How Have Whiting Petroleum’s Proved Reserves Evolved?
WLL’s proved reserves since 2011
Whiting Petroleum’s (WLL) proved reserves have risen significantly since 2011 when they stood at ~345.2 million boe (barrels of oil equivalent). At the end of 2016, WLL had proved reserves of 615.5 million boe.
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In its 2Q17 earnings release, WLL noted that its proved reserves rose 23% since the end of 2016. WLL’s management accredited these accomplishments to the “high quality of its asset base” and enhanced well completions in the Williston Basin.
According to WLL’s 10-K filing, the discounted value of its reserve base at the end of 2016 was ~$2.7 billion. This compares to ~$4.6 billion at the end of 2016. At the end of 2014, this was much higher at ~$10.8 billion.
When considering an upstream energy company’s valuation, investors should take into consideration its proved reserves, as it is an important metric to determine a firm’s future cash flows.