DENVER--(BUSINESS WIRE)--Whiting Petroleum Corporation (NYSE: WLL) (“Whiting” or the “Company”) today announced fourth quarter and full year 2020 results.
Fourth Quarter and Full-Year 2020 Highlights
- Revenue was $212 million and $732 million for the quarter and year ending December 31, 2020, respectively
- Net loss was $1.2 million or $0.03 per diluted share for the quarter ending December 31, 2020
- Adjusted EBITDAX was $120 million and $382 million for the quarter and year ending December 31, 2020, respectively (see further discussion regarding the calculation of adjusted EBITDAX in "About Non-GAAP Financial Measures" below)
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 December 31, 2020. References to “Current Predecessor YTD Period” refer to the period from January 1, 2020 through August 31, 2020.
Although GAAP requires that the Company report on results for the Successor Period and Current Predecessor YTD Period separately, our operating results are discussed below for the year ended December 31, 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.
Revenue for the fourth quarter of 2020 decreased $168 million to $212 million when comparing to the fourth quarter of 2019. A decrease in total production, which was primarily due to reduced development activity during 2020, accounted for approximately $114 million of the change in revenue. Lower commodity prices realized accounted for the remaining $54 million decrease in revenue between periods.
Net loss for the fourth quarter of 2020 was $1.2 million, or $0.03 per share, as compared to a net loss of $147 million, or $1.62 per share, for the fourth quarter of 2019. Adjusted net income for the fourth quarter of 2020 was $56 million or $1.46 per share. Adjusted net income and adjusted net income per share that exclude the effect of certain items are non-GAAP financial measures. Adjusted net income and adjusted net income per share represent net income (loss) and diluted net income (loss) per share, respectively, as determined under U.S. GAAP excluding the effects of non-cash gains and losses on derivative instruments, property impairments, gains and losses on asset sales and gains and losses on extinguishment of debt as applicable.
Adjusted EBITDAX for the fourth quarter of 2020 was $120 million compared to $241 million for the fourth quarter of 2019. Adjusted EBITDAX for the full-year of 2020 was $382 million compared to $979 million for the full-year of 2019. The Company’s revenues and EBITDAX for 2020 were similarly affected by lower production volumes due to reduced development activity during the year in response to the prevailing commodity price environment. This depressed commodity price environment also directly affected the Company’s results with lower prices received for its products. These effects were partially offset by reduced general and administrative expenses and DD&A primarily due to cost control measures implemented by the Company and its reorganization under bankruptcy. Select operating statistics are presented in the following tables:
Selected Operating and Financial Statistics
|
|
|
|
|
|
|
|
||
|
|
Successor |
|
|
Predecessor |
||||
|
|
Three Months
|
|
|
Three Months
|
||||
Selected operating statistics: |
|
|
|
|
|
|
|
||
Production |
|
|
|
|
|
|
|
||
Oil (MBbl) |
|
|
5,110 |
|
|
|
|
7,376 |
|
NGLs (MBbl) |
|
|
1,546 |
|
|
|
|
1,886 |
|
Natural gas (MMcf) |
|
|
10,709 |
|
|
|
|
12,316 |
|
Total production (MBOE) |
|
|
8,441 |
|
|
|
|
11,315 |
|
Average prices |
|
|
|
|
|
|
|
||
Oil (per Bbl): |
|
|
|
|
|
|
