Current WLL Stock Info

Whiting Petroleum Corporation Breakout Notes


James J. Volker, president and CEO of Whiting Petroleum Corp., (ticker: WLL) presented today at EnerCom’s The Oil & Gas Conference® 22.

Whiting Petroleum is a dominant producer in the Bakken/Three Forks play in the North Dakota/Montana Williston basin. It holds 449,857 net acres in the Williston, with 134,771 net acres of non-core acreage in the DJ basin, in Colorado.

Whiting’s Q2 production averaged 112,660 BOEPD and it completed 22 wells, 10 of which have been brought to production. It revised its capital budget such that $518 million was allocated to the Williston basin, $332 million to its DJ assets, $62 million to non-operated activity, and $38 million for exploration, facilities and land. It has revised its yearly guidance to between 43.6 and 44.3 MMBOE cumulative production. The company’s Q2 average production was 112,660 BOEPD—105,475 BOEPD of which came from its Bakken/Three Forks play.

During the company’s breakout session, management was asked the following questions:

  • How do you see the oil demand and supply playing out worldwide? What does that mean for Whiting in 2018?
  • Can you tell us a bit more about the Three Fork play?
  • Is the science and mechanism locked in for the Bakken compared to less mature plays like the Permian? What about the re-fracking opportunities for draining? Does complete well cost include re-fracking costs?
  • Do you see any big surprises in the oil industry, locally or internationally, that will change how we see things today?
  • How does the addition of the Dakota Access Pipeline (DAPL) affect you? And do you see any transportation constraints in the future?
  • Continuing with efficiency payments for the pipeline what do you think about the capital allocations made so far?
  • How do see the dispersions characteristics of the EOR’s in the Niobrara?
  • Considering the you have used $0.5 billion out of the $2.5 billion, how do you see the revenues and costs like LOE/BOE covered on a monthly or quarterly basis?
  • Is the Koala IP rate based on 30 days? What are Williston’s completed well operating costs?

Whiting presented at EnerCom’s 2017 The Oil & Gas Conference®.

You can listen to the company’s presentation by clicking here.

You can view the company’s Q2 update by clicking here.

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