EX-12.1 3 d619185dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

WHITING PETROLEUM CORPORATION

RATIO OF EARNINGS TO FIXED CHARGES

(dollars in thousands)

 

     Nine
Months
Ended		     Year Ended December 31,  
Fixed charges:    September 30,
2013		     2012     2011     2010     2009     2008  

Interest expensed

    $ 61,779      $ 65,692      $ 53,834      $ 48,486      $ 53,582      $ 59,010   

Interest capitalized

      853        2,749        3,574        2,920        3,406        3,129   

Amortized premiums, discounts and capitalized expenses related to indebtedness

      7,800        9,518        8,682        10,592        11,026        6,068   

Estimate of interest within rental expense

      699        1,145        883        684        603        431   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total fixed charges

    $ 71,131      $ 79,104      $ 66,973      $ 62,682      $ 68,617      $ 68,638   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings:

             

Income (loss) before income taxes

    $ 651,022      $ 662,011      $ 780,319      $ 541,443      $ (162,835 )    $ 408,820   

Income from equity investees

      (482 )      (588 )      (1,032 )      (1,311 )      (1,581 )      (1,625 ) 

Fixed charges (above)

      71,131        79,104        66,973        62,682        68,617        68,638   

Amortization of capitalized interest

      1,515        1,745        1,409        1,117        776        463   

Distributed income from equity investees

      654        930        1,533        1,323        1,780        1,775   

Interest capitalized

      (853 )      (2,749 )      (3,574 )      (2,920 )      (3,406 )      (3,129 ) 

Noncontrolling interest in pre-tax income of subsidiaries

      41        90        59        —          —          —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total earnings

    $ 723,028      $ 740,543      $ 845,687      $ 602,334      $ (96,649 )    $ 474,942   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of earnings to fixed charges (unaudited) (1)

      10.16x        9.36x        12.63x        9.61x        —          6.92x   

 

(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.