DENVER--(BUSINESS WIRE)--Whiting Petroleum Corporation (NYSE: WLL) (“Whiting” or the “Company”) today announced third quarter 2020 results.
Third Quarter 2020 Highlights
- Revenue was $184 million for the quarter ending September 30, 2020
- Net income was $278 million, or $7.30 per diluted share for the quarter ending September 30, 2020
- Adjusted EBITDAX was $100 million for the quarter ending September 30, 2020 (see further discussion regarding the presentation of adjusted EBITDAX in "About Non-GAAP Financial Measures" below)
- Emerged from bankruptcy with a strong balance sheet and liquidity position
On September 1, 2020 (the “Emergence Date”) the Company emerged from voluntary bankruptcy under Chapter 11 of the Bankruptcy Code. Beginning on the Emergence Date, the Company applied fresh start accounting, which resulted in a new basis of accounting, and became a new entity for financial reporting purposes. As a result of the application of fresh start accounting and the effects of the implementation of the Company’s chapter 11 plan of reorganization, the consolidated financial statements after September 1, 2020 are not comparable with the consolidated financial statements on or prior to that date. References to “Successor” refer to the Whiting entity after emergence from bankruptcy on the Emergence Date. References to “Predecessor” refer to the Whiting entity prior to emergence from bankruptcy. References to “Successor Period” refer to the period from September 1, 2020 through September 30, 2020. References to “Current Predecessor Quarter” and “Current Predecessor YTD Period” refer to the periods from July 1, 2020 through August 31, 2020 and January 1, 2020 through August 31, 2020, respectively. References to “Prior Predecessor Quarter” and “Prior Predecessor YTD Period” refer to the three and nine months ended September 30, 2019, respectively.
Although GAAP requires that we report on results for the Successor Period and the Current Predecessor Quarter and Current Predecessor YTD Period separately, our operating results are discussed below for the three and nine months ended September 30, 2020 by combining the results of the applicable Predecessor and Successor periods in order to provide the most meaningful comparison of our current results to prior periods. Accordingly, references to “Combined Current Quarter” and “Combined Current YTD Period” refer to the three and nine months ended September 30, 2020, respectively.
Revenue for the Combined Current Quarter decreased $192 million to $184 million when comparing to the quarter ending September 30, 2019. A decrease in total production accounted for approximately $111 million of the change in revenue and decreases in commodity prices realized accounted for approximately $81 million of the change in revenue between periods.
Net income for the Combined Current Quarter was $278 million, or $7.30 per share, as compared to a net loss of $19 million, or $0.21 per share, in the quarter ended September 30, 2019. Adjusted net loss for the Combined Current Quarter was $13 million or $0.34 per share.
Adjusted EBITDAX for the Combined Current Quarter was $100 million compared to $236 million for the quarter ended September 30, 2019.
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Non-GAAP |
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Predecessor |
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Combined Three
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Three Months
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Selected operating statistics: |
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Production |
|
|
|
|
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Oil (MBbl) |
|
|
5,209 |
|
|
|
7,441 |
|
NGLs (MBbl) |
|
|
1,641 |
|
|
|
1,830 |
|
Natural gas (MMcf) |
|
|
10,737 |
|
|
|
12,536 |
|
Total production (MBOE) |
|
|
8,639 |
|
|
|
11,361 |
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Average prices |
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Oil (per Bbl): |
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|
|
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Price received |
|
$ |
34.05 |
|
|
$ |
49.71 |
|
Effect of crude oil hedging (1) |
|
|
0.01 |
|
|
|
1.41 |
|
Realized price (3) |
|
$ |
34.06 |
|
|
$ |
51.12 |
|
Weighted average NYMEX price (per Bbl) (4) |
|
$ |
40.92 |
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$ |
56.43 |
|
NGLs (per Bbl): |
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Realized price |
|
$ |
6.48 |
|
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$ |
3.07 |
|
Natural gas (per Mcf): |
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Price received |
|
$ |
(0.41 |
) |
|
$ |
0.03 |
|
Effect of natural gas hedging (2) |
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|
0.03 |
|
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- |
|
Realized price |
|
$ |
(0.38 |
) |
|
$ |
0.03 |
|
Weighted average NYMEX price (per MMBtu) (4) |
|
$ |
1.90 |
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$ |
2.29 |
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Selected operating metrics |
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Sales price, net of hedging ($ per BOE) |
|
$ |
21.29 |
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$ |
34.01 |
|
Lease operating ($ per BOE) |
|
|
5.92 |
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|
|
7.51 |
|
Transportation, gathering, compression and other ($ per BOE) |
|
|
0.72 |
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|
0.98 |
|