|
||
Price received |
|
$ |
37.89 |
|
|
|
$ |
48.67 |
|
Effect of crude oil hedging (1) |
|
|
(0.55 |
) |
|
|
|
1.36 |
|
Realized price (2) |
|
$ |
37.34 |
|
|
|
$ |
50.03 |
|
Weighted average NYMEX price (per Bbl) (3) |
|
$ |
42.59 |
|
|
|
$ |
56.93 |
|
NGLs (per Bbl): |
|
|
|
|
|
|
|
||
Realized price |
|
$ |
6.88 |
|
|
|
$ |
8.79 |
|
Natural gas (per Mcf): |
|
|
|
|
|
|
|
||
Price received |
|
$ |
0.75 |
|
|
|
$ |
0.41 |
|
Effect of natural gas hedging (4) |
|
|
(0.20 |
) |
|
|
|
- |
|
Realized price |
|
$ |
0.55 |
|
|
|
$ |
0.41 |
|
Weighted average NYMEX price (per MMBtu) (3) |
|
$ |
2.51 |
|
|
|
$ |
2.44 |
|
Selected operating metrics |
|
|
|
|
|
|
|
||
Sales price, net of hedging ($ per BOE) |
|
$ |
24.56 |
|
|
|
$ |
34.53 |
|
Lease operating ($ per BOE) |
|
|
6.57 |
|
|
|
|
6.37 |
|
Transportation, gathering, compression and other ($ per BOE) |
|
|
0.72 |
|
|
|
|
0.91 |
|
Depreciation, depletion and amortization ($ per BOE) |
|
|
6.80 |
|
|
|
|
18.06 |
|
General and administrative ($ per BOE) |
|
|
1.35 |
|
|
|
|
3.11 |
|
Production and ad valorem taxes (% of sales revenue) |
|
|
9 |
% |
|
|
|
9 |
% |
__________ |
||
(1) |
Whiting paid $3 million and received $10 million in pre-tax cash settlements on crude oil hedges during the three months ended December 31, 2020 and 2019, respectively. A summary of Whiting’s outstanding hedges is included in “Commodity Price Hedging” later in this release. |
|
(2) |
Whiting’s price received for oil was reduced by $2.43 per Bbl during the three months ended December 31, 2019 due to deficiency payments under a contract in the Company’s Redtail field. This contract ended in April 2020. |
|
(3) |
Average NYMEX prices weighted for monthly production volumes. |
|
(4) |
Whiting paid $2 million in pre-tax cash settlements on natural gas hedges during the three months ended December 31, 2020. A summary of Whiting’s outstanding hedges is included in “Commodity Price Hedging” later in this release. |
|
|
Successor |
|
|
Predecessor |
|
Non-GAAP |
|
Predecessor |
||||||||
|
|
Four Months
|
|
|
Eight Months
|
|
Combined
|
|
Year Ended
|
||||||||
Selected operating statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Production |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Oil (MBbl) |
|
|
6,857 |
|
|
|
|
15,273 |
|
|
|
22,130 |
|
|
|
29,811 |
|
NGLs (MBbl) |
|
|
2,104 |
|
|
|
|
4,522 |
|
|
|
6,626 |
|
|
|
7,596 |
|
Natural gas (MMcf) |
|
|
14,340 |
|
|
|
|
29,667 |
|
|
|
44,007 |
|
|
|
50,483 |
|
Total production (MBOE) |
|
|
11,351 |
|
|
|
|
24,740 |
|
|
|
36,091 |
|
|
|
45,820 |
|
Average prices |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Oil (per Bbl): |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Price received |
|
$ |
37.05 |
|
|
|
$ |
28.86 |
|
|
$ |
31.40 |
|
|
$ |
50.06 |
|
Effect of crude oil hedging (1) |
|
|
(0.34 |
) |
|
|
|
3.00 |
|
|
|
1.96 |
|
|
|
0.83 |
|
Realized price (2) |
|
$ |
36.71 |
|
|
|
$ |
31.86 |
|
|
$ |
33.36 |
|
|
$ |
50.89 |
|
Weighted average NYMEX price (per Bbl) (3) |
|
$ |
41.84 |
|
|
|
$ |
38.23 |
|
|
$ |
39.35 |
|
|
$ |
56.97 |
|
NGLs (per Bbl): |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Realized price |
|
$ |
5.90 |
|
|
|
$ |
4.45 |
|
|
$ |
4.91 |
|
|
$ |
6.76 |
|
Natural gas (per Mcf): |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Price received |
|
$ |
0.48 |
|
|
|
$ |
(0.06 |
) |
|
$ |
0.11 |
|
|
$ |
0.57 |
|
Effect of natural gas hedging (4) |
|
|
(0.11 |
) |
|
|
|
(0.01 |
) |
|
|
(0.04 |
) |
|
|
- |
|
Realized price |
|
$ |
0.37 |
|
|
|
$ |
(0.07 |
) |
|
$ |
0.07 |
|
|
$ |
