Date of Report
|
|||
(Date of earliest
|
|||
event reported):
|
February 21, 2017
|
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 21, 2017. |
WHITING PETROLEUM CORPORATION
|
|||
Date: February 21, 2017
|
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 21, 2017.
|
Company Contact: Eric K. Hagen
|
February 21, 2017
|
Title: Vice President, Investor Relations
|
For immediate release
|
Phone: 303.837.1661
|
|
Email: Eric.Hagen@whiting.com
|
|
·
|
Q4 2016 Net Cash Provided by Operating Activities of $236.8 Million Exceeded Capex by $114.9 Million
|
·
|
Q4 2016 Average Production of 118,890 BOE/d Above High End of Guidance; Williston Basin Production Grew 3% Sequentially
|
·
|
Q4 2016 LOE at Low End of Guidance at $8.01 per BOE
|
·
|
Full-Year 2016 Capex on Target at $554 million
|
·
|
Williston Basin 90-Day Average Production Rate per Well in 2016 Increased 42% over 2015 and 84% over 2014
|
·
|
Large Volume Completions Continued to Exceed Expectations with a 30-Day Average Rate per Well of 1,754 BOE/d in the Fourth Quarter
|
·
|
2017 Quarterly Production Forecast to Grow 23% from Q1 to Q4
|
(1)
|
Third quarter 2016 average production of 119,890 BOE/d included 2,320 BOE/d from properties divested in the North Ward Estes transaction that closed on July 27, 2016. Adjusting for these divested volumes, third quarter production averaged 117,570 BOE/d.
|
Three Months Ended
|
||||||||
December 31,
|
||||||||
2016
|
2015
|
|||||||
Production (MBOE/d) (1)
|
118.89
|
155.21
|
||||||
Net cash provided by operating activities-MM
|
$
|
236.8
|
$
|
150.1
|
||||
Discretionary cash flow-MM (2)
|
$
|
170.9
|
$
|
221.9
|
||||
Realized price ($/BOE)
|
$
|
33.27
|
$
|
34.12
|
||||
Total operating revenues-MM
|
$
|
342.7
|
$
|
418.0
|
||||
Net loss available to common shareholders-MM (3)(4)(5)
|
$
|
(173.3
|
)
|
$
|
(98.7
|
)
|
||
Per basic share
|
$
|
(0.59
|
)
|
$
|
(0.48
|
)
|
||
Per diluted share
|
$
|
(0.59
|
)
|
$
|
(0.48
|
)
|
||
Adjusted net loss available to common shareholders-MM (6)
|
$
|
(82.6
|
)
|
$
|
(87.8
|
)
|
||
Per basic share
|
$
|
(0.28
|
)
|
$
|
(0.43
|
)
|
||
Per diluted share
|
$
|
(0.28
|
)
|
$
|
(0.43
|
)
|
(1)
|
Fourth quarter 2015 includes 10,040 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)
|
Net loss available to common shareholders includes $49 million of pre-tax, non-cash derivative losses and $33 million of pre-tax, non-cash derivative gains for the three months ended December 31, 2016 and 2015, respectively.
|
||||||
(4)
|
Net loss available to common shareholders includes a pre-tax, non-cash charge of $244 million for the acceleration of unamortized debt discounts recorded to interest expense in connection with the conversion of the Company's mandatory convertible notes in December 2016.
|
||||||
(5)
|
During the year ended December 31, 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. During the fourth quarter, the Company reversed $195 million of the valuation allowances it previously recognized in July 2016, as the Company anticipates that it will be able to utilize more of its net operating losses and tax credits in the future. This resulted in a total year-to-date charge of $259 million.
|
||||||
(6)
|
A reconciliation of net loss available to common shareholders to adjusted net loss available to common shareholders is included later in this news release.
