Whiting Petroleum Corporation Valuation Report, July 2010 - Strategic and Operational Analysis


#29469

119pages

GlobalData

$ 3500

In Stock


Whiting Petroleum is an independent oil and gas company engaged in development, production and exploration activities in the US including the Permian Basin, Rocky Mountains, Mid-Continent, Gulf Coast and Michigan regions. The company focuses on asset acquisitions, developing its existing assets and exploring new discoveries in order to develop its crude oil and natural gas portfolio.

The company increased its production from 17.5 MMboe in 2008 to 20.3 MMboe in 2009, an increase of 16%. Additionally, the companys reserves have increased by 15% to 275 MMboe, primarily due to successful drilling in the Sanish and Parshall fields, and a 17.3 MMboe positive reserves revision caused by higher commodity prices.

Scope

  • Investment Thesis: This section highlights the companies new ventures, liquidity issues, assets analysis, hedging, new projects details, capex funding, geographical results of oil and gas operations, and other related analysis. 
  • Goals and Strategies: Provide highlights on their existing and upcoming challenges with the possible strategies. 
  • SWOT: This section highlights the companies internal strength, weakness, opportunities and threats to better understand their position in the market
  • Production and Development profile: This section highlights the companies forecasted crude oil and natural gas production from their existing and upcoming assets. It also covers the detailed information and analysis on the producing and development assets. 
  • Exploration and M&A trends: This section includes exploration assets information resulted due to new discoveries, new drilling and other activities. Additionally, M&A section highlights the companies recent assets transactions, joint ventures, acquisition, and divestment activities during the specified period. 
  • Financial Forecast and Valuation: This section highlights the detailed financial forecast of the companies for coming five years. This section also provides intrinsic value of the companies by using different valuation techniques. 
  • Peer Group: This section compares peer group performance with the main companies on the basis of share prices, financial ratios, operational and financial parameters and other related activities. 
Reasons to buy

  • The report will enhance the decision-making capability in a more rapid and time sensitive manner. It will allow you to:
  • Provide detailed analysis to those who are interested in knowing the companies existing and future business strategies.
  • Provide in-depth analysis on the companies E&P profiles along with the exploration and M&A updates. 
  • Provide valuable insights to those who are tracking oil and gas markets and wants to know the intrinsic value of the companies. 
  • Use the analysis for strategy and planning, M&A identifications, and competitor analysis.
Table Of Contents

1 Table of contents 3
1.1 List of Tables 6
1.2 List of Figures 8

2 Whiting Petroleum Corporation, Company Overview 11

3 Whiting Petroleum Corporation, Watchlist for 2010 14

4 Whiting Petroleum Corporation, Investment Summary 15
4.1 Whiting Petroleums Bakken and Three Forks Exposure To Strengthen Its Long Term Growth Plans 15
4.1.1 Focus on the Sanish Field in the Bakken Play and Three Forks, to Accelerate Reserves and Production Growth 15
4.1.2 Extending the Focus on the Bakken Play and Three Forks Through its Parshall Field Presence 16
4.1.3 Whiting Petroleum To Further Emphasize Organic Growth Through Its EOR Projects 16
4.2 Focus on Lewis & Clark: Exploring New Opportunities 18
4.3 Less Leveraged and Strong Liquidity Position Will Drive Higher Capex in 2010 19

5 Whiting Petroleum Corporation, SWOT Analysis 21
5.1 Strengths 21
5.1.1 Technological Expertise for Conventional Plays 21
5.1.2 Maintaining Reserve Base over the years 21
5.2 Weaknesses 21
5.2.1 High Dependency on Crude Oil 21
5.2.2 Overdependence on Fewer Assets 21
5.3 Opportunities 22
5.3.1 Increasing Focus on Bakken Shale and New Discoveries 22
5.3.2 Growing Inorganically Through Asset Acquisitions 22
5.4 Threats 22
5.4.1 Undiversified Portfolio Could Threaten its Long Term Sustainability 22

6 Whiting Petroleum Corporation, Goals and Strategies 23
6.1 Organic Reserve Additions 23
6.2 Adopting EOR Techniques To Enhance Reserves Base and Production 24
6.3 Focusing on Acquisitions 24
6.4 Maintaining A Strong Financial Position 24

