Home > Market Research > Oil & Gas > Whiting Petroleum Corporation Oil & Gas Exploration and Production Operations and Cost Analysis – Q3, 2009

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Market Briefing
Published: November 2009
Pages: 98
Tables: For full details, please email keithw@cmsinfo.com
From: GBP 156.25   Buy Now!
Research from: GlobalData
Sector: Oil & Gas

Whiting Petroleum Corporation Oil & Gas Exploration and Production Operations and Cost Analysis – Q3, 2009

Summary

Whiting Petroleum Corporation (Whiting Petroleum) is an independent energy company engaged in the business of oil and gas property acquisitions, exploitation, exploration and production. The company's operations are focused in the regions of Permian basin, Rocky Mountain, Mid-Continent, Gulf Coast and Michigan regions of the US. The company field offices are located in the areas of Arkansas, Colorado, Michigan, North Dakota, Oklahoma, Texas and Wyoming. The company's key operating subsidiaries include Whiting Oil and Gas Corporation, Equity Oil Company and Whiting Programs, Inc. Whiting Petroleum along with its subsidiaries is headquartered at Denver in Colorado, US

GlobalData’s " Whiting Petroleum Corporation Oil & Gas Exploration and Production Operations and Cost Analysis – Q3, 2009" is an essential source for key operational data, analysis and strategic insight into the company. The report provides detailed and unique information on the key operational parameters for the last six years. The report provides a comprehensive overview of production, reserves, reserve changes, capital expenditures, acreage, performance metrics, and results of oil & gas operations. The report is based on publicly available data filed with the US Securities and Exchange Commission (SEC) and other similar agencies worldwide. GlobalData is a premium business intelligence company.

Scope

- Key operational parameters which include production, reserves, reserve changes, capital expenditures, acreage, performance metrics, and results of oil & gas operations.
- Analysis of the performance of the company on key valuation multiples such as market capitalization, enterprise value, EV/Production ($/Boed), EV/Proved Reserve ($/MMboe), EV / EBITDA, and EV / EBITDA.
- Annual and quarterly information on key operational, valuation and financial parameters. Annual information is for the current and the last five years while the quarterly information is for the current and the last four quarters.
- Detailed crude oil and natural gas reserves and production of the company by country
- In-depth and latest information on exploration, development, finding & development, acquisition expenditure, gross and net developed and undeveloped acreage position, key costs and revenue information, and performance metrics of the company.

Reasons to buy

- Formulate business strategies through competitor comparison and business performance assessment.
- Rank your performance against oil and gas companies using operational and financial benchmarking metrics.
- Understand and capitalize on the strengths and weaknesses of your competitors
- Scout for potential acquisition targets, with detailed insight into the companies’ operational performance.