|
Year Ended
|
||||||||
December 31,
|
||||||||
2016
|
2015
|
|||||||
Production (MBOE/d) (1)
|
129.89
|
163.20
|
||||||
Net cash provided by operating activities-MM
|
$
|
595.0
|
$
|
1,051.4
|
||||
Discretionary cash flow-MM (2)
|
$
|
587.9
|
$
|
1,131.7
|
||||
Realized price ($/BOE)
|
$
|
30.22
|
$
|
38.76
|
||||
Total operating revenues-MM
|
$
|
1,285.0
|
$
|
2,092.5
|
||||
Net loss available to common shareholders-MM (3)(4)(5)(6)
|
$
|
(1,339.1
|
)
|
$
|
(2,219.2
|
)
|
||
Per basic share
|
$
|
(5.32
|
)
|
$
|
(11.35
|
)
|
||
Per diluted share
|
$
|
(5.32
|
)
|
$
|
(11.35
|
)
|
||
Adjusted net loss available to common shareholders-MM (7)
|
$
|
(548.8
|
)
|
$
|
(156.0
|
)
|
||
Per basic share
|
$
|
(2.18
|
)
|
$
|
(0.80
|
)
|
||
Per diluted share
|
$
|
(2.18
|
)
|
$
|
(0.80
|
)
|
(1)
|
The year ended December 31, 2015 includes 10,425 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)
|
Net loss available to common shareholders includes $151 million of pre-tax, non-cash derivative losses and $2 million of pre-tax, non-cash derivative gains for the years ended December 31, 2016 and 2015, respectively.
|
(4)
|
Net loss available to common shareholders includes a pre-tax, non-cash charge of $244 million for the acceleration of unamortized debt discounts recorded to interest expense in connection with the conversion of the Company's mandatory convertible notes in December 2016.
|
(5)
|
Net loss available to common shareholders includes a pre-tax, non-cash loss on extinguishment of debt of $42 million and $18 million for the years ended December 31, 2016 and 2015, respectively.
|
(6)
|
During the year ended December 31, 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 valuation allowances against certain of its deferred tax assets totaling $259 million.
|
(7)
|
A reconciliation of net loss available to common shareholders to adjusted net loss available to common shareholders is included later in this news release.
|
(1)
|
The SEC 2016 reserve price deck case was $42.75 per barrel of oil and $2.49 per MMBtu of gas. The SEC 2015 reserve price deck case was $50.28 per barrel of oil and $2.58 per MMBtu of gas.
|
Three Months Ended
|
|||||||||||
December 31,
|
|||||||||||
2016
|
2015
|
Change
|
|||||||||
Production
|
|||||||||||
Oil (MMBbl)
|
7.55
|
10.87
|
(31%)
|
|
|||||||
NGLs (MMBbl)
|
1.69
|
1.64
|
3%
|
|
|||||||
Natural gas (Bcf)
|
10.20
|
10.61
|
(4%)
|
|
|||||||
Total equivalent (MMBOE) (1)
|
10.94
|
14.28
|
(23%)
|
|
|||||||
Average sales price
|
|||||||||||
Oil (per Bbl):
|
|||||||||||
Price received
|
$
|
40.16
|
$
|
35.33
|
14%
|
|
|||||
Effect of crude oil hedging (2)
|
2.81
|
6.37
|
|||||||||
Realized price
|
$
|
42.97
|
$
|
41.70
|
3%
|
|
|||||
Weighted average NYMEX price (per Bbl) (3)
|
$
|
49.26
|
$
|
42.16
|
17%
|
|
|||||
NGLs (per Bbl): |
|||||||||||
Realized price
|
$
|
12.11
|
$
|
10.98
|
10%
|
|
|||||
Natural gas (per Mcf): |
|||||||||||
Realized price
|
$
|
1.87
|
$
|
1.50
|
25%
|
|
|||||
Weighted average NYMEX price (per MMBtu) (3)
|
$
|
2.98
|
$
|
2.17
|
37%
|
|
(1)
|
Fourth quarter 2015 includes 10,040 BOE/d from properties that have since been divested.
