WLL - Earnings call transcript Q3 2019 | Chord Energy Corporation

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Operator

Good morning. My name is Rocco, and I will be your conference facilitator today. Welcome everyone to the Whiting Petroleum Corporation Third Quarter 2019 Financial and Operating Results Conference Call. The call will be limited to 45 minutes, including Q&A. All lines have been placed on mute to prevent any background noise. there a remarks, Instructions]. period speakers' the will question-and-answer be [Operator After

would the President Whiting's turn like of over Affairs. I to Hagen, conference now to Eric Corporate Vice

Eric Hagen

Corporation's morning to Rocco. conference and you, XXXX earnings Good Whiting Thank Petroleum third quarter call. welcome

me Kelly, with Brad are of and our Correne Vice call and Tim Sulser, Holly, Rimer, Midstream. CFO; President Chip the COO; President CSO; CEO; today On Chairman, Loeffler, and Kevin Marketing

being quarter call, and we'll results XXXX. section. Relations review be Conference on will recorded third available www.whiting.com is this also During under at for call our website the Investor our the

We an corporate website our also posted presentation this to updated morning. earlier

differ Please that note to cause risks answers to our to in and could are from forward-looking the questions materially include those statements. subject remarks forward-looking that statements results that actual

these concerning earnings in and Number set corporate forth is our our of risks on two information Slide presentation release. Additional

CEO, President With to our that, Chairman, call over I'll Brad Holly. turn and the

Brad Holly

in our I Eric. below am you, came guidance expenditures end capital guidance the Thank midpoint range. report low were of pleased that of and the old production above to the

In solid the challenging face the environment results. team our of Williston Basin, in the delivered operating

recently to by by beginning are the our of reorganization. implemented results our the demonstrated positive This in was We the strategic positive effects and field. coordination see produced team

its to a flow. leading becoming a While that team is maximize we of lot cash work commitment have energized value-based to Whiting do, in the can E&P

weather challenges faced significant we quarter, the and During including rain flooding.

simpler, is better goal. corporate efforts operations what driving occurring communication and field were keep employees a illustrated to moving organization, across is and a our structure our organization, production our able result develop teamwork. a all As of more flatter our streamlined hit to This

a by have use backstopped also enhanced processes technology our capabilities. planning of New better

better real-time prioritize flexibility ability This also the high allow and reporting to course our Our and to energy employees in to through at us enhanced us dashboards. performance challenges. external It the automated to enhance of for gives correct field of greater value access data wells. tools new These profitability. headquarters have surveillance face the and in management time gives

initiatives cost our operating gained We real-time advance underway run-time of optimization in fresh distribution driving most insight have include through water of disposal of renegotiation saltwater to these focus down goal to data into utilization achieve improved of has savings. the The and by of of equipment. water, allowing chemical XXXX. rental and reporting, structure these XX% more to us a lease also programs, of on expansion contracts, of company expenses effective impactful The number XX% efficient produced greater our

Our review rigorous water we in able provides per the eliminate hold our annually. in cost area, rationalizing $X.X example north million area drop and to approximately of fruit. in dispose field logistics XX% our to initiatives This that bearing contracts from everything optimizing to barrel. examine cost to how a vendors our equates and by we transport cost are we of of our disposal We polar are the our savings how institute software good a program a

the We We development the into to spending from also performance our insight projects initial have plan on capital greater the greater us optimize which dashboards. facility can gained drilling through allows program through detail, our in of our build. track well

implements our level this vendors. and technology a chain are to through rigorous We a supply evaluate better corporate to that expanding track analysis

review long-term to be these important We initiatives our regularly as value strengthen expect cost options structure. we to drivers our

creativity the and innovation on optimization corporate in efforts field. are Whiting's founded

deck. our Slide quarter continues Our as third drilling in way to slide Basin the department the on XX terms of drilling cycle lead Williston in times in depicted

reduction Sanish area in XX%. be a rig penetration drilling system also a over Our estimated XX% brine-based drilling fluid technology. team and of The the that in resulted by also to bit has implemented in successfully new They for implemented designed the leaders technology hours is engineers vertical the section of continue in rate to new the curve. pioneering that increase