Depreciation, depletion and amortization ($ per BOE) |
|
|
10.57 |
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18.58 |
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General and administrative ($ per BOE) |
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|
3.11 |
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|
2.63 |
|
Production and ad valorem taxes (% of sales revenue) |
|
|
9 |
% |
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|
9 |
% |
| _________________________________ | ||
(1) |
Whiting received $0.04 million and $10 million in pre-tax cash settlements on crude oil hedges during the three months ended September 30, 2020 and 2019, respectively. A summary of Whiting’s outstanding hedges is included in “Commodity Price Hedging” later in this release. | |
(2) |
Whiting received $0.3 million in pre-tax cash settlements on natural gas hedges during the three months ended September 30, 2020. A summary of Whiting’s outstanding hedges is included in “Commodity Price Hedging” later in this release. | |
(3) |
Whiting’s realized prices were reduced by $2.38 per Bbl during the three months ended September 30, 2019 due deficiency payments under a contract in our Redtail field. This contract ended in April 2020. | |
(4) |
Average NYMEX prices weighted for monthly production volumes. | |
Liquidity
Since emergence, the Company paid down approximately $25 million on its revolver. As of September 30, 2020, the Company had $400 million outstanding on its revolver and $14 million in cash resulting in total liquidity of $364 million. Whiting expects to fund its operations fully within operating cash flow through at least 2021.
Commodity Price Hedging
Whiting uses commodity hedges in order to reduce the effects of commodity price volatility and to adhere to the requirements of its credit facility. As of October 30, 2020, the Company has approximately 1.9 million Bbls of oil hedged at a weighted-average floor price of approximately $39 per Bbl in 2020, approximately 8.8 million Bbls of oil hedged at a weighted-average floor price of approximately $39 per Bbl in 2021 and approximately 3.5 million Bbls of oil hedged at a weighted-average floor price of approximately $38 per Bbl in 2022. Additionally, the Company has approximately 2.2 billion British thermal units (“Bbtu”) of natural gas hedged at a weighted-average floor price of $2.36 per million British thermal units (“MMbtu”) in 2020, approximately 23.5 Bbtu of natural gas hedged at a weighted-average floor price of $2.65 per MMbtu in 2021 and approximately 12.1 Bbtu of natural gas hedged at a weighted-average floor price of $2.38 per MMbtu in 2022. These floor prices are the weighted-average of swaps and the floors of collared transactions.
G & A
G&A expenses decreased to $27 million in the Combined Current Quarter, which includes $15 million of specific costs related to restructuring. This compares to $28 million in the second quarter 2020 and $30 million in the third quarter 2019, which included $11 million and $8 million of non-recurring items, respectively.
Operations
During the second quarter, the Company filed for bankruptcy, at which time all operations were suspended, except for workover operations. This suspension of operations clearly resulted in a steep decline in production over the past two quarters. During the third quarter of 2020, total production averaged 93.9 thousand barrels of oil equivalent per day (“MBOE/d”), of which 60% was crude oil, a decrease of 5% from the second quarter of 2020. Production for the same period of 2019 was 123 MBOE/d.
During the third quarter the Company turned seven wells to production in the Williston Basin. In the fourth quarter of 2020, Whiting expects to turn five additional wells to production as well as commence completion operations on another five wells at year end that will impact 2021 production. The Company expects capital expenditures of $27 million during the fourth quarter, bringing full year capital expenditures to the midpoint of guidance. Due to the timing of wells put on production during the third and fourth quarters, combined with completion work being done near the end of the year, we anticipate fourth quarter production will decline from the third quarter.
LOE declined to $51 million in the Combined Current Quarter from $53 million in the second quarter of 2020. This 4% decrease is primarily due to the company’s focus on saltwater disposal optimization, lower non-op spending and improved rental agreements. This also marked a 40% decrease from the same period in 2019. Whiting continues to focus on costs to improve margins during the current price environment.
Whiting has consistently outperformed the NDIC requirement for gas capture since the regulatory requirement began. In September, Whiting captured 96% of its gas and continues to explore new technologies to reduce overall emissions.
Outlook for Full-Year 2020
The following table provides guidance for the full-year 2020 based on current forecasts.
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Full-Year Guidance |
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2020 |
Production (MBOE/d) |
|
98 - 99 |
Percent Oil |
|
60% |
Capital Expenditures (MM) |
|
$ 213 - $ 218 |
Lease operating expense (MM) |
|
$ 238 - $ 242 |
Management Comment
Lynn A. Peterson, President and CEO of WLL commented, "The past quarter saw the Company complete its restructuring work and emerge from bankruptcy in September. The Whiting team remained extremely focused during the process and I commend all of our staff for their efforts.”
