Date of Report
|
|||
(Date of earliest
|
|||
event reported):
|
October 26, 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 October 26, 2016. |
WHITING PETROLEUM CORPORATION
|
|||
Date: October 26, 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 October 26, 2016.
|
Company Contact: Eric K. Hagen
|
October 26, 2016
|
Title: Vice President, Investor Relations
|
For immediate release
|
Phone: 303.837.1661
|
|
Email: Eric.Hagen@whiting.com
|
|
·
|
Q3 2016 Net Cash Provided by Operating Activities of $151 Million Exceeds Capex by $66 Million
|
·
|
Q3 2016 Average Production of 119,890 BOE/d at High End of Guidance
|
·
|
Q3 2016 LOE Below Low End of Guidance at $7.98 per BOE
|
·
|
Williston Basin 5+ Million Pound Completions Continue to Track 900 MBOE Type Curve after 265 Days
|
·
|
Williston Basin 10+ Million Pound Completions Tracking 1,500 MBOE Type Curve
|
·
|
13 New McKenzie County Wells Test at Average Rate of 3,727 BOE/d
|
Three Months Ended
|
||||||||
September 30,
|
||||||||
2016
|
2015
|
|||||||
Production (MBOE/d) (1)
|
119.89
|
160.59
|
||||||
Net cash provided by operating activities-MM
|
$
|
151.3
|
$
|
373.1
|
||||
Discretionary cash flow-MM (2)
|
$
|
163.1
|
$
|
279.9
|
||||
Realized price ($/BOE)
|
$
|
32.34
|
$
|
37.86
|
||||
Total revenues-MM
|
$
|
129.2
|
$
|
508.0
|
||||
Net loss available to common shareholders-MM (3)(4)(5)(6)(7)
|
$
|
(693.1
|
)
|
$
|
(1,865.1
|
)
|
||
Per basic share
|
$
|
(2.47
|
)
|
$
|
(9.14
|
)
|
||
Per diluted share
|
$
|
(2.47
|
)
|
$
|
(9.14
|
)
|
||
Adjusted net loss available to common shareholders-MM (8) | ||||||||
Per basic share
|
$
|
(0.47
|
)
|
$
|
(0.17
|
)
|
||
Per diluted share
|
$
|
(0.47
|
)
|
$
|
(0.17
|
)
|
(1)
|
Third quarter 2015 includes 10,180 BOE/d from properties that have since been divested.
|
||||||
(2)
|
A reconciliation of net cash provided by operating activities to discretionary cash flow is included later in this news release.
|
||||||
(3)
|
For the three months ended September 30, 2016, net loss available to common shareholders included $11 million of pre-tax, non-cash derivative losses or $0.02 per basic and diluted share after tax. For the three months ended September 30, 2015, net loss available to common shareholders included $153 million of pre-tax, non-cash derivative gains or $0.47 per basic and diluted share after tax.
|
||||||
(4)
|
For the three months ended September 30, 2016, net loss available to common shareholders included a $47 million pre-tax, non-cash gain on extinguishment of debt, or $0.10 per basic and diluted share after tax. The Company did not recognize any gain on extinguishment of debt during the 2015 period presented.
|
||||||
(5)
|
For the three months ended September 30, 2015, this amount includes $1.7 billion in non-cash pre-tax impairment charges for the partial write-down of the North Ward Estes Field in Texas and other non-core proved and unproved oil, gas, and CO2 properties that were not being developed due to depressed oil and gas prices. The Company did not recognize any impairment write-downs with respect to its proved oil and gas or CO2 properties during the 2016 period presented.
|
||||||
(6)
|
During the three months ended September 30, 2015, goodwill related to the acquisition of Kodiak Oil and Gas Corp. in December 2014 (the "Kodiak Acquisition") with a carrying amount of $870 million was written down to a fair value of zero, resulting in a non-cash impairment charge of $870 million, which resulted from lower commodity prices. The Company did not recognize any goodwill impairment write-downs during the 2016 period presented.
|
||||||
(7)
|
During the third quarter of 2016, the Company's note exchange transactions resulted in an ownership shift under Section 382 of the Internal Revenue Code and will limit the Company's usage of certain of its net operating losses and tax credits in the future. Accordingly, the Company recorded a non-cash charge of $454 million for the write-down of and valuation allowance against the Company's deferred tax assets.
|
||||||
(8)
|
A reconciliation of net loss available to common shareholders to adjusted net loss available to common shareholders is included later in this news release.
|
Nine Months Ended
|
||||||||
September 30,
|
||||||||
2016
|
2015
|
|||||||
Production (MBOE/d) (1)
|
133.58
|
165.90
|
||||||
Net cash provided by operating activities-MM
|
$
|
358.3
|
$
|
901.3
|
||||
Discretionary cash flow-MM (2)
|
$
|
417.0
|
$
|
909.8
|
||||
Realized price ($/BOE)
|
$
|
29.31
|
$
|
40.22
|
||||
Total revenues-MM
|
$
|
760.8
|
$
|
1,627.3
|
||||
Net loss available to common shareholders-MM (3)(4)(5)(6)(7)
|
$
|
(1,165.8
|
)
|
$
|
(2,120.5
|
)
|
||
Per basic share
|
$
|
(4.92
|
)
|
$
|
(11.01
|
)
|
||
Per diluted share
|
$
|
(4.92
|
)
|
$
|
(11.01
|
)
|
||
Adjusted net loss available to common shareholders-MM (8)
|
$
|
(466.3
|
)
|
$
|
(65.4
|
)
|
||
Per basic share
|
$
|
(1.97
|
)
|
$
|
(0.34
|
)
|
||
Per diluted share
|
$
|
(1.97
|
)
|
$
|
(0.34
|
)
|
(1)
|
The nine months ended September 30, 2015 includes 10,520 BOE/d from properties that have since been divested.
|
(2)
|
A reconciliation of net cash provided by operating activities to discretionary cash flow is included later in this news release.
|
(3)
|
For the nine months ended September 30, 2016, net loss available to common shareholders included $102 million of pre-tax, non-cash derivative losses or $0.27 per basic and diluted share after tax. For the nine months ended September 30, 2015, net loss available to common shareholders included $32 million of pre-tax, non-cash derivative losses or $0.10 per basic and diluted share after tax.
|
(4)
|
For the nine months ended September 30, 2016, net loss available to common shareholders included a $42 million pre-tax, non-cash loss on extinguishment of debt, or $0.11 per basic and diluted share after tax. For the nine months ended September 30, 2015, net loss available to common shareholders included a $6 million pre-tax, non-cash loss on extinguishment of debt, or less than $0.01 per basic and diluted share after tax.
|
(5)
|
For the nine months ended September 30, 2015, this amount includes $1.7 billion in non-cash pre-tax impairment charges for the partial write-down of the North Ward Estes Field in Texas and other non-core proved and unproved oil, gas, and CO2 properties that were not being developed due to depressed oil and gas prices. The Company did not recognize any impairment write-downs with respect to its proved oil and gas or CO2 properties during the 2016 period presented.
|
(6)
|
During the nine months ended September 30, 2015, goodwill related to the Kodiak Acquisition with a carrying amount of $870 million, was written down to a fair value of zero, resulting in a non-cash impairment charge of $870 million, which resulted from lower commodity prices. The Company did not recognize any goodwill impairment write-downs during the 2016 period presented.
|
(7)
|
During the nine months ended September 30, 2016, the Company's note exchange transactions resulted in an ownership shift under Section 382 of the Internal Revenue Code and will limit the Company's usage of certain of its net operating losses and tax credits in the future. Accordingly, the Company recorded a non-cash charge of $454 million for the write-down of and valuation allowance against the Company's deferred tax assets.
|
(8)
|
A reconciliation of net loss available to common shareholders to adjusted net loss available to common shareholders is included later in this news release.
|
Three Months Ended
|
||||||||||||
September 30,
|
||||||||||||
2016
|
2015
|
Change
|
||||||||||
Production
|
||||||||||||
Oil (MMBbl)
|
7.76
|
11.70
|
(34
|
%)
|
||||||||
NGLs (MMBbl)
|
1.62
|
1.49
|
9
|
%
|
||||||||
Natural gas (Bcf)
|
9.91
|
9.53
|
4
|
%
|
||||||||
Total equivalent (MMBOE) (1)
|
11.03
|
14.77
|
(25
|
%)
|
||||||||
Average sales price
|
||||||||||||
Oil (per Bbl):
|
||||||||||||
Price received
|
$
|
36.58
|
$
|
39.45
|
(7
|
%)
|
||||||
Effect of crude oil hedging (2)
|
5.30
|
4.72
|
||||||||||
Realized price
|
$
|
41.88
|
$
|
44.17
|
(5
|
%)
|
||||||
Weighted average NYMEX price (per Bbl) (3)
|
$
|
44.93
|
$
|
46.52
|
(3
|
%)
|
||||||
NGLs (per Bbl): |
||||||||||||
Realized price
|
$
|
8.65
|
$
|
10.55
|
(18
|
%)
|
||||||
Natural gas (per Mcf): |
||||||||||||
Realized price
|
$
|
1.79
|
$
|
2.83
|
(37
|
%)
|
||||||
Weighted average NYMEX price (per Mcf) (3)
|
$
|
2.93
|
$
|
2.74
|
7
|
%
|
(1)
|
Third quarter 2015 includes 10,180 BOE/d from properties that have since been divested.
|
(2)
|
Whiting received $41 million and $55 million in pre-tax cash settlements on its crude oil hedges during the third quarter of 2016 and 2015, respectively. A summary of Whiting's outstanding hedges is included later in this news release.
|
(3)
|
Average NYMEX prices weighted for monthly production volumes.
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
(per BOE, except production)
|
||||||||||||||||
Production (MMBOE)
|
11.03
|
14.77
|
36.60
|
45.29
|
||||||||||||
Sales price, net of hedging
|
$
|
32.34
|
$
|
37.86
|
$
|
29.31
|
$
|
40.22
|
||||||||
Lease operating expense
|
7.98
|
8.50
|
8.40
|
9.61
|
||||||||||||
Production tax
|
2.39
|
3.00
|
2.16
|
3.21
|
||||||||||||
Cash general & administrative
|
2.49
|
2.54
|
2.53
|
2.50
|
||||||||||||
Exploration
|
0.79
|
1.43
|
1.08
|
2.38
|
||||||||||||
Cash interest expense
|
4.64
|
4.83
|
4.72
|
4.75
|
||||||||||||
Cash income tax expense (benefit)
|
0.01
|
(0.03
|
)
|
-
|
(0.01
|
)
|
||||||||||
$
|
14.04
|
$
|
17.59
|
$
|
10.42
|
$
|
17.78
|
Gross/Net Wells Completed
|
|||||||||||
Total New
|
% Success
|
CAPEX
|
|||||||||
Producing
|
Non-Producing
|
Drilling
|
Rate
|
(in MM)
|
|||||||
Q3 16
|
22 / 9.9
|
0 / 0
|
22 / 9.9
|
100% / 100%
|
|
$ 85.0 (1)
|
|
||||
9M 16
|
64 / 38.2
|
0 / 0
|
64 / 38.2
|
100% / 100%
|
|
$ 431.6 (2)
|
|
(1)
|
Includes $0 million for non-operated drilling and completion, $2 million in drilling rig early termination fees, $1 million for land and $0 for facilities.
|
(2)
|
Includes $34 million for non-operated drilling and completion, $18 million in drilling rig early termination fees, $10 million for facilities and $3 million for land.