0.57 |
|
Weighted average NYMEX price (per MMBtu) (3) |
|
$ |
2.44 |
|
|
|
$ |
1.76 |
|
|
$ |
1.98 |
|
|
$ |
2.58 |
|
Selected operating metrics |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Sales price, net of hedging ($ per BOE) |
|
$ |
23.74 |
|
|
|
$ |
20.39 |
|
|
$ |
21.44 |
|
|
$ |
34.86 |
|
Lease operating ($ per BOE) |
|
|
6.52 |
|
|
|
|
6.40 |
|
|
|
6.43 |
|
|
|
7.17 |
|
Transportation, gathering, compression and other ($ per BOE) |
|
|
0.71 |
|
|
|
|
0.90 |
|
|
|
0.84 |
|
|
|
0.93 |
|
Depreciation, depletion and amortization ($ per BOE) |
|
|
6.83 |
|
|
|
|
13.69 |
|
|
|
11.53 |
|
|
|
17.82 |
|
General and administrative ($ per BOE) |
|
|
1.91 |
|
|
|
|
3.71 |
|
|
|
3.15 |
|
|
|
2.89 |
|
Production and ad valorem taxes (% of sales revenue) |
|
|
9 |
% |
|
|
|
9 |
% |
|
|
9 |
% |
|
|
9 |
% |
____________ | ||
(1) |
Whiting received $43 million and $25 million in pre-tax cash settlements on crude oil hedges during the year ended December 31, 2020 and 2019, respectively. A summary of Whiting’s outstanding hedges is included in “Commodity Price Hedging” later in this release. |
|
(2) |
Whiting’s realized oil prices were reduced by $2.14 per Bbl during the year December 31, 2019, due to deficiency payments under a contract in the Company’s Redtail field. This contract ended in April 2020. |
|
(3) |
Average NYMEX prices weighted for monthly production volumes. |
|
(4) |
Whiting paid $2 million in pre-tax cash settlements on natural gas hedges during the year ended December 31, 2020. A summary of Whiting’s outstanding hedges is included in “Commodity Price Hedging” later in this release. |
Liquidity
As of December 31, 2020, the Company had a $750 million revolving credit facility with borrowings of $360 million and letters of credit of $2 million outstanding. The resulting total availability of $388 million along with $26 million in unrestricted cash resulted in total liquidity of $414 million. The Company has continued to pay down its revolver facility, with outstanding borrowings estimated to be $275 million as of February 28, 2021. Since emergence from bankruptcy on September 1, 2020, the Company is estimated to have reduced its outstanding borrowings on its revolver facility by approximately $150 million as of February 28, 2021. Whiting expects to continue to fund its operations fully within operating cash flow while reducing its debt through at least 2021.
Commodity Price Hedging
Whiting currently has approximately 70% of its forecasted crude oil production and 75% of its natural gas production hedged for 2021. The Company uses commodity hedges in order to reduce the effects of commodity price volatility and to adhere to the requirements of its credit facility. The following table summarizes Whiting’s hedging positions as of February 24, 2021:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Prices |
||||
Settlement Period |
|
Index |
|
Derivative Instrument |
|
Total Volumes |
|
Units |
|
Swap Price |
|
Floor |
|
Ceiling |
Crude Oil |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021(1) |
|
NYMEX WTI |
|
Fixed Price Swaps |
|
5,523 |
|
MBbl |
|
$44.36 |
|
- |
|
- |
2021(1) |
|
NYMEX WTI |
|
Two-way Collars |
|
6,212 |
|
MBbl |
|
- |
|
$38.86 |
|
$47.09 |
2022 |
|
NYMEX WTI |
|
Fixed Price Swaps |
|
630 |
|
MBbl |
|
$54.30 |
|
- |
|
- |
2022 |
|
NYMEX WTI |
|
Two-way Collars |
|
8,460 |
|
MBbl |
|
- |
|
$41.95 |
|
$52.35 |
2023(2) |
|
NYMEX WTI |
|
Two-way Collars |
|
1,980 |
|
MBbl |
|
- |
|
$45.77 |
|
$56.01 |
|
|
|
|
Total |
|
22,805 |
|
|
|
|
|
|
|
|