Peterson added, “We are in a challenging and volatile commodity price environment and we will continue to prioritize cash flow generation. As we look ahead at consensus commodity prices in 2021, our goals will be 1) to maintain production levels near our 2020 exit rate, and 2) operate within internally generated cash flow, which in combination should produce an attractive free cash flow yield. We anticipate holding 2021 spending levels in the same range as our 2020 capital expenditures to achieve these goals. We believe this strategy will create value for the Company's stakeholders while always operating in a safe environment."
Conference Call
WLL will host a conference call on Friday, November 6, 2020 at 11:00 a.m. Eastern time (9:00 a.m. Mountain time) to discuss the results. The call will be conducted by President and CEO Lynn A. Peterson, CFO James Henderson, COO Charles J. Rimer and IR Manager Brandon Day. A Q&A session will immediately follow the discussion of the results for the quarter.
To participate in this call please dial:
Domestic Dial-in Number: (877) 328-5506
International Dial-in Number: (412) 317-5422
Webcast URL: https://dpregister.com/sreg/10149456/dc153f7610
Replay Information:
Conference ID #: 10149456
Replay Dial-In (Toll Free US & Canada): (877) 344-7529 (U.S.), (855) 669-9658 (Canada)
Replay Dial-In (International): (412) 317-0088
Expiration Date: Friday, November 13, 2020
Selected Operating and Financial Statistics
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Successor |
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Predecessor |
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Non-GAAP |
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Predecessor |
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Month Ended
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Eight Months
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Combined
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Nine Months
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Selected operating statistics: |
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Production |
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Oil (MBbl) |
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1,746 |
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15,273 |
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|
17,020 |
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|
22,435 |
|
NGLs (MBbl) |
|
|
559 |
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|
4,522 |
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|
|
5,081 |
|
|
|
5,709 |
|
Natural gas (MMcf) |
|
|
3,631 |
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|
|
29,667 |
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|
33,299 |
|
|
|
38,167 |
|
Total production (MBOE) |
|
|
2,910 |
|
|
|
|
24,740 |
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|
|
27,650 |
|
|
|
34,506 |
|
Average prices |
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Oil (per Bbl): |
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Price received |
|
$ |
34.58 |
|
|
|
$ |
28.86 |
|
|
$ |
29.45 |
|
|
$ |
50.51 |
|
Effect of crude oil hedging (1) |
|
|
0.28 |
|
|
|
|
3.00 |
|
|
|
2.72 |
|
|
|
0.66 |
|
Realized price (3) |
|
$ |
34.86 |
|
|
|
$ |
31.86 |
|
|
$ |
32.17 |
|
|
$ |
51.17 |
|
Weighted average NYMEX price (per Bbl) (4) |
|
$ |
39.63 |
|
|
|
$ |
38.23 |
|
|
$ |
38.37 |
|
|
$ |
56.99 |
|
NGLs (per Bbl): |
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Realized price |
|
$ |
3.19 |
|
|
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$ |
4.45 |
|
|
$ |
4.31 |
|
|
$ |
6.09 |
|
Natural gas (per Mcf): |
|
|
|
|
|
|
|
|
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|
||||
Price received |
|
$ |
(0.30 |
) |
|
|
$ |
(0.06 |
) |
|
$ |
(0.09 |
) |
|
$ |
0.62 |
|
Effect of natural gas hedging (2) |
|
|
0.15 |
|
|
|
|
(0.01 |
) |
|
|
0.01 |
|
|
|
- |
|
Realized price |
|
$ |
(0.15 |
) |
|
|
$ |
(0.07 |
) |
|
$ |
(0.08 |
) |
|
$ |
0.62 |
|
Weighted average NYMEX price (per MMBtu) (4) |
