Whiting Petroleum Corporation, an independent oil and gas company, engages in the acquisition, exploration, development, and production activities primarily in the Rocky Mountains and Permian Basin regions of the United States. As of December 31, 2015, the company’s estimated proved reserves totaled 820.6 million barrels of oil equivalent. As of December 31, 2015, it had assembled approximately 778,900 gross (454,800 net) developed and undeveloped acres in the Williston Basin located in Montana and North Dakota. As of December 31, 2015, the company had five drilling rigs operating in this area. The Robinson Lake plant located in the company’s Sanish field has a processing capacity of approximately 130 million cubic feet per day (MMcf/d). The company’s Belfield plant located near the Pronghorn field has inlet compression in place to process 35 MMcf/d. At its Redtail field in the DJ Basin in Weld County, Colorado, the company has assembled approximately 154,300 gross (126,400 net) developed and undeveloped acres where it has the potential to drill approximately 1,200 gross wells targeting various intervals in the Niobrara formation. The plant’s inlet capacity is 50 MMcf/d. Rocky Mountains Region The company’s Rocky Mountains operations include assets in the states of Colorado, Montana and North Dakota. Williston Basin The company’s properties in the Williston Basin of North Dakota and Montana target the Bakken and Three Forks formations and encompass approximately 778,900 gross (454,800 net) developed and undeveloped acres as of December 31, 2015. Net production from the Williston Basin averaged 128.6 thousand barrels of oil equivalent per day for the fourth quarter of 2015. As of December 31, 2015, the company had five rigs active in the Williston Basin. To process the produced gas stream from the company’s wells in the Sanish field, it constructed the Robinson Lake gas plant. The plant has a processing capacity of 130 MMcf/d and fractionation equipment that allows the company to convert NGLs into propane and butane, which end products can then be sold locally for higher realized prices. As of December 31, 2015, the plant was processing approximately 118 MMcf/d. The company also holds a 50% ownership interest in a gas processing plant, gathering systems and related facilities located south of Belfield, North Dakota, which primarily processes production from its Pronghorn field. There is inlet compression in place to process 35 MMcf/d, and as of December 31, 2015, the plant was processing approximately 15 MMcf/d. Denver Julesburg Basin The company’s Redtail field in the DJ Basin in Weld County, Colorado targets the Niobrara and Codell/Fort Hays formations and encompasses approximately 154,300 gross (126,400 net) developed and undeveloped acres as of December 31, 2015. In 2015, net production from the Redtail field averaged 14.3 thousand barrels of oil equivalent per day. The company’s development plan at Redtail includes drilling up to eight wells per spacing unit in the Niobrara A, B and C zones and up to four wells per spacing unit in the Codell/Fort Hays formations. Additionally, the company is evaluating the Codell/Fort Hays formation, which is prospective throughout its acreage in the Redtail field. As of December 31, 2015, the company had two drilling rigs operating in the DJ Basin. In 2014, the company brought online the Redtail gas plant to process the associated gas produced from its wells in this area. During the third quarter of 2015, the plant’s inlet capacity was expanded to 50 MMcf/d from 20 MMcf/d. As of December 31, 2015, the plant was processing approximately 25 MMcf/d. Permian Basin Region The company’s Permian Basin operations include its North Ward Estes field in the Ward and Winkler counties of Texas. As of December 31, 2015, the Permian Basin region contributed 120.3 million barrels of oil equivalent (83% oil) of estimated proved reserves to its portfolio of operations, which represented 14% of its total estimated proved reserves and contributed 9.2 thousand barrels of oil equivalent per day of average daily production in the fourth quarter of 2015. The company’s North Ward Estes field encompasses approximately 64,900 gross (62,900 net) developed and undeveloped acres as of December 31, 2015. As of December 31, 2015, the company was injecting approximately 370 MMcf/d of CO2 into the field, over half of which is recycled. Other The company’s other operations primarily relate to non-core assets in Colorado, Mississippi, North Dakota, Texas and Wyoming. As of December 31, 2015, these properties contributed 5.0 million barrels of oil equivalent (88% oil) of proved reserves to its portfolio of operations, which represented 1% of its total estimated proved reserves and contributed 3.1 thousand barrels of oil equivalent per day of average daily production in the fourth quarter of 2015. Customers The company principally sells its oil and gas production to end users, marketers, and other purchasers that have access to nearby pipeline facilities. Strategy The key elements of the company’s strategy include pursuing high-return organic reserve additions; developing existing properties; and growing through accretive acquisitions. Regulation Some of the company’s offshore operations are conducted on federal leases that are administered by the Bureau of Ocean Energy Management (BOEM). Whiting is therefore required to comply with the regulations and orders issued by the BOEM under the Outer Continental Shelf Lands Act. The company generates solid and hazardous wastes that are subject to the Resource Conservation and Recovery Act and comparable state laws. History Whiting Petroleum Corporation was founded in 1980. The company was incorporated in 2003.
whiting petroleum corp (WLL:New York)
Denver, CO 80290
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