7 Whiting Petroleum Corporation, Production 26
7.1 Production Overview 26
7.2 Relying on the Sanish and Parshall Fields For Production Growth 27
7.3 Focusing on Production from its North Ward Estes and Postle Fields 27
7.4 Increasing Its Gas Presence Through the Flat Rock and Sulphur Creek Fields 29
7.5 Total Costs Inclined Towards Development Due To Increasing Focus on Development of Legacy Assets 31
7.6 Key Upstream Projects Update 32

8 Whiting Petroleum Corporation, Exploration and Development 33
8.1 Exploration and Development Profile 33
8.2 Increasing Drilling Activities in the Lewis & Clark Prospect 33
8.3 Increasing Development Activities in the Bakken Shale 34
8.4 Focusing On Development Activities In Its EOR Projects To Sustain Its Production 35
8.5 Increasing Drillbit Reserve Additions; Declining Associated Costs 35

9 Whiting Petroleum Corporation, M&A Activity 37

10 Whiting Petroleum Corporation, Outlook 40

11 Whiting Petroleum Corporation, Forecast Production and Financial Statements 41
11.1 Income Statement (20072014) 43
11.2 Balance Sheet (20072014) 44
11.3 Cash Flow Statement (20072014) 45
11.4 Financial Ratios 46

12 Whiting Petroleum Corporation, Valuations 48

13 Whiting Petroleum Corporation, Peer Comparison 51
13.1 Share Price Performance 51
13.2 Operational and Financial Performance 52
13.3 Key Financial and Operational Ratios 55
13.4 Valuation Ratios 56

14 Whiting Petroleum Corporation, Key Risks 57
14.1 Fluctuating Crude Oil and Natural Gas Prices 57
14.2 Reserves and Drilling Operations 57
14.3 Competition 57
14.4 Political Instability 57

15 Whiting Petroleum Corporation, Detailed Financial and Operational Metrics 58
15.1 Results of Oil & Gas Operations Per BOE Produced, Q4, 2008Q4, 2009 58
15.1.1 Results of Oil & Gas Operations per BOE Growth Rates, Q4, 2008Q4, 2009 58
15.2 Whiting Petroleum Corporation, Quarterly E&P Costs Trends 59
15.2.1 Upstream Capital Expenditure, Q4, 2008Q4, 2009 59
15.3 Whiting Petroleum Corporation, Quarterly Production Trends 60
15.3.1 Total Crude Oil and Natural Gas Production Trend, Q4, 2008Q4, 2009 60
15.3.2 Total Crude Oil & Natural Gas Production, By Country/Region, Q4, 2008Q4, 2009 61
15.3.3 Total Crude Oil and Natural Gas Production Per Share, Q4, 2008Q4, 2009 62
15.4 Whiting Petroleum Corporation Crude Oil Production 63
15.4.1 Total Crude Oil Production Trend, Q4, 2008Q4, 2009 63
15.4.2 Crude Oil Production, By Country/Region, Q4, 2008Q4, 2009 64
15.5 Whiting Petroleum Corporation Natural Gas Production 65
15.5.1 Total Natural Gas Production Trend, Q4, 2008Q4, 2009 65
15.5.2 Natural Gas Production, By Country/Region, Q4, 2008Q4, 2009 66
15.6 Whiting Petroleum Corporation, Production and Reserves Trends 67
15.6.1 Total Crude Oil and Natural Gas Production and Reserves Trend, 20042009 67
15.6.2 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 20042009 68
15.6.3 Total Crude Oil and Natural Gas Reserve Changes, 20042009 69
15.7 Crude Oil/Liquids Production and Reserve 70
15.7.1 Crude Oil/Liquids Production and Reserve Trend, 20042009 70
15.7.2 Crude Oil Production and Reserves By Country/Region, 20042009 71
15.7.3 Crude Oil/Liquids Reserve Changes, 20042009 72
15.8 Natural Gas Production and Reserves 73
15.8.1 Natural Gas Production and Reserve Trend, 20042009 73
15.8.2 Natural Gas Production and Reserves, By Country/Region, 20042009 74
15.8.3 Natural Gas Reserve Changes, 20042009 75
15.9 Total Crude Oil and Natural Gas Reserves Life Index 76
15.9.1 Total Crude Oil and Natural Gas Reserves Life Index, 20042009 76
15.9.2 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 20042009 77
15.10 Whiting Petroleum Corporation, E&P Costs Trends 79
15.10.1 Upstream Capital Expenditure, 20042009 79
15.10.2 Acquisition Costs By Country/Region, 20042009 80
15.10.3 Exploration and Development Costs, By Country/Region, 20042009 81
15.11 Oil and Gas Cost Per Boe, $/boe 82
15.11.1 Oil and Gas Cost Per Boe, $/boe, 20042009 82
15.11.2 Oil and Gas Cost Per Boe, $/boe, By Country/Region, 20042009 83
15.12 Whiting Petroleum Corporation, Reserve Replacement Ratio 85
15.12.1 Oil and Gas Production Replacement Ratio, 20042009 85
15.12.2 Oil and Gas Production Replacement Ratio, By Country/Region, 20042009 87
15.13 Whiting Petroleum Corporation, Results of Oil & Gas Operations Trend 91
15.13.1 Oil and Gas Revenue and Expenses, 20042009 91
15.13.2 Oil and Gas Revenue and Expenses, By Country/Region, 20042009 92
15.14 Oil and Gas Revenue and Expenses, Per Boe 97
15.14.1 Oil and Gas Revenue and Expenses, By Boe, 20042009 97
15.14.2 Oil and Gas Revenue and Expenses Per Boe, By Country/Region, 20042009 98
15.15 Oil and Gas Performance Metrics 102
15.16 Whiting Petroleum Corporation, Land Holdings and Well Data 103
15.16.1 Gross and Net Developed and Undeveloped Acreage, 20042009 103
15.16.2 Gross and Net Developed and Undeveloped Acreage, By Country/Region, 20042009 104
15.17 Well Statistics 106
15.17.1 Producible Oil and Gas Wells, 20042009 106
15.17.2 Producible Oil and Gas Wells, By Country/Region, 20042009 107
15.17.3 Exploration and Development Wells Drilled, 20042009 111
15.17.4 Exploration and Development Wells Drilled, By Country/Region, 20042009 112
15.17.5 Developed Reserves per Well, Oil (Mbbls per Well), Gas (MMcf per Well), Oil & Gas (Mboe per Well), 20042009 113
15.17.6 Developed Reserves per Well, By Country/Region, 20042009 113