the also our engineers are industry-leading delivering side, results. completion On

in is a completed in in on Whiting leader depicted stages Slide presentation in our XX, basin As XXXX. crew the per

achievement and a increased allows surface peers. driven lower production efficiency, our to completion than deliver cost This wells process. and Whiting was downtime the by the at to during planning detailed reduced This faster

quarter this flow. years Sanish and like profitable up for the now expanded drilling setting drilling would of for to areas Butte. have where deliver new highlight positive Foreman These and to two we I that results properties incremental major stage future continue results Whiting, cash set core maximizing

on depicted by characterized our interaction the four and have child in were Sanish Field. and Slide a pilots X, completed a the These positive span between infill wells. performance we As uplift parent well child significant that

X was on result Sanish. latest production track Our our at built further project significant The history. Pod record strong

to wells, According reservoir are which are analysis, returns Our prior leading highest above new area experienced the and are the parent of beginning trend. because the a their producing to wells generate third-party in operator management. we there outperform

an to attractive area is operate. Sanish

we firm the in here availability center addition we area we than When rights. better In to the the our strong recent processing in have drilling of retained the plant sold results, infrastructure basin.

and to gas capacity We have lines improve been strategically utilize capture. looping this gathering

experiencing of strong are also the at basin, On the Butte, side we other results. Foreman

the we acreage. greater that wells are have wells have oil. initial in delineate drilled X.X XX% the the than They produced at unit. drilled XX These wells times To-date,

technology success loads, generation completion that from additional profit newer stages Our incorporates higher increased and applying clusters. perforation stems

provide in we our an development highlighting drilling. competency This infill attractive unlocking one of shows demonstrates the execute that expect Butte team that profitable is our operations Foreman our best mature core in ability successfully of plays. to will multiple years value on acquisition

Lake This Butte, we Sanish, there third-party some the that XXXX, infrastructure Foreman we we into for on up at generate build-out is with activity plant. coordinating providers at our through Again firm Sanish Heading to Butte. strong higher are spent money infrastructure to capacity to to because maximize midstream full looping to development. we capitalize in in we us And availability scale access and line both areas. sets the confidence into are Foreman and results Robinson have shifting

I'd on like Sustainability our growing XXXX highlighting to website We and discuss this morning. formal plan. our represents Report ESG program published is and second our around thinking our report significant by end progress. annual XXXX This our

selected and increased to on; to transparency, have continue to emissions, frameworks. systematically supply areas reporting ESG diversity safety, focus chain, four Throughout health we greenhouse We inclusion. while in the primary indexing improve and and our gas XXXX, and

peer-leading the [ES&G] our area on front. this of proud in to and very are We progress achieving remain committed status

be production completion we we efficiency maximizing our CapEx Regarding growth. give by should cost value should to but an enhanced cycle focused current times. and lead drive shareholder detailed intend initiatives, is you capital enhance provide reduction Whiting as prices, to flow. on Production until guidance drilling color. efficiency this fourth won't other Consistent execute maximizing commodity and cash flow. trend capital prioritize expanded operators, our quarter lower at and This XXXX don't little outlook, reducing call, we output continue to of margins, on cash to remain the a with We our wanted to equation.

some cash have tailwinds flow In addition, helping we us.

from XXXX. that effect we full of our savings cost takes have in First, million reorganization $XX

million Second, quarter. in cash our roll-off $XX deficiency Redtail of into additional each April, flow oil which translates about

have to $XX we million Correne LOE a will achieve XXXX. of $XX established in LOE as detail, goal million Finally, to additional savings

board. who now has complements background her a been would management in and of a having introduce I our finance that I the look to team team understanding Loeffler, industry of very well. pleasure corporate forward our continuing a work to to driving She CFO, and new financial and like gas August. our our on Whiting you in improvements. keen Correne operational oil the joined strong It has

said, initiatives sheet. provide update that quarterly talk about more With our balance results will to our strengthen Correne, on an and the

Correne Loeffler

pleasure here today. you, Good speaking morning, to you my Thank everyone. with be It's Brad.

