strategy
• large geometry completions for infill wells in DSUs with high remaining recoveveable oil in place ("halo effect")
• near-wellbore completions for DSUs with high parent well count ("halo effect")
• optimum completions
• less than 3 million lbs: underperformers
• better production going to 7.5 million lbs
• > 15 million lbs: no apparent improvement