16 Appendix 115
16.1 Methodology 115
16.1.1 Coverage 115
16.1.2 Secondary Research 115
16.1.3 Primary Research 115
16.2 Data Sources 116
16.2.1 Company Source 116
16.2.2 SEC/Other Regulatory Filings 116
16.2.3 Agency Reports 116
16.2.4 Other Sources 116
16.3 Expert Panel Validation 116
16.4 Definitions 117
16.5 Units of Measure 117
16.6 Other Abbreviations 118
16.7 About GlobalData 118
16.8 Disclosure 118
16.9 Disclaimer 119
 
Table 1: Whiting Petroleum Corporation, Key Events, May 2009April 2010 13
Table 2: Whiting Petroleum Corporation, Upstream Growth Profile, MMboe, 20072014 32
Table 3: Whiting Petroleum Corporation, Recent M&A Transactions As a Buyer, 20052009 38
Table 4: Whiting Petroleum Corporation, Recent M&A Transactions As a Seller, 20052009 39
Table 5: Whiting Petroleum Corporation, Forecast Production ($m), 20072014 41
Table 6: GlobalData, Price Forecast, 20102014 41
Table 7: Whiting Petroleum Corporation, Income Statement ($m), 20072014 43
Table 8: Whiting Petroleum Corporation, Balance Sheet ($m), 20072014 44
Table 9: Whiting Petroleum Corporation, Cash Flow Statement ($m), 20072014 45
Table 10: Whiting Petroleum Corporation, Profitability Ratios, 20072014 46
Table 11: Whiting Petroleum Corporation, Other Financial Ratios, 20072014 47
Table 12: GlobalData, Whiting Petroleum Corporation Price Forecast, 20102014 48
Table 13: Whiting Petroleum Corporation, Net Asset Value, 2010 49
Table 14: Whiting Petroleum Corporation, Prospective Acreage & Non Proven Reserves, 2010 49
Table 15: Whiting Petroleum Corporation, The US, NPV of Oil/NGL Reserves, $/bbl, 2010 49
Table 16: Whiting Petroleum Corporation, The US, NPV of Natural Gas Reserves, $/Mcf, 2010 50
Table 17: Whiting Petroleum, The US, NPV OF Total Oil and Natural Gas Reserves, $/boe, 2010 50
Table 18: Whiting Petroleum Corporation, Sensitivity Analysis on Fair Value ($/share), 2010 50
Table 19: Whiting Petroleum Corporation and Peer Group, Operational and Financial Performance, 2009 52
Table 20: Whiting Petroleum and Peer Group, Financial Ratios, 2009 55
Table 21: Whiting Petroleum Corporation, Results of Oil & Gas Operations Per BOE Produced, $/boe, Q4, 2008Q4, 2009 58
Table 22: Whiting Petroleum Corporation, Results of Oil & Gas Operations Per BOE Growth Rates, %, Q4, 2008Q4, 2009 58
Table 23: Whiting Petroleum Corporation, Upstream Capital Expenditure, Q4, 2008Q4, 2009 59
Table 24: Whiting Petroleum Corporation, Total Crude Oil and Natural Gas, Production, Q4, 2008Q4, 2009 60
Table 25: Whiting Petroleum Corporation, Total Oil & Gas Production, By Country/Region, MMboe, Q4, 2008Q4, 2009 61
Table 26: Whiting Petroleum Corporation, Total Crude Oil and Natural Gas Production Per Share, Q4, 2008Q4, 2009 62
Table 27: Whiting Petroleum Corporation, Total Crude Oil Production, MMbbl, Q4, 2008Q4, 2009 63
Table 28: Whiting Petroleum Corporation, Crude Oil Production, By Country/Region, MMbbl, Q4, 2008Q4, 2009 64
Table 29: Whiting Petroleum Corporation, Total Natural Gas Production, Bcf, Q4, 2008Q4, 2009 65
Table 30: Whiting Petroleum Corporation, Natural Gas Production, By Country/Region, Bcf, Q4, 2008Q4, 2009 66
Table 31: Whiting Petroleum Corporation, Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 20042009 67
Table 32: Whiting Petroleum Corporation, Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, MMboe, 20042009 68
Table 33: Whiting Petroleum Corporation, Total Crude Oil and Natural Gas Reserve Changes, MMboe, 20042009 69