Natural Gas |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021(3) |
|
NYMEX Henry Hub |
|
Fixed Price Swaps |
|
16,290 |
|
BBtu |
|
$2.80 |
|
- |
|
- |
2021(3) |
|
NYMEX Henry Hub |
|
Two-way Collars |
|
9,180 |
|
BBtu |
|
- |
|
$2.60 |
|
$2.79 |
2022 |
|
NYMEX Henry Hub |
|
Fixed Price Swaps |
|
3,390 |
|
BBtu |
|
$2.65 |
|
- |
|
- |
2022 |
|
NYMEX Henry Hub |
|
Two-way Collars |
|
10,720 |
|
BBtu |
|
- |
|
$2.35 |
|
$2.85 |
2023(2) |
|
NYMEX Henry Hub |
|
Two-way Collars |
|
1,800 |
|
BBtu |
|
- |
|
$2.60 |
|
$3.05 |
|
|
|
|
Total |
|
41,380 |
|
|
|
|
|
|
|
|
____________ | ||
(1) |
Includes settlement periods of February through December 2021. |
|
(2) |
Includes settlement periods of January through March 2023. |
|
(3) |
Includes settlement periods of March through December 2021. |
Outlook for Full-Year 2021
The following table summarizes the Company’s previously provided 2021 guidance, which was based on $45 WTI crude oil and remains unchanged:
|
|
Full-Year 2021 Guidance |
Production (MBOE per day) |
|
82 - 88 |
Oil production (MBO per day) |
|
48 - 52 |
Capital expenditures (MM) |
|
$ 228 - $ 252 |
Lease operating expense (MM) |
|
$ 220 - $ 245 |
General and administrative cash expense (MM) |
|
$ 48 - $ 52 |
The Company currently has one drilling rig operating in its Sanish Field in North Dakota as well as one completion crew operating in the Foreman Butte/Hidden Bench areas. With the previously announced development program the Company expected to generate in excess of $150 million of free cash flow. Anticipating commodity price fluctuation throughout the year and considering that oil revenue represents over 90% of Whiting’s revenues, the Company expects a $1 change in WTI to impact free cash flow by approximately $10 million, subject to the effect of hedges at certain prices.
Management Comment
Lynn A. Peterson, President and CEO of WLL commented, "2020 was a demanding year for the Company and its staff, as it managed through bankruptcy and the significant impacts of the Covid-19 pandemic. As an organization, we had to change the way we operate, and the staff worked tirelessly through the year adapting to new work habits while facing the challenges that the pandemic caused in almost all aspects of life. For that I want to commend our employees for their efforts. The Company has made significant strides in driving down costs as evidenced by our previous operational release. We have attempted to right size the staff to the Company’s current activity levels and these efforts can be evidenced by the $71 million in net cash provided by operating activities and nearly $90 million of free cash flow during the fourth quarter of 2020. We believe Whiting exited the year well positioned financially and operationally with an exciting opportunity ahead of us to redefine how we fit within the energy sector.”
Conference Call
Whiting will host a conference call on Thursday, February 25, 2021 at 9:00 a.m. Eastern time (7:00 a.m. Mountain time) to discuss these 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/10152247/e26abb863d
Replay Information:
Conference ID #: 10152247
Replay Dial-In (Toll Free U.S. & Canada): (877) 344-7529 (U.S.), (855) 669-9658 (Canada)
Replay Dial-In (International): (412) 317-0088
Expiration Date: March 04, 2021
Selected Financial Data
For further information and discussion on the selected financial data below, please refer to Whiting Petroleum Corporation’s Annual Report on Form 10‑K for the year ended December 31, 2020 to be filed with the Securities and Exchange Commission.