|
$ |
2.24 |
|
|
|
$ |
1.76 |
|
|
$ |
1.81 |
|
|
$ |
2.62 |
|
Selected operating metrics |
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Sales price, net of hedging ($ per BOE) |
|
$ |
21.34 |
|
|
|
$ |
20.39 |
|
|
$ |
20.49 |
|
|
$ |
34.96 |
|
Lease operating ($ per BOE) |
|
|
6.37 |
|
|
|
|
6.40 |
|
|
|
6.39 |
|
|
|
7.43 |
|
Transportation, gathering, compression and other ($ per BOE) |
|
|
0.68 |
|
|
|
|
0.90 |
|
|
|
0.88 |
|
|
|
0.93 |
|
Depreciation, depletion and amortization ($ per BOE) |
|
|
6.91 |
|
|
|
|
13.69 |
|
|
|
12.98 |
|
|
|
17.74 |
|
General and administrative ($ per BOE) |
|
|
3.55 |
|
|
|
|
3.71 |
|
|
|
3.69 |
|
|
|
2.82 |
|
Production and ad valorem taxes (% of sales revenue) |
|
|
10 |
% |
|
|
|
9 |
% |
|
|
9 |
% |
|
|
9 |
% |
| _________________________________ | ||
(1) |
Whiting received $46 million and $15 million in pre-tax cash settlements on crude oil hedges during the nine months ended September 30, 2020 and 2019, respectively. A summary of Whiting’s outstanding hedges is included in “Commodity Price Hedging” earlier in this release. | |
(2) |
Whiting received $0.3 million in pre-tax cash settlements on natural gas hedges during the nine months ended September 30, 2020. A summary of Whiting’s outstanding hedges is included in “Commodity Price Hedging” earlier in this release. | |
(3) |
Whiting’s realized prices were reduced by $1.42 and $2.05 per Bbl during the nine months ended September 30, 2020 and 2019, respectively, due to the Redtail deficiency payments. This contract ended in April 2020. | |
(4) |
Average NYMEX prices weighted for monthly production volumes. | |
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|||
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|
Successor |
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|
Predecessor |
|
Non-GAAP |
|
Predecessor |
|||||||
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Month
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Two Months
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Combined
|
|
Three Months
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Selected financial data: |
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|
|||
(In thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
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|
|||
Total operating revenues |
|
$ |
61,084 |
|
|
$ |
122,558 |
|
|
$ |
183,642 |
|
|
$ |
375,891 |
|
Total operating expenses |
|
|
30,877 |
|
|
|
188,471 |
|
|
|
219,348 |
|
|
|
351,253 |
|
Total other (income) expense, net |
|
|
2,122 |
|
|
|
(247,992 |
) |
|
|
(245,870 |
) |
|
|
43,705 |
|
Net income (loss) |
|
|
40,270 |
|
|
|
237,425 |
|
|
|
277,695 |
|
|
|
(19,067 |
) |
Per basic share (1) |
|
|
1.06 |
|
|
|
2.60 |
|
|
|
7.30 |
|
|
|
(0.21 |
) |
Per diluted share (1) |
|
|
1.06 |
|
|
|
2.60 |
|
|
|
7.30 |
|
|
|
(0.21 |
) |
Adjusted net income (loss) (2) |
|
|
8,250 |
|
|
|
(21,130 |
) |
|
|
(12,880 |
) |
|
|
(35,148 |
) |
Per basic share (1) |
|
|
0.22 |
|
|
|
(0.23 |
) |
|
|
(0.34 |
) |
|
|
(0.38 |
) |
Per diluted share (1) |
|
|
0.22 |
|
|
|
(0.23 |
) |
|
|
(0.34 |
) |
|
|
(0.38 |
) |
Adjusted EBITDAX (2) |
|
|
34,689 |
|
|
|
64,838 |
|
|
|
99,527 |
|
|
|
235,663 |
|
| _________________________________ | ||
(1) |
For the combined three months ended September 30, 2020, the Company used the Successor’s basic and diluted weighted average share count to calculate per share amounts. | |
(2) |
Reconciliations of net income (loss) to adjusted net income (loss) and adjusted EBITDAX are included later in this news release. | |
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|||
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|
Successor |
|
|
Predecessor |
|
Non-GAAP |
|
Predecessor |
|||||||
|
|
Month
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Eight Months
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Combined
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|
Nine Months
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|||||||