optimizing sheet, additional cost progress on some provide our As Brad to strong is reviewing on providing we the start a cash detail have To around mentioned, quarter the do further into made leading based I'm to finish going our this, and initiatives focused Whiting's we balance need foundation. by flow. by financial become ongoing insight maximizing producer value a the structure. goal strengthen to

September, to near-term our address In maturities. took August steps we the initial and

progress that four areas. we in time, have made During

to First, we September, in over $X.X repurchase credit us of facility, use an billion Whiting the secured facility to allows which amendment to our notes. senior

of Second, slight we million tendered $XXX a at our successfully XXXX for convertible notes discount.

discount. million our at slight $XXX senior repurchased a we Third, notes, XXXX again of

we fall borrowing our completed over review at $X.XX recently we base to reaffirmed decreased our and only our $X billion. slightly just where billion borrowing base Finally, commitment

ourselves for a successful we steps positioning these With are refinancing.

our manage the are ability alternatives. near-term are Despite We confident we in evaluating capital markets, the of our to diligently financing backdrop maturities. multiple challenging

to promised. the to On determination the maintaining executing flowing speaks the conditions has on I is our team within program the that front, despite and how together come really add production focused year appreciation to work and we That production forecasts. for the challenging my field full in basin. kept are the their team hard want the we

the to remain we drop Heading flat, quarter, relatively in fourth into expect despite production activity. a seasonal

will range We range The implies fourth in million for $XXX year million full CapEx. tightening spend are the our $XXX we to guidance also quarter. approximately

detail, ability narrowing to team’s is the greater range. team costs in CapEx and the well monitor comfortable Given track our

for to running have crew. are one we reduce down crew but One typical year going quarter, fourth this time the the winter. of into into Going four we as rigs activity is frac dropped

of quarter, we we exit which accrued DUCs for completed production XX put and third plan in the backlog on wells year. the to at with quarter, largely During as leaves roughly us were the that

LOE our expenses per added LOE to $X.XX for that to to several due quarter. the Moving slightly cost one-time was approximately BOE structure. elevated

quarter, to as hold. the cost normalize these begin in expect take We to fourth savings costs our

G&A. Now turning to

one-time to quarter, $X the million of included G&A charges For the related our reorganization.

as per savings the G&A is expenses $X.XX reorganization the effect. the BOE, fourth decrease of to We which expect in quarter related range the from take our to midpoint

differentials it oil because our differentials, the on expected. of reduced spread, than WTI rail. of to the were barrels Brent at value Looking the This narrowing the higher is

the to into competed south Williston pipeline differentials in Enbridge year. due quarter. Additionally, to refining the is delay the moving latter the fourth remainder the turnaround. increased factors normal by is barrels for decline weaken largely which number guidance of the differentials we that Line flowing Basin seasonal of of Therefore, These The oil our three our up barrels. Canadian demand, amplified expected with are are

The processing macro gas and natural system and out congested pipeline pricing. pricing. At our should Moving select on gathering provide of addition NGL gas improve This and level, processing the capacity of new the Creek leading pricing. assurance the is lower Elk to the system, and basin. on to the expansion gas realized is pipeline plants both NGL several side and NGL flow of

cost structure our on I'd like elaborating initiatives. to finish by

margins, organization. focused cash are enhanced expense. This by will to the be cost annual led most which on in estimated We streamlining G&A improving of our our were which realized of savings, million significantly $XX

on During quarter, a the of we optimize to focused across third structure further implementing rigorous the board. have cost our number programs

LOE earlier, front. we absolute As XXXX XX% a be This goal the to Brad XXXX by targeting the million into team compared annual done more our million XX% Further, is of to $XX levels. to non-payroll mentioned to translates savings. approximately believe reducing there is G&A work when of on $XX cost in

Correne Loeffler

of fleet program of IT, value our size spend optimizing our the include dollars the larger Some subscription. maximizing the we initiatives and of on software G&A the and

impact to to initiatives see quarter, in expect XXXX. we these in materialize expect will greater We the begin an even fourth but

this the However, is only start.