Table 34: Whiting Petroleum Corporation, Crude Oil Production and Reserves Metrics, MMbbl, 20042009 70
Table 35: Whiting Petroleum Corporation, Crude Oil Production and Reserves, By Country/Region, MMbbl, 20042009 71
Table 36: Whiting Petroleum Corporation, Crude Oil Reserve Changes, MMbbl, 20042009 72
Table 37: Whiting Petroleum Corporation, Natural Gas Production and Reserves Metrics, Bcf, 20042009 73
Table 38: Whiting Petroleum Corporation, Natural Gas Production and Reserves, By Country/Region, Bcf, 20042009 74
Table 39: Whiting Petroleum Corporation, Natural Gas Reserve Changes, Bcf, 20042009 75
Table 40: Whiting Petroleum Corporation, Oil and Gas Reserves Life Index, Years, 20042009 76
Table 41: Whiting Petroleum Corporation, Oil and Gas Reserves Life Index, By Country/Region, Years, 20042009 78
Table 42: Whiting Petroleum Corporation, Upstream Capital Expenditure, $m, 20042009 79
Table 43: Whiting Petroleum Corporation, Proved and Unproved Acquisition Costs, By Country/Region, $m, 20042009 80
Table 44: Whiting Petroleum Corporation, Exploration and Development Costs, By Country/Region, $m, 20042009 81
Table 45: Whiting Petroleum Corporation, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per Boe, $/boe, 20042009 82
Table 46: Whiting Petroleum Corporation, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per Boe, $/boe, By Country/Region, 20042009 85
Table 47: Whiting Petroleum Corporation, Oil and Gas Production Replacement Ratio, %, 20042009 86
Table 48: Whiting Petroleum Corporation, 3 Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 20042009 90
Table 49: Whiting Petroleum Corporation, Revenue and Expenses, $m, 20042009 91
Table 50: Whiting Petroleum Corporation, Revenue and Expenses, By Country/Region, $m, 20042009 96
Table 51: Whiting Petroleum Corporation, Oil and Gas Revenue and Expenses, $/Boe, 20042009 97
Table 52: Whiting Petroleum Corporation, Oil and Gas Revenue and Expenses, $/Boe, By Country/Region, 20042009 101
Table 53: Whiting Petroleum Corporation, Oil and Gas Performance Metrics, 20042009 102
Table 54: Whiting Petroleum Corporation, Land Holdings (Developed and Undeveloped Acreage), Acres, 20042009 103
Table 55: Whiting Petroleum Corporation, Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 20042009 106
Table 56: Whiting Petroleum Corporation, Producible Oil and Gas Wells, 20042009 106
Table 57: Whiting Petroleum Corporation, Producible Oil and Gas Wells, By Country/Region, 20042009 110
Table 58: Whiting Petroleum Corporation, Exploratory and Developed Wells, 20042009 111
Table 59: Whiting Petroleum Corporation, Exploratory and Developed Wells, By Country/Region, 20042009 112
Table 60: Whiting Petroleum Corporation, Developed Reserves per Well, Oil (Mbbls per Well), Gas (MMcf per Well), Oil & Gas (Mboe per Well), 20042009 113
Table 61: Whiting Petroleum Corporation, Developed Reserves per Well, By Country/Region, Mboe per Well, 20042009 114 
Figure 1: Whiting Petroleum Corporation, Operations Map, 2010 11
Figure 2: Whiting Petroleum Corporation, Financial and Operational Overview, 20062009 12
Figure 3: Whiting Petroleum Corporation, Share Price Performance, May 2009April 2010 13
Figure 4: Whiting Petroleum Corporation, Capex Allocation, Northern Rockies, 2010 16
Figure 5: Whiting Petroleum Corporation, Major Fields Probable and Possible Reserves (MMboe), 2009 17
