Whiting Petroleum Reports First Quarter 2021 Financial and Operating Results
Whiting Petroleum Corporation (NYSE: WLL) reported first quarter 2021 results, showcasing revenue of $307 million, a net loss of $0.9 million, and adjusted net income of $108 million. The company generated $108 million in adjusted free cash flow and maintained a net debt of $220 million. With a significant increase in revenue attributed to rising commodity prices, Whiting anticipates generating $550 million in EBITDA for the year at a $55 WTI oil price, alongside $300 million in adjusted free cash flow.
- Revenue increased by $95 million compared to Q4 2020, reaching $307 million.
- Adjusted net income rose to $108 million from $55.5 million in Q4 2020.
- Adjusted free cash flow was $108 million for the quarter.
- Net debt decreased to $220 million, with plans to reduce it to zero by year-end 2021.
- Net loss of $0.9 million, though reduced from a loss of $1.2 million in Q4 2020.
- Capital expenditures rose significantly to $56 million from $21 million in Q4 2020.
- Lease operating expenses increased by $4 million to $59 million, driven by winter maintenance.
Whiting Petroleum Corporation (NYSE: WLL) (“Whiting” or the “Company”) today announced first quarter 2021 results.
First Quarter 2021 Highlights
-
Revenue was
$307 million for the quarter ending March 31, 2021 -
Net loss (GAAP) was
$0.9 million or$0.02 per diluted share -
Adjusted net income (non-GAAP) was
$108 million or$2.79 per diluted share -
Adjusted EBITDAX (non-GAAP) was
$170 million -
March 31, 2021 net debt of
$220 million -
$750 million borrowing base reaffirmed
Lynn A. Peterson, President and CEO commented, "Our team executed and delivered great results during the first quarter, a quarter which provided its share of challenges through the continuing pandemic and the difficult working conditions brought on by the winter. The Company generated over
"With one quarter in the books, looking ahead at the full year while using a
First Quarter 2021 Results
Revenue for the first quarter of 2021 increased
Net loss for the first quarter of 2021 was
The Company’s adjusted EBITDAX for the first quarter of 2021 was
Adjusted net income, adjusted net income per share, adjusted EBITDAX and adjusted free cash flow are non-GAAP financial measures. Please refer to the end of this release for disclosures and reconciliations regarding these measures.
Production averaged 89.9 thousand barrels of oil equivalent per day (MBOE/d) and oil production averaged 53.5 thousand barrels of oil per day (MBO/d). As expected, the Company’s production held consistent with levels at year-end 2020 despite winter conditions during the first quarter of 2021.
Capital expenditures in the first quarter of 2021 increased to
Lease operating expense (LOE) for the first quarter 2021 increased by
Selected operating statistics are presented in the following tables:
Selected Operating and Financial Statistics
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Successor |
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Three Months Ended |
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March 31, 2021 |
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December 31, 2020 |
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Selected operating statistics: |
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Production |
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Oil (MBbl) |
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4,822 |
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5,110 |
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NGLs (MBbl) |
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1,559 |
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1,546 |
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Natural gas (MMcf) |
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10,249 |
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10,709 |
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Total production (MBOE) |
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8,090 |
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8,441 |
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Average prices |
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Oil (per Bbl): |
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Price received |
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$ |
53.24 |
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$ |
37.89 |
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Effect of crude oil hedging (1) |
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(8.16 |
) |
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(0.55 |
) |
Realized price |
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$ |
45.08 |
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$ |
37.34 |
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Weighted average NYMEX price (per Bbl) (2) |
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$ |
57.83 |
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$ |
42.59 |
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NGLs (per Bbl): |
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Realized price |
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$ |
17.28 |
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$ |
6.88 |
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Natural gas (per Mcf): |
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Price received |
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$ |
2.05 |
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$ |
0.75 |
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Effect of natural gas hedging (3) |
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0.01 |
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(0.20 |
) |
Realized price |
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$ |
2.06 |
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$ |
0.55 |
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Weighted average NYMEX price (per MMBtu) (2) |
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$ |
2.56 |
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$ |
2.51 |
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Selected operating metrics |
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Sales price, net of hedging ($ per BOE) |
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$ |
32.80 |
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$ |
24.56 |
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Lease operating ($ per BOE) |
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7.34 |
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6.57 |
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Transportation, gathering, compression and other ($ per BOE) |
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0.87 |
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0.72 |
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Depreciation, depletion and amortization ($ per BOE) |
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6.64 |
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6.80 |
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General and administrative ($ per BOE) |
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1.27 |
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1.35 |
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Production and ad valorem taxes (% of sales revenue) |
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8 |
% |
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9 |
% |
| ____________________________ | ||
(1)
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Whiting paid |
(2) |
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Average NYMEX prices weighted for monthly production volumes. |
(3)
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Whiting paid |
Borrowing Base Reaffirmation and Liquidity
On April 7, 2021, the Company’s borrowing base and aggregate commitments under its revolving credit facility were reaffirmed at
Commodity Price Hedging
Whiting currently has approximately
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Weighted Average Prices |
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Settlement
