This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Whiting Petroleum's CEO Discusses Q1 2012 Results - Earnings Call Transcript

Please note that forward-looking statements disclaimer and discussion of non-GAAP measures on Slide #1. Please take note that our Form 10-Q for the 3 months ended March 31, 2012, is expected to be filed tomorrow. Reconciliations of non-GAAP measures we refer to and the applicable GAAP measures can be found in our earnings release and in our webcast slides.

With that, I'll turn the call over to Jim Volker.

James J. Volker

Thanks, Eric. Good morning, everyone. Thanks for joining. Whiting is off to a great start this year, with first quarter production of 14% over the fourth quarter of 2011, which topped the high end of the guidance. Also, we were able to raise our full year production guidance despite the conveyance of 4,500 BOEs per day for the Whiting USA Trust II. We now project 17% to 22% growth over 2011 versus our prior forecast of 14% to 20%. In other words, due to our strong drilling results, we should more than replace the Trust volumes we sold in the first quarter. Also, we announced several notable exploration wells at our DJ Basin Niobrara and Permian Basin Wolfcamp plays and we're expanding our activity in those areas.

Now let's move to the slide. Slide #2 summarizes the current key statistics for Whiting. Please note the decline in long-term debt. The debt-to-total capital is now down to 28.5%. And also, please note the increase of production to 80,700 BOEs per day.

Slide #3 is a breakdown of our production by region. First quarter production having averaged to be exact 80,747 BOEs per day or, again, a 14% increase versus the fourth quarter of 2011.

Slide #4 breaks down our proved reserves, which totaled 345 million BOEs, 86% of our reserves are oil and only 31% are proved undeveloped.

Slide #5 provides a breakdown of our proved reserves by region, and the associated PV10 value at SEC 2011 pricing. As you can see, our total proved PV10 value is $7.4 billion.

2 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,689.86 -56.12 -0.32%
S&P 500 2,103.84 -4.79 -0.23%
NASDAQ 5,128.2810 -0.5040 -0.01%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs