Date of Report
|
|||
(Date of earliest
|
|||
event reported):
|
February 24, 2016
|
Delaware
|
001-31899
|
20-0098515
|
||
(State or other
jurisdiction of
incorporation)
|
(Commission File
Number)
|
(IRS Employer
Identification No.)
|
£
|
Written communications pursuant to Rule 425 under the Securities Act (17 C.F.R. §230.425)
|
£
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 C.F.R. §240.14a-12)
|
£
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 C.F.R. §240.14d-2(b))
|
£
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 C.F.R. §240.13e-4(c))
|
|
(a)
|
Financial Statements of Businesses Acquired. Not applicable.
|
|
(b)
|
Pro Forma Financial Information. Not applicable.
|
|
(c)
|
Shell Company Transactions. Not applicable.
|
|
(d)
|
Exhibits:
|
|
(99)
|
Press Release of Whiting Petroleum Corporation, dated February 24, 2016.
|
WHITING PETROLEUM CORPORATION
|
|||
Date: February 24, 2016
|
By:
|
/s/ James J. Volker
|
|
James J. Volker
|
|||
Chairman, President and Chief Executive Officer
|
Exhibit
Number
|
Description
|
|
(99)
|
Press Release of Whiting Petroleum Corporation, dated February 24, 2016.
|
·
|
Q4 2015 Production of 155,210 BOE/d at High End of Guidance
|
·
|
Q4 2015 Discretionary Cash Flow Totals $222 Million
|
·
|
2015 Asset Sales Reach $512 Million
|
·
|
Proved Reserves Increase 5% to 820.6 MMBOE Despite 53.2 MMBOE of Asset Sales
|
·
|
Enhanced Completions Contribute to 22% Quarter-over-Quarter Productivity Increase in Williston Basin
|
·
|
Announces $500 Million 2016 Capital Budget
|
Three Months Ended
|
||||||||
December 31,
|
||||||||
2015
|
2014
|
|||||||
Production (MBOE/d)
|
155.21 | 131.26 | ||||||
Discretionary cash flow-MM (1)
|
$ | 221.9 | $ | 419.5 | ||||
Realized price ($/BOE)
|
$ | 34.12 | $ | 59.86 | ||||
Total revenues-MM
|
$ | 423.5 | $ | 696.1 | ||||
Net loss available to common shareholders-MM (2)(3)
|
$ | (98.7 | ) | $ | (353.7 | ) | ||
Per basic share
|
$ | (0.48 | ) | $ | (2.69 | ) | ||
Per diluted share
|
$ | (0.48 | ) | $ | (2.68 | ) | ||
Adjusted net income (loss) available to common shareholders-MM (4)
|
$ | (87.8 | ) | $ | 58.3 | |||
Per basic share
|
$ | (0.43 | ) | $ | 0.44 | |||
Per diluted share
|
$ | (0.43 | ) | $ | 0.44 |
(1)
|
A reconciliation of net cash provided by operating activities to discretionary cash flow is included later in this news release.
|
(2)
|
For the three months ended December 31, 2015, net loss available to common shareholders included $33 million of pre-tax, non-cash derivative gains or $0.10 per basic and diluted share after tax. For the three months ended December 31, 2014, net loss available to common shareholders included $77 million of pre-tax, non-cash derivative gains or $0.37 per basic and diluted share after tax.
|
(3)
|
For the three months ended December 31, 2014, this amount includes $587 million in non-cash pre-tax impairment charges for the partial write-down of non-core proved oil and gas properties primarily in Colorado, Louisiana, North Dakota and Utah which were not being developed due to depressed oil and gas prices at December 31, 2014, as well as $42 million of impairment write-downs on our CO2 development properties. The Company did not recognize any impairment write-downs with respect to its proved oil and gas or CO2 properties during the 2015 period presented.
|
(4)
|
A reconciliation of net income (loss) available to common shareholders to adjusted net income (loss) available to common shareholders is included later in this news release.
|
Year Ended
|
||||||||
December 31,
|
||||||||
2015
|
2014
|
|||||||
Production (MBOE/d)
|
163.20 | 114.53 | ||||||
Discretionary cash flow-MM (1)
|
$ | 1,131.7 | $ | 1,995.9 | ||||
Realized price ($/BOE)
|
$ | 38.76 | $ | 73.38 | ||||
Total revenues-MM
|
$ | 2,050.8 | $ | 3,085.1 | ||||
Net income (loss) available to common shareholders-MM (2)(3)(4)
|
$ | (2,219.2 | ) | $ | 64.8 | |||
Per basic share
|
$ | (11.35 | ) | $ | 0.53 | |||
Per diluted share
|
$ | (11.35 | ) | $ | 0.53 | |||
Adjusted net income (loss) available to common shareholders-MM (5)
|
$ | (156.0 | ) | $ | 508.4 | |||
Per basic share
|
$ | (0.80 | ) | $ | 4.16 | |||
Per diluted share
|
$ | (0.80 | ) | $ | 4.15 |
(1)
|
A reconciliation of net cash provided by operating activities to discretionary cash flow is included later in this news release.
|
(2)
|
For the year ended December 31, 2015, net loss available to common shareholders included $2 million of pre-tax, non-cash derivative gains or $0.01 per basic and diluted share after tax. For the year ended December 31, 2014, net income available to common shareholders included $57 million of pre-tax, non-cash derivative gains or $0.30 per basic and diluted share after tax.
|
(3)
|
For the year ended December 31, 2015, this amount includes $1.5 billion in non-cash pre-tax impairment charges for the partial write-down of our North Ward Estes field in Texas and other non-core proved oil and gas properties primarily in Texas, Wyoming, North Dakota and Colorado that are not currently being developed due to depressed oil and gas prices, as well as $62 million of impairment write-downs on our CO2 development properties at the Bravo Dome field in New Mexico and McElmo Dome field in Colorado. For the year ended December 31, 2014, this amount includes $587 million in non-cash pre-tax impairment charges for the partial write-down of non-core proved oil and gas properties primarily in Colorado, Louisiana, North Dakota, and Utah which were not being developed due to depressed oil and gas prices at December 31, 2014, as well as $42 million of impairment write-downs on our CO2 development properties.
|
(4)
|
During the year ended December 31, 2015, goodwill related to the acquisition of Kodiak Oil and Gas Corp. in December 2014 (the “Kodiak Acquisition”) with a carrying amount of $874 million was written down to a fair value of zero, resulting in a non-cash impairment charge of $874 million, which resulted from lower commodity prices. The Company did not recognize any goodwill impairment write-downs during the 2014 period presented.
|
(5)
|
A reconciliation of net income (loss) available to common shareholders to adjusted net income (loss) available to common shareholders is included later in this news release.
|
(1)
|
The SEC 2015 reserve price deck case was $50.28 per barrel of oil and $2.58 per Mcf of gas.
|
(1)
|
At their respective dates of sale, total asset sales in 2015 were 12.4 MBOE/d.
|
Three Months Ended
|
||||||||||
December 31,
|
||||||||||
2015
|
2014
|
Change
|
||||||||
Production
|
||||||||||
Oil (MMBbl)
|
10.87 | 9.70 | 12% | |||||||
NGLs (MMBbl)
|
1.64 | 0.94 | 75% | |||||||
Natural gas (Bcf)
|
10.61 | 8.65 | 23% | |||||||
Total equivalent (MMBOE)
|
14.28 | 12.08 | 18% | |||||||
Average sales price
|
||||||||||
Oil (per Bbl):
|
||||||||||
Price received
|
$ | 35.33 | $ | 61.84 | (43%) | |||||
Effect of crude oil hedging (1)
|
6.37 | 5.19 | ||||||||
Realized price
|
$ | 41.70 | $ | 67.03 | (38%) | |||||
Weighted average NYMEX price (per Bbl) (2)
|
$ | 42.16 | $ | 71.80 | (41%) | |||||
NGLs (per Bbl):
|
||||||||||
Realized price
|
$ | 10.98 | $ | 32.60 | (66%) | |||||
Natural gas (per Mcf):
|
||||||||||
Realized price
|
$ | 1.50 | $ | 4.89 | (69%) | |||||
Weighted average NYMEX price (per Mcf) (2)
|
$ | 2.17 | $ | 4.06 | (47%) |
(1)
|
Whiting received $69 million and $50 million in pre-tax cash settlements on its crude oil hedges during the fourth quarter of 2015 and 2014, respectively. A summary of Whiting’s outstanding hedges is included later in this news release.
|
(2)
|
Average NYMEX prices weighted for monthly production volumes.
|
Three Months Ended
|
Year Ended
|
|||||||||||
December 31,
|
December 31,
|
|||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||
(per BOE, except production)
|
||||||||||||
Production (MMBOE)
|
14.28
|
12.08
|
59.57
|
41.80
|
||||||||
|
||||||||||||
Sales price, net of hedging
|
$
|
34.12
|
$
|
59.86
|
$
|
38.76
|
$
|
73.38
|
||||
Lease operating expense
|
8.41
|
11.57
|
9.32
|
11.89
|
||||||||
Production tax
|
2.63
|
4.56
|
3.07
|
6.05
|
||||||||
Cash general & administrative
|
2.21
|
5.47
|
2.43
|
3.68
|
||||||||
Exploration
|
2.48
|
3.08
|
2.41
|
2.08
|
||||||||
Cash interest expense
|
5.09
|
3.91
|
4.83
|
3.80
|
||||||||
Cash income tax expense (benefit)
|
-
|
(0.42)
|
(0.01)
|
0.06
|
||||||||
$
|
13.30
|
$
|
31.69
|
$
|
16.71
|
$
|
45.82
|
Gross/Net Wells Completed
|
|||||||||
Producing
|
Non-Producing
|
Total New Drilling
|
% Success Rate
|
CAPEX (in MM)
|
|||||
Q4 15
|
52 / 31.7
|
1 / 1
|
53 / 32.7
|
98.1% / 96.9%
|
$ 323.7 (1)
|
||||
YTD 15
|
538 / 265.8
|
2 / 2
|
540 / 267.8
|
99.6% / 99.3%
|
$ 2,313.6 (2)
|
(1)
|
Includes $14 million for non-operated drilling and completion, $3 million for land, $21 million for facilities and $19 million in drilling rig early termination fees.
|
(2)
|
Includes $283 million for non-operated drilling and completion, $29 million for land, $145 million for facilities and $95 million in drilling rig early termination fees.
|
Guidance
|
|||||||||
First Quarter
|
Full Year
|
||||||||
2016
|
2016
|
||||||||
Production (MMBOE)
|
13.1
|
-
|
13.6
|
46.8
|
-
|
50.5
|
|||
Lease operating expense per BOE
|
$ 8.25
|
-
|
$ 8.75
|
|
$ 9.00
|
-
|
$ 9.40
|
||
General and administrative expense per BOE
|
$ 3.10
|
-
|
$ 3.50
|
|
$ 3.30
|
-
|
$ 3.70
|
||
Interest expense per BOE
|
$ 5.35
|
-
|
$ 5.75
|
|
$ 5.90
|
-
|
$ 6.30
|
||
Depreciation, depletion and amortization per BOE
|
$ 23.00
|
-
|
$ 24.00
|
|
$ 23.75
|
-
|
$ 24.75
|
||
Production taxes (% of sales revenue)
|
9.2%
|
-
|
9.6%
|
9.2%
|
-
|
9.6%
|
|||
Oil price differentials to NYMEX per Bbl (1)
|
|
($ 7.00)
|
-
|
($ 8.00)
|
|
($ 7.00)
|
-
|
($ 8.00)
|
|
Gas price differential to NYMEX per Mcf
|
|
($ 0.40)
|
-
|
($ 0.90)
|
|
($ 0.40)
|
-
|
($ 0.90)
|
(1)
|
Does not include the effects of NGLs.
|
Weighted Average
|
As a Percentage of
|
|||||||
Derivative
|
Hedge
|
Contracted Crude
|
NYMEX Price
|
December 2015
|
||||
Instrument
|
Period
|
(Bbls per Month)
|
(per Bbl)
|
Oil Production
|
||||
Three-way collars (1)
|
2016
|
|||||||
Q1
|
1,400,000
|
$43.75 - $53.75 - $74.40
|
37.8%
|
|||||
Q2
|
1,400,000
|
$43.75 - $53.75 - $74.40
|
37.8%
|
|||||
Q3
|
1,400,000
|
$43.75 - $53.75 - $74.40
|
37.8%
|
|||||
Q4
|
1,400,000
|
$43.75 - $53.75 - $74.40
|
37.8%
|
|||||
Collars
|
2016
|
|||||||
Q1
|
250,000
|
$51.00 - $63.48
|
6.8%
|
|||||
Q2
|
250,000
|
$51.00 - $63.48
|
6.8%
|
|||||
Q3
|
250,000
|
$51.00 - $63.48
|
6.8%
|
|||||
Q4
|
250,000
|
$51.00 - $63.48
|
6.8%
|
|||||
2017
|
||||||||
Q1
|
250,000
|
$53.00 - $70.44
|
6.8%
|
|||||
Q2
|
250,000
|
$53.00 - $70.44
|
6.8%
|
|||||
Q3
|
250,000
|
$53.00 - $70.44
|
6.8%
|
|||||
Q4
|
250,000
|
$53.00 - $70.44
|
6.8%
|
(1)
|
A three-way collar is a combination of options: a sold call, a purchased put and a sold put. The sold call establishes a maximum price (ceiling) we will receive for the volumes under contract. The purchased put establishes a minimum price (floor), unless the market price falls below the sold put (sub-floor), at which point the minimum price would be NYMEX plus the difference between the purchased put and the sold put strike price.
|
Three Months Ended
|
Year Ended
|
|||||||||||
December 31,
|
December 31,
|
|||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||
Selected operating statistics:
|
||||||||||||
Production
|
||||||||||||
Oil, MBbl
|
10,871
|
9,697
|
47,175
|
33,485
|
||||||||
NGLs, MBbl
|
1,640
|
937
|
5,539
|
3,283
|
||||||||
Natural gas, MMcf
|
10,612
|
8,650
|
41,129
|
30,219
|
||||||||
Oil equivalents, MBOE
|
14,279
|
12,076
|
59,570
|
41,804
|
||||||||
Average Prices
|
||||||||||||
Oil per Bbl (excludes hedging)
|
$
|
35.33
|
$
|
61.84
|
$
|
40.95
|
$
|
81.50
|
||||
NGLs per Bbl
|
$
|
10.98
|
$
|
32.60
|
$
|
12.67
|
$
|
39.17
|
||||
Natural gas per Mcf
|
$
|
1.50
|
$
|
4.89
|
$
|
2.20
|
$
|
5.53
|
||||
Per BOE data
|
||||||||||||
Sales price (including hedging)
|
$
|
34.12
|
$
|
59.86
|
$
|
38.76
|
$
|
73.38
|
||||
Lease operating
|
$
|
8.41
|
$
|
11.57
|
$
|
9.32
|
$
|
11.89
|
||||
Production taxes
|
$
|
2.63
|
$
|
4.56
|
$
|
3.07
|
$
|
6.05
|
||||
Depreciation, depletion and amortization
|
$
|
22.50
|
$
|
24.85
|
$
|
20.87
|
$
|
26.06
|
||||
General and administrative(1)
|
$
|
2.72
|
$
|
5.98
|
$
|
2.90
|
$
|
4.24
|
||||
Selected financial data:
(In thousands, except per share data)
|
||||||||||||
Total revenues and other income
|
$
|
423,516
|
$
|
696,095
|
$
|
2,050,798
|
$
|
3,085,097
|
||||
Total costs and expenses
|
$
|
570,427
|
$
|
1,240,383
|
$
|
5,044,293
|
$
|
2,941,182
|
||||
Net income (loss) available to common shareholders
|
$
|
(98,689)
|
$
|
(353,681)
|
$
|
(2,219,182)
|
$
|
64,807
|
||||
Earnings (loss) per common share, basic
|
$
|
(0.48)
|
$
|
(2.69)
|
$
|
(11.35)
|
$
|
0.53
|
||||
Earnings (loss) per common share, diluted
|
$
|
(0.48)
|
$
|
(2.68)
|
$
|
(11.35)
|
$
|
0.53
|
||||
Weighted average shares outstanding, basic
|
204,143
|
131,535
|
195,472
|
122,138
|
||||||||
Weighted average shares outstanding, diluted
|
204,143
|
131,839
|
195,472
|
122,519
|
||||||||
Net cash provided by operating activities
|
$
|
150,136
|
$
|
465,996
|
$
|
1,051,392
|
$
|
1,815,302
|
||||
Net cash used in investing activities
|
$
|
(141,804)
|
$
|
(780,668)
|
$
|
(1,982,119)
|
$
|
(2,860,517)
|
||||
Net cash provided (used in) financing activities
|
$
|
(30,010)
|
$
|
364,719
|
$
|
868,680
|
$
|
423,855
|
(1)
|
For the three and twelve months ended December 31, 2014, the cost includes $3.38 per BOE and $1.26 per BOE, respectively, for transaction-related costs incurred for the Kodiak Acquisition.
|
December 31,
|
||||||||
2015
|
2014
|
|||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$ | 16,053 | $ | 78,100 | ||||
Accounts receivable trade, net
|
332,428 | 543,172 | ||||||
Derivative assets
|
158,729 | 135,577 | ||||||
Prepaid expenses and other
|
27,980 | 86,150 | ||||||
Total current assets
|
535,190 | 842,999 | ||||||
Property and equipment:
|
||||||||
Oil and gas properties, successful efforts method
|
13,904,525 | 14,949,702 | ||||||
Other property and equipment
|
168,277 | 276,582 | ||||||
Total property and equipment
|
14,072,802 | 15,226,284 | ||||||
Less accumulated depreciation, depletion and amortization
|
(3,323,102 | ) | (3,083,572 | ) | ||||
Total property and equipment, net
|
10,749,700 | 12,142,712 | ||||||
Goodwill
|
- | 875,676 | ||||||
Other long-term assets
|
104,195 | 131,724 | ||||||
TOTAL ASSETS
|
$ | 11,389,085 | $ | 13,993,111 |
December 31,
|
||||||||
2015
|
2014
|
|||||||
LIABILITIES AND EQUITY
|
||||||||
Current liabilities:
|
||||||||
Accounts payable trade
|
$ | 77,276 | $ | 62,664 | ||||
Accrued capital expenditures
|
94,105 | 429,970 | ||||||
Revenues and royalties payable
|
179,601 | 254,018 | ||||||
Production Participation Plan liability
|
- | 113,391 | ||||||
Accrued interest
|
62,661 | 67,913 | ||||||
Accrued lease operating expenses
|
55,291 | 85,590 | ||||||
Accrued liabilities and other
|
50,261 | 80,401 | ||||||
Taxes payable
|
47,789 | 63,822 | ||||||
Accrued employee compensation and benefits
|
32,829 | 3,202 | ||||||
Total current liabilities
|
599,813 | 1,160,971 | ||||||
Long-term debt
|
5,197,704 | 5,602,389 | ||||||
Deferred income taxes
|
593,792 | 1,278,175 | ||||||
Asset retirement obligations
|
155,550 | 167,741 | ||||||
Deferred gain on sale
|
48,974 | 60,305 | ||||||
Other long-term liabilities
|
34,664 | 20,486 | ||||||
Total liabilities
|
6,630,497 | 8,290,067 | ||||||
Commitments and contingencies
|
||||||||
Equity:
|
||||||||
Common stock, $0.001 par value, 300,000,000 shares authorized; 206,441,303 issued and 204,147,647 outstanding as of December 31, 2015 and 168,346,020 issued and 166,889,152 outstanding as of December 31, 2014
|
206 | 168 | ||||||
Additional paid-in capital
|
4,659,868 | 3,385,094 | ||||||
Retained earnings
|
90,530 | 2,309,712 | ||||||
Total Whiting shareholders' equity
|
4,750,604 | 5,694,974 | ||||||
Noncontrolling interest
|
7,984 | 8,070 | ||||||
Total equity
|
4,758,588 | 5,703,044 | ||||||
TOTAL LIABILITIES AND EQUITY
|
$ | 11,389,085 | $ | 13,993,111 |
Three Months Ended
|
Year Ended
|
|||||||||||
December 31,
|
December 31,
|
|||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||
REVENUES AND OTHER INCOME:
|
||||||||||||
Oil, NGL and natural gas sales
|
$
|
417,952
|
$
|
672,553
|
$
|
2,092,482
|
$
|
3,024,617
|
||||
Gain (loss) on sale of properties
|
1,146
|
15,352
|
(60,791)
|
27,657
|
||||||||
Amortization of deferred gain on sale
|
3,511
|
7,588
|
16,751
|
30,494
|
||||||||
Interest income and other
|
907
|
602
|
2,356
|
2,329
|
||||||||
Total revenues and other income
|
423,516
|
696,095
|
2,050,798
|
3,085,097
|
||||||||
COSTS AND EXPENSES:
|
||||||||||||
Lease operating expenses
|
120,077
|
139,703
|
555,392
|
496,925
|
||||||||
Production taxes
|
37,625
|
55,015
|
183,035
|
253,008
|
||||||||
Depreciation, depletion and amortization
|
321,216
|
300,113
|
1,243,293
|
1,089,545
|
||||||||
Exploration and impairment
|
52,511
|
750,886
|
1,881,671
|
854,430
|
||||||||
Goodwill impairment
|
4,059
|
-
|
873,772
|
-
|
||||||||
General and administrative
|
38,828
|
72,252
|
172,616
|
177,211
|
||||||||
Interest expense
|
86,141
|
49,821
|
334,125
|
170,642
|
||||||||
Loss on early extinguishment of debt
|
12,727
|
-
|
18,361
|
-
|
||||||||
Commodity derivative gain, net
|
|
(102,757)
|
|
(127,407)
|
|
(217,972)
|
|
(100,579)
|
||||
Total costs and expenses
|
570,427
|
1,240,383
|
5,044,293
|
2,941,182
|
||||||||
INCOME (LOSS) BEFORE INCOME TAXES
|
(146,911)
|
(544,288)
|
(2,993,495)
|
143,915
|
||||||||
INCOME TAX EXPENSE (BENEFIT):
|
||||||||||||
Current
|
-
|
(5,070)
|
(357)
|
2,625
|
||||||||
Deferred
|
(48,184)
|
(185,525)
|
(773,870)
|
76,545
|
||||||||
Total income tax expense (benefit)
|
(48,184)
|
(190,595)
|
(774,227)
|
79,170
|
||||||||
NET INCOME (LOSS)
|
(98,727)
|
(353,693)
|
(2,219,268)
|
64,745
|
||||||||
Net loss attributable to noncontrolling interests
|
38
|
12
|
86
|
62
|
||||||||
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS
|
$
|
(98,689)
|
$
|
(353,681)
|
$
|
(2,219,182)
|
$
|
64,807
|
||||
EARNINGS (LOSS) PER COMMON SHARE:
|
||||||||||||
Basic
|
$
|
(0.48)
|
$
|
(2.69)
|
$
|
(11.35)
|
$
|
0.53
|
||||
Diluted
|
$
|
(0.48)
|
$
|
(2.68)
|
$
|
(11.35)
|
$
|
0.53
|
||||
WEIGHTED AVERAGE SHARES OUTSTANDING:
|
||||||||||||
Basic
|
204,143
|
131,535
|
195,472
|
122,138
|
||||||||
Diluted
|
204,143
|
131,839
|
195,472
|
122,519
|
Three Months Ended
|
Year Ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
Net income (loss) available to common shareholders
|
$ | (98,689 | ) | $ | (353,681 | ) | $ | (2,219,182 | ) | $ | 64,807 | |||||
Adjustments net of tax:
|
||||||||||||||||
Amortization of deferred gain on sale
|
(2,205 | ) | (4,776 | ) | (10,520 | ) | (19,196 | ) | ||||||||
(Gain) loss on sale of properties
|
(719 | ) | (9,664 | ) | 38,177 | (17,410 | ) | |||||||||
Impairment expense
|
10,769 | 449,245 | 1,091,659 | 483,221 | ||||||||||||
Goodwill impairment (non-taxable)
|
4,059 | - | 873,772 | - | ||||||||||||