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Index |
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Derivative
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Total
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Units |
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Swap
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Floor |
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Ceiling |
Crude Oil |
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2021(1) |
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NYMEX WTI |
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Fixed Price Swaps |
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4,723,500 |
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Bbl |
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- |
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- |
2021(1) |
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NYMEX WTI |
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Two-way Collars |
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4,796,000 |
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Bbl |
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- |
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2022 |
|
NYMEX WTI |
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Fixed Price Swaps |
|
630,000 |
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Bbl |
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- |
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- |
2022 |
|
NYMEX WTI |
|
Two-way Collars |
|
9,197,000 |
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Bbl |
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- |
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2023(2) |
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NYMEX WTI |
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Two-way Collars |
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2,706,000 |
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Bbl |
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- |
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Total |
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22,052,500 |
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Crude Oil Differential |
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2021(1) |
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UHC Clearbrook to NYMEX |
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Fixed Price Swaps |
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107,000 |
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Bbl |
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- |
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- |
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- |
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Total |
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107,000 |
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Natural Gas |
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2021(1) |
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NYMEX Henry Hub |
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Fixed Price Swaps |
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14,430,000 |
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MMBtu |
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- |
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- |
2021(1) |
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NYMEX Henry Hub |
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Two-way Collars |
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8,250,000 |
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MMBtu |
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- |
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2022 |
|
NYMEX Henry Hub |
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Fixed Price Swaps |
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4,895,000 |
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MMBtu |
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- |
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- |
2022 |
|
NYMEX Henry Hub |
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Two-way Collars |
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10,720,000 |
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MMBtu |
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- |
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2023(2) |
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NYMEX Henry Hub |
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Two-way Collars |
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4,065,000 |
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MMBtu |
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- |
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Total |
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42,360,000 |
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Natural Gas Basis |
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2021(1) |
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NNG Ventura to NYMEX |
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Fixed Price Swaps |
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5,500,000 |
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MMBtu |
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- |
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- |
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- |
2022 |
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NNG Ventura to NYMEX |
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Fixed Price Swaps |
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3,530,000 |
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MMBtu |
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- |
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- |
2023(2) |
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NNG Ventura to NYMEX |
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Fixed Price Swaps |
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4,740,000 |
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MMBtu |
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- |
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- |
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Total |
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13,770,000 |
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NGL - Propane |
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2021(1) |
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Mont Belvieu |
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Fixed Price Swaps |
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17,325,000 |
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Gallons |
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- |
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- |
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Total |
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17,325,000 |
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| _________________________ | ||
(1) |
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Includes settlement periods of April through December 2021. |
(2) |
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Includes settlement periods of January through June 2023. |
Conference Call
Whiting will host a conference call on Thursday, May 6, 2021 at 11:00 a.m. Eastern time (9:00 a.m. Mountain time) to discuss these results. The call will be conducted by President and Chief Executive Officer Lynn A. Peterson, Executive Vice President Finance and Chief Financial Officer James Henderson, Executive Vice President Operations and Chief Operating Officer Charles J. Rimer and Investor Relations Manager Brandon Day. A question and answer 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/10155734/e7c049863c
Replay Information:
Conference ID #: 10155734
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: May 13, 2021
Virtual Conference Participation
Whiting will be hosting virtual 1x1 sessions with investors at the Wells Fargo Energy Conference on Thursday, June 3, 2021 and the RBC Capital Markets Energy, Power and Infrastructure Conference on Wednesday, June 9, 2021.
