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Whiting Petroleum Corp
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May 2022 Corporate Presentation
| Danny Brown | Page 4 of 11 |
April 29, 2024
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"May 2022 Corporate Presentation"
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Materially Enhanced Scale • >$5B equity value • 164.8 Mboe/d 1Q22 net production (3-stream) 1 • 97.8 Mbo/d 1Q22 net production • 972k net acres High-Quality Assets Generate Significant, Sustainable Free Cash Flow • ~$1.4B FCF for full year 2022E 4 • Combined inventory supports ~10 years of development at pro forma 2022E pace 5 Shareholder Returns-Focused Business Model • <35% 2022 expected re-investment rate 4 , maintaining ~flat production • 2H22 return of capital targeted at 60% of FCF • Combined board to determine go forward plan Maintains Financial Strength / Flexibility • <0.2x net debt / 1H22E annualized EBITDAX 4 at close • Strong liquidity with minimal borrowings under expected $2B borrowing base 6 at close • No near-term maturities ESG Leadership • Continued commitment to ESG, sustainability and capitalizing on combined best practices 4 Combined Company Will Be a Premier Williston Basin Company ? ? ? ? ? OAS WLL 1) Converted to 3 stream for Oasis for 1Q22 2) Operated based on 2021 combined PDP reserves 3) Working interest of expected PF wells completed in 2022 972k NET ACRES 164.8 Mboepd 1 92% OPERATED 2 68% WORKING INTEREST 3 4) Pro forma combined company, includes 1Q22 actuals, 2Q22-4Q22 run at $90 WTI and $5.00 HH using March 7th midpoint guidance (ex-weather impacts in 2Q22). Reinvestment rate is before dividends. 5) Economic locations (>30% IRR @ $60/Bbl WTI flat) and assuming 108 - 110 2022E TILs 6) On 5/3/22 OAS lenders reaffirmed $900MM borrowing base and left elected commitments at $450MM. At merger close, the borrowing base is expected to increase to $2B with $800MM of elected commitments.