|
Guidance
|
||||
Fourth Quarter
|
Full Year
|
|||
2016
|
2016
|
|||
Production (MMBOE)
|
10.4 - 10.8
|
47.0 - 47.4
|
||
Lease operating expense per BOE
|
$ 8.00 - $ 8.60
|
$ 8.20 - $ 8.50
|
||
General and administrative expense per BOE
|
$ 2.75 - $ 3.25
|
$ 3.00 - $ 3.15
|
||
Interest expense per BOE (1)
|
$ 6.50 - $ 7.00
|
$ 6.50 - $ 6.90
|
||
Depreciation, depletion and amortization per BOE
|
$ 25.00 - $ 26.00
|
$ 24.50 - $ 25.10
|
||
Production taxes (% of sales revenue)
|
8.75% - 9.25%
|
8.30% - 8.70%
|
||
Oil price differentials to NYMEX per Bbl (2)
|
($ 8.00) - ($ 9.00)
|
($ 8.00) - ($ 8.40)
|
||
Gas price differential to NYMEX per Mcf
|
($ 0.90) - ($ 1.20)
|
($ 0.95) - ($ 1.15)
|
(1)
|
Includes non-cash interest expense related to Whiting's 2018, 2019, 2020, 2021 and 2023 convertible notes. Full-year 2016 cash interest expense is projected at $4.50 – $5.00 per BOE.
|
(2)
|
Does not include the effect of NGLs.
|
Weighted Average
|
As a Percentage of
|
||||||||
Derivative
|
Hedge
|
Contracted Crude
|
NYMEX Price
|
September 2016
|
|||||
Instrument
|
Period
|
(Bbls per Month)
|
(per Bbl)
|
Oil Production
|
|||||
Three-way collars (1)
|
2016
|
||||||||
Q4
|
1,400,000
|
$43.75 - $53.75 - $74.40
|
57.4%
|
||||||
2017
|
|||||||||
Q1
|
950,000
|
$34.21 - $44.47 - $60.06
|
39.0%
|
||||||
Q2
|
950,000
|
$34.21 - $44.47 - $60.06
|
39.0%
|
||||||
Q3
|
950,000
|
$34.21 - $44.47 - $60.06
|
39.0%
|
||||||
Q4
|
950,000
|
$34.21 - $44.47 - $60.06
|
39.0%
|
||||||
Collars
|
2016
|
||||||||
Q4
|
250,000
|
$51.00 - $63.48
|
10.3%
|
||||||
2017
|
|||||||||
Q1
|
250,000
|
$53.00 - $70.44
|
10.3%
|
||||||
Q2
|
250,000
|
$53.00 - $70.44
|
10.3%
|
||||||
Q3
|
250,000
|
$53.00 - $70.44
|
10.3%
|
||||||
Q4
|
250,000
|
$53.00 - $70.44
|
10.3%
|
(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
|
Nine Months Ended
|
||||||||||||||
September 30,
|
September 30,
|
||||||||||||||
2016
|
2015
|
2016
|
2015
|
||||||||||||
Selected operating statistics:
|
|||||||||||||||
Production
|
|||||||||||||||
Oil, MBbl
|
7,758
|
11,699
|
26,442
|
36,305
|
|||||||||||
NGLs, MBbl
|
1,621
|
1,487
|
4,954
|
3,899
|
|||||||||||
Natural gas, MMcf
|
9,908
|
9,529
|
31,235
|
30,517
|
|||||||||||
Oil equivalents, MBOE
|
11,030
|
14,774
|
36,602
|
45,290
|
|||||||||||
Average prices
|
|||||||||||||||
Oil per Bbl (excludes hedging)
|
$
|
36.58
|
$
|
39.45
|
$
|
32.70
|
$
|
42.63
|
|||||||
NGLs per Bbl
|
$
|
8.65
|
$
|
10.55
|
$
|
7.78
|
$
|
13.38
|
|||||||
Natural gas per Mcf
|
$
|
1.79
|
$
|
2.83
|
$
|
1.25
|
$
|
2.44
|
|||||||
Per BOE data
|
|||||||||||||||
Sales price (including hedging)
|
$
|
32.34
|
$
|
37.86
|
$
|
29.31
|
$
|
40.22
|
|||||||
Lease operating
|
$
|
7.98
|
$
|
8.50
|
$
|
8.40
|
$
|
9.61
|
|||||||
Production taxes
|
$
|
2.39
|
$
|
3.00
|
$
|
2.16
|
$
|
3.21
|
|||||||
Depreciation, depletion and amortization
