If you listen to it at this link you can also follow along with the updated slides:
http://phx.corporate-ir.net/phoenix.zhtml?c=147759&p=IROL-Guestbook&UniqueId=&mp=irol-audioArchives&mpdp=EventId~1997832!WebCastId~804869!StreamId~1202205&pp=IROL-EnhancedWebCast&ppdp=EventId~1997832!WebCastId~804869!StreamId~1202205!id~312509&pph=540&ppw=788&rdu=&rdt=&upv=2 James Volker gets to the slides after some others talk a little bit. Or go to www.whiting.com, then Investor Relations, then Webcasts. Then select the "Q3 2008 Whiting Petroleum Corp. Earnings Conference Call" from the list. On Oct 30, 11:01 am, Larry <[EMAIL PROTECTED]> wrote: > I listened to a portion of the Whiting conference call this morning > and the Wall Street Analysts liked what they had read about these two > wells. There was a lot of good discussions on the conference call > about the Bakken, pipelines, future drilling plans, etc and it would > be worthy for folks to listen to it. > > It is archived here---http://biz.yahoo.com/cc/3/98593.html > > On Oct 30, 1:44 pm, bradaz <[EMAIL PROTECTED]> wrote: > > > > > Wow! > > 4570 Boepd on the IP for Richardson Federal 11-9H! And 3646 Boepd for > > Kinnoin 11-14H would be good reasons to get excited about Whiting > > stock. Was a little surprised that they didn't trumpet the "record IP > > for a Bakken well" other than a footnote in their list of well > > results. Will we start seeing a bigger payoff on their 1280 acres > > wells now? > > > On Oct 30, 8:40 am, Larry <[EMAIL PROTECTED]> wrote: > > > > Wall Street is liking the Whiting results. WLL is up over 20% this > > > morning. > > > > EOG should see a similar spike when they announce their 3rd quarter > > > results. > > > > On Oct 29, 8:48 pm, go-devil <[EMAIL PROTECTED]> wrote: > > > > > Whiting Petroleum Corporation's Third Quarter 2008 Earnings Reach a > > > > Record $112.4 Million or $2.65 per Share > > > > > Discretionary Cash Flow Increases to a Record $255.6 Million > > > > > Record Q3 08 Average Production of 50,480 BOE/D Up 24% from Q3 07 > > > > and > > > > Up 14% from Q2 08 > > > > > Record September 2008 Production of 51,700 BOE/D Up 10% from June > > > > 2008 > > > > Average of 47,100 BOE/D > > > > > DENVER, Oct. 29 /PRNewswire-FirstCall/ -- Whiting Petroleum > > > > Corporation > > > > (NYSE: WLL) today reported record third quarter 2008 net income of > > > > $112.4 > > > > million, or $2.66 per basic share and $2.65 per diluted share, on > > > > total > > > > revenues of $388.4 million. This compares to third quarter 2007 net > > > > income > > > > of $47.7 million, or $1.14 per basic share and $1.13 per diluted > > > > share, on > > > > total revenues of $233.5 million. During the third quarter of 2008, > > > > Whiting > > > > recognized a non-cash, after-tax unrealized gain on commodity > > > > derivative > > > > contracts of $6.7 million, or $0.16 per share. > > > > > Discretionary cash flow in the third quarter of 2008 totaled a > > > > record > > > > $255.6 million, more than double the $108.0 million reported for the > > > > same > > > > period in 2007. A reconciliation of discretionary cash flow to net > > > > cash > > > > provided by operating activities is included at the end of this news > > > > release. The increases in net income and discretionary cash flow in > > > > the > > > > third quarter of 2008 versus the comparable 2007 period were primarily > > > > the > > > > result of a 24% increase in the Company's total equivalent production, > > > > a > > > > 43% increase in the Company's realized oil price (net of hedging) and > > > > a 71% > > > > increase in its realized gas price. > > > > > Production in the third quarter of 2008 totaled a record of 4.64 > > > > million barrels of oil equivalent (MMBOE), of which 3.28 million > > > > barrels > > > > were crude oil (71%) and 1.36 MMBOE was natural gas (29%). This third > > > > quarter 2008 production total equates to a daily average production > > > > rate of > > > > 50,480 barrels of oil equivalent (BOE), compared to the 40,640 BOE per > > > > day > > > > average rate in 2007's third quarter. The third quarter 2008 daily > > > > average > > > > production rate of 50,480 BOE represents a 14% sequential increase > > > > from the > > > > second quarter 2008 average daily rate of 44,200 BOE. September 2008 > > > > average production of 51,700 BOE per day represents a 10% increase > > > > from the > > > > June 2008 average daily rate of 47,100 BOE. > > > > > Approximately 1,480 BOE per day of production was interrupted > > > > during > > > > September 2008 due to Hurricane Ike. Substantially all of this > > > > production > > > > was back on stream by October 1, 2008. > > > > > Production increases were due to a combination of successful > > > > drilling > > > > results in the prolific Bakken and Piceance projects as well as > > > > continued > > > > production increases from the Company's CO(2) flood projects at the > > > > Postle > > > > and North Ward Estes fields. The primary contributor to Whiting's > > > > production increases in the third quarter of 