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 March 31, 2021 filed with the Securities and Exchange Commission.
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Successor |
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Three Months Ended |
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March 31, 2021 |
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December 31, 2020 |
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Selected financial data: |
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(In thousands, except per share data) |
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Total operating revenues |
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$ |
307,391 |
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$ |
212,274 |
|
Total operating expenses |
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|
305,754 |
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|
207,502 |
|
Total other expense, net |
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2,583 |
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5,822 |
|
Net loss |
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(946 |
) |
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(1,197 |
) |
Per basic share |
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(0.02 |
) |
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(0.03 |
) |
Per diluted share |
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(0.02 |
) |
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(0.03 |
) |
Adjusted net income (1) |
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107,894 |
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|
55,543 |
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Per basic share |
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|
2.79 |
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|
1.46 |
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Per diluted share |
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2.79 |
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1.46 |
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Adjusted EBITDAX (1) |
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|
170,216 |
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|
119,825 |
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| ________________________ | ||
(1) |
Reconciliations of net loss to adjusted net income and adjusted EBITDAX are included later in this news release. |
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WHITING PETROLEUM CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (in thousands, except share and per share data) |
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Successor |
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March 31, |
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December 31, |
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2021 |
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2020 |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
24,704 |
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$ |
25,607 |
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Restricted cash |
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2,400 |
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2,760 |
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Accounts receivable trade, net |
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203,058 |
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142,830 |
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Prepaid expenses and other |
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15,318 |
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19,224 |
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Total current assets |
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245,480 |
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|
190,421 |
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Property and equipment: |
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Oil and gas properties, successful efforts method |
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1,872,469 |
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1,812,601 |
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Other property and equipment |
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66,613 |
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|
74,064 |
|
Total property and equipment |
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1,939,082 |
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1,886,665 |
|
Less accumulated depreciation, depletion and amortization |
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(126,072 |
) |
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(73,869 |
) |
Total property and equipment, net |
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1,813,010 |
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|
1,812,796 |
|
Other long-term assets |
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|
38,458 |
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|
40,723 |
|
TOTAL ASSETS |
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$ |
2,096,948 |
|
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$ |
2,043,940 |
|
LIABILITIES AND EQUITY |
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Current liabilities: |
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Accounts payable trade |
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$ |
53,642 |
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$ |
23,697 |
|
Revenues and royalties payable |
