Whiting estimates second quarter 2015 production totaled 15.5 million barrels of oil equivalent (MMBOE) or 170,245 barrels of oil equivalent per day (BOE/d). This represents a 2% increase over the first quarter 2015 despite non-core property sales of 8,300 BOE/d during the quarter and exceeds the high end of prior guidance.

Based on these strong results, we now project full-year 2015 production of 59.7 MMBOE or 7% growth over 2014. Adding back asset sales, this guidance equates to a 10% growth rate over 2014. We are also increasing our 2015 capital budget forecast to $2.3 Billion from $2.0 Billion. The $300 million increase consists of a $158 million increase in our operated drilling budget, a $120 million increase in our non-operated drilling budget, and $22 million of rig termination fees incurred during the second quarter.

We estimate 1H 2015 capital expenditures totaled $1,590 million. In the first half of the year, we drilled and completed approximately 23 more net Bakken wells than projected due to an improvement in operating efficiencies. In addition, we incurred $211 million of non-operated drilling expenditures. We have entered into an agreement to monetize the majority of our non-operated drilling through the remainder of 2015 to concentrate capital in our most profitable operated drilling prospects and project only $42 million of non-operated capex in the second half of 2015.

Tags: Whiting Petroleum Corporation