Selected financial data: |
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|
|||
(In thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
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|
|||
Total operating revenues |
|
$ |
61,084 |
|
|
$ |
459,004 |
|
|
$ |
520,088 |
|
|
$ |
1,191,644 |
|
Total operating expenses |
|
|
30,877 |
|
|
|
4,651,298 |
|
|
|
4,682,175 |
|
|
|
1,147,122 |
|
Total other (income) expense, net |
|
|
2,122 |
|
|
|
(170,459 |
) |
|
|
(168,337 |
) |
|
|
139,574 |
|
Net income (loss) |
|
|
40,270 |
|
|
|
(3,965,461 |
) |
|
|
(3,925,191 |
) |
|
|
(93,679 |
) |
Per basic share (1) |
|
|
1.06 |
|
|
|
(43.37 |
) |
|
|
(103.16 |
) |
|
|
(1.03 |
) |
Per diluted share (1) |
|
|
1.06 |
|
|
|
(43.37 |
) |
|
|
(103.16 |
) |
|
|
(1.03 |
) |
Adjusted net income (loss) (2) |
|
|
8,250 |
|
|
|
(209,656 |
) |
|
|
(201,406 |
) |
|
|
(57,821 |
) |
Per basic share (1) |
|
|
0.22 |
|
|
|
(2.29 |
) |
|
|
(5.29 |
) |
|
|
(0.63 |
) |
Per diluted share (1) |
|
|
0.22 |
|
|
|
(2.29 |
) |
|
|
(5.29 |
) |
|
|
(0.63 |
) |
Adjusted EBITDAX (2) |
|
|
34,689 |
|
|
|
227,580 |
|
|
|
262,269 |
|
|
|
738,176 |
|
| _________________________________ | ||
(1) |
For the combined nine months ended September 30, 2020, the Company used the Successor’s basic and diluted weighted average share count to calculate per share amounts. | |
(2) |
Reconciliations of net income (loss) to adjusted net income (loss) and adjusted EBITDAX are included later in this news release. | |
Third Quarter and First Nine Month 2020 Costs and Margins
A summary of cash revenues and cash costs on a per BOE basis is as follows:
|
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|
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|
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|
|
|
|
|
|
|
|
|
Successor |
|
|
Predecessor |
|
Non-GAAP |
|
Predecessor |
|||||
|
|
Month Ended
|
|
|
Two Months
|
|
Combined
|
|
Three Months
|
|||||
Sales price, net of hedging |
|
$ |
20.99 |
|
|
$ |
21.39 |
|
|
$ |
21.26 |
|
$ |
34.01 |
Gain (loss) on hedging activities |
|
|
0.35 |
|
|
|
(0.13 |
) |
|
|
0.03 |
|
|
- |
Lease operating expense |
|
|
6.37 |
|
|
|
5.70 |
|
|
|
5.92 |
|
|
7.51 |
Transportation, gathering, compression and other |
|
|
0.68 |
|
|
|
0.74 |
|
|
|
0.72 |
|
|
0.98 |
Production and ad valorem tax |
|
|
2.03 |
|
|
|
1.81 |
|
|
|
1.88 |
|
|
3.10 |
Cash general & administrative |
|
|
3.55 |
|
|
|
2.74 |
|
|
|
3.02 |
|
|
2.94 |
Exploration |
|
|
1.45 |
|
|
|
0.47 |
|
|
|
0.80 |
|
|
0.73 |
Cash interest expense |
|
|
0.60 |
|
|
|
1.33 |
|
|
|
1.09 |
|
|
3.56 |
Cash income tax expense |
|
|
0.80 |
|
|
|
- |
|
|
|
0.27 |
|
|
- |
Cash reorganization items |
|
|
- |
|
|
|
5.32 |
|
|
|
3.53 |
|
|
- |
|
|
$ |
5.86 |
|
|
$ |
3.15 |
|
|
$ |
4.06 |
|
$ |
15.19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Successor |
|
|
Predecessor |
|
Non-GAAP |
|
Predecessor |
||||
|
|
Month Ended
|
|
|
Eight Months
|
|
Combined
|
|
Nine Months
|
||||
Sales price, net of hedging |
|
$ |
20.99 |
|
|
$ |
18.55 |
|
$ |
18.81 |
|
$ |
34.96 |
Gain (loss) on hedging activities |
|
|
0.35 |
|
|
|
1.84 |
|
|
1.68 |
|
|
- |
Lease operating expense |
|
|
6.37 |
|
|
|
6.40 |
|
|
6.39 |
|
|
7.43 |
Transportation, gathering, compression and other |
|
|
0.68 |
|
|
|
0.90 |
|
|
0.88 |
|
|
0.93 |
Production and ad valorem tax |
|
|
2.03 |
|
|
|
1.67 |
|
|
1.70 |
|
|
2.98 |
Cash general & administrative |
|
|
3.55 |
|
|
|
3.56 |
|
|
3.56 |
|
|
2.68 |
Exploration |
|
|
1.45 |
|
|
|
0.93 |
|
|
0.98 |
|
|
0.82 |
Cash interest expense |
|
|
0.60 |
|
|
|
2.41 |
|
|
2.22 |
|
|
3.52 |
Cash income tax expense |
|
|
0.80 |
|
|
|
0.11 |
|
|
0.18 |
|
|
- |
Cash reorganization items |
|
|
- |
|
|
|
2.31 |
|
|
2.07 |
|
|
- |
|
|
$ |
5.86 |
|
|
$ |
2.10 |
|
$ |
2.51 |
|
$ |
16.60 |
Selected Financial Data
For further information and discussion on the selected financial data below, please refer to Whiting Petroleum Corporation’s Quarterly Report on Form 10‑Q for the quarter ended September 30, 2020 to be filed with the Securities and Exchange Commission.