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|
171,895 |
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|
151,196 |
|
Accrued capital expenditures |
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|
28,832 |
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|
20,155 |
|
Accrued liabilities and other |
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|
36,074 |
|
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|
42,007 |
|
Accrued lease operating expenses |
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|
20,594 |
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|
23,457 |
|
Taxes payable |
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|
16,201 |
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|
11,997 |
|
Derivative liabilities |
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|
134,422 |
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|
49,485 |
|
Total current liabilities |
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|
461,660 |
|
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|
321,994 |
|
Long-term debt |
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|
245,000 |
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|
360,000 |
|
Asset retirement obligations |
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|
99,271 |
|
|
|
91,864 |
|
Operating lease obligations |
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|
16,907 |
|
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|
17,415 |
|
Other long-term liabilities |
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|
45,300 |
|
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|
23,863 |
|
Total liabilities |
|
|
868,138 |
|
|
|
815,136 |
|
Commitments and contingencies |
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Equity: |
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Successor common stock, |
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|
39 |
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|
38 |
|
Additional paid-in capital |
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1,190,644 |
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|
1,189,693 |
|
Accumulated earnings |
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|
38,127 |
|
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|
39,073 |
|
Total equity |
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|
1,228,810 |
|
|
|
1,228,804 |
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TOTAL LIABILITIES AND EQUITY |
|
$ |
2,096,948 |
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$ |
2,043,940 |
|
WHITING PETROLEUM CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (in thousands, except per share data) |
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Successor |
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Three Months Ended |
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March 31, 2021 |
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December 31, 2020 |
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OPERATING REVENUES |
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|
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Oil, NGL and natural gas sales |
|
$ |
304,679 |
|
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$ |
212,274 |
|
Purchased gas sales |
|
|
2,712 |
|
|
|
- |
|
Total operating revenues |
|
|
307,391 |
|
|
|
212,274 |
|
OPERATING EXPENSES |
|
|
|
|
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Lease operating expenses |
|
|
59,339 |
|
|
|
55,455 |
|
Transportation, gathering, compression and other |
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|
7,028 |
|
|
|
6,058 |
|
Purchased gas expense |
|
|
1,902 |
|
|
|
- |
|
Production and ad valorem taxes |
|
|
24,150 |
|
|
|
18,242 |
|
Depreciation, depletion and amortization |
|
|
53,729 |
|
|
|
57,392 |
|
Exploration and impairment |
|
|
2,622 |
|
|
|
3,658 |
|
General and administrative |
|
|
10,291 |
|
|
|
11,389 |
|
Derivative loss, net |
|
|
146,693 |
|
|
|
55,308 |
|
Total operating expenses |
|
|
305,754 |
|
|
|
207,502 |
|
INCOME FROM OPERATIONS |
|
|
1,637 |
|
|
|
4,772 |
|
OTHER INCOME (EXPENSE) |
|
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|
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|
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Interest expense |
|
|
(5,103 |
) |
|
|
(5,952 |
) |
Other income |
|
|
2,520 |
|
|
|
130 |
|
Total other expense |
|
|
(2,583 |
) |
|
|
(5,822 |
) |
LOSS BEFORE INCOME TAXES |
|
|
(946 |
) |
|
|
(1,050 |
) |
INCOME TAX EXPENSE |
|
|
|
|
|
|
||
Current |
|
|
- |
|
|
|
147 |
|
Total income tax expense |
|
|
- |
|
|
|
147 |
|
NET LOSS |
|
$ |
(946 |
) |
|
$ |
(1,197 |
) |
LOSS PER COMMON SHARE |
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.02 |
) |
|
$ |
(0.03 |
) |
Diluted |
|
$ |
(0.02 |
) |
|
$ |
(0.03 |
) |
WEIGHTED AVERAGE SHARES OUTSTANDING |
|
|
|
|
|
|
||
Basic |
|
|
38,698 |
|
|
|
38,090 |
|
Diluted |
|
|
38,698 |
|
|
|
38,090 |
|
About Non-GAAP Financial Measures
WHITING PETROLEUM CORPORATION Reconciliation of Net Loss to Adjusted Net Income (in thousands, except per share data) |
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|
|
|
|
|
|
|
||
|
|
Successor |
||||||
|
|
Three Months Ended |
||||||
|
|
March 31, 2021 |
|
December 31, 2020 |
||||
Net loss |
|
$ |
(946 |
) |
|
$ |
(1,197 |
) |
Adjustments: |
|
|
|
|
|
|
||
Impairment expense |
|
|
1,441 |
|
|
|
3,233 |
|
Total measure of derivative loss reported under U.S. GAAP |
|
|
146,693 |
|
|
|
55,308 |
|
Total net cash settlements paid on commodity derivatives during the period |
|
|
(39,294 |
) |
|
|
(4,973 |
) |
Restructuring and other one-time costs (1) |
