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Whiting Petroleum Corporation Announces Fourth Quarter And Full-Year 2012 Financial And Operating Results

Stocks in this article: WLL

Whiting Petroleum Corporation’s (NYSE: WLL) production in the fourth quarter of 2012 totaled 7.917 million barrels of oil equivalent (MMBOE), of which 86% were crude oil/natural gas liquids (NGLs). This fourth quarter 2012 production total equates to a daily average production rate of 86,055 barrels of oil equivalent (BOE), representing a 22% increase over the fourth quarter 2011 average daily rate of 70,685 BOE per day and a 4% increase over the third quarter 2012 average daily rate of 82,615 BOE per day.

Production in 2012 totaled a record 30.21 MMBOE or 82,540 BOE per day. This represents a 22% increase over total production of 24.78 MMBOE or 67,890 BOE per day in 2011. Adding back the 4,500 BOE per day of production that was conveyed to Whiting USA Trust II in March 2012, our production in 2012 was up 28% over 2011.

James J. Volker, Whiting’s Chairman and CEO, commented, “2012 was a record year for Whiting Petroleum, and we are off to a great start in 2013. The development of the fields we discovered in 2011 such as Pronghorn, Hidden Bench, Tarpon and Redtail generated excellent results in 2012. In the wake of this development, we posted records in production, proved reserves and discretionary cash flow. According to the December 2012 Oil and Gas Production Report published by the North Dakota State Industrial Commission, Department of Minerals, Oil and Gas Division, Whiting was the number one oil producer in North Dakota at 66,155.7 barrels per day.”

Mr. Volker continued, “For the foreseeable future, our objective is to generate double-digit production growth while spending close to our discretionary cash flow. Our 2013 capital budget of $2.2 billion is expected to yield year-over-year production growth in the 12% to 16% range.”

We believe the following factors will lead to a strong year in 2013 for Whiting and our shareholders:

Optimization programs that should lead to efficient, low-cost drilling and completion operations;

Higher density pilot projects at Sanish, Pronghorn and Hidden Bench;

Solid cash flow and balance sheet;

Strong Bakken oil prices as differentials improve;

The emergence of our Redtail prospect as a major resource play.

Operating and Financial Results

The following table summarizes the fourth quarter operating and financial results for 2012 and 2011:


Three Months Ended December 31,







Production (MBOE/d) 86.06 70.69 22 %
Discretionary Cash Flow-MM$ (1) 381.7 328.8 16 %
Realized Price ($/BOE) 71.09 75.07 (5 ) %
Total Revenues-MM$ 577.1 498.6 16 %
Net Income Available to Common Shareholders-MM$ 81.4 62.6 30 %
Per Basic Share $0.69 $0.54 28 %
Per Diluted Share $0.69 $0.53 30 %
Adjusted Net Income Available to Common Shareholders-MM$ (2) 97.9 124.5 (21 ) %
Per Basic Share $0.83 $1.06 (22 ) %
Per Diluted Share   $0.83   $1.05   (21 ) %

Twelve Months Ended December 31,




Production (MBOE/d) 82.54 67.89 22 %
Discretionary Cash Flow-MM$ (1) 1,387.5 1,242.7 12 %
Realized Price ($/BOE) 69.85 73.88 (5 ) %
Total Revenues-MM$ 2,173.5 1,899.6 14 %
Net Income Available to Common Shareholders-MM$ 413.1 490.6 (16 ) %
Per Basic Share $3.51 $4.18 (16 ) %
Per Diluted Share $3.48 $4.14 (16 ) %
Adjusted Net Income Available to Common Shareholders-MM$ (2) 393.5 456.2 (14 ) %
Per Basic Share $3.35 $3.89 (14 ) %
Per Diluted Share   $3.31   $3.85   (14 ) %
(1)   A reconciliation of discretionary cash flow to net cash provided by operating activities is included later in this news release.
(2) A reconciliation of adjusted net income available to common shareholders to net income available to common shareholders is included later in this news release.

Proved Reserves at December 31, 2012

As of December 31, 2012, Whiting had estimated proved reserves of 378.8 MMBOE, of which 64% were classified as proved developed. These estimated proved reserves had a pre-tax PV10% value of $7,283.9 million, of which approximately 99% came from properties located in Whiting’s Rocky Mountain, Permian Basin and Mid-Continent core areas.

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