Key Information 1
Key Ratios 1
Table Of Contents 2
List of Tables 5
List of Figures 5
Whiting Petroleum Corporation, Valuation and Financial Data 7
Whiting Petroleum Corporation, Share Price Performance 7
Share Price Performance, Q3, 2008-Q3, 2009 7
Whiting Petroleum Corporation, Key Valuation Metrics 8
Key Valuation Metrics, Q3, 2008-Q3, 2009 8
Whiting Petroleum Corporation, Key Financials Per Share 9
Key Financials Per Share, Q3, 2008-Q3, 2009 9
Whiting Petroleum Corporation, Key Financial Data 10
Key Financial Data, Q3, 2008-Q3, 2009 10
Key Financial Growth Rates, Q3, 2008-Q3, 2009 11
Key Profitability Ratios, Q3, 2008-Q3, 2009 12
Whiting Petroleum Corporation, Quarterly Results of Oil & Gas Operations Per BOE Produced 13
Results of Oil & Gas Operations Per BOE Produced, Q3, 2008-Q3, 2009 13
Results of Oil & Gas Operations Per BOE Growth Rates, Q3, 2008-Q3, 2009 13
Whiting Petroleum Corporation, Quarterly E&P Costs Trends 14
Upstream Capital Expenditure, Q3, 2008-Q3, 2009 14
Whiting Petroleum Corporation, Quarterly Production Trends 15
Whiting Petroleum CorporationTotal Oil and Gas Production 15
Total Crude Oil and Natural Gas Production Trend, Q3, 2008-Q3, 2009 15
Total Crude Oil & Natural Gas Production, By Country/Region, Q3, 2008-Q3, 2009 16
Total Crude Oil and Natural Gas Production Per Share, Q3, 2008-Q3, 2009 17
Whiting Petroleum CorporationCrude Oil Production 18
Total Crude Oil Production Trend, Q3, 2008-Q3, 2009 18
Crude Oil Production, By Country/Region, Q3, 2008-Q3, 2009 19
Whiting Petroleum CorporationNatural Gas Production 20
Total Natural Gas Production Trend, Q3, 2008-Q3, 2009 20
Natural Gas Production, By Country/Region, Q3, 2008-Q3, 2009 21
Whiting Petroleum Corporation, Production and Reserves Trends 22
Total Oil and Gas, Reserves and Production 22
Total Crude Oil and Natural Gas Production and Reserves Trend, 2003-08 22
Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2003-08 23
Total Crude Oil and Natural Gas Reserve Changes, 2003-08 24
Crude Oil/Liquids Production and Reserve 25
Crude Oil/Liquids Production and Reserve Trend, 2003-08 25
Crude Oil Production and Reserves By Country/Region, 2003-08 26
Crude Oil/Liquids Reserve Changes, 2003-08 27
Natural Gas Production and Reserve 28
Natural Gas Production and Reserve Trend, 2003-08 28
Natural Gas Production and Reserves, By Country/Region, 2003-08 29
Natural Gas Reserve Changes, 2003-08 30
Total Crude Oil and Natural Gas Reserves Life Index 31
Total Crude Oil and Natural Gas Reserves Life Index, 2003-08 31
Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2003-08 32
Whiting Petroleum Corporation, E&P Costs Trends 34
Allocation of the Upstream Capital Expenditure 34
Upstream Capital Expenditure, 2003-08 34
Acquisition Costs By Country/Region, 2003-08 35
Exploration and Development Costs, By Country/Region, 2003-08 36
Oil and Gas Cost Per Boe, $/boe 37
Oil and Gas Cost Per Boe, $/boe, 2003-08 37
Oil and Gas Cost Per Boe, $/boe, By Country/Region, 2003-08 38
Whiting Petroleum Corporation, Reserve Replacement Ratio 40
Oil and Gas Production Replacement Ratio 40
Oil and Gas Production Replacement Ratio, 2003-08 40
Oil and Gas Production Replacement Ratio, By Country/Region, 2003-08 42
Whiting Petroleum Corporation, Results of Oil & Gas Operations Trend 46
Oil and Gas Revenue and Expenses 46
Oil and Gas Revenue and Expenses, 2003-08 46
Oil and Gas Revenue and Expenses, By Country/Region, 2003-08 47
Oil and Gas Revenue and Expenses, Per Boe 50
Oil and Gas Revenue and Expenses, By Boe, 2003-08 50
Oil and Gas Revenue and Expenses Per Boe, By Country/Region, 2003-08 51
Oil and Gas Performance Metrics 54
Whiting Petroleum Corporation, Land Holdings and Well Data 55
