Whiting Petroleum Reports Fourth Quarter and Full Year 2020 Financial and Operating Results
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
Net loss for the fourth quarter of 2020 was
Adjusted EBITDAX for the fourth quarter of 2020 was
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 |
|
|||||
