EX-12 5 d67435exv12.htm EX-12 exv12
Exhibit 12
Whiting Petroleum Corporation and Subsidiaries
Ratio of Earnings to Fixed Charges
(dollars in thousands)
                                                 
    Three Months        
    Ended     Year Ended December 31,  
    March 31, 2009     2008     2007     2006     2005     2004  
Fixed charges:
                                               
Interest expensed
  $ 13,098     $ 59,010     $ 65,977     $ 66,265     $ 35,245     $ 11,800  
Interest capitalized
    924       3,129       3,664       556             200  
Amortized premiums, discounts and capitalized expenses related to indebtedness
    1,582       6,068       6,527       7,224       6,802       4,056  
Estimate of interest within rental expense
    145       431       424       386       298       182  
 
                                   
Total fixed charges
    15,749       68,638       76,592       74,431       42,345       16,238  
 
                                   
 
                                               
Earnings:
                                               
Income before income taxes
  $ (69,803 )   $ 408,820     $ 207,162     $ 233,272     $ 196,098     $ 114,005  
Income from equity investees
    (544 )     (1,625 )     (1,365 )     (282 )     (409 )      
Fixed charges (above)
    15,749       68,638       76,592       74,431       42,345       16,238  
Amortization of capitalized interest
    194       463       97       41       41       21  
Distributed income from equity investees
    455       1,175       928       987       657        
Interest capitalized
    (924 )     (3,129 )     (3,664 )     (556 )           (200 )
 
                                   
Total earnings
  $ (54,873 )   $ 474,942     $ 279,750     $ 307,893     $ 238,732     $ 130,064  
 
                                   
 
                                               
Ratio of earnings to fixed charges (unaudited)(1)
        6.92       3.65       4.14       5.64       8.01  
 
(1)   For the three months ended March 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 1.00 (one-to-one coverage) was $70.6 million for the three months ended March 31, 2009.