|
|
- |
|
|
|
3,025 |
|
Tax impact of basis difference for Whiting Canadian Holding Company ULC |
|
|
- |
|
|
|
147 |
|
Adjusted net income (2) |
|
$ |
107,894 |
|
|
$ |
55,543 |
|
Adjusted net income per share, basic |
|
$ |
2.79 |
|
|
$ |
1.46 |
|
Adjusted net income per share, diluted |
|
$ |
2.79 |
|
|
$ |
1.46 |
|
| _________________________ | ||
(1) |
Includes charges related to a legal settlement as well as third-party advisory and legal fees incurred after emerging from chapter 11 bankruptcy. |
|
(2) |
Adjusted net income and adjusted net income per share are non-GAAP measures. Management believes they provide useful information to investors for analysis of Whiting’s fundamental business on a recurring basis. In addition, management believes that adjusted net income is widely used by professional research analysts and others in valuation, comparison and investment recommendations of companies in the oil and gas exploration and production industry, and many investors use the published research of industry research analysts in making investment decisions. Adjusted net income and adjusted net income per share should not be considered in isolation or as a substitute for net income, income from operations, net cash provided by operating activities or other income, cash flow or liquidity measures under U.S. GAAP and may not be comparable to other similarly titled measures of other companies. |
|
WHITING PETROLEUM CORPORATION Reconciliation of Net Loss to Adjusted EBITDA and Adjusted EBITDAX (in thousands) |
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|
Successor |
||||||
|
|
Three Months Ended |
||||||
|
|
March 31, 2021 |
|
December 31, 2020 |
||||
Net loss |
|
$ |
(946 |
) |
|
$ |
(1,197 |
) |
Interest expense |
|
|
5,103 |
|
|
|
5,952 |
|
Interest income |
|
|
- |
|
|
|
(2 |
) |
Income tax expense |
|
|
- |
|
|
|
147 |
|
Depreciation, depletion and amortization |
|
|
53,729 |
|
|
|
57,392 |
|
Total measure of derivative loss reported under U.S. GAAP |
|
|
146,693 |
|
|
|
55,308 |
|
Total cash settlements paid on commodity derivatives during the period |
|
|
(39,294 |
) |
|
|
(4,973 |
) |
Non-cash stock-based compensation |
|
|
2,309 |
|
|
|
515 |
|
Impairment expense |
|
|
1,441 |
|
|
|
3,233 |
|
Restructuring and other one-time costs (1) |
|
|
- |
|
|
|
3,025 |
|
Adjusted EBITDA (2) |
|
|
169,035 |
|
|
|
119,400 |
|
Exploration expense |
|
|
1,181 |
|
|
|
425 |
|
Adjusted EBITDAX (2) |
|
$ |
170,216 |
|
|
$ |
119,825 |
|
| _________________________ | ||
(1) |
Includes charges related to a legal settlement as well as third-party advisory and legal fees incurred after emerging from chapter 11 bankruptcy. |
|
(2) |
Adjusted EBITDA and Adjusted EBITDAX are non-GAAP measures. Such measures are presented because management believes they provide useful information to investors for analysis of the Company’s ability to internally fund debt service, working capital requirements, acquisitions and exploration and development. Adjusted EBITDA and Adjusted EBITDAX should not be considered in isolation or as a substitute for net income, income from operations, net cash provided by operating activities or other income, cash flow or liquidity measures under U.S. GAAP and may not be comparable to other similarly titled measures of other companies. |
|
WHITING PETROLEUM CORPORATION Reconciliation of Net Cash Provided by Operating Activities to Adjusted Free Cash Flow (in thousands) |
||||||
|
|
|
|
|
|
|
|
|
Successor |
||||
|
|
Three Months Ended |
||||
|
|
March 31, 2021 |
|
December 31, 2020 |
||
Net cash provided by operating activities |
|
$ |
153,193 |
|
$ |
70,528 |
Changes in working capital |
|
|
10,653 |
|
|
39,314 |
Capital expenditures |
|
|
(55,602) |
|
|
(20,504) |
Adjusted free cash flow (1) |
|
$ |
108,244 |
|
$ |
89,338 |
| _________________________ | ||
(1) |
Adjusted free cash flow is a non-GAAP measure. Such measure is presented because management believes it provides useful information to investors for analysis of the Company’s ability to internally fund acquisitions and development activity and reduce its borrowings outstanding under its revolving credit facility. Such measure should not be considered in isolation or as a substitute for net income, income from operations, net cash provided by operating activities or other income, cash flow or liquidity measures under U.S. GAAP and may not be comparable to other similarly titled measures of other companies. The Company is unable to present a reconciliation of forward-looking adjusted free cash flow because components of the calculation, including fluctuations in working capital accounts, are inherently unpredictable. Moreover, estimating the most directly comparable GAAP measure with the required precision necessary to provide a meaningful reconciliation is extremely difficult and could not be accomplished without unreasonable effort. The Company believes that forward-looking estimates of adjusted free cash flow are important to investors because they assist in the analysis of its ability to generate cash from our operations. |
|
About Whiting Petroleum Corporation
Whiting Petroleum Corporation, a Delaware corporation, is an independent oil and gas company engaged in the development, production and acquisition of crude oil, NGLs and natural gas primarily in the Rocky Mountains region of the United States. The Company’s largest projects are in the Bakken and Three Forks plays in North Dakota and Montana and the Niobrara play in northeast Colorado. The Company trades publicly under the symbol WLL on the New York Stock Exchange. For further information, please visit http://www.whiting.com.