to types plan leading of of are forward we becoming continue based our these value move on a producer. going as E&P initiatives We driving

up Q&A. we'd for that, call like to with Operator, open the

you. Thank

comes begin from now go Please question SunTrust. of the [Operator Instructions]. Neal session question-and-answer will Today's ahead. We Dingmann first

Neal Dingmann

you X, there, little areas, Brad, I particularly a confidence talk of shifting it what higher just, the does as guess, look fronts it slide, the at says could more that. maybe I on maybe or on you constraints. there, that one infrastructure Could to you're call one, bit just two around Slide would like talking maybe folks expand I'm looking just

alleviate of couple year-end know and here, your get confidence now the has a of and into confidence, as coming this. online just I just constraints will of things confidence between been with some we Secondly, XXXX, quarters just that there obviously your

Brad Holly

a Sure, give Kelly infrastructure first of on, Neal. coming question to the We Kevin be it you see and detail. appears take on time. more it largely to turn that part I'll to do over little I'll

as those year talked systems as XXXX us some And so, we're Foreman there center systems out our acreage back because we watching is in in of into flow the up in the of have Butte led start to though, of about, the the activity position bugs become the that's have really development real operational part our to confidence in first assurance we of center the what's I get worked XXXX. move and will and Sanish here. do, the

Kevin Kelly

Neal. detail. We part and question to turn Sure, on, first the more to on a I'll infrastructure appears that Kevin I'll little be coming largely of give it to Kelly it do take over time. you see

will real center flow systems XXXX. in worked out the the and watching of as we're of that's become here. in back have led in the of do, Foreman is some systems what's get there start acreage we to the first of in Butte into so, though, those part because the year assurance confidence move we I as center And XXXX Sanish operational position bugs really our to activity and our have development the up talked about, the us

Neal Dingmann

just follow-up, what shows, your inventory XXXX, you're development just then Brad the moving into you just to look just eight it, the your Foreman then obviously like Butte. confidence one at full-field as going And slide on, is in

I’m the lot confidence that I of wondering you wonder issue be the confidence just not the core So talk that. talk all, around know could to for an about there. could inventory companies but in seem just out just you a if just I you for around overall,

Brad Holly

teams I'll We ours and years talked drill Currently, about from our inventory about kind show our we Bakken and are by a significant probably of taking IRR current locations XX consistent lot. XX you to years we and we've to targeted performance of about continue XXX those we on out and you completions. Sanish, projects and kind of with the in sell our of of capex drilling have structure talk to our multiple our with excellent program. XX% on vendor which dollars that's We that reports refer side cost X tell wells our cost of structure on acreage. that

that We're be project. into moving that of would stuff working XX% we on call up kind teens or mid-XXs might IRR what

times that if between continuing in Foreman now, more wells the curve the day child you parent about and those to economics on days increase, perform wells we're more every X.X So, better. the XX we Butte notice separation that is wells around Butte. confident But at watching the closely and the get Foreman and we're

Operator

Please from Barclays. question next Our comes of today William Thompson go ahead.

William Thompson

XX% indicated of gas sufficient then your processing the in much I growth, how So that July curious and meet and XXXX price the know, North recapture deadline, point below curious, made Dakota were XX% additions weighed increased quarter? production are state Whiting threshold. threshold. has that And rate realizations overtime above on August this a continued recovery basin has GORs November you just gas was you if And to the capacity the of believe threshold XX%. given being increasing

Brad Holly

has since think standards. that we We what totally gas We meet very to slide had meeting that’s capture Whiting XXXX operator state. requirements presented been prudent showed, it’s a that deck our Barclays and at to we the the important does in in a recently think really those committed

correct, of we dollars in to capacity that can you’re meet our millions processing those sure and So, committing volumes standards. we make spent

Kevin So, processing mentioned that there we and as achieve will come And and requirements think the the confident is able earlier, increase Whiting be November basin. on significant are that. toward I XXXX in to I gas deliver working feel into

to we Bakken. better slide though you a now short continue We’ve think more results in But to into wells coming have nine, try showing make of gas, center seen short-term, And especially great gas. there confident better capacity bring about we’re the in up better point infrastructure feel handle place will and to on we and well the right be basin we and ample more in make we’ll the the seen by our page that do that’s the that.