Developed and Undeveloped Acreage 55
Gross and Net Developed and Undeveloped Acreage, 2003-08 55
Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2003-08 56
Well Statistics 58
Producible Oil and Gas Well, 2003-08 58
Producible Oil and Gas Well, By Country/Region, 2003-08 59
Exploration and Development Wells Drilled, 2003-08 63
Exploration and Development Wells Drilled, By Country/Region, 2003-08 64
Developed Reserves per Well, Oil (Mbbls per Well), Gas (MMcf per Well), Oil & Gas (Mboe per Well), 2003-08 64
Developed Reserves per Well, By Country/Region, 2003-08 65
Recent Developments 67
Drilling and Production Updates 67
Jan 20, 2009: Whiting Provides Production Results For 2008 67
Jan 31, 2008: Whiting Completes North Dakota Bakken Well 68
May 31, 2007: Whiting Begins CO2 Injection At Two Of Its Fields 68
May 31, 2007: Whiting Updates On CO2 Project In Postle Field 68
Financial Announcements 68
Oct 28, 2009: Whiting Petroleum Reports Net Income Of $35.8 Million In Q3 2009 68
Jul 29, 2009: Whiting Petroleum Reports Total Revenues Of $230.16 Million In Q2 2009 70
Apr 29, 2009: Whiting Petroleum Reports Net Loss Of $43.8 Million In Q1 2009 71
Feb 23, 2009: Whiting Petroleum Reports 2008 Results 72
Oct 29, 2008: Whiting Reports 3Q 2008 Results 74
Jul 30, 2008: Whiting Reports 2Q 2008 Results 75
May 05, 2008: Whiting Declares Q1 2008 Results 76
Apr 25, 2008: Whiting To Declare Q1 2008 Results 77
Feb 27, 2008: Whiting Declares Q4 2007 Results 77
Feb 07, 2008: Whiting To Declare Q4 2007 Results 78
Oct 30, 2007: Whiting Declares Q3 2007 Results 78
Jul 25, 2007: Whiting Declares Q2 2007 Results 79
Apr 26, 2007: Whiting Declares Q1 2007 Results 80
Feb 27, 2007: Whiting Declares Q4 2006 Results 81
Oct 30, 2006: Whiting Declares Q3 2006 Results 82
Jul 25, 2006: Whiting Declares Q2 2006 Results 83
Other Significant Developments 84
Mar 04, 2009: Stetson Oil & Gas Provides Operational Update 84
Feb 23, 2009: Whiting Petroleum Announces Capital Expenditure Budget For 2009 85
Oct 07, 2008: Whiting Appoints New Executive Director, Investor Relations And Corporate Communications 85
May 02, 2008: Whiting Promotes Chuck LaCouture To VP, Marketing 85
Mar 06, 2008: Whiting Announces Promotion 85
Oct 26, 2007: Whiting Appoints New Board Member 85
Oct 26, 2007: Whiting Appoints New Board Member 85
Feb 23, 2006: Whiting Appoints New Board Members 85
Jan 28, 2005: Whiting Appoints New CFO 86
New Contracts Announcements 86
Mar 05, 2009: ProSep Secures $2.1 Million Contract From Whiting Petroleum 86
Appendix 87
Methodology 87
Coverage 87
Secondary Research 87
Primary Research 88
Key Economic Assumptions 88
Expert Panel Validation 88
Oil and Gas Reserves 88
Acreage and Well Information 89
Cost Incurred in Oil and Gas Operations 89
Reserves Replacement Ratio 91
Results of Oil & Gas Operations 93
Results of Oil & Gas Operations Per BOE Produced 95
Formula = Total Revenue/Total Oil & Gas ProductionValuation Metrics 96
Net Debt / Cash Flow 96
Market Capitalization 96
EV / EBITDA 97
EV/DACF (Debt Adjusted Cash Flow Multiple) 97
EV/Production 97
EV/Proved Reserve 97
Enterprise Value 97
EBITDA / Share (Diluted) 97
Price / Annualized CFPS 97
Price / Annualized EPS (P/E Ratio) 97
Shares Outstanding (Basic) 97
Shares Outstanding (Diluted) 97
Shares Outstanding 97
Stock Price-to-Cash Flow (at year-end) 97
Stock Price-to-Cash Flow (Quarter-end) 97
Stock Price-to-Net Income (at year-end) 97
Stock Price-to-Net Income (Quarter-end) 98
Stock Price-to-Revenue (at year-end) 98
Stock Price-to-Revenue (Quarter-end) 98
Debt / EV 98
Avg. Net Debt / Boed 98
Capex / Cash Flow 98
Unit Of Measure 98
Disclosure information 98