WHITING PETROLEUM CORPORATION |
|||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) |
|||||||||
(in thousands) |
|||||||||
|
|
|
|
|
|
|
|
||
|
|
Successor |
|
|
Predecessor |
||||
|
|
September 30, |
|
|
December 31, |
||||
|
|
2020 |
|
|
|
2019 |
|
||
ASSETS |
|
|
|
|
|
|
|
||
Current assets: |
|
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
13,702 |
|
|
|
$ |
8,652 |
|
Restricted cash |
|
|
13,233 |
|
|
|
|
- |
|
Accounts receivable trade, net |
|
|
128,577 |
|
|
|
|
308,249 |
|
Prepaid expenses and other |
|
|
22,056 |
|
|
|
|
14,082 |
|
Total current assets |
|
|
177,568 |
|
|
|
|
330,983 |
|
Property and equipment: |
|
|
|
|
|
|
|
||
Oil and gas properties, successful efforts method |
|
|
1,829,472 |
|
|
|
|
12,812,007 |
|
Other property and equipment |
|
|
72,856 |
|
|
|
|
178,689 |
|
Total property and equipment |
|
|
1,902,328 |
|
|
|
|
12,990,696 |
|
Less accumulated depreciation, depletion and amortization |
|
|
(19,447 |
) |
|
|
|
(5,735,239 |
) |
Total property and equipment, net |
|
|
1,882,881 |
|
|
|
|
7,255,457 |
|
Other long-term assets |
|
|
38,007 |
|
|
|
|
50,281 |
|
TOTAL ASSETS |
|
$ |
2,098,456 |
|
|
|
$ |
7,636,721 |
|
WHITING PETROLEUM CORPORATION |
||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) |
||||||||
(in thousands) |
||||||||
|
|
Successor |
|
|
Predecessor |
|||
|
|
September 30, |
|
|
December 31, |
|||
|
|
2020 |
|
|
2019 |
|
||
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable trade |
|
$ |
44,171 |
|
|
$ |
80,100 |
|
Revenues and royalties payable |
|
|
146,767 |
|
|
|
202,010 |
|
Accrued capital expenditures |
|
|
14,809 |
|
|
|
64,263 |
|
Accrued liabilities and other |
|
|
63,987 |
|
|
|
85,007 |
|
Accrued lease operating expenses |
|
|
23,757 |
|
|
|
38,262 |
|
Accrued interest |
|
|
1,432 |
|
|
|
53,928 |
|
Taxes payable |
|
|
16,985 |
|
|
|
26,844 |
|
Total current liabilities |
|
|
311,908 |
|
|
|
550,414 |
|
Long-term debt |
|
|
400,328 |
|
|
|
2,799,885 |
|
Asset retirement obligations |
|
|
119,262 |
|
|
|
131,208 |
|
Operating lease obligations |
|
|
17,749 |
|
|
|
31,722 |
|
Deferred income taxes |
|
|
- |
|
|
|
73,593 |
|
Other long-term liabilities |
|
|
19,723 |
|
|
|
24,928 |
|
Total liabilities |
|
|
868,970 |
|
|
|
3,611,750 |
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
Equity: |
|
|
|
|
|
|
|
|
Predecessor common stock, $0.001 par value, 225,000,000 shares authorized; 91,743,571 issued and 91,326,469 outstanding as of December 31, 2019 |
|
|
- |
|
|
|
92 |
|
Successor common stock, $0.001 par value, 500,000,000 shares authorized; 38,051,210 issued and outstanding as of September 30, 2020 |
|
|
38 |
|
|
|
- |
|
Additional paid-in capital |
|
|
1,189,178 |
|
|
|
6,409,991 |
|
Accumulated earnings (deficit) |
|
|
40,270 |
|
|
|
(2,385,112 |
) |
Total equity |
|
|
1,229,486 |
|
|
|
4,024,971 |
|
TOTAL LIABILITIES AND EQUITY |
|
$ |
2,098,456 |
|
|
$ |
7,636,721 |
|
WHITING PETROLEUM CORPORATION |
|||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) |
|||||||||||||||||
(in thousands, except per share data) |
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Successor |
|
|
Predecessor |