|
|
Successor |
|
|
Predecessor |
||||
|
|
Three Months
|
|
|
Three Months
|
||||
Selected financial data: |
|
|
|
|
|
|
|
||
(In thousands, except per share data) |
|
|
|
|
|
|
|
||
Total operating revenues |
|
$ |
212,274 |
|
|
|
$ |
380,601 |
|
Total operating expenses |
|
|
207,502 |
|
|
|
|
412,454 |
|
Total other expense, net |
|
|
5,822 |
|
|
|
|
42,041 |
|
Net loss |
|
|
(1,197 |
) |
|
|
|
(147,487 |
) |
Per basic share |
|
|
(0.03 |
) |
|
|
|
(1.62 |
) |
Per diluted share |
|
|
(0.03 |
) |
|
|
|
(1.62 |
) |
Adjusted net income (loss) (1) |
|
|
55,543 |
|
|
|
|
(20,414 |
) |
Per basic share |
|
|
1.46 |
|
|
|
|
(0.22 |
) |
Per diluted share |
|
|
1.46 |
|
|
|
|
(0.22 |
) |
Adjusted EBITDAX (1) |
|
|
119,825 |
|
|
|
|
240,872 |
|
____________ |
||
(1) |
Reconciliations of net loss to adjusted net income (loss) and adjusted EBITDAX are included later in this news release. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
Successor |
|
|
Predecessor |
|
Non-GAAP |
|
Predecessor |
|||||||
|
|
Four Months
|
|
|
Eight Months
|
|
Combined
|
|
Year Ended
|
|||||||
Selected financial data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
(In thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Total operating revenues |
|
$ |
273,358 |
|
|
$ |
459,004 |
|
|
$ |
732,362 |
|
|
$ |
1,572,245 |
|
Total operating expenses |
|
|
238,379 |
|
|
|
4,651,298 |
|
|
|
4,889,677 |
|
|
|
1,559,576 |
|
Total other (income) expense, net |
|
|
7,944 |
|
|
|
(170,459 |
) |
|
|
(162,515 |
) |
|
|
181,615 |
|
Net income (loss) |
|
|
39,073 |
|
|
|
(3,965,461 |
) |
|
|
(3,926,388 |
) |
|
|
(241,166 |
) |
Per basic share (1) |
|
|
1.03 |
|
|
|
(43.37 |
) |
|
|
(103.11 |
) |
|
|
(2.64 |
) |
Per diluted share (1) |
|
|
1.03 |
|
|
|
(43.37 |
) |
|
|
(103.11 |
) |
|
|
(2.64 |
) |
Adjusted net income (loss) (2) |
|
|
63,794 |
|
|
|
(209,656 |
) |
|
|
(145,862 |
) |
|
|
(78,236 |
) |
Per basic share (1) |
|
|
1.68 |
|
|
|
(2.29 |
) |
|
|
(3.83 |
) |
|
|
(0.86 |
) |
Per diluted share (1) |
|
|
1.67 |
|
|
|
(2.29 |
) |
|
|
(3.83 |
) |
|
|
(0.86 |
) |
Adjusted EBITDAX (2) |
|
|
154,521 |
|
|
|
227,580 |
|
|
|
382,101 |
|
|
|
979,048 |
|
____________ | ||
(1) |
For the combined year ended December 31, 2020, the Company used the Successor’s basic and diluted weighted average share counts for the four months ended December 31, 2020 to calculate per share amounts. Refer to the Consolidated Statement of Operations presented later in this release for share counts used. |
|
(2) |
Reconciliations of net income (loss) to adjusted net income (loss) and adjusted EBITDAX are included later in this news release. |
WHITING PETROLEUM CORPORATION |
|||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) |
|||||||||
(in thousands, except share and per share data) |
|||||||||
|
|
|
|
|
|
|
|
||
|
|
Successor |
|
|
Predecessor |
||||
|
|
December 31, |
|
|
December 31, |
||||
|
|
2020 |
|
|
2019 |
||||
ASSETS |
|
|
|
|
|
|
|
||
Current assets: |
|
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