|
$
|
25.80
|
$
|
21.40
|
$
|
24.61
|
$
|
20.36
|
|||||||
General and administrative
|
$
|
3.07
|
$
|
3.03
|
$
|
3.07
|
$
|
2.95
|
|||||||
Selected financial data:
(In thousands, except per share data)
|
|||||||||||||||
Total revenues and other income
|
$
|
129,225
|
$
|
508,041
|
$
|
760,815
|
$
|
1,627,282
|
|||||||
Total costs and expenses
|
$
|
464,729
|
$
|
2,968,006
|
$
|
1,744,273
|
$
|
4,473,866
|
|||||||
Net loss available to common shareholders
|
$
|
(693,052
|
)
|
$
|
(1,865,108
|
)
|
$
|
(1,165,841
|
)
|
$
|
(2,120,493
|
)
|
|||
Loss per common share, basic
|
$
|
(2.47
|
)
|
$
|
(9.14
|
)
|
$
|
(4.92
|
)
|
$
|
(11.01
|
)
|
|||
Loss per common share, diluted
|
$
|
(2.47
|
)
|
$
|
(9.14
|
)
|
$
|
(4.92
|
)
|
$
|
(11.01
|
)
|
|||
Weighted average shares outstanding, basic |
280,418
|
204,143
|
237,100
|
192,549
|
|||||||||||
Weighted average shares outstanding, diluted
|
280,418
|
204,143
|
237,100
|
192,549
|
|||||||||||
Net cash provided by operating activities
|
$
|
151,321
|
$
|
373,120
|
$
|
358,255
|
$
|
901,256
|
|||||||
Net cash provided by (used in) investing activities
|
$
|
216,109
|
$
|
(395,418
|
)
|
$
|
(140,852
|
)
|
$
|
(1,840,315
|
)
|
||||
Net cash provided by (used in) financing activities
|
$
|
(364,439
|
)
|
$
|
(125
|
)
|
$
|
(215,127
|
)
|
$
|
898,690
|
September 30,
|
December 31,
|
|||||||
2016
|
2015
|
|||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
18,329
|
$
|
16,053
|
||||
Accounts receivable trade, net
|
216,378
|
332,428
|
||||||
Derivative assets
|
34,054
|
158,729
|
||||||
Prepaid expenses and other
|
17,877
|
27,980
|
||||||
Total current assets
|
286,638
|
535,190
|
||||||
Property and equipment:
|
||||||||
Oil and gas properties, successful efforts method
|
13,721,164
|
13,904,525
|
||||||
Other property and equipment
|
135,788
|
168,277
|
||||||
Total property and equipment
|
13,856,952
|
14,072,802
|
||||||
Less accumulated depreciation, depletion and amortization
|
(4,188,500
|
)
|
(3,323,102
|
)
|
||||
Total property and equipment, net
|
9,668,452
|
10,749,700
|
||||||
Other long-term assets
|
110,654
|
104,195
|
||||||
TOTAL ASSETS
|
$
|
10,065,744
|
$
|
11,389,085
|
September 30,
|
December 31,
|
|||||||
2016
|
2015
|
|||||||
LIABILITIES AND EQUITY
|
||||||||
Current liabilities:
|
||||||||
Accounts payable trade
|
$
|
41,382
|
$
|
77,276
|
||||
Revenues and royalties payable
|
138,075
|
179,601
|
||||||
Accrued capital expenditures
|
45,702
|
94,105
|
||||||
Accrued interest
|
9,052
|
62,661
|
||||||
Accrued lease operating expenses
|
34,260
|
55,291
|
||||||
Accrued liabilities and other
|
60,598
|
50,261
|
||||||
Taxes payable
|
45,868
|
47,789
|
||||||
Accrued employee compensation and benefits
|
23,007
|
32,829
|
||||||
Total current liabilities
|
397,944
|
599,813
|
||||||
Long-term debt
|
4,085,629
|
5,197,704
|
||||||