William Thompson

an on optimizing those of you is of in absolute terms volumes. those And renegotiating LOE are then XX% reduction to to Where it of sounds on value irrespective and costs dollar XX% contracts? production some like of sort

Brad Holly

phenomenal to has has lot takes momentum, individual the XX just a moving current quarter, probably, drive over those that of The meet it quarter. it, a And actually to has in lot are the a system Chip operations appreciate discuss team first done as because you can in It they team job. a and they that third woke of we new of in it parts. wasn’t thing Rimer out started costs up initiatives weekly working and we our the those. on started

they hear through small the but we bigger going And front literally do and others, spend so how week that can of wins, LOE absolutely dollar some are on better. we weeks than every every we that

it's got they're watch we've so, internally, what week over momentum exciting And some doing. to week

as in but Corrine And see part mentioned, it. to process, of so we'll it's plan

Here in expect it, to that the fourth through roll and quarter, see XXXX. you'll start to then we

Operator

comes next Stifel. from Our Mike question Please go ahead. Scialla today of

Mike Scialla

Your significant in show gains efficiency. capital and some slides XX XX

costs if that year-over-year those a of us savings along anything see that kind you foot I it trending? some well you you think with wondering Just those costs well can you by seeing. share what where know have varies gives have you're terms of sense now per and area, type that I of in go

Brad Holly

inside these relationships the XX Slide partners with to we slides very, teams contractors. actually actually proactively with year-over-year-over-year And partners, drilling hard very those comes it on That real our are to achieve. from there. dedication listed and our is work

results. drilling see can three those there's contractors producing As you

it's listening trying not things. is our fleet, So new to partners it just one really particular

innovation and them to We That's things. process a we're try culture improvement. going we significant where only the to new have make want way

we're seeing was and they are big trying the get to you which way our And that. wells defensive a reduction per day. are a that's good And XX technology implement wins every position so, scared very not XXXX, at you're XX% overspend, in new day, where from to they only wells from developing

middle right on we're the RFQs for our next in of year. CapEx so And all of

So what XXXX. to we now think from we completion are talking right the will vendors the our absolutely rigs come tight to on to of and working in cost all out

components we So, going the soften. XXXX to program, be team as of down our We're be going on will a drive that good as to that softer work well we're market seeing the as help the those there's two well. it's innovative CapEx progress to think And seeing costs that. to market

might us lock little and time a And in more the so, that out middle be give in those bit we'll right to that costs. with

Mike Scialla

say, you're reluctant to plan now XXXX And to constraints crew to given coming together you're yet, on like months. stay get and start I likely up? imagine slower on most how that of first haven't think coming are of bit one trying like these the even realize you back crew off go NGL and of see, but that do the at or advantage takeaway constraints take the talk ramp the you put and I processing given of just during would But a winter you quarter to to XXXX sense off, you would formal completion you'd one down some

Brad Holly

capital Great question, are winter, in higher what mean, internally. the are impacts I our we debating costs and exactly efficiency. which

in winter at crew abnormal. builds as said that's efficiency We long you do Year that factors term. stay plan And the is to capacity so back practical. we’ll metric organization conditions, completions on those really now. our out right back available, be is drilling one not based us, going get early ramping one We crew that capital New the the DUC and inventory those for the think the it's the to We'll up use best of not the completion

drive Mike, a great a you what program. And stable the of we have from program our us, believe so deviate seen into assets. us truly to developer think as a lot haven’t We’ve these activity, on efficiencies to to be to be competency core I seen able you’ve be to got fairly

out that zero. oil and So we in when didn’t you rigs, of add up us had ran a lot run in will XXXX, fact, see

and years, expect see been future. of to from two And stable we’ve the so kind completion us would similar really front. our I drilling last And the very some in in on