|
(2)
|
Whiting received $21 million and $69 million in pre-tax cash settlements on its crude oil hedges during the fourth 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
|
Year Ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
(per BOE, except production)
|
||||||||||||||||
Production (MMBOE)
|
10.94
|
14.28
|
47.54
|
59.57
|
||||||||||||
Sales price, net of hedging
|
$
|
33.27
|
$
|
34.12
|
$
|
30.22
|
$
|
38.76
|
||||||||
Lease operating expense
|
8.01
|
8.41
|
8.31
|
9.32
|
||||||||||||
Production tax
|
2.71
|
2.63
|
2.29
|
3.07
|
||||||||||||
Cash general & administrative
|
2.61
|
2.21
|
2.55
|
2.43
|
||||||||||||
Exploration
|
0.57
|
2.48
|
0.96
|
2.41
|
||||||||||||
Cash interest expense
|
4.51
|
5.09
|
4.67
|
4.83
|
||||||||||||
Cash income tax benefit
|
(0.67
|
)
|
-
|
(0.15
|
)
|
(0.01
|
)
|
|||||||||
$
|
15.53
|
$
|
13.30
|
$
|
11.59
|
$
|
16.71
|
Gross/Net Wells Completed
|
|||||||||||
Total New
|
% Success
|
CAPEX
|
|||||||||
Producing
|
Non-Producing
|
Drilling
|
Rate
|
(in MM)
|
|||||||
Q4 16
|
25 / 10.0
|
- / -
|
25 / 10.0
|
100% / 100%
|
$ 121.9 (1)
|
|
|||||
12M 16
|
89 / 48.2
|
- / -
|
89 / 48.2
|
100% / 100%
|
$ 553.6 (2)
|
|
(1)
|
Includes $11 million for non-operated drilling and completion, $1 million for land and $1 million for facilities.
|
(2)
|
Includes $41 million for non-operated drilling and completion, $18 million in drilling rig early termination fees, $10 million for facilities and $4 million for land. During 2016, Whiting incurred $125 million in capital expenditures on approximately 105 wells which remained uncompleted as of December 31, 2016.
|
Guidance
|
||||
First Quarter
|
Full Year
|
|||
2017
|
2017
|
|||
Production (MMBOE)
|
10.2 - 10.6
|
45.0 - 46.0
|
||
Lease operating expense per BOE
|
$ 8.50 - $ 9.50
|
$ 8.50 - $ 9.20
|
||
General and administrative expense per BOE
|
$ 2.90 - $ 3.40
|
$ 2.80 - $ 3.30
|
||
Interest expense per BOE (1)
|
$ 4.40 - $ 5.20
|
$ 4.00 - $ 4.60
|
||
Depreciation, depletion and amortization per BOE
|
$ 24.00 - $ 25.00
|
$ 23.50 - $ 24.50
|
||
Production taxes (% of sales revenue)
|
8.6% - 9.4%
|
8.6% - 9.4%
|
||
Oil price differentials to NYMEX per Bbl (2)
|
($ 9.00) - ($ 10.00)
|
($ 8.50) - ($ 9.50)
|
||
Gas price differential to NYMEX per Mcf
|
($ 1.00) - ($ 1.30)
|
($ 1.00) - ($ 1.30)
|
(1)
|
Includes non-cash interest expense primarily related to Whiting's convertible 2020 notes. Full-year 2017 cash interest expense is projected at $3.30 - $3.90 per BOE.
|
(2)
|
Does not include the effects of NGLs.