Figure 6: Whiting Petroleum Corporation, North Ward Estes Field Production, 20072009 18
Figure 7: Whiting Petroleum Corporation, Proved Reserves Allocation, 20062009 19
Figure 8: Whiting Petroleum Corporation and Peer Group, Debt Equity Ratio, 20062009 20
Figure 9: Whiting Petroleum Corporation, Operating Cash Flows and Capex, 20062009 23
Figure 10: Whiting Petroleum Corporation, Operating Cash Flows and Capex ($m), 20062009 25
Figure 11: Whiting Petroleum Corporation, Debt Maturity, 20102014 25
Figure 12: Whiting Petroleum Corporation, Total Production, MMboe, 20062014 26
Figure 13: Whiting Petroleum Corporation, Total Production By Type, MMboe, 20062014 27
Figure 14: Whiting Petroleum Corporation, North Ward Estes Field Overview, 2010 28
Figure 15: Whiting Petroleum Corporation, Postle Field Overview, 2010 29
Figure 16: Whiting Petroleum Corporation, Sulphur Creek Field Overview, 2010 30
Figure 17: Whiting Petroleum Corporation, Flat Rock Field Overview, 2010 31
Figure 18: Whiting Petroleum Corporation, Total Cost Incurred, 20062009 32
Figure 19: Whiting Petroleum Corporation, Lewis & Clark Prospect, 2010 33
Figure 20: Whiting Petroleum Corporation, Bakken Shale Presence, 2010 34
Figure 21: Whiting Petroleum Corporation, Drillbit Reserve Additions and Exploration Costs , 20062009 35
Figure 22: Whiting Petroleum Corporation, Inorganic Reserve Additions and Acquisition Costs , 20062009 36
Figure 23: Whiting Petroleum Corporation and Peer Group, Relative Share Price Performance Index, 20092010 51
Figure 24: Whiting Petroleum Corporation and Peer Group, F&D costs and Reserve Replacement Ratio, 2008 53
Figure 25: Whiting Petroleum Corporation and Peer Group, Operational and Financial Parameters in $/boe, 2009 54
Figure 26: Whiting Petroleum Corporation and Peer Group, Total Reserves and Production, MMboe, 2009 54
Figure 27: Whiting Petroleum Corporation and Peer Group, Valuation Ratio, 2009 56
Figure 28: Whiting Petroleum Corporation, Results of Oil & Gas Operations Per BOE Produced, $/boe, Q4, 2008Q4, 2009 58
Figure 29: Whiting Petroleum Corporation, Upstream Capital Expenditure, $m, Q4, 2008Q4, 2009 59
Figure 30: Whiting Petroleum Corporation, Total Crude Oil and Natural Gas, Production, MMboe, Q4, 2008Q4, 2009 60
Figure 31: Whiting Petroleum Corporation, Total Oil & Gas Production, By Country/Region, MMboe, Q4, 2008Q4, 2009 61
Figure 32: Whiting Petroleum Corporation, Total Crude Oil and Natural Gas Production Per Share, Boe/Share, Q4, 2008Q4, 2009 62
Figure 33: Whiting Petroleum Corporation, Total Crude Oil Production, MMbbl, Q4, 2008Q4, 2009 63
Figure 34: Whiting Petroleum Corporation, Crude Oil Production, By Country/Region, MMbbl, Q4, 2008Q4, 2009 64
Figure 35: Whiting Petroleum Corporation, Total Natural Gas Production, Bcf, Q4, 2008Q4, 2009 65
Figure 36: Whiting Petroleum Corporation, Natural Gas Production, By Country/Region, Bcf, Q4, 2008 Q4, 2009 66
Figure 37: Whiting Petroleum Corporation, Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 20042009 67
Figure 38: Whiting Petroleum Corporation, Total Oil & Gas Production (Reserves Reconciliation), By Country/Region, MMboe, 20042009 68
Figure 39: Whiting Petroleum Corporation, Total Proved Oil & Gas Reserves, By Country/Region, MMboe, 20042009 68
Figure 40: Whiting Petroleum Corporation, Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2009 69
