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Whiting Petroleum’s Production Volumes and Realized Prices

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Whiting’s 2Q16 production

Whiting Petroleum’s (WLL) total production volume in 2Q16 was ~134.24 Mboepd (thousand barrels of oil equivalent per day). By comparison, WLL’s 2Q15 production volumes were 170.2 Mboepd, and its 1Q16 production volumes amounted to 147.7 Mboepd. Whiting’s total liquids (crude oil and natural gas liquids) production mix in 2Q16 was 85%.

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2016 production guidance range

WLL provided a 2016 production guidance range of 46.5MMboe–47.3 MMboe (million barrels of oil equivalent), which is 21% lower at its midpoint than 2015 production levels.

By comparison, Oasis Petroleum (OAS) has provided a growth guidance of -6% at the midpoint. Concho Resources (CXO) has provided a growth range of -5%–0%. Together, these companies make up 9% of the iShares US Oil & Gas Exploration & Production ETF (IEO).

WLL’s management noted in the 2Q16 earnings release that the new participation agreement will lead to a “highly capital efficient production profile in 2017.”

2Q16 realized prices

WLL’s average realized price of crude oil (USO) and condensates fell from $52.27 per barrel in 2Q15 to $39.60 per barrel in 2Q16. Its average realized price for natural gas (UNG) fell from $1.92 per thousand cubic feet in 2Q15 to $0.96 per thousand cubic feet in 2Q16.

The company’s average realized price for natural gas liquids decreased from $16.86 per barrel in 2Q15 to $9.17 per barrel in 2Q16.

In the next part, we’ll look at the evolution of Whiting’s proved reserves.

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