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Table of Contents

List of Tables
Whiting Petroleum Corporation, Key Facts 1
Whiting Petroleum Corporation, Key Ratios 1
Whiting Petroleum Corporation, Key Costs Per Boe, $/boe, 2008 1
Whiting Petroleum Corporation, Share Price Performance, Q3, 2008-Q3, 2009 7
Whiting Petroleum Corporation, Key Valuation Metrics, Q3, 2008-Q3, 2009 8
Whiting Petroleum Corporation, Key Financials Per Share, Q3, 2008-Q3, 2009 9
Whiting Petroleum Corporation, Key Financials Per Share Growth Rates, Q3, 2008-Q3, 2009 9
Whiting Petroleum Corporation, Key Financial Data, $ Million, Q3, 2008-Q3, 2009 10
Whiting Petroleum Corporation, Key Financial Growth Rates, %, Q3, 2008-Q3, 2009 11
Whiting Petroleum Corporation, Key Profitability Ratios, %, Q3, 2008-Q3, 2009 12
Whiting Petroleum Corporation, Results of Oil & Gas Operations Per BOE Produced, $/boe, Q3, 2008-Q3, 2009 13
Whiting Petroleum Corporation, Results of Oil & Gas Operations Per BOE Growth Rates, %, Q3, 2008-Q3, 2009 13
Whiting Petroleum Corporation, Upstream Capital Expenditure, Q3, 2008-Q3, 2009 14
Whiting Petroleum Corporation, Total Crude Oil and Natural Gas, Production, Q3, 2008-Q3, 2009 15
Whiting Petroleum Corporation, Total Oil & Gas Production, By Country/Region, MMBOE, Q3, 2008-Q3, 2009 16
Whiting Petroleum Corporation, Total Crude Oil and Natural Gas Production Per Share, Q3, 2008-Q3, 2009 17
Whiting Petroleum Corporation, Total Crude Oil Production, MMbbl, Q3, 2008-Q3, 2009 18
Whiting Petroleum Corporation, Crude Oil Production, By Country/Region, MMbbl, Q3, 2008-Q3, 2009 19
Whiting Petroleum Corporation, Total Natural Gas Production, Bcf, Q3, 2008-Q3, 2009 20
Whiting Petroleum Corporation, Natural Gas Production, By Country/Region, Bcf, Q3, 2008-Q3, 2009 21
Whiting Petroleum Corporation, Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2003-08 22
Whiting Petroleum Corporation, Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, MMboe, 2003-08 23
Whiting Petroleum Corporation, Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2003-08 24
Whiting Petroleum Corporation, Crude Oil Production and Reserves Metrics, MMbbl, 2003-08 25
Whiting Petroleum Corporation, Crude Oil Production and Reserves, By Country/Region, MMbbl, 2003-08 26
Whiting Petroleum Corporation, Crude Oil Reserve Changes, MMbbl, 2003-08 27
Whiting Petroleum Corporation, Natural Gas Production and Reserves Metrics, Bcf, 2003-08 28
Whiting Petroleum Corporation, Natural Gas Production and Reserves, By Country/Region, Bcf, 2003-08 29
Whiting Petroleum Corporation, Natural Gas Reserve Changes, Bcf, 2003-08 30
Whiting Petroleum Corporation, Oil and Gas Reserves Life Index, Years, 2003-08 31
Whiting Petroleum Corporation, Oil and Gas Reserves Life Index, By Country/Region, Years, 2003-08 33
Whiting Petroleum Corporation, Upstream Capital Expenditure, $ Million, 2003-08 34
Whiting Petroleum Corporation, Proved and Unproved Acquisition Costs, By Country/Region, $ Million, 2003-08 35
Whiting Petroleum Corporation, Exploration and Development Costs, By Country/Region, $ Million, 2003-08 36
Whiting Petroleum Corporation, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per Boe, $/boe, 2003-08 37
Whiting Petroleum Corporation, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per Boe, $/boe, By Country/Region, 2003-08 39
Whiting Petroleum Corporation, Oil and Gas Production Replacement Ratio, %, 2003-08 40
Whiting Petroleum Corporation, 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2003-08 45
Whiting Petroleum Corporation, Revenue and Expenses, $ Million, 2003-08 46
Whiting Petroleum Corporation, Revenue and Expenses, By Country/Region, $ Million, 2003-08 49
Whiting Petroleum Corporation, Oil and Gas Revenue and Expenses, $/Boe, 2003-08 50
Whiting Petroleum Corporation, Oil and Gas Revenue and Expenses, $/Boe, By Country/Region, 2003-08 53
Whiting Petroleum Corporation, Oil and Gas Performance Metrics, 2003-08 54
Whiting Petroleum Corporation, Land Holdings (Developed and Undeveloped Acreage), Acres, 2003-08 55
Whiting Petroleum Corporation, Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2003-08 57
Whiting Petroleum Corporation, Producible Oil and Gas Wells, 2003-08 58
Whiting Petroleum Corporation, Producible Oil and Gas Wells, By Country/Region, 2003-08 62
Whiting Petroleum Corporation, Exploratory and Developed Wells, 2003-08 63
Whiting Petroleum Corporation, Exploratory and Developed Wells, By Country/Region, 2003-08 64
Whiting Petroleum Corporation, Developed Reserves per Well, Oil (Mbbls per Well), Gas (MMcf per Well), Oil & Gas (Mboe per Well), 2003-08 64
Whiting Petroleum Corporation, Developed Reserves per Well, By Country/Region, Mboe per Well, 2003-08 66

For full details, please email keithw@cmsinfo.com

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