Whiting Petroleum Corp. expects to spend 90% of its all-in 2020 capital budget of $585-620 million on drilling and completion activity based on the mid-point of guidance. The budget, expected to be $585-620 million, is a 23% decline from 2019 at the mid-point.
Running three rigs and 2-3 completion crews throughout the year, the company expects to put on production 122 gross wells and deliver full-year total production of 111,700-118,400 boe/d and full-year oil production of 68,100-72,000 b/d. Total production is expected to increase slightly from fourth quarter 2019 to fourth quarter 2020.
2019
Full-year 2019 capital expenditures were $778 million, $42 million below the mid-point of guidance. Fourth quarter capital expenditures were $103 million. Fourth quarter total production was 123,000 boe/d.
During the fourth quarter, Whiting drilled 31 wells and put on production 35 wells. Of the wells put on production, 20 were in Sanish field at the company’s Pod 10 and Pod 16 projects.
Pod 10 represents the latest evolution of infill development in Sanish field. It spans two 1,280-acre drilling spacing units with 16 parent wells and 10 child wells.
At Foreman Butte, Whiting drilled and put on production 17 wells in 2019. Whiting plans to drill an additional 20 wells at Forman Butte this year. Over 300 potential future drilling locations at Sanish and Foreman Butte have been identified.
First quarter 2020 production has been impacted by severe weather conditions and associated electric submersible pump failures on multiple high-value wells. The loss of production is expected to impact first quarter 2020 production results by 5,000 boe/d. Only 11 net wells are expected to be placed on production during the quarter. First quarter 2020 production is estimated to be 108,000-110,500 boe/d, of which 62% is expected to be oil.