|
Weighted Average
|
As a Percentage of
|
|||||||
Derivative
|
Hedge
|
Contracted Crude
|
NYMEX Price
|
December 2016
|
||||
Instrument
|
Period
|
(Bbls per Month)
|
(per Bbl)
|
Oil Production
|
||||
Three-way collars (1)
|
2017
|
|||||||
Q1
|
1,050,000
|
$34.76 - $45.00 - $60.26
|
42.7%
|
|||||
Q2
|
1,050,000
|
$34.76 - $45.00 - $60.26
|
42.7%
|
|||||
Q3
|
1,050,000
|
$34.76 - $45.00 - $60.26
|
42.7%
|
|||||
Q4
|
1,050,000
|
$34.76 - $45.00 - $60.26
|
42.7%
|
|||||
2018
|
||||||||
Q1
|
200,000
|
$40.00 - $50.00 - $61.40
|
8.1%
|
|||||
Q2
|
200,000
|
$40.00 - $50.00 - $61.40
|
8.1%
|
|||||
Q3
|
200,000
|
$40.00 - $50.00 - $61.40
|
8.1%
|
|||||
Q4
|
200,000
|
$40.00 - $50.00 - $61.40
|
8.1%
|
|||||
Collars
|
2017
|
|||||||
Q1
|
250,000
|
$53.00 - $70.44
|
10.2%
|
|||||
Q2
|
250,000
|
$53.00 - $70.44
|
10.2%
|
|||||
Q3
|
250,000
|
$53.00 - $70.44
|
10.2%
|
|||||
Q4
|
250,000
|
$53.00 - $70.44
|
10.2%
|
(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,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Selected operating statistics:
|
||||||||||||||||
Production
|
||||||||||||||||
Oil, MBbl
|
7,550
|
10,871
|
33,992
|
47,175
|
||||||||||||
NGLs, MBbl
|
1,688
|
1,640
|
6,642
|
5,539
|
||||||||||||
Natural gas, MMcf
|
10,202
|
10,612
|
41,438
|
41,129
|
||||||||||||
Oil equivalents, MBOE
|
10,938
|
14,279
|
47,540
|
59,570
|
||||||||||||
Average prices
|
||||||||||||||||
Oil per Bbl (excludes hedging)
|
$
|
40.16
|
$
|
35.33
|
$
|
34.36
|
$
|
40.95
|
||||||||
NGLs per Bbl
|
$
|
12.11
|
$
|
10.98
|
$
|
8.88
|
$
|
12.67
|
||||||||
Natural gas per Mcf
|
$
|
1.87
|
$
|
1.50
|
$
|
1.40
|
$
|
2.20
|
||||||||
Per BOE data
|
||||||||||||||||
Sales price (including hedging)
|
$
|
33.27
|
$
|
34.12
|
$
|
30.22
|
$
|
38.76
|
||||||||
Lease operating
|
$
|
8.01
|
$
|
8.41
|
$
|
8.31
|
$
|
9.32
|
||||||||
Production taxes
|
$
|
2.71
|
$
|
2.63
|
$
|
2.29
|
$
|
3.07
|
||||||||
Depreciation, depletion and amortization
|
$
|
24.75
|
$
|
22.50
|
$
|
24.64
|
$
|
20.87
|
||||||||
General and administrative
|
$
|
3.17
|
$
|
2.72
|
$
|
3.09
|
$
|
2.90
|
||||||||
Selected financial data:
(In thousands, except per share data) |
||||||||||||||||
Total operating revenues
|
$
|
342,695
|
$
|
417,952
|
$
|
1,284,982
|
$
|
2,092,482
|
||||||||
Total operating expenses
|
$
|
473,678
|
$
|
466,902
|
$
|
2,113,188
|
$
|
4,735,847
|
||||||||
Total other expense, net
|
$
|
(312,329
|
)
|
$
|
(97,961
|
)
|
$
|
(598,564
|
)
|
$
|
(350,130
|
)
|
||||
Net loss available to common shareholders
|
$
|
(173,261
|
)
|
$
|
(98,689
|
)
|
$
|
(1,339,102
|
)
|
$
|
(2,219,182
|
)
|
||||
Loss per common share, basic
|
$
|
(0.59
|
)
|
$
|
(0.48
|
)
|
$
|
(5.32
|
)
|
$
|
(11.35
|
)
|
||||
Loss per common share, diluted
|
$
|
(0.59
|
)
|
$
|
(0.48