|
Non-GAAP |
|
Predecessor |
||||||||
|
|
Month
|
|
|
Two Months
|
|
Combined
|
|
Three Months
|
||||||||
OPERATING REVENUES |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Oil, NGL and natural gas sales |
|
$ |
61,084 |
|
|
|
$ |
122,558 |
|
|
$ |
183,642 |
|
|
$ |
375,891 |
|
OPERATING EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Lease operating expenses |
|
|
18,526 |
|
|
|
|
32,646 |
|
|
|
51,172 |
|
|
|
85,320 |
|
Transportation, gathering, compression and other |
|
|
1,980 |
|
|
|
|
4,259 |
|
|
|
6,239 |
|
|
|
11,176 |
|
Production and ad valorem taxes |
|
|
5,908 |
|
|
|
|
10,362 |
|
|
|
16,270 |
|
|
|
35,220 |
|
Depreciation, depletion and amortization |
|
|
20,110 |
|
|
|
|
71,240 |
|
|
|
91,350 |
|
|
|
211,025 |
|
Exploration and impairment |
|
|
4,207 |
|
|
|
|
10,217 |
|
|
|
14,424 |
|
|
|
10,890 |
|
General and administrative |
|
|
10,345 |
|
|
|
|
16,513 |
|
|
|
26,858 |
|
|
|
29,890 |
|
Derivative (gain) loss, net |
|
|
(30,594 |
) |
|
|
|
43,125 |
|
|
|
12,531 |
|
|
|
(30,597 |
) |
Loss on sale of properties |
|
|
395 |
|
|
|
|
1,280 |
|
|
|
1,675 |
|
|
|
595 |
|
Amortization of deferred gain on sale |
|
|
- |
|
|
|
|
(1,171 |
) |
|
|
(1,171 |
) |
|
|
(2,266 |
) |
Total operating expenses |
|
|
30,877 |
|
|
|
|
188,471 |
|
|
|
219,348 |
|
|
|
351,253 |
|
INCOME FROM OPERATIONS |
|
|
30,207 |
|
|
|
|
(65,913 |
) |
|
|
(35,706 |
) |
|
|
24,638 |
|
OTHER INCOME (EXPENSE) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest expense |
|
|
(2,128 |
) |
|
|
|
(11,379 |
) |
|
|
(13,507 |
) |
|
|
(48,447 |
) |
Gain (loss) on extinguishment of debt |
|
|
- |
|
|
|
|
- |
|
|
|
- |
|
|
|
4,598 |
|
Interest income and other |
|
|
6 |
|
|
|
|
139 |
|
|
|
145 |
|
|
|
144 |
|
Reorganization items |
|
|
- |
|
|
|
|
259,232 |
|
|
|
259,232 |
|
|
|
- |
|
Total other income (expense) |
|
|
(2,122 |
) |
|
|
|
247,992 |
|
|
|
245,870 |
|
|
|
(43,705 |
) |
INCOME (LOSS) BEFORE INCOME TAXES |
|
|
28,085 |
|
|
|
|
182,079 |
|
|
|
210,164 |
|
|
|
(19,067 |
) |
INCOME TAX EXPENSE (BENEFIT) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Current |
|
|
2,316 |
|
|
|
|
- |
|
|
|
2,316 |
|
|
|
- |
|
Deferred |
|
|
(14,501 |
) |
|
|
|
(55,346 |
) |
|
|
(69,847 |
) |
|
|
- |
|
Total income tax benefit |
|
|
(12,185 |
) |
|
|
|
(55,346 |
) |
|
|
(67,531 |
) |
|
|
- |
|
NET INCOME (LOSS) |
|
$ |
40,270 |
|
|
|
$ |
237,425 |
|
|
$ |
277,695 |
|
|
$ |
(19,067 |
) |
INCOME (LOSS) PER COMMON SHARE |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
$ |
1.06 |
|
|
|
$ |
2.60 |
|
|
$ |
7.30 |
|
|
$ |
(0.21 |
) |
Diluted |
|
$ |
1.06 |
|
|
|
$ |
2.60 |
|
|
$ |
7.30 |
|
|
$ |
(0.21 |
) |
WEIGHTED AVERAGE SHARES OUTSTANDING |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
|
38,051 |
|
|
|
|
91,464 |
|
|
|
38,051 |
|
|
|
91,299 |
|
Diluted |
|
|
38,051 |
|
|
|
|
91,464 |
|
|
|
38,051 |
|
|
|
91,299 |
|
WHITING PETROLEUM CORPORATION |
|||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) |
|||||||||||||||||
(in thousands, except per share data) |
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Successor |
|
|
Predecessor |
|
Non-GAAP |
|
Predecessor |
||||||||
|
|