2008 came from new wells > > > > in > > > > the Middle Bakken formation in the Sanish and Parshall fields in > > > > Mountrail > > > > County, North Dakota. The following table summarizes the Company's > > > > operated > > > > and non-operated net production from the Sanish and Parshall fields in > > > > the > > > > third quarter and in September 2008: > > > > > Operated and Non-operated Bakken Net Production by Field > > > > (In BOE) > > > > > 3rd Qtr 2008 September 2008 > > > > ------------ -------------- > > > > Parshall Sanish Total Parshall Sanish Total > > > > -------- ------ ----- -------- ------ ----- > > > > > Whiting > > > > Operated 72,126 418,100 490,226 38,435 156,070 > > > > 194,505 > > > > Non-Operated 446,679 -- 446,679 156,049 -- > > > > 156,049 > > > > Other > > > > Non-Operated 5,592 41,919 47,511 2,305 19,736 > > > > 22,041 > > > > ----- ------ ------ ----- ------ > > > > ------ > > > > 524,397 460,019 984,416 196,789 175,806 > > > > 372,595 > > > > ======= ======= ======= ======= ======= > > > > ======= > > > > > Daily BOE 5,700 5,000 10,700 6,560 5,860 > > > > 12,420 > > > > Commercial Banking Facility > > > > > In September, Whiting's bank group, as requested, reconfirmed the > > > > Company's $900 million borrowing base, maturing in August 2010. The > > > > Whiting > > > > bank group is comprised of 24 commercial banks holding between 1.8% > > > > and > > > > 6.8% of the total facility. As of September 30, 2008, approximately > > > > $500 > > > > million was drawn on the facility and approximately $3 million in > > > > letters > > > > of credit were outstanding, resulting in approximately $397 million of > > > > availability. The large number of banks and relatively low hold levels > > > > allow for flexibility should there be additional consolidation within > > > > the > > > > banking sector. > > > > > 2009 Capital Spending Budget > > > > > Although the Company will not submit its 2009 capital spending > > > > budget > > > > to its Board of Directors until later this year, Whiting expects to > > > > submit > > > > a budget in line with the Company's estimated 2009 discretionary cash > > > > flow. > > > > Such a budget is expected to generate double-digit production growth > > > > in > > > > 2009. > > > > > Nine Months Financial and Operating Results > > > > > For the nine months ended September 30, 2008, Whiting reported net > > > > income of $255.2 million, or $6.03 per basic share and $6.01 per > > > > diluted > > > > share, on total revenues of $998.3 million. This compares to net > > > > income of > > > > $84.9 million, or $2.20 per basic share and $2.19 per diluted share, > > > > on > > > > total revenues of $586.4 million in the first nine months of 2007. > > > > Discretionary cash flow for the first nine months of 2008 totaled > > > > $633.4 > > > > million, compared to $282.3 million in the comparable 2007 period. > > > > > Production in the first nine months of 2008 totaled 12.4 MMBOE, or > > > > 45,280 BOE per day, compared to production of 11.0 MMBOE, or 40,280 > > > > BOE per > > > > day, in the first nine months of 2007. > > > > > James J. Volker, Whiting's Chairman, President and CEO, commented, > > > > "We > > > > continue to generate substantially all of our production growth > > > > organically. Our net production from the Middle Bakken formation rose > > > > 48% > > > > to 12,420 BOE per day in September 2008 from 8,400 BOE per day in June > > > > 2008. Combined production from our CO(2) projects increased 15% to > > > > 13,400 > > > > BOE per day in September from 11,700 BOE in June as both projects are > > > > responding to CO(2) injection and waterflooding. In addition, our net > > > > production from the Boies Ranch prospect in the Piceance Basin ramped > > > > up to > > > > more than 9.5 million cubic feet of gas per day (1,583 BOE per day) in > > > > September 2008, an increase of 56% from the June 2008 average daily > > > > net > > > > rate of 6.1 million cubic feet of gas (1,017 BOE per day)." > > > > > Mr. Volker continued, "We expect the trend established in the > > > > first > > > > nine months of 2008 to continue during the fourth quarter of this year > > > > and > > > > through 2009." > > > > > As of October 20, 2008, 18 operated drilling rigs and 37 operated > > > > workover rigs were active on our properties. We were also > > > > participating in > > > > the drilling of eight non-operated wells, four of which are located in > > > > the > > > > Parshall field. The breakdown of our operated rigs is as follows: > > > > > Region Drilling Workover > > > > ------ -------- -------- > > > > Rocky Mountain > > > > Bakken / Williston 5 3 > > > > Piceance 3 1 > > > > Other Rockies 2- Hide quoted text - > > - Show quoted text -... > > read more » --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "Bakken Shale Discussion" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [EMAIL PROTECTED] For more options, visit this group at http://groups.google.com/group/bakken-shale-discussion?hl=en -~----------~----~----~----~------~----~------~--~---