Deferred income taxes
|
738,432
|
593,792
|
||||||
Asset retirement obligations
|
164,289
|
155,550
|
||||||
Deferred gain on sale
|
38,471
|
48,974
|
||||||
Other long-term liabilities
|
36,960
|
34,664
|
||||||
Total liabilities
|
5,461,725
|
6,630,497
|
||||||
Commitments and contingencies
|
||||||||
Equity:
|
||||||||
Common stock, $0.001 par value, 600,000,000 shares authorized; 289,676,901 issued and 284,343,983 outstanding as of September 30, 2016 and 206,441,303 issued and 204,147,647 outstanding as of December 31, 2015
|
290
|
206
|
||||||
Additional paid-in capital
|
5,671,074
|
4,659,868
|
||||||
Retained earnings (accumulated deficit)
|
(1,075,311
|
)
|
90,530
|
|||||
Total Whiting shareholders' equity
|
4,596,053
|
4,750,604
|
||||||
Noncontrolling interest
|
7,966
|
7,984
|
||||||
Total equity
|
4,604,019
|
4,758,588
|
||||||
TOTAL LIABILITIES AND EQUITY
|
$
|
10,065,744
|
$
|
11,389,085
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
REVENUES AND OTHER INCOME:
|
||||||||||||||||
Oil, NGL and natural gas sales
|
$
|
315,554
|
$
|
504,155
|
$
|
942,287
|
$
|
1,674,530
|
||||||||
Loss on sale of properties
|
(189,934
|
)
|
(359
|
)
|
(193,729
|
)
|
(61,937
|
)
|
||||||||
Amortization of deferred gain on sale
|
3,490
|
3,666
|
11,111
|
13,240
|
||||||||||||
Interest income and other
|
115
|
579
|
1,146
|
1,449
|
||||||||||||
Total revenues and other income
|
129,225
|
508,041
|
760,815
|
1,627,282
|
||||||||||||
COSTS AND EXPENSES:
|
||||||||||||||||
Lease operating expenses
|
87,982
|
125,575
|
307,530
|
435,315
|
||||||||||||
Production taxes
|
26,372
|
44,303
|
79,125
|
145,410
|
||||||||||||
Depreciation, depletion and amortization
|
284,569
|
316,147
|
900,877
|
922,077
|
||||||||||||
Exploration and impairment
|
24,293
|
1,690,679
|
85,565
|
1,829,160
|
||||||||||||
Goodwill impairment
|
-
|
869,713
|
-
|
869,713
|
||||||||||||
General and administrative
|
33,908
|
44,821
|
112,227
|
133,788
|
||||||||||||
Interest expense
|
84,578
|
84,551
|
245,145
|
247,984
|
||||||||||||
(Gain) loss on extinguishment of debt
|
(46,541
|
)
|
-
|
42,236
|
5,634
|
|||||||||||
Derivative gain, net
|
(30,432
|
)
|
(207,783
|
)
|
(28,432
|
)
|
(115,215
|
)
|
||||||||
Total costs and expenses
|
464,729
|
2,968,006
|
1,744,273
|
4,473,866
|
||||||||||||
LOSS BEFORE INCOME TAXES
|
(335,504
|
)
|
(2,459,965
|
)
|
(983,458
|
)
|
(2,846,584
|
)
|
||||||||
INCOME TAX EXPENSE (BENEFIT):
|
||||||||||||||||
Current
|
113
|
(422
|
)
|
115
|
(357
|
)
|
||||||||||
Deferred
|
357,438
|
(594,425
|
)
|
182,286
|
(725,686
|
)
|
||||||||||
Total income tax expense (benefit)
|
357,551
|
(594,847
|
)
|
182,401
|
(726,043
|
)
|
||||||||||
NET LOSS
|
(693,055
|
)
|
(1,865,118
|
)
|
(1,165,859
|
)
|
(2,120,541
|
)
|
||||||||
Net loss attributable to noncontrolling interests
|
3
|
10
|
18
|
48
|
||||||||||||