25,607 |
|
|
|
$ |
8,652 |
|
Restricted cash |
|
|
2,760 |
|
|
|
|
- |
|
Accounts receivable trade, net |
|
|
142,830 |
|
|
|
|
308,249 |
|
Prepaid expenses and other |
|
|
19,224 |
|
|
|
|
14,082 |
|
Total current assets |
|
|
190,421 |
|
|
|
|
330,983 |
|
Property and equipment: |
|
|
|
|
|
|
|
||
Oil and gas properties, successful efforts method |
|
|
1,812,601 |
|
|
|
|
12,812,007 |
|
Other property and equipment |
|
|
74,064 |
|
|
|
|
178,689 |
|
Total property and equipment |
|
|
1,886,665 |
|
|
|
|
12,990,696 |
|
Less accumulated depreciation, depletion and amortization |
|
|
(73,869 |
) |
|
|
|
(5,735,239 |
) |
Total property and equipment, net |
|
|
1,812,796 |
|
|
|
|
7,255,457 |
|
Other long-term assets |
|
|
40,723 |
|
|
|
|
50,281 |
|
TOTAL ASSETS |
|
$ |
2,043,940 |
|
|
|
$ |
7,636,721 |
|
WHITING PETROLEUM CORPORATION |
||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) |
||||||||
(in thousands, except share and per share data) |
||||||||
|
|
|
|
|
|
|
|
|
|
|
Successor |
|
|
Predecessor |
|||
|
|
December 31, |
|
|
December 31, |
|||
|
|
2020 |
|
|
2019 |
|||
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable trade |
|
$ |
23,697 |
|
|
$ |
80,100 |
|
Revenues and royalties payable |
|
|
151,196 |
|
|
|
202,010 |
|
Accrued capital expenditures |
|
|
20,155 |
|
|
|
64,263 |
|
Accrued liabilities and other |
|
|
36,170 |
|
|
|
53,597 |
|
Accrued lease operating expenses |
|
|
23,457 |
|
|
|
38,262 |
|
Accrued interest |
|
|
476 |
|
|
|
53,928 |
|
Taxes payable |
|
|
11,997 |
|
|
|
26,844 |
|
Derivative liabilities |
|
|
49,485 |
|
|
|
10,285 |
|
Accrued employee compensation and benefits |
|
|
5,361 |
|
|
|
21,125 |
|
Total current liabilities |
|
|
321,994 |
|
|
|
550,414 |
|
Long-term debt |
|
|
360,000 |
|
|
|
2,799,885 |
|
Asset retirement obligations |
|
|
91,864 |
|
|
|
131,208 |
|
Operating lease obligations |
|
|
17,415 |
|
|
|
31,722 |
|
Deferred income taxes |
|
|
- |
|
|
|
73,593 |
|
Other long-term liabilities |
|
|
23,863 |
|
|
|
24,928 |
|
Total liabilities |
|
|
815,136 |
|
|
|
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; 38,051,125 issued and outstanding as of December 31, 2020 |
|
|
38 |
|
|
|
- |
|
Additional paid-in capital |
|
|
1,189,693 |
|
|
|
6,409,991 |
|
Accumulated earnings (deficit) |
|
|
39,073 |
|
|
|
(2,385,112 |
) |
Total equity |
|
|
1,228,804 |
|
|
|
4,024,971 |
|
TOTAL LIABILITIES AND EQUITY |
|
$ |
2,043,940 |
|
|
$ |
7,636,721 |
|
WHITING PETROLEUM CORPORATION |
|||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) |
|||||||||
(in thousands, except per share data) |
|||||||||
|
|
|
|
|
|
|
|
||
|
|
Successor |
|
|
Predecessor |
||||
|
|
Three Months
|
|
|
Three Months
|
||||
OPERATING REVENUES |
|
|
|
|
|
|
|
||
Oil, NGL and natural gas sales |
|
$ |
212,274 |
|
|
|
$ |
380,601 |
|
OPERATING EXPENSES |
|
|
|
|
|
|
|
||
Lease operating expenses |
|
|
55,455 |
|
|
|
|
72,043 |
|
Transportation, gathering, compression and other |
|
|
6,058 |
|
|
|
|
10,293 |
|
Production and ad valorem taxes |
