Whiting Petroleum (NYSE: WLL) is an independent energy E&P (exploration and production) company headquartered in Denver, Colorado.  It is the second biggest oil producer in the North Dakota’s Bakken shale, has substantial natural gas recovery operations in Colorado’s Niobrara formation, and operates one of the largest U.S. enhanced oil recovery projects in the Permian Basin of Texas.

But make no mistake, Whiting Petroleum is first and foremost and oil company. Of its 438 MMBOE (million barrels of oil equivalent) of proved reserves, 89% is liquids with most of that being in the form of crude oil.  The remaining 11% is primarily natural gas.  Its R/P ratio (proved reserves as a percentage of current annual production capacity) is thirteen years, giving the company plenty of leeway to ramp up production as it sees fit.

Whiting has done an excellent job of managing its balance sheet, chalking up a 26% CAGR (compound annual growth rate) in Cash Flow per Share from 2009 – 2013, while lowering its Net Debt to EBITDAX ratio 21% during the same period of time. In fact, 2013 witnessed a record for cash flow per share, driving its share price above $70 for the first time since 2011.

Cheap natural gas has hurt most oil drillers like Whiting, driving down the cost of oil to compete with it where it can be had in abundance. However, the company maintains an unwavering commitment to oil and is responding to low natural gas prices by greatly reducing its operating costs and improving productivity form existing wells.  For example, its recent experiment in drilling high density pilot wells in the Williston Basin resulted in an immediate 25% increase in production.

If you are looking for the closest thing to a pure play in oil drilling, this company is one to consider. And with the United States expanding its export capabilities to areas of the world lacking access to cheap natural gas the fundamental economics of the entire energy sector will be affected once those markets begin bidding on large quantities of American oil and gas.