|
)
|
$
|
(5.32
|
)
|
$
|
(11.35
|
)
|
||||
Weighted average shares outstanding, basic |
295,855
|
204,143
|
251,869
|
195,472
|
||||||||||||
Weighted average shares outstanding, diluted
|
295,855
|
204,143
|
251,869
|
195,472
|
||||||||||||
Net cash provided by operating activities
|
$
|
236,755
|
$
|
150,136
|
$
|
595,010
|
$
|
1,051,392
|
||||||||
Net cash used in investing activities
|
$
|
(81,724
|
)
|
$
|
(141,804
|
)
|
$
|
(222,576
|
)
|
$
|
(1,982,119
|
)
|
||||
Net cash provided by (used in) financing activities
|
$
|
(100,135
|
)
|
$
|
(30,010
|
)
|
$
|
(315,262
|
)
|
$
|
868,680
|
December 31,
|
||||||||
2016
|
2015
|
|||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
55,975
|
$
|
16,053
|
||||
Restricted cash
|
17,250
|
-
|
||||||
Accounts receivable trade, net
|
173,919
|
332,428
|
||||||
Derivative assets
|
-
|
158,729
|
||||||
Prepaid expenses and other
|
26,312
|
27,980
|
||||||
Assets held for sale
|
349,146
|
-
|
||||||
Total current assets
|
622,602
|
535,190
|
||||||
Property and equipment:
|
||||||||
Oil and gas properties, successful efforts method
|
13,230,851
|
13,904,525
|
||||||
Other property and equipment
|
134,638
|
168,277
|
||||||
Total property and equipment
|
13,365,489
|
14,072,802
|
||||||
Less accumulated depreciation, depletion and amortization
|
(4,222,071
|
)
|
(3,323,102
|
)
|
||||
Total property and equipment, net
|
9,143,418
|
10,749,700
|
||||||
Other long-term assets
|
110,122
|
104,195
|
||||||
TOTAL ASSETS
|
$
|
9,876,142
|
$
|
11,389,085
|
December 31,
|
||||||||
2016
|
2015
|
|||||||
LIABILITIES AND EQUITY
|
||||||||
Current liabilities:
|
||||||||
Accounts payable trade
|
$
|
32,126
|
$
|
77,276
|
||||
Revenues and royalties payable
|
147,226
|
179,601
|
||||||
Accrued capital expenditures
|
56,830
|
94,105
|
||||||
Accrued interest
|
44,749
|
62,661
|
||||||
Accrued lease operating expenses
|
45,015
|
55,291
|
||||||
Accrued liabilities and other
|
81,166
|
50,261
|
||||||
Taxes payable
|
39,547
|
47,789
|
||||||
Accrued employee compensation and benefits
|
31,134
|
32,829
|
||||||
Liabilities related to assets held for sale
|
538
|
-
|
||||||
Total current liabilities
|
478,331
|
599,813
|
||||||
Long-term debt
|
3,535,303
|
5,197,704
|
||||||
Deferred income taxes
|
475,689
|
593,792
|
||||||
Asset retirement obligations
|
168,504
|
155,550
|
||||||
Deferred gain on sale
|
35,424
|
48,974
|
||||||
Other long-term liabilities
|
33,699
|
34,664
|
||||||
Total liabilities
|
4,726,950
|
6,630,497
|
||||||
Commitments and contingencies
|
||||||||
Equity:
|
||||||||
Common stock, $0.001 par value, 600,000,000 shares authorized; 367,174,542 issued and 362,013,928 outstanding as of December 31, 2016 and 206,441,303 issued and 204,147,647 outstanding as of December 31, 2015
