Whiting Operations Map
Corporate Overview
Whiting Petroleum Corporation is an energy company based in Denver, Colorado. The Company owns and operates oil and gas properties primarily in the Permian Basin, Rocky Mountain, Mid-Continent, Gulf Coast and Michigan regions of the United States. The Company went public in November 2003 and trades under the symbol WLL on the New York Stock Exchange.
Whiting’s growth strategy is focused on increasing reserves and production per share through producing property acquisitions, exploitation and exploration. This strategy resulted in the Company’s reserves per share increasing at a compound annual growth rate of 20% and production per share increasing at a compound annual growth rate of 8% from the time Whiting went public in 2003 through 2006. Whiting strives to increase reserves and daily production through complementary acquisitions, efficiently exploiting its undeveloped oil and natural gas reserves and drilling exploratory wells in its core regions.
In its first two years as a public company, Whiting built a quality asset base through strategic acquisitions. During that period, Whiting acquired 206.3 MMBOE of proved reserves for $1.4 billion, or an acquisition cost of $6.94 per BOE. Approximately 47% of these reserves were undeveloped reserves. In 2006, Whiting focused on development of these acquired properties, bringing the Company’s proved developed reserves as a percentage of its total reserves to 65%, up from 59% at year-end 2005.
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