Figure 41: Whiting Petroleum Corporation, Crude Oil Production and Reserves Metrics, MMbbl, 20042009 70
Figure 42: Whiting Petroleum Corporation, Oil Production (Reserves Reconciliation), By Country/Region, MMbbl, 20042009 71
Figure 43: Whiting Petroleum Corporation, Total Proved Oil Reserves, By Country/Region, MMbbl,20042009 71
Figure 44: Whiting Petroleum Corporation, Crude Oil Reserve Changes, MMbbl, 2009 72
Figure 45: Whiting Petroleum Corporation, Natural Gas Production and Reserves Metrics, Bcf, 20042009 73
Figure 46: Whiting Petroleum Corporation, Gas Production (Reserves Reconciliation), By Country/Region, Bcf, 20042009 74
Figure 47: Whiting Petroleum Corporation, Total Proved Gas Reserves, By Country/Region, Bcf, 20042009 74
Figure 48: Whiting Petroleum Corporation, Natural Gas Reserve Changes, Bcf, 2009 75
Figure 49: Whiting Petroleum Corporation, Oil and Gas Reserves Life Index, Years, 20042009 76
Figure 50: Whiting Petroleum Corporation, Gas Reserve Life Index, By Country/Region, Years, 20042009 77
Figure 51: Whiting Petroleum Corporation, Oil & Gas Reserve Life Index, By Country/Region, Years, 20042009 77
Figure 52: Whiting Petroleum Corporation, Oil Reserve Life Index, By Country/Region, Years, 20042009 78
Figure 53: Whiting Petroleum Corporation, Upstream Capital Expenditure, $m, 20042009 79
Figure 54: Whiting Petroleum Corporation, Proved Acquisition Costs, By Country/Region, $m, 20042009 80
Figure 55: Whiting Petroleum Corporation, Unproved Acquisition Costs, By Country/Region, $m, 20042009 80
Figure 56: Whiting Petroleum Corporation, Development Costs, By Country/Region, $m, 20042009 81
Figure 57: Whiting Petroleum Corporation, Exploration Costs, By Country/Region, $m, 20042009 81
Figure 58: Whiting Petroleum Corporation, 3 Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per Boe, $/boe, 20042009 82
Figure 59: Whiting Petroleum Corporation, 3 Year Wt. Avg. Oil & Gas Finding & Development Cost per boe, By Country/Region, $/BOE, 20042009 83
Figure 60: Whiting Petroleum Corporation, 3 Year Wt. Avg. Oil & Gas Finding Cost per boe, By Country/Region, $/BOE, 20042009 83
Figure 61: Whiting Petroleum Corporation, 3 Year Wt. Avg. Reserve Replacement Cost per boe, By Country/Region, $/BOE, 20042009 84
Figure 62: Whiting Petroleum Corporation, 3 Year Wt. Avg. Proved Acquisition Cost per boe, By Country/Region, $/BOE, 20042009 84
Figure 63: Whiting Petroleum Corporation, 3 Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 20042009 85
Figure 64: Whiting Petroleum Corporation, 3 Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 20042009 87
Figure 65: Whiting Petroleum Corporation, 3 Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 20042009 87
Figure 66: Whiting Petroleum Corporation, 3 Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 20042009 88
Figure 67: Whiting Petroleum Corporation, 3 Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 20042009 88
Figure 68: Whiting Petroleum Corporation, 3 Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 20042009 89
Figure 69: Whiting Petroleum Corporation, 3 Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 20042009 89
Figure 70: Petroleum Corporation, Revenue and Expenses, $m, 20042009 91
Figure 71: Whiting Petroleum Corporation, Depreciation, Depletion & Amortization , By Country/Region, $m, 20042009 92
Figure 72: Whiting Petroleum Corporation, Exploration Expenses, By Country/Region, $m, 20042009 92
