What Are WLL’s Plans in the Williston Basin for the Rest of 2017?
WLL’s Williston Basin plans
Whiting Petroleum (WLL) controls 692,815 gross (414,050 net) acres in the Williston Basin. As of September 1, 2017, the company had 4,930 gross drilling locations in the region. WLL expects to spend $518 million in the Williston Basin this year with an additional $60 million for non-operated drilling in the region.
Interested in WLL? Don't miss the next report.
Receive e-mail alerts for new research on WLL
In 2Q17, WLL’s production had averaged 112.7 Mboepd. 96% of this production came from the Williston Basin. To know more about WLL’s 2Q17 performance, read Whiting Petroleum Updates Its 2017 Production Guidance.
Williston Basin driving production
As we saw in the previous part, WLL reduced its 2017 capex guidance by $150 million. The company expects to achieve 14% production growth between 1Q17 and 4Q17. Additionally, in its 2Q17 earnings release, WLL’s management had 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.
WLL’s management noted in the 2Q17 earnings release, “We continue to bring on enhanced completion wells in the Williston Basin with production profiles in the 1-1.5 MMBOE type curve range. These wells deliver strong rates of return, even at a $40 NYMEX oil price.”
Efficiencies in the Williston Basin
Since January 2016, Whiting Petroleum has drilled 69 enhanced completion wells. The company pointed out that these wells are producing above a 1.0 MMboe (million barrels of oil equivalent) type curve on an average.
Whiting also noted that improved drilling techniques had increased the average production per well in the first 90 days by 85% since 2014.
We’ll talk more about WLL’s Bakken well performance and draw a comparison with its peers in the following part.