|
367
|
206
|
||||||
Additional paid-in capital
|
6,389,435
|
4,659,868
|
||||||
Retained earnings (accumulated deficit)
|
(1,248,572
|
)
|
90,530
|
|||||
Total Whiting shareholders' equity
|
5,141,230
|
4,750,604
|
||||||
Noncontrolling interest
|
7,962
|
7,984
|
||||||
Total equity
|
5,149,192
|
4,758,588
|
||||||
TOTAL LIABILITIES AND EQUITY
|
$
|
9,876,142
|
$
|
11,389,085
|
Three Months Ended
|
Year Ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
OPERATING REVENUES:
|
||||||||||||||||
Oil, NGL and natural gas sales
|
$
|
342,695
|
$
|
417,952
|
$
|
1,284,982
|
$
|
2,092,482
|
||||||||
OPERATING EXPENSES:
|
||||||||||||||||
Lease operating expenses
|
87,605
|
120,077
|
395,135
|
555,392
|
||||||||||||
Production taxes
|
29,590
|
37,625
|
108,715
|
183,035
|
||||||||||||
Depreciation, depletion and amortization
|
270,705
|
321,216
|
1,171,582
|
1,243,293
|
||||||||||||
Exploration and impairment
|
35,903
|
52,511
|
121,468
|
1,881,671
|
||||||||||||
Goodwill impairment
|
-
|
4,059
|
-
|
873,772
|
||||||||||||
General and administrative
|
34,651
|
38,828
|
146,878
|
172,616
|
||||||||||||
Derivative (gain) loss, net
|
27,845
|
(102,757
|
)
|
(587
|
)
|
(217,972
|
)
|
|||||||||
(Gain) loss on sale of properties
|
(9,162
|
)
|
(1,146
|
)
|
184,567
|
60,791
|
||||||||||
Amortization of deferred gain on sale
|
(3,459
|
)
|
(3,511
|
)
|
(14,570
|
)
|
(16,751
|
)
|
||||||||
Total operating expenses
|
473,678
|
466,902
|
2,113,188
|
4,735,847
|
||||||||||||
LOSS FROM OPERATIONS
|
(130,983
|
)
|
(48,950
|
)
|
(828,206
|
)
|
(2,643,365
|
)
|
||||||||
OTHER INCOME (EXPENSE):
|
||||||||||||||||
Interest expense
|
(312,475
|
)
|
(86,141
|
)
|
(557,620
|
)
|
(334,125
|
)
|
||||||||
Loss on extinguishment of debt
|
-
|
(12,727
|
)
|
(42,236
|
)
|
(18,361
|
)
|
|||||||||
Interest income and other
|
146
|
907
|
1,292
|
2,356
|
||||||||||||
Total other expense
|
(312,329
|
)
|
(97,961
|
)
|
(598,564
|
)
|
(350,130
|
)
|
||||||||
LOSS BEFORE INCOME TAXES
|
(443,312
|
)
|
(146,911
|
)
|
(1,426,770
|
)
|
(2,993,495
|
)
|
||||||||
INCOME TAX BENEFIT:
|
||||||||||||||||
Current
|
(7,305
|
)
|
-
|
(7,190
|
)
|
(357
|
)
|
|||||||||
Deferred
|
(262,742
|
)
|
(48,184
|
)
|
(80,456
|
)
|
(773,870
|
)
|
||||||||
Total income tax benefit
|
(270,047
|
)
|
(48,184
|
)
|
(87,646
|
)
|
(774,227
|
)
|
||||||||
NET LOSS
|
(173,265
|
)
|
(98,727
|
)
|
(1,339,124
|
)
|
(2,219,268
|
)
|
||||||||
Net loss attributable to noncontrolling interests
|
4
|
38
|
22
|
86
|
||||||||||||
NET LOSS AVAILABLE TO COMMON SHAREHOLDERS
|
$
|
(173,261
|
)
|
$
|
(98,689
|
)
|
$
|
(1,339,102
|
)
|
$
|
(2,219,182
|
)
|
||||
LOSS PER COMMON SHARE:
|
||||||||||||||||
Basic
|
$
|
(0.59
|
)
|
$
|
(0.48
|
)
|
$
|
(5.32
|
)
|
$
|