Forward-Looking Statements
This news release contains statements that we believe to be “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than historical facts, including, without limitation, statements regarding our future financial position, business strategy, projected production, cash flows, revenues, costs, capital expenditures and debt levels, and plans and objectives of management for future operations, are forward-looking statements. When used in this news release, words such as “guidance,” or we “expect,” “intend,” “plan,” “estimate,” “anticipate,” “believe” or “should” or the negative thereof or variations thereon or similar terminology are generally intended to identify forward-looking statements. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, such statements.
These risks and uncertainties include, but are not limited to: risks associated with our emergence from bankruptcy; declines in, or extended periods of low oil, NGL or natural gas prices; the occurrence of epidemic or pandemic diseases, including the coronavirus pandemic; actions of the Organization of Petroleum Exporting Countries and other oil exporting nations to set and maintain production levels; the potential shutdown of the Dakota Access Pipeline; our level of success in development and production activities; impacts resulting from the allocation of resources among our strategic opportunities; our ability to replace our oil and natural gas reserves; the geographic concentration of our operations; our inability to access oil and gas markets due to market conditions or operational impediments; market availability of, and risks associated with, transport of oil and gas; weakened differentials impacting the price we receive for oil and natural gas; our ability to successfully complete asset acquisitions and dispositions and the risks related thereto; shortages of or delays in obtaining qualified personnel or equipment, including drilling rigs and completion services; the timing of our development expenditures; properties that we acquire may not produce as projected and may have unidentified liabilities; adverse weather conditions that may negatively impact development or production activities; we may incur substantial losses and be subject to liability claims as a result of our oil and gas operations, including uninsured or underinsured losses resulting from our oil and gas operations; lack of control over non-operated properties; unforeseen underperformance of or liabilities associated with acquired properties or other strategic partnerships or investments; competition in the oil and gas industry; cybersecurity attacks or failures of our telecommunication and other information technology infrastructure; our ability to comply with debt covenants, periodic redeterminations of the borrowing base under our Credit Agreement and our ability to generate sufficient cash flows from operations to service our indebtedness; our ability to generate sufficient cash flows from operations to meet the internally funded portion of our capital expenditures budget; revisions to reserve estimates as a result of changes in commodity prices, regulation and other factors; inaccuracies of our reserve estimates or our assumptions underlying them; the impacts of hedging on our results of operations; our ability to use net operating loss carryforwards in future periods; impacts to financial statements as a result of impairment write-downs and other cash and noncash charges; the impact of negative shifts in investor sentiment towards the oil and gas industry; federal and state initiatives relating to the regulation of hydraulic fracturing and air emissions; the Biden administration could enact regulations that impose more onerous permitting and other costly environmental health and safety requirements; the impact and costs of compliance with laws and regulations governing our oil and gas operations; the potential impact of changes in laws that could have a negative effect on the oil and gas industry; impacts of local regulations, climate change issues, negative perception of our industry and corporate governance standards; negative impacts from litigation and legal proceedings; and other risks described under the caption “Risk Factors” in Item 1A of our Annual Report on Form 10‑K for the period ended December 31, 2020. We assume no obligation, and disclaim any duty, to update the forward-looking statements in this news release.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210505006060/en/
FAQ
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