NET LOSS AVAILABLE TO COMMON SHAREHOLDERS
|
$
|
(693,052
|
)
|
$
|
(1,865,108
|
)
|
$
|
(1,165,841
|
)
|
$
|
(2,120,493
|
)
|
||||
LOSS PER COMMON SHARE:
|
||||||||||||||||
Basic
|
$
|
(2.47
|
)
|
$
|
(9.14
|
)
|
$
|
(4.92
|
)
|
$
|
(11.01
|
)
|
||||
Diluted
|
$
|
(2.47
|
)
|
$
|
(9.14
|
)
|
$
|
(4.92
|
)
|
$
|
(11.01
|
)
|
||||
WEIGHTED AVERAGE SHARES OUTSTANDING:
|
||||||||||||||||
Basic
|
280,418
|
204,143
|
237,100
|
192,549
|
||||||||||||
Diluted
|
280,418
|
204,143
|
237,100
|
192,549
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Net loss available to common shareholders
|
$
|
(693,052
|
)
|
$
|
(1,865,108
|
)
|
$
|
(1,165,841
|
)
|
$
|
(2,120,493
|
)
|
||||
Adjustments net of tax:
|
||||||||||||||||
Amortization of deferred gain on sale
|
(2,188
|
)
|
(2,308
|
)
|
(6,966
|
)
|
(8,335
|
)
|
||||||||
Loss on sale of properties
|
119,089
|
226
|
121,468
|
38,989
|
||||||||||||
Impairment expense
|
9,747
|
1,051,017
|
28,783
|
1,083,472
|
||||||||||||
Goodwill impairment (non-taxable)
|
-
|
869,713
|
-
|
869,713
|
||||||||||||
Penalties for early termination of drilling rig contracts
|
1,338
|
7,076
|
11,335
|
47,720
|
||||||||||||
(Gain) loss on extinguishment of debt
|
(29,181
|
)
|
-
|
26,482
|
3,546
|
|||||||||||
Total measure of derivative gain reported under U.S. GAAP
|
(19,080
|
)
|
(130,799
|
)
|
(17,826
|
)
|
(72,528
|
)
|
||||||||
Total net cash settlements received on commodity derivatives during the period
|
25,781
|
34,760
|
81,843
|
92,565
|
||||||||||||
Tax impact of Section 382 limitation on net operating losses
|
454,467
|
-
|
454,467
|
-
|
||||||||||||
Adjusted net loss (1)
|
$
|
(133,079
|
)
|
$
|
(35,423
|
)
|
$
|
(466,255
|
)
|
$
|
(65,351
|
)
|
||||
Adjusted net loss available to common shareholders per share, basic
|
$
|
(0.47
|
)
|
$
|
(0.17
|
)
|
$
|
(1.97
|
)
|
$
|
(0.34
|
)
|
||||
Adjusted net loss available to common shareholders per share, diluted
|
$
|
(0.47
|
)
|
$
|
(0.17
|
)
|
$
|
(1.97
|
)
|
$
|
(0.34
|
)
|
(1)
|
Adjusted Net 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 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 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
|
Nine Months Ended
|
||||||||||||||||
September 30,
|
September 30,
|
||||||||||||||||
2016
|
2015
|
|
2016 |
2015
|
|||||||||||||
Net cash provided by operating activities
|
$
|
151,321
|
$
|
373,120
|
$
|
358,255
|
$
|
901,256
|
|||||||||
Exploration
|
8,747
|
21,072
|
39,659
|
108,000
|
|||||||||||||
Exploratory dry hole costs
|
(37
|
)
|
(68
|
)
|
(37
|
)
|
(867
|
)
|
|||||||||
Changes in working capital
|
3,020
|
(114,248
|
)
|
19,115
|
(98,574
|
)
|
|||||||||||
Discretionary cash flow (1)
|
$
|
163,051
|
$
|
279,876
|
$
|
416,992
|
$
|
909,815
|
(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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