Wednesday, February 27, 2019

Whiting's 4Q18 Corporate Presentation

Later, the transcript. Maybe I'm missing something but I found the entire conference call lacking in much substance. Mostly, the CEO talked about his team, what a wonderful fit they were, and how well they were doing. The slides had great detail, but the call itself was severely lacking. Again, I may have missed something. I fault the analysts.

From the conference call, this was of interest:

Q from Neal Dingmann:
And then just secondly, in the release, you speak about converting some of your acreage to the core areas. Will you continue to -- my question is really going forward, will this continue to be a focus on delineation like this or will your Bakken program become more virtually all developmental soon? 
A from CEO Brad Holly:
Yeah, great question, Neal. I think our philosophy even up to a year ago was that the Halo would expand in the Bakken, that it had been contracted just due to low commodity prices and as we stepped out in these areas, we saw really good subsurface, geologic features and mapping and we really felt like generation 4.0 and now 5.0 completions could unlock those areas. Everywhere that we've stepped out so far, we've seen very positive results, very positive results, first apparent wells, very positive results versus offset wells from older generations. And so we're very excited about what we're seeing in all the areas that we've tested so far, and we feel like that those areas that we used to call tier 2 have kind of moved into our core development areas.  

The slidesLink here.

Includes great Genscape graphe of CBR terminals in the Bakken. 

Plays in the Williston Bakken  (net acres = 470,443))
  • North Williston (Williams County and a small area in south Divide County)
  • East Williston (Mountrail County); also Pronghorn
    • two rigs; one frack spread
    • Pod 8 Project
    • Pod 9 Project
    • Sanish/Parshall (82,248)
    • McNamara Project 
    • Bartelson Wells
    • Pronghorn (southwest -- Billings/Stark counties) (80,740)
  • South Williston (northern McKenzie County and eastern Montana)
    • one rig; one frack spread
    • East Missouri Breaks (29,874)
    • West Missouri Breaks (52,170)
    • Foreman Butte (57,215)
    • Hidden Bench (74,999)
  • Stenehjem Generation 5.0
    • Loken wells
    • Mallow wells
    • Stenehjem wells
  • Foreman Butte Acquisition
    • $130 million purchase price funded from free cash flow; closed July 31, 2018
    • 54,833 net acres: overlap Hidden Bench and East Missouri Breaks
    • 1,290 boepd at closing
    • $2,400 / acre
    • Foreman Butte
    • Loken wells
    • Stenehjem wells
Frack/Completion Strategies:


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