|
|
18,242 |
|
|
|
|
35,416 |
|
Depreciation, depletion and amortization |
|
|
57,392 |
|
|
|
|
204,322 |
|
Exploration and impairment |
|
|
3,658 |
|
|
|
|
10,693 |
|
General and administrative |
|
|
11,389 |
|
|
|
|
35,172 |
|
Derivative loss, net |
|
|
55,308 |
|
|
|
|
46,338 |
|
Loss on sale of properties |
|
|
- |
|
|
|
|
283 |
|
Amortization of deferred gain on sale |
|
|
- |
|
|
|
|
(2,106 |
) |
Total operating expenses |
|
|
207,502 |
|
|
|
|
412,454 |
|
INCOME (LOSS) FROM OPERATIONS |
|
|
4,772 |
|
|
|
|
(31,853 |
) |
OTHER INCOME (EXPENSE) |
|
|
|
|
|
|
|
||
Interest expense |
|
|
(5,952 |
) |
|
|
|
(45,773 |
) |
Gain on extinguishment of debt |
|
|
- |
|
|
|
|
3,232 |
|
Interest income and other |
|
|
130 |
|
|
|
|
500 |
|
Reorganization items, net |
|
|
- |
|
|
|
|
- |
|
Total other income (expense) |
|
|
(5,822 |
) |
|
|
|
(42,041 |
) |
LOSS BEFORE INCOME TAXES |
|
|
(1,050 |
) |
|
|
|
(73,894 |
) |
INCOME TAX EXPENSE |
|
|
|
|
|
|
- |
|
|
Current |
|
|
147 |
|
|
|
|
- |
|
Deferred |
|
|
- |
|
|
|
|
73,593 |
|
Income tax expense |
|
|
147 |
|
|
|
|
73,593 |
|
NET LOSS |
|
$ |
(1,197 |
) |
|
|
$ |
(147,487 |
) |
LOSS PER COMMON SHARE |
|
|
|
|
|
|
|
||
Basic |
|
$ |
(0.03 |
) |
|
|
$ |
(1.62 |
) |
Diluted |
|
$ |
(0.03 |
) |
|
|
$ |
(1.62 |
) |
WEIGHTED AVERAGE SHARES OUTSTANDING |
|
|
|
|
|
|
|
||
Basic |
|
|
38,090 |
|
|
|
|
91,317 |
|
Diluted |
|
|
38,090 |
|
|
|
|
91,317 |
|
WHITING PETROLEUM CORPORATION |
|||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) |
|||||||||||||||||
(in thousands, except per share data) |
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Successor |
|
|
Predecessor |
|
Non-GAAP |
|
Predecessor |
||||||||
|
|
Four Months
|
|
|
Eight Months
|
|
Combined
|
|
Year Ended
|
||||||||
OPERATING REVENUES |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Oil, NGL and natural gas sales |
|
$ |
273,358 |
|
|
|
$ |
459,004 |
|
|
$ |
732,362 |
|
|
$ |
1,572,245 |
|
OPERATING EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Lease operating expenses |
|
|
73,981 |
|
|
|
|
158,228 |
|
|
|
232,209 |
|
|
|
328,427 |
|
Transportation, gathering, compression and other |
|
|
8,038 |
|
|
|
|
22,266 |
|
|
|
30,304 |
|
|
|
42,438 |
|
Production and ad valorem taxes |
|
|
24,150 |
|
|
|
|
41,204 |
|
|
|
65,354 |
|
|
|
138,212 |
|
Depreciation, depletion and amortization |
|
|
77,502 |
|
|
|
|
338,757 |
|
|
|
416,259 |
|
|
|
816,488 |
|
Exploration and impairment |
|
|
7,865 |
|
|
|
|
4,184,830 |
|
|
|
4,192,695 |
|
|
|
54,738 |
|
General and administrative |
|
|
21,734 |
|
|
|
|
91,816 |
|
|
|
113,550 |
|
|
|
132,609 |
|
Derivative (gain) loss, net |
|
|
24,714 |
|
|
|
|
(181,614 |
) |
|
|
(156,900 |
) |
|
|
53,769 |
|
Loss on sale of properties |
|
|
395 |
|
|
|
|
927 |
|
|
|
1,322 |
|
|
|
1,964 |
|
Amortization of deferred gain on sale |
|
|
- |
|
|
|
|
(5,116 |
) |
|
|
(5,116 |
) |
|
|
(9,069 |
) |
Total operating expenses |
|
|
238,379 |
|
|
|
|
4,651,298 |
|
|
|
4,889,677 |
|
|
|
1,559,576 |
|
INCOME (LOSS) FROM OPERATIONS |
