2016 production guidance
Whiting Petroleum (WLL) provided a 2016 production guidance range of 47 MMboe–47.4 MMboe (million barrels of oil equivalent). The previous guidance range was 46.5 MMboe–47.3 MMboe. The new range is ~21% lower at the midpoint than its 2015 production levels.
In comparison, Oasis Petroleum (OAS) provided 2016 production growth guidance of -1.6% at the midpoint. To learn more about Oasis Petroleum, read Inside Oasis Petroleum’s Dramatic Rise in 2016: Key Analysis. Read Is Oasis Petroleum’s Rally at the End of Its Road? to learn why Oasis Petroleum stock hasn’t been performing well lately.
Whiting Petroleum’s 3Q16 production
Whiting Petroleum’s total production volume in 3Q16 was ~120 Mboepd (thousand barrels of oil equivalent per day). In comparison, its 3Q15 production volume was 160.6 Mboepd. Its 2Q16 production volume was 134.2 Mboepd. Whiting Petroleum’s total liquids (crude oil and natural gas liquids) production mix was 85% in 3Q16.
Road map for 2017
For a strong production profile in 2017, Whiting Petroleum entered into two separate “wellbore participation agreements” in the Williston Basin with private parties. Under the agreement, the private parties would pay ~65% of the drilling and completion costs to earn an ~50% working interest in a total of ~74 Williston Basin wells. Whiting Petroleum thinks that these efforts “should help stabilize production in the last quarter of the year and give positive momentum entering 2017.”