Production
Production in the fourth quarter of 2007 totaled 3.71 million barrels of oil equivalent (MMBOE), of which 2.47 million barrels were crude oil (67%) and 1.24 MMBOE was natural gas (33%). This fourth quarter 2007 production total equates to a daily average production rate of 40,340 barrels of oil equivalent (BOE), which compares to the 41,300 BOE per day average rate in 2006's fourth quarter. The moderate decline in volumes was primarily the result of property sales in 2007, which represented approximately 1,130 BOE per day as of the dates of disposition.
Full year 2007 oil and gas production totaled 14.71 MMBOE, or an average of 40,290 BOE per day. This rate compared to the 41,530 BOE per day average, or 15.16 MMBOE total, produced in 2006. Again, the moderate decline in volumes was primarily the result of property sales in 2007, which represented approximately 1,130 BOE per day as of the dates of disposition.
Reserves
Whiting's total proved reserves at December 31, 2007 were 250.8 MMBOE, of which 78% was oil. The company invested 73% of their $556.6 million exploration and development expenditures in 2007 in the conversion of proved undeveloped (PUD) reserves to proved developed reserves through the development of conventional PUD reserves and the expansion and implementation of their two CO2 projects. This helped bring the company's proved developed reserves as a percentage of their total reserves to 67%, compared to 65% at year-end 2006 and 59% at year-end 2005. The continuing development or de-risking of the company's proved reserve base is further reflected in the increase of their proved developed producing reserves. Despite the 14.7 MMBOE of production during 2007, Whiting's proved developed producing reserves increased 10 MMBOE from year-end 2006. With only 27% of the company's 2007 capital budget directed toward adding reserves, Whiting managed to increase their total proved reserves to 250.8 MMBOE from 248.2 MMBOE at year-end 2006. During 2007, Whiting had 14.7 MMBOE of production and 2.9 MMBOE of divestitures. Offsetting this 17.6 MMBOE of production and property sales, 20.2 MMBOE of proved reserves were added during 2007. Of this 20.2 MMBOE, 17.8 MMBOE was generated through extensions and discoveries and 2.4 MMBOE came from acquisitions and revisions to previous estimates.