Wednesday, May 8, 2019

Whiting

Whiting will now be tracked here.

Whiting (WLL)

  • 1Q19: fracking; parent-uplift; 1Q19 results; 1Q19 slides; archived;
  • March, 2019: Generation 5.0 fracking and guidance for CY2019;
  • 4Q18 and full year presentation: link  here. Total net acreage: 470,443 net acres.
  • 2Q18: acquires 54,833 acres; $130 million; production at 103,480 boepd; total acreage now ~ 464,426 net ares; compare with about 800,000 acres for CLR in the Williston Basin;
  • 2H18, forecast -- MarketRealist.
  • 1Q18: 409,593 net acres; huge quarter
  • February 12, 2018:  list of 101 wells transferred from Whiting to Rimrock Oil & Gas
    • these are some very nice Whiting wells that were first permitted/drilled by KOG, Dunn County
  • August, 2017: to sell 30,000 acres in Fort Berthold area. We'll see in next presentation if total acres in ND drops to about 403,000 acres
  • December, 2016; 4Q16 presentation: 
    • ND net acreage: 443,839 acres; 99% held by production; 90% in core areas of the Bakken
    • development plan: 1280 acre units -- 5,334 gross drilling locations; targeting 900K to 1.5 million EUR wells in 2017  -- see the WLL EUR analysis;
    • initial 90-day boepd for CY16: #1 among peers; 1200 boepd 90-day IP average, vs 1000 (Oasis); 800 (EOG); 700 (QEP); 700 (Hess); 600 (BR)
  • December, 2016: 433,125 net acres
  • November, 2016: 443,125 net acres
  • 444,000 net acres; 5,500 potential gross drilling locations; October, 2016;
  • 2Q16 Enercome Conference: 444,214 net acres in the Williston Basin; 99% held by production; 5,499 potential gross drilling locations as of June 30, 2016; targeting 900,000 boe EUR in 2016; plan to complte 60 gross wells in 2016 and project appr 22 DUCs at 12/31/2016.
  • 4Q15 earnings transcript; about 455,000 acres in the Bakken after selling "a couple hundred thousand acres" in 2015; sold the Lewis and Clark play ($41 million; new owner looking to "do some other type of drilling there"); sold some of their western Bakken as well; does not seem to mention the 89,500 net acres sold to NP Resources (January 14, 2016, press release)
  • Daily Activity report with the 78 wells Whiting transferred to White Rock Oil & Gas, LLC, January 28, 2016
  • transfers 331 wells to five other companies, noted December 29, 2015; companies include Foundation Energy Management, LLC; Cobra Oil and Gas Corp; and, White Rock Oil and Gas LLC;
  • 1Q15 earnings transcript774,022 net acres; sold non-core Bakken assets for $108 million;
  • 4Q14: KOG deal with Whiting closes. Whiting owns KOG. KOG ticker symbol no longer for Kodiak Oil and Gas. 685,000 + 183,000  = 838,000 acres (MT and ND); 7,541 future gross drilling locations in Bakken and Three Forks; "control the sweet spots of central, eastern, and southern Williston Basin";
  • 1Q14: 685,000 net acres; new fracking method -- "coiled tube";
  • June 30, 2013: 697,259 net acres (corporate presentation)
  • August, 2013: will acquire 17,282 net acres; $260 million; current production of 2,420 bopd, could knock off about $30 million for price paid; about $13,500/acre? in the Missouri Breaks and Hidden Bench prospects;
  • 2Q13: Rocky Mts: 70,000 boepd; 
  • 4Q12 transcript; 66,156 bopd (true bbls, not boe) from the Bakken; CEO says 700,000+ acres;
  • November, 2012: NOG says 714,567 acres; proved reserves: 379 million boe; #1 oil producer in the Bakken; CLR is a close second (some lists may show CLR #1)
  • 701,751 net acres (Bakken: ND and MT) 1Q12; based on additional 13,300 net acres acquired in March, 2012 (Missouri Breaks); additional 20,000 since end of 2011; average cost of all Bakken acres: $503/acre. 
