Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - WHITING PETROLEUM CORP | d799266d8k.htm |
| EX-99.4 - EX-99.4 - WHITING PETROLEUM CORP | d799266dex994.htm |
| EX-12.2 - EX-12.2 - WHITING PETROLEUM CORP | d799266dex122.htm |
| EX-99.1 - EX-99.1 - WHITING PETROLEUM CORP | d799266dex991.htm |
| EX-23.2 - EX-23.2 - WHITING PETROLEUM CORP | d799266dex232.htm |
| EX-99.3 - EX-99.3 - WHITING PETROLEUM CORP | d799266dex993.htm |
| EX-99.2 - EX-99.2 - WHITING PETROLEUM CORP | d799266dex992.htm |
| EX-23.1 - EX-23.1 - WHITING PETROLEUM CORP | d799266dex231.htm |
Exhibit 12.1
WHITING PETROLEUM CORPORATION AND SUBSIDIARIES
RATIO OF EARNINGS TO FIXED CHARGES
(dollars in thousands)
| Six Months Ended | Year Ended December 31, | |||||||||||||||||||||||||||||||
| June 30, 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||||||||||
| (historical) | (pro forma)(2) | (historical) | (pro forma)(2) | (historical) | (historical) | (historical) | (historical) | |||||||||||||||||||||||||
| Fixed charges: |
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| Interest expensed |
$ | 73,847 | $ | 118,856 | $ | 100,531 | $ | 155,765 | $ | 65,692 | $ | 53,834 | $ | 48,486 | $ | 53,582 | ||||||||||||||||
| Interest capitalized |
1,522 | 17,522 | 1,515 | 36,115 | 2,749 | 3,574 | 2,920 | 3,406 | ||||||||||||||||||||||||
| Amortized premiums, discounts and capitalized expenses related to indebtedness |
7,342 | 2,444 | 12,405 | 2,611 | 9,518 | 8,682 | 10,592 | 11,026 | ||||||||||||||||||||||||
| Estimate of interest within rental expense |
647 | 795 | 1,008 | 1,210 | 1,145 | 883 | 684 | 603 | ||||||||||||||||||||||||
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| Total fixed charges |
$ | 83,358 | $ | 139,617 | $ | 115,459 | $ | 195,701 | $ | 79,104 | $ | 66,973 | $ | 62,682 | $ | 68,617 | ||||||||||||||||
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| Earnings: |
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| Income (loss) before income taxes |
$ | 436,755 | $ | 637,770 | $ | 571,871 | $ | 868,364 | $ | 662,011 | $ | 780,319 | $ | 541,443 | $ | (162,835 | ) | |||||||||||||||
| Income from equity investees |
(115 | ) | (115 | ) | (542 | ) | (477 | ) | (588 | ) | (1,032 | ) | (1,311 | ) | (1,581 | ) | ||||||||||||||||
| Fixed charges (above) |
83,358 | 139,617 | 115,459 | 195,701 | 79,104 | 66,973 | 62,682 | 68,617 | ||||||||||||||||||||||||
| Amortization of capitalized interest |
1,086 | 5,558 | 2,020 | 7,504 | 1,745 | 1,409 | 1,117 | 776 | ||||||||||||||||||||||||
| Distributed income from equity investees |
393 | 393 | 654 | 198 | 930 | 1,533 | 1,323 | 1,780 | ||||||||||||||||||||||||
| Interest capitalized |
(1,522 | ) | (17,522 | ) | (1,515 | ) | (36,115 | ) | (2,749 | ) | (3,574 | ) | (2,920 | ) | (3,406 | ) | ||||||||||||||||
| Noncontrolling interest in pre-tax income of subsidiaries |
36 | 36 | 52 | 52 | 90 | 59 | — | — | ||||||||||||||||||||||||
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| Total earnings |
$ | 519,991 | $ | 765,737 | $ | 687,999 | $ | 1,035,227 | $ | 740,543 | $ | 845,687 | $ | 602,334 | $ | (96,649 | ) | |||||||||||||||
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| Ratio of earnings to fixed charges (unaudited) (1) |
6.24 | 5.48 | 5.96 | 5.29 | 9.36 | 12.63 | 9.61 | — | ||||||||||||||||||||||||
| (1) | For the year ended December 31, 2009, earnings were inadequate to cover fixed charges, and the ratio of earnings to fixed charges therefore has not been presented for that period. The coverage deficiency necessary for the ratio of earnings to fixed charges to equal 1.00x (one-to-one coverage) was $165.3 million for the year ended December 31, 2009. |
| (2) | The pro forma ratio of earnings to fixed charges was calculated on a pro forma basis after giving effect to the arrangement as if the arrangement had occurred on January 1, 2013. Additionally, the pro forma ratio of earnings to fixed charges for the year ended December 31, 2013 gives effect to the sale by Whiting on July 15, 2013 of Whiting’s interest in certain oil and gas producing properties located in the Postle and Northeast Hardesty fields in Texas County, Oklahoma, as if the disposition had occurred on January 1, 2013. |