EX-12.1 4 d84567dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

WHITING PETROLEUM CORPORATION

RATIO OF EARNINGS TO FIXED CHARGES

RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

(in thousands)

 

     Nine Months
Ended
September 30,
2015		    

 

Year Ended December 31,

  
       2014     2013     2012     2011     2010  

Fixed charges:

             

Interest expensed

    $ 214,926      $ 158,658      $ 100,531      $ 65,692      $ 53,834      $ 48,486   

Interest capitalized

      4,050        4,084        1,515        2,749        3,574        2,920   

Amortized premiums, discounts and capitalized expenses related to indebtedness

      33,058        11,984        12,405        9,518        8,682        10,592   

Estimate of interest within rental expense

      1,325        1,383        1,008        1,145        883        684   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total fixed charges

    $ 253,359      $ 176,109      $ 115,459      $ 79,104      $ 66,973      $ 62,682   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings:

             

Income (loss) before income taxes

    $ (2,846,584 )    $ 143,915      $ 571,871      $ 662,011      $ 780,319      $ 541,443   

Income from equity investees

      (149 )      (215 )      (542 )      (588 )      (1,032 )      (1,311 ) 

Fixed charges (above)

      253,359        176,109        115,459        79,104        66,973        62,682   

Amortization of capitalized interest

      1,920        2,171        2,020        1,745        1,409        1,117   

Distributed income from equity investees

      159        393        654        930        1,533        1,323   

Interest capitalized

      (4,050 )      (4,084 )      (1,515 )      (2,749 )      (3,574 )      (2,920 ) 

Noncontrolling interest in pre-tax income of subsidiaries

      48        62        52        90        59        —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total earnings (loss)

    $ (2,595,297 )    $ 318,351      $ 687,999      $ 740,543      $ 845,687      $ 602,334   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

      —          1.81        5.96        9.36        12.63        9.61   

Fixed charges and preferred stock dividends:

             

Fixed charges (above)

    $ 253,359      $ 176,109      $ 115,459      $ 79,104      $ 66,973      $ 62,682   

Preferred stock dividends (2)

      —          —          844        1,722        1,704        26,516   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total fixed charges and preferred stock dividends

    $ 253,359      $ 176,109      $ 116,303      $ 80,826      $ 68,677      $ 89,198   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of earnings to fixed charges and preferred stock dividends (unaudited) (1)

      —          1.81        5.92        9.16        12.31        6.75   

 

(1) For the nine months ended September 30, 2015, earnings were inadequate to cover fixed charges, and the ratios of earnings to fixed charges and earnings to fixed charges and preferred stock dividends therefore have not been presented for that period. The coverage deficiency necessary for the ratios of earnings to fixed charges and earnings to fixed charges and preferred stock dividends to equal 1.00x (one-to-one coverage) was $2.8 billion for the nine months ended September 30, 2015.
(2) Preferred stock dividends represent pre-tax earnings required to cover any preferred stock dividend requirements using our effective tax rate for the relevant period.