  • 681,504 net acres, source, CEO, February, 2012, presentation
  • 680,137 net acres, source: CEO, October, 2011, presentation
  • 678,248 Bakken acreage (SeekingAlpha, June 27, 2011) 
  • 2Q12: goal - 160 net wells in core areas; added 4,000 net acres to Missouri Breaks;  each WLL rig now drills 12 wells/year (vs 10); pad vs stand-alone cost savings, $500K; ratio of 1.5 workover rigs to drilling rigs, looking to acquire 6 more workover rigs;
  • Previous update: Net Bakken acreage (Montana + North Dakota): 580,000 net acres
  • According to SeekingAlpha, May 3, 2011: 603,702 net acres
  • Total acquisition cost: $141 million or $243/acre
  • Net Bakken acreage, North Dakota only: 2Q12: 450,000 net acres; net in ND/MT, 697,259, July, 2013; net in ND and MT: 703,668 in 2013;  for July, 2013, acreage average cost: $549/acre; as of 12/31/2012, Whiting's acreage cost averages out to $521/net acre
  • Sanish / Parshall Prospect: 82,400 in June, 2013; 82,533 in 2013; 83,011 net acres and 99 wells in 2010; 106 in 2011; EURs 450 - 950 (middle Bakken) and 400 mboe for upper Three Forks in the Sanish; 2Q12, only 22 stages for best well to date, the Smith 41-12H; initiated pad drilling in the Sanish; costs down $2 million/well --> $7 million/well in Williston Basin; 2Q12 -- maybe 50 more wells yet to drill in the Sanish;
  • Lewis and Clark: 134,034, July, 2013; 134,114, June, 3013; 134,861 in 2013; was 128,370 net acres; Lewis & Clark NW of Belfield; 1 rig;
  • Pronghorn: 128,596, July, 2013; 128,080 in June, 2013; 128,113 in 2013; was 121,403 net acres; Belfield area; TFS Exploration Drilling; Pronghorn is between Belfield and Dickinson;  5 rigs in the Pronghorn. 2Q12: ~ $6.5 million/well;
  • Hidden Bench: 28,832, June, 20133; 28,556 in 2013; was 30,036 net acres; middle Bakken, TFS. 2Q12 -- "one of the very best projects in the company"; additional producing interval/payzone: the "Lower Bakken Silt" -- sits between the lower Bakken shale and the Pronghorn/Sanish sands; 
  • Tarpon: 6,258, June, 2013; 6,265 in 2013; was 6,359 net acres; Watford City area; middle Bakken, TFS; Tarpon Federal 21-4H -- record IP in the Bakken
  • Starbuck: 89,815, July, 2013; 91,228, June, 2013; 92,227 in 2013; 91,497 net acres; Montana, west of Williston; Middle Bakken; [prev 88K net acres];
  • Missouri Breaks: 57,526, July, 2013; 65,481, June, 2013; 66,095 in 2013; was 62,000 net acres; Montana, west of McKenzie County; EURs - 350,000K
  • Cassandra: 13,951, July 2013; 13,883, June, 2013; 13,816 in 2013; was 13,794 net acres; Ray area, east of Williston; Middle Bakken;
  • Big Island: 125,795, July, 2013; 125,530, June, 2013; 122,389 in 2013; 121,673 net acres; Golden Valley County, southwest corner of ND; multiple objectives; earlier presentation 120K; 50 vertical well prospects (2Q12); all successful Madison wells; EURs of 250,000K; completion costs: $3.5 million; now drilling the Red River
  • Other ND & MT: 28,719, June, 2013; 28,813 in 2013;
  • 15 rigs in North Dakota; 1 rig only in Big Island; will increase to 24 rigs in the Bakken (ND/MT) -- 1Q12 earnings press release;
  • $3 million-Red River non-fracked wells
  • 716 de-risked locations; 10-year inventory; 
  • Well cost: $7 million in the Pronghorn; $6 million in the Sanish; costs increasing;
  • Will join CLR and BR in testing the 2nd bench of the lower Three Forks; Missouri Breaks was purchased based on potential of this 2nd bench;
  • Production: 64K boepd

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