Penalties for early termination of drilling rig contracts
|
11,970 | - | 59,576 | - | ||||||||||||
Transaction-related costs for Kodiak Acquisition
|
- | 25,745 | - | 33,166 | ||||||||||||
Early extinguishment of debt
|
7,992 | - | 11,530 | - | ||||||||||||
Total measure of derivative gain reported under U.S. GAAP
|
(64,532 | ) | (80,203 | ) | (136,887 | ) | (63,314 | ) | ||||||||
Total net cash settlements received on commodity derivatives during the period
|
43,528 | 31,652 | 135,872 | 27,140 | ||||||||||||
Adjusted net income (loss) (1)
|
$ | (87,827 | ) | $ | 58,318 | $ | (156,003 | ) | $ | 508,414 | ||||||
Adjusted net income (loss) available to common shareholders per share, basic
|
$ | (0.43 | ) | $ | 0.44 | $ | (0.80 | ) | $ | 4.16 | ||||||
Adjusted net income (loss) available to common shareholders per share, diluted
|
$ | (0.43 | ) | $ | 0.44 | $ | (0.80 | ) | $ | 4.15 |
(1)
|
Adjusted Net Income (Loss) Available to Common Shareholders is a non-GAAP financial measure. Management believes it provides useful information to investors for analysis of Whiting’s fundamental business on a recurring basis. In addition, management believes that Adjusted Net Income (Loss) Available to Common Shareholders is widely used by professional research analysts and others in valuation, comparison and investment recommendations of companies in the oil and gas exploration and production industry, and many investors use the published research of industry research analysts in making investment decisions. Adjusted Net Income (Loss) Available for Common Shareholders should not be considered in isolation or as a substitute for net income, income from operations, net cash provided by operating activities or other income, cash flow or liquidity measures under U.S. GAAP and may not be comparable to other similarly titled measures of other companies.
|
Three Months Ended
|
Year Ended
|
|||||||||||
December 31,
|
December 31,
|
|||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||
Net cash provided by operating activities
|
$
|
150,136
|
$
|
465,996
|
$
|
1,051,392
|
$
|
1,815,302
|
||||
Exploration
|
35,363
|
37,231
|
143,363
|
86,803
|
||||||||
Exploratory dry hole costs
|
(8,573)
|
(22,355)
|
(9,440)
|
(26,327)
|
||||||||
Changes in working capital
|
44,929
|
(61,392)
|
(53,645)
|
120,083
|
||||||||
Discretionary cash flow (1)
|
$
|
221,855
|
$
|
419,480
|
$
|
1,131,670
|
$
|
1,995,861
|
(1)
|
Discretionary cash flow is a non-GAAP measure. Discretionary cash flow is presented because management believes it provides useful information to investors for analysis of the Company’s ability to internally fund acquisitions, exploration and development. Discretionary cash flow should not be considered in isolation or as a substitute for net income, income from operations, net cash provided by operating activities or other income, cash flow or liquidity measures under U.S. GAAP and may not be comparable to other similarly titled measures of other companies.
|
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