WLL’s DJ basin operations
According to Whiting Petroleum’s (WLL) December presentation, the company had 5,448 gross drilling locations in the Redtail region. where it operates in the DJ Basin. Whiting Petroleum plans on spending $332 million in its Redtail operations this year.
Whiting’s DJ Basin 2017 operating plan had initially included completing 105 drilled uncompleted or DUC wells by the end of this year. However, the company now expects to end the year with only 39 DUCs.
This will probably come on the back of the reduction in WLL’s capital expenditure or capex forecasts this year. WLL had initially forecasted its DJ Basin capex in 2017 to be $420 million, but that was lowered to $332 million.
WLL’s management stated that it will continue completing its DUC inventory into 2018. It expects to have most of that completed by the end of 1Q18.
Notably, Whiting’s Redtail 3Q17 production rose 78% over 2Q17 levels. Whiting completed 58 gross operated wells in 3Q17, which likely contributed to its production increase. Of the 58 completed wells, 48 were brought on production in August and September.