|
|
34,979 |
|
|
|
|
(4,192,294 |
) |
|
|
(4,157,315 |
) |
|
|
12,669 |
|
OTHER INCOME (EXPENSE) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest expense |
|
|
(8,080 |
) |
|
|
|
(73,054 |
) |
|
|
(81,134 |
) |
|
|
(191,047 |
) |
Gain on extinguishment of debt |
|
|
- |
|
|
|
|
25,883 |
|
|
|
25,883 |
|
|
|
7,830 |
|
Interest income and other |
|
|
136 |
|
|
|
|
211 |
|
|
|
347 |
|
|
|
1,602 |
|
Reorganization items, net |
|
|
- |
|
|
|
|
217,419 |
|
|
|
217,419 |
|
|
|
- |
|
Total other income (expense) |
|
|
(7,944 |
) |
|
|
|
170,459 |
|
|
|
162,515 |
|
|
|
(181,615 |
) |
INCOME (LOSS) BEFORE INCOME TAXES |
|
|
27,035 |
|
|
|
|
(4,021,835 |
) |
|
|
(3,994,800 |
) |
|
|
(168,946 |
) |
INCOME TAX EXPENSE (BENEFIT) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Current |
|
|
2,463 |
|
|
|
|
2,718 |
|
|
|
5,181 |
|
|
|
- |
|
Deferred |
|
|
(14,501 |
) |
|
|
|
(59,092 |
) |
|
|
(73,593 |
) |
|
|
72,220 |
|
Income tax expense (benefit) |
|
|
(12,038 |
) |
|
|
|
(56,374 |
) |
|
|
(68,412 |
) |
|
|
72,220 |
|
NET INCOME (LOSS) |
|
$ |
39,073 |
|
|
|
$ |
(3,965,461 |
) |
|
$ |
(3,926,388 |
) |
|
$ |
(241,166 |
) |
INCOME (LOSS) PER COMMON SHARE |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
$ |
1.03 |
|
|
|
$ |
(43.37 |
) |
|
$ |
(103.11 |
) |
|
$ |
(2.64 |
) |
Diluted |
|
$ |
1.03 |
|
|
|
$ |
(43.37 |
) |
|
$ |
(103.11 |
) |
|
$ |
(2.64 |
) |
WEIGHTED AVERAGE SHARES OUTSTANDING |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
|
38,080 |
|
|
|
|
91,423 |
|
|
|
38,080 |
|
|
|
91,285 |
|
Diluted |
|
|
38,119 |
|
|
|
|
91,423 |
|
|
|
38,080 |
|
|
|
91,285 |
|
About Non-GAAP Financial Measures
WHITING PETROLEUM CORPORATION |
|||||||||
Reconciliation of Net Income (Loss) to Adjusted Net Income (Loss) |
|||||||||
(in thousands, except per share data) |
|||||||||
|
|
|
|
|
|
|
|
||
|
|
Successor |
|
|
Predecessor |
||||
|
|
Three Months
|
|
|
Three Months
|
||||
Net loss |
|
$ |
(1,197 |
) |
|
|
$ |
(147,487 |
) |
Adjustments: |
|
|
|
|
|
|
|
||
Amortization of deferred gain on sale |
|
|
- |
|
|
|
|
(2,106 |
) |
Loss on sale of properties |
|
|
- |
|
|
|
|
283 |
|
Impairment expense |
|
|
3,233 |
|
|
|
|
2,137 |
|
Gain on extinguishment of debt |
|
|
- |
|
|
|
|
(3,232 |
) |
Total measure of derivative loss reported under U.S. GAAP |
|
|
55,308 |
|
|
|
|
46,338 |
|
Total net cash settlements received (paid) on commodity derivatives during the period |
|
|
(4,973 |
) |
|
|
|
10,060 |
|
Restructuring and other significant cost drivers (1) |
|
|
3,025 |
|
|
|
|
- |
|
Tax impact of basis difference for Whiting Canadian Holding Company ULC |
|
|
147 |
|
|
|
|
73,593 |
|
Adjusted net income (loss) (2) |
|
$ |
55,543 |
|
|
|
$ |
(20,414 |
) |
Adjusted net income (loss) per share, basic |
|
$ |
1.46 |
|
|
|
$ |
(0.22 |
) |
Adjusted net income (loss) per share, diluted |
|
$ |
1.46 |
|
|
|
$ |
(0.22 |
) |
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
Author:This email address is being protected from spambots. You need JavaScript enabled to view it.