Month
|
|
|
Eight Months
|
|
Combined
|
|
Nine Months
|
||||||||
OPERATING REVENUES |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Oil, NGL and natural gas sales |
|
$ |
61,084 |
|
|
|
$ |
459,004 |
|
|
$ |
520,088 |
|
|
$ |
1,191,644 |
|
OPERATING EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Lease operating expenses |
|
|
18,526 |
|
|
|
|
158,228 |
|
|
|
176,754 |
|
|
|
256,384 |
|
Transportation, gathering, compression and other |
|
|
1,980 |
|
|
|
|
22,266 |
|
|
|
24,246 |
|
|
|
32,145 |
|
Production and ad valorem taxes |
|
|
5,908 |
|
|
|
|
41,204 |
|
|
|
47,112 |
|
|
|
102,796 |
|
Depreciation, depletion and amortization |
|
|
20,110 |
|
|
|
|
338,757 |
|
|
|
358,867 |
|
|
|
612,166 |
|
Exploration and impairment |
|
|
4,207 |
|
|
|
|
4,184,830 |
|
|
|
4,189,037 |
|
|
|
44,045 |
|
General and administrative |
|
|
10,345 |
|
|
|
|
91,816 |
|
|
|
102,161 |
|
|
|
97,437 |
|
Derivative (gain) loss, net |
|
|
(30,594 |
) |
|
|
|
(181,614 |
) |
|
|
(212,208 |
) |
|
|
7,431 |
|
Loss on sale of properties |
|
|
395 |
|
|
|
|
927 |
|
|
|
1,322 |
|
|
|
1,681 |
|
Amortization of deferred gain on sale |
|
|
- |
|
|
|
|
(5,116 |
) |
|
|
(5,116 |
) |
|
|
(6,963 |
) |
Total operating expenses |
|
|
30,877 |
|
|
|
|
4,651,298 |
|
|
|
4,682,175 |
|
|
|
1,147,122 |
|
INCOME FROM OPERATIONS |
|
|
30,207 |
|
|
|
|
(4,192,294 |
) |
|
|
(4,162,087 |
) |
|
|
44,522 |
|
OTHER INCOME (EXPENSE) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest expense |
|
|
(2,128 |
) |
|
|
|
(73,054 |
) |
|
|
(75,182 |
) |
|
|
(145,274 |
) |
Gain (loss) on extinguishment of debt |
|
|
- |
|
|
|
|
25,883 |
|
|
|
25,883 |
|
|
|
4,598 |
|
Interest income and other |
|
|
6 |
|
|
|
|
211 |
|
|
|
217 |
|
|
|
1,102 |
|
Reorganization items |
|
|
- |
|
|
|
|
217,419 |
|
|
|
217,419 |
|
|
|
- |
|
Total other income (expense) |
|
|
(2,122 |
) |
|
|
|
170,459 |
|
|
|
168,337 |
|
|
|
(139,574 |
) |
INCOME (LOSS) BEFORE INCOME TAXES |
|
|
28,085 |
|
|
|
|
(4,021,835 |
) |
|
|
(3,993,750 |
) |
|
|
(95,052 |
) |
INCOME TAX EXPENSE (BENEFIT) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Current |
|
|
2,316 |
|
|
|
|
2,718 |
|
|
|
5,034 |
|
|
|
- |
|
Deferred |
|
|
(14,501 |
) |
|
|
|
(59,092 |
) |
|
|
(73,593 |
) |
|
|
(1,373 |
) |
Total income tax benefit |
|
|
(12,185 |
) |
|
|
|
(56,374 |
) |
|
|
(68,559 |
) |
|
|
(1,373 |
) |
NET INCOME (LOSS) |
|
$ |
40,270 |
|
|
|
$ |
(3,965,461 |
) |
|
$ |
(3,925,191 |
) |
|
$ |
(93,679 |
) |
INCOME (LOSS) PER COMMON SHARE |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
$ |
1.06 |
|
|
|
$ |
(43.37 |
) |
|
$ |
(103.16 |
) |
|
$ |
(1.03 |
) |
Diluted |
|
$ |
1.06 |
|
|
|
$ |
(43.37 |
) |
|
$ |
(103.16 |
) |
|
$ |
(1.03 |
) |
WEIGHTED AVERAGE SHARES OUTSTANDING |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
|
38,051 |
|
|
|
|
91,423 |
|
|
|
38,051 |
|
|
|
91,274 |
|
Diluted |
|
|
38,051 |
|
|
|
|
91,423 |
|
|
|
38,051 |
|
|
|
91,274 |
|
Contacts
Company Contact: Brandon Day
Title: Investor Relations Manager
Phone: 303‑837‑1661
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Read full story here
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