Operator

Our next go question today comes of from Please ahead. Leo KeyBanc. Mariani

Leo Mariani

and a guys the do that the lack or that more seeing just sense here think see you basin whether guys wanted volumes were Just into loss into get you you to as get of shut-ins around improves significant bit and not get see. of XQ. to might in XQ, processing we do in or you benefits to a And midstream persisting due capacity just dramatically that trying still of XQ quantification

Brad Holly

don’t see in. lot production a we And shut of

the account on forward. think, and we to completion saw going for second our guidance I quarter, to we try activity slowed changed what we

So, we most way. of in activity with out fill line I would work and our quarter saw ago in we say largely build how cost-effective basin and to to that a to continue the that our availability the was

shut that to amount to back the that would you and in continue But area work any the anticipation amazing inches were are when third and county slide have and in an I rate up say in in a going can’t oil deck we see out went hauling downtime run and roads job rain deliver will of team forward. able and full as and our get what short water you September, to the, was county in of tremendous eight shut, really into be were did over month effort we to anticipate the any yet to roads or on the ramped that a in that. had and very the trucks, deliver the right of Williston we for amazing could that field us area able

Leo Mariani

have yet, don’t on follow just to guidance you that comment up a guys you but made. fact the appreciate XXXX certainly I guess, I And out

year. would output about an You talked be how production next growth

free sort to or overarching cash yield are of XXXX, sort here. priorities? to theme just you how maximize characterize understanding the get that would prioritize to maximize of kind you philosophically and is an what of wanted flow So, of I in really the trying trying just

Brad Holly

debt remaining we we’ve down at a priority got and looking that’s and paying how think, real on it. discipline I capital we’re high are,

really innovation through believe that we we so drive better can And margins. and technology,

are we of driving our and looking cash return our drilling from looking we at so really can internal that margin And generate into rates program at business.

maximize. that on what is And we're so driving to in focused trying and

Leo Mariani

obviously kind to differentials, of you And widen to here. kind see bit guess, certainly, those as get thoughts oil improve? those have you there? of early of next disappointing on Do on are I lot foresight a out your those Do kind better when think can might any year, or what Bakken

Brad Holly

me to that over Kevin Kelly. Let turn

Kevin Kelly

are point, start late in of that new until pipeline XXXX, what your we that profile on beginning or additions And see yes, oil combination influence remarks, one and touched So view the out well saw XXXX rely expect as it. couple to basin X more guidance, the on the as to the delay. the the a rail don't some the expect into influence spread. the widening production that But the plays play prepared Line of Obviously, to do things capacity the of XXXX. at as widening fourth on into into of XXXX. those and relief. TI We to then rail, well somewhat seeing out to we're early as We that can to the we going drivers see parts of of quarter the continue into in that into the and reliance expect was then on Brent we

Operator

from Kashy Simmons ahead. go next question Energy. of Please Harrison Our comes

Kashy Harrison

that just surrounding operated costs, question you cost structure. of I earlier an on on like, sense wondering your what where well us building a edge give looks leading rig So CapEx per could was if just

Correne Loeffler

current be side the spending, will CapEx, of that one-time needing given also drilling the within CapEx see efficiencies talked we are we're are efficiencies looking the expect we've some it's just being that to or just about infrastructure we spending on at level we overall, costs completion whether that do seeing. Well, overall the able side, to infrastructure then that down just And from coming the general, in XXXX.

going I of just the So, think, see going lower mind. you're in next with year into CapEx, to those just level

Kashy Harrison

we a spend there similar And plant, to be as spend next about to was in comment be to thinking the think, similar XXXX. some Should I of about or then a was Brad Foreman infrastructure made the Earlier, infrastructure the segue entering Ray spend the spend my that XXXX. one. should trying about good Just area between into plant we evolution Butte is you talking is XXXX understand amount gas it Ray thinking the and of gas less? that

Correne Loeffler

minimal of the Yes, that spend kind with infrastructure expect the XXXX, in less like the plant looking we're down from to is than spend currently very gas we be in amount infrastructure Ray XXXX.

