Corporate Presentation
Corporate Overview
Whiting Petroleum Corporation is a Denver based independent oil and gas company that acquires, exploits, develops and explores for crude oil, natural gas and natural gas liquids primarily in the Permian, Rocky Mountain, Mid-Continent, Gulf Coast and Michigan basins of the United States. The Company trades publicly under the symbol WLL on the New York Stock Exchange.
Prior to 2006, Whiting emphasized the acquisition of properties that increased production levels and provided upside potential through further development. From 2004 to 2008, we completed $1.82 billion of producing property acquisitions in 13 transactions covering estimated proved reserves of 226.9 MMBOE, as of the effective dates of the acquisitions. Our experienced team of management, engineering and geoscience professionals designed and executed this program to increase reserves and complement our existing properties. We intend to continue to selectively acquire properties complementary to our core operating areas. Since 2006, we have focused primarily on organic drilling activity and on the development of previously acquired properties, specifically on projects that we believe provide the opportunity for repeatable success and production growth. We believe the combination of acquisitions, subsequent development and organic drilling provides us a broad set of growth alternatives and allows us to direct our resources to the properties we believe represent the best use of our capital investments. As demonstrated by our capital expenditure programs, we are increasingly focused on a balance between exploration and development. Currently, our growth plan is centered on the following activities:
- pursuing the development of drilling projects that we believe will generate attractive rates of return;
- maintaining a balanced portfolio of lower risk, long-lived oil and gas properties that provide stable cash flows;
- seeking property acquisitions that complement our core areas; and
- allocating a portion of our capital budget to leasing and exploring prospect areas.
We believe that our significant drilling inventory, combined with our operating experience and cost structure, provides us with meaningful organic growth opportunities. During 2008, we invested $1,386.1 million in acquisition, development and exploration activities, including $947.4 million for the drilling of 308 gross (125.7 net) wells. Of these new wells, 115.2 (net) resulted in productive completions and 10.5 (net) were unsuccessful, yielding a 92% success rate.
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