Figure 73: Whiting Petroleum Corporation, Income Tax/(Benefit), By Country/Region, $m, 20042009 93
Figure 74: Whiting Petroleum Corporation, Net Income/ Loss, By Country/Region, $m, 20042009 93
Figure 75: Whiting Petroleum Corporation, Oil & Gas Revenue, By Country/Region, $m, 20042009 94
Figure 76: Whiting Petroleum Corporation, Pre tax Profit, By Country/Region, $m, 20042009 94
Figure 77: Whiting Petroleum Corporation, Production Expenses, By Country/Region, $m, 20042009 95
Figure 78: Whiting Petroleum Corporation, Total Expenses, By Country/Region, $m, 20042009 95
Figure 79: Whiting Petroleum Corporation, Oil and Gas Revenue and Expenses, $/Boe, 20042009 97
Figure 80: Whiting Petroleum Corporation, Exploration Expenses per boe, By Country/Region, $/BOE, 20042009 98
Figure 81: Whiting Petroleum Corporation, Income Tax/(Benefit) per boe, By Country/Region, $/BOE, 20042009 98
Figure 82: Whiting Petroleum Corporation, Lifting Cost per boe, By Country/Region, $/BOE, 20042009 99
Figure 83: Whiting Petroleum Corporation, Annual Net Income per boe, By Country/Region, $/BOE, 20042009 99
Figure 84: Whiting Petroleum Corporation, Oil & Gas Revenue per boe, By Country/Region, $/BOE, 20042009 100
Figure 85: Whiting Petroleum Corporation, Total DD&A per boe, By Country/Region, $/BOE, 20042009 100
Figure 86: Whiting Petroleum Corporation, Total Revenue per boe, By Country/Region, $/BOE, 20042009 101
Figure 87: Whiting Petroleum Corporation, Oil and Gas Performance Metrics, 20042009 102
Figure 88: Whiting Petroleum Corporation, Land Holdings (Developed and Undeveloped Acreage), Acres, 20042009 103
Figure 89: Whiting Petroleum Corporation, Total Gross Undeveloped Acreage, By Country/Region, Acres, 20042009 104
Figure 90: Whiting Petroleum Corporation, Total Net Undeveloped Acreage, By Country/Region, Acres, 20042009 104
Figure 91: Whiting Petroleum Corporation, Total Gross Developed Acreage, By Country/Region, Acres, 20042009 105
Figure 92: Whiting Petroleum Corporation, Total Net Developed Acreage, By Country/Region, Acres, 20042009 105
Figure 93: Whiting Petroleum Corporation, Producible Oil and Gas Wells, 20042009 106
Figure 94: Whiting Petroleum Corporation, Gross Producible Gas Wells, By Country/Region, Number, 20042009 107
Figure 95: Whiting Petroleum Corporation, Gross Producible Oil & Gas Wells, By Country/Region, Number, 20042009 107
Figure 96: Whiting Petroleum Corporation, Gross Producible Oil Wells, By Country/Region, Number, 20042009 108
Figure 97: Whiting Petroleum Corporation, Net Oil & Gas Wells as % of Gross Oil & Gas Wells, By Country/Region, %, 20042009 108
Figure 98: Whiting Petroleum Corporation, Net Producible Gas Wells, By Country/Region, Number, 20042009 109
Figure 99: Whiting Petroleum Corporation, Net Producible Oil & Gas Wells, By Country/Region, Number, 20042009 109
Figure 100: Whiting Petroleum Corporation, Net Producible Oil Wells, By Country/Region, Number, 20042009 110
Figure 101: Whiting Petroleum Corporation, Exploratory and Developed Wells, 20042009 111
Figure 102: Whiting Petroleum Corporation, Developed Gas Reserves per Well (MMcf per Well), By Country/Region, 20042009 113
Figure 103: Whiting Petroleum Corporation, Developed Oil & Gas Reserves per Well (Mboe per Well), By Country/Region, 20042009 114
Figure 104: Whiting Petroleum Corporation, Developed Oil Reserves per Well (Mbbls per Well), By Country/Region, 20042009 114