Kashy Harrison

non-op and Can And monetization's path then an non-op potentially leverage. just just discussion further were think, today look from to you there on final the just some for give the like? one me, are reduce one what I last quarter monetizing us on update you where

Brad Holly

are divest price non-core, non-op in always we are to we're I'll our but to active stuff, that executed guess assets active look divestiture you details, believe commitment at is in provide we continue get prudent We And the that, but now bids We dilutive. but specific I on those, are to we market. and not that that not our of we tell something certainly acceptable willing if those of credit on any us. right haven't divest will

Operator

ahead. question Oppenheimer. comes Please next of from Rezvan Our go Tim

Tim Rezvan

understand you folks. full morning be the interest Can what convert if X.XX%? low to the the between on given to that coupon interest it to would revolver just delta quantify right trying expense I'm impact good million now. the trying a has moving of is understand on $XXX the Hi, your spring, revolver expense next

Correne Loeffler

absolutely at right. has me, I LIBOR you're of in it. Yeah, on the have grid but X.XX%, based don't a XXXX facility pricing our exact front numbers credit converts The

around of So, call it somewhere X.X%. kind

going and is comfortable slight overall it ahead putting a to were expense. So, a We uptick interest

fact a and interest facility We the on credit putting you as put need going underneath we’re of it future. in lower We the our than refinancing portion were time credit facility don’t ourselves our all because ahead setting rate facility. at to of a comfortable given it is really the it for the highlighted, our up

prepared about So, the ourselves in that just that’s successful for more refinancing months. getting coming

Tim Rezvan

and same comments or Chip there? think and some talking on And by is you appreciate in for say second, I maybe can comments but that confident his color work $X.X Can you currently just what to refinancing. spring of that secured of to Rimer there out your feel The the billion that debt on of follow-up Do comfort a then the any elephant that give details confident to successful can the or in of investors. positioned you’re room appreciate kind the you’re deal concern? equity give maturing on debt theme, you to XXXX investors the field, ease are the you team done doing get kind out equity a more a the I

Correne Loeffler

understand And willingness have I within of portion kind shown notes. of a short a ourselves steps appreciate shown initial senior taken have We’ve several of the concern. the use the I this credit that question, time to outstanding refinancing. our to period and facility mean, we our I as to position we repurchase for

And broad to sales. we’re to talk the coming about best In refinance forward to going continuing the Therefore, a can’t are have non-core addition, are our but structures we’re on focused for that strengthen evaluate specific is we balance amount them. alternatives total smaller. multiple we alternative we then, months. of finding in with evaluate actually the a as the range sheet deals, Ultimately, we about kind continuing much refinancing, several to asset trying of talked accretive

Operator

of Parks Our go comes next ahead. question of Palmer from Institutional. Coker Noel Please

Noel Parks

there capital much in also their guys there looking pretty or of about standing Just Are participants year it the questions, or thinking had the region in so, Sanish to any just have increase a couple investment you that the area. is next been other alone?

Brad Holly

gives question. to in bores there hard in map sticks well the the small lot that past. for little have on it’s been thanks area on shows Noel, There a of the that in slide read, is, it I some the side a peers left-hand map the that recent direct operated us but been of seven active mean, immediate have is that area. a

Noel Parks

the had in decline capital for sure toward heading that any shift about area. spend and changing might focus area wondering this sort how from be to Foreman as forward. overall just year the implications then have was Butte portfolios toward into I not you of managing of the do back lot And a I’m going Sanish. if you base visibility Does

Brad Holly

we I decline really have in of we you way mean, moving pretty there know, how which large It about upper it. we previous as a, locked out can have in really base wedge a base big Noel, our puts change large over year. forward. doesn��t X,XXX is a vary base the And that XXs from think now on based it we’re base, wells, your is drastically decline, on with of the the

that have to do shallow So, initiatives we internally decline.

with We have go constantly our we operators. of the the can in are that hand-in-hand barrel field the after. a And multitude base that's we working production engineers look at that cheapest

maximum well operating efficiency And well so and these Through lot internal out those shallower the at on lift work their of get right that to to dashboards zero artificial of the analytics, able in to and today big decline. the barrels and a ground really focus initiative that a to the on earlier place, putting two one, in over advantages predictive with production described been our spend wellbore failure And by and you're down decrease making has field. we've money. rate doesn't XX% go we have the

the the keep is they on revenue which generates longer, wells side. which they so expense longer and workover saving money run And on

decline Whiting. think we so, base that about And lot at a

Operator

James. with Freeman John from ahead. comes question go next our Please And Raymond