(11.35
|
)
|
||||
Diluted
|
$
|
(0.59
|
)
|
$
|
(0.48
|
)
|
$
|
(5.32
|
)
|
$
|
(11.35
|
)
|
||||
WEIGHTED AVERAGE SHARES OUTSTANDING:
|
||||||||||||||||
Basic
|
295,855
|
204,143
|
251,869
|
195,472
|
||||||||||||
Diluted
|
295,855
|
204,143
|
251,869
|
195,472
|
Three Months Ended
|
Year Ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Net loss available to common shareholders
|
$
|
(173,261
|
)
|
$
|
(98,689
|
)
|
$
|
(1,339,102
|
)
|
$
|
(2,219,182
|
)
|
||||
Adjustments:
|
||||||||||||||||
Amortization of deferred gain on sale
|
(3,459
|
)
|
(3,511
|
)
|
(14,570
|
)
|
(16,751
|
)
|
||||||||
(Gain) loss on sale of properties
|
(9,162
|
)
|
(1,146
|
)
|
184,567
|
60,791
|
||||||||||
Impairment expense
|
29,716
|
17,148
|
75,622
|
1,738,308
|
||||||||||||
Goodwill impairment (non-taxable)
|
-
|
4,059
|
-
|
873,772
|
||||||||||||
Penalties for early termination of drilling rig contracts
|
-
|
19,061
|
18,078
|
94,866
|
||||||||||||
Loss on extinguishment of debt
|
-
|
12,727
|
42,236
|
18,361
|
||||||||||||
Total measure of derivative (gain) loss reported under U.S. GAAP
|
27,845
|
(102,757
|
)
|
(587
|
)
|
(217,972
|
)
|
|||||||||
Total net cash settlements received on commodity derivatives during the period
|
21,206
|
69,311
|
151,738
|
216,357
|
||||||||||||
Acceleration of unamortized discount upon conversion of mandatory convertible notes (non-taxable)
|
244,175
|
-
|
244,175
|
-
|
||||||||||||
Tax impact of adjustments above
|
(24,673
|
)
|
(4,030
|
)
|
(170,492
|
)
|
(704,553
|
)
|
||||||||
Tax impact of Section 382 limitation on net operating losses and tax credits
|
(194,973
|
)
|
-
|
259,494
|
-
|
|||||||||||
Adjusted net loss available to common shareholders(1)
|
$
|
(82,586
|
)
|
$
|
(87,827
|
)
|
$
|
(548,841
|
)
|
$
|
(156,003
|
)
|
||||
Adjusted net loss available to common shareholders per share, basic
|
$
|
(0.28
|
)
|
$
|
(0.43
|
)
|
$
|
(2.18
|
)
|
$
|
(0.80
|
)
|
||||
Adjusted net loss available to common shareholders per share, diluted
|
$
|
(0.28
|
)
|
$
|
(0.43
|
)
|
$
|
(2.18
|
)
|
$
|
(0.80
|
)
|
(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
|
Year Ended
|
|||||||||||
December 31,
|
December 31,
|
|||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||
Net cash provided by operating activities
|
$
|
236,755
|
$
|
150,136
|
$
|
595,010
|
$
|
1,051,392
|
||||
Exploration
|
6,187
|
35,363
|
45,846
|
143,363
|
||||||||
Exploratory dry hole costs
|
(97)
|
(8,573)
|
(134)
|
(9,440)
|
||||||||
Changes in working capital
|
(71,952)
|
44,929
|
(52,837)
|
(53,645)
|
||||||||
Discretionary cash flow (1)
|
$
|
170,893
|
$
|
221,855
|
$
|
587,885
|
$
|
1,131,670
|
(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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