EX-12.1 2 d76304exv12w1.htm EX-12.1 exv12w1
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, 2010     2009     2008     2007     2006     2005  
Fixed charges:
                                               
Interest expensed
  $ 25,600     $ 53,582     $ 59,010     $ 65,977     $ 66,265     $ 35,245  
Interest capitalized
    783       3,406       3,129       3,664       556        
Amortized premiums, discounts and capitalized expenses related to indebtedness
    5,724       11,026       6,068       6,527       7,224       6,802  
Estimate of interest within rental expense
    326       603       431       424       386       298  
 
                                   
Total fixed charges
    32,433       68,617       68,638       76,592       74,431       42,345  
 
                                   
 
                                               
Earnings:
                                               
Income (loss) before income taxes
  $ 341,984     $ (162,835 )   $ 408,820     $ 207,162     $ 233,272     $ 196,098  
Income from equity investees
    (643 )     (1,581 )     (1,625 )     (1,365 )     (282 )     (409 )
Fixed charges (above)
    32,433       68,617       68,638       76,592       74,431       42,345  
Amortization of capitalized interest
    559       776       463       97       41       41  
Distributed income from equity investees
    673       1,780       1,775       928       987       657  
Interest capitalized
    (783 )     (3,406 )     (3,129 )     (3,664 )     (556 )      
 
                                   
Total earnings
  $ 374,223     $ (96,649 )   $ 474,942     $ 279,750     $ 307,893     $ 238,732  
 
                                   
 
                                               
Ratio of earnings to fixed charges (unaudited) (1)
    11.54             6.92       3.65       4.14       5.64  
 
(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.