John Freeman

all will that to I'm are achieved looked you're work to bit on that Slide maybe some And different I realize drive those a will of of areas at initiatives achieved just boil You main achieve. that kind kind the all wondering of high by reductions. six can at. that little or the like to there's got take areas of or LOE effort of the of you've of you the be of down drive LOE sort kind what more of of initiatives has already focused down. think, sort And But outlining kind mentioned kind level, XX complexities, XX being been I versus the or try kind year-end I say time thought of did Brad, you good a job it to to various sort

Brad Holly

question, the John. Yeah. Thanks for

ongoing an it's outlined, process rightly continual you a As it's and process.

and water. our a water, under head largest that in like fresh we being And so, bringing water is rates we and real combined of places And for up we've some found started our instance what of were so, and produced that water to winds our see single one water portfolio together different wins Whiting's expenses. across very paying different

that We resource a scope to basin water have pay significantly cost. And to the tell is common have water water very in there we come and could for Whiting's what size you get chain I with now supply we're is our we a groups Whiting and minute water. leverage portfolio what and in has anywhere a cost working team within difference a down and

that. And seeing so stuff we're like

especially done teams reducing have Redtail a equipment. in Our of wonderful job rental

lot better and to creatively save. of compressors able to been they've a wells have We produce rental the

we larger we And but very a are just to successful continue so month back, And fill had our these these of costs categories. workovers.

so of instead But we office see budget decline we across over from that prioritize a prioritize stay to and entire workovers, workovers. capital, our significantly and compete the region And for on workovers, program. not did it production we each prioritizing saved our it we

of millions we're So here, coming off talking John. dollars

represents these possible. So, of to initiatives as as each of dollars we're come of system working those out and millions the have quickly

John Freeman

of deficiencies then efforts some has in Redtail, then And of marketed that rolling on maybe the payment there changed all in deficiencies? curious potentially some being or Redtail asset on without the post-deficiency an off just as follow other and Redtail the of then environment with cost is burden sort again you has been that sort progress up if mentioned view think we my that a April should the of at just at

Brad Holly

to portfolio active management. committed we're What is at Whiting an

will And the if if in program -- our capital wells compete funded. CapEx get for they the so,

done they totally that are job have confidence convinced phenomenal team, and we of we capacity tons and out they’ve takeaway. phenomenal there Redtail job a have in We our can develop wells economic

there. And deduct described, after can will go As to that we you have down out some contracts advantage significantly use April. we our water the

that's XXXX our so plan. part And of

internal at are stuff to allow will very the in active to management portfolio the have CapEx best our everything the We portfolio and rise our looking inventory. that to we

seen with some you really positive results Redtail. XXXX some also results. in So, of at the different have us different tell We’ve I trajectory nice a spacing south can produced to and wellbore our completions we’ve on drill seen offset operators

be And it competes funded our intensely it Redtail are studying so, we portfolio for capital. when do, and we as in will always

Operator

There the are Hagen. Eric no further over turn questions. I to will now call

Eric Hagen

participating and Thank you, at remarks. turn Rocco. Bank for Whiting closing now on will Sachs Holly Conference to Brad Xth. Global the Energy call November XX Goldman presenting America and will over Xth January of the the be in Energy Global I on Conference

Brad Holly

questions events. seeing our full Thank free look you, dedicated Thank our on today. Eric, strengthening hitting remain you And sheet. we team and you. and to thanks to and than our ever at for upcoming in We of balance to strategy your Whiting remain on margins, We succeeding the cycle cash and environment. The forward stronger flow. new committed challenging this returns targets generating focused focusing is

Operator

all conference presentation. concluded. for And Today’s today’s attending thank you you. we has now Thank

your You wonderful may now lines a have and day. disconnect

Chord Energy (WLLBW) 6 Nov 192019 Q3 Earnings call transcript