Business Wire | Nov 3, 2021 04:06PM EDT

Whiting Petroleum Reports Third Quarter 2021 Financial and Operating Results

Nov. 03, 2021

DENVER--(BUSINESS WIRE)--Nov. 03, 2021--Whiting Petroleum Corporation (NYSE: WLL) ("Whiting" or the "Company") today announced third quarter 2021 results.

Third Quarter 2021 Highlights

* Revenue was $401 million for the quarter ending September 30, 2021 * Net income (GAAP) was $198 million or $5.00 per diluted share * Adjusted net income (non-GAAP) was $142 million or $3.57 per diluted share * Adjusted EBITDAX (non-GAAP) was $201 million * September 30, 2021 net debt was $59 million (non-GAAP)

Lynn A. Peterson, President and CEO commented, "The team continues to execute on our business plan as demonstrated by the substantial cash provided by operating activities of $190 million during the quarter and $526 million for the nine-month period. The Company generated adjusted free cash flow during the quarter of $128 million and $347 million for the nine months ended September 30, 2021. Commodity prices have continued to strengthen during the year and under current prices, the Company expects to continue to generate substantial free cash flow during the fourth quarter and end the year with no debt and positive cash on our balance sheet."

Third Quarter 2021 Results

Revenue for the third quarter of 2021 increased $49 million to $401 million when compared to the second quarter of 2021, primarily due to increased commodity prices between periods.

Net income for the third quarter of 2021 was $198 million, or $5.00 per share, as compared to a net loss of $61 million, or $1.57 per share, for the second quarter of 2021. Adjusted net income (non-GAAP) for the third quarter of 2021 was $142 million, or $3.57 per diluted share, as compared to $118 million, or $3.01 per diluted share, for the second quarter of 2021. The primary difference between net income (loss) and adjusted net income for both periods is non-cash expense related to the change in the value of the Company's hedging portfolio. The third quarter was also affected by the gain on sale of properties related to the previously announced divestiture.

The Company's adjusted EBITDAX (non-GAAP) for the third quarter of 2021 was $201 million compared to $176 million for the second quarter of 2021. This resulted in net cash provided by operating activities of $190 million and adjusted free cash flow (non-GAAP) of $128 million. Adjusted EBITDAX (non-GAAP) for the nine months ended September 30, 2021 was $548 million. Net cash provided by operating activities was $526 million and adjusted free cash flow (non-GAAP) was $347 million for the nine months ended September 30, 2021.

Adjusted net income, adjusted net income per share, adjusted EBITDAX and adjusted free cash flow are non-GAAP financial measures. Please refer to the end of this release for disclosures and reconciliations regarding these measures.

Production for the third quarter averaged 92.1 thousand barrels of oil equivalent per day (MBOE/d) which was consistent with the previous quarter of 92.6 MBOE/d. Oil production averaged 51.8 thousand barrels of oil per day (MBO/d) compared to 53.4 MBO/d in the second quarter 2021.

Capital expenditures in the third quarter of 2021 were $67 million compared to the second quarter 2021 spend of $58 million. During the quarter, the Company drilled 10 gross/5.6 net operated wells and turned in line 17 gross/9.1 net operated wells.

Lease operating expense (LOE) for the third quarter of 2021 was $57 million compared to $64 million in the second quarter of 2021. The decrease was primarily due to less operated expense workovers and ongoing cost reduction measures. General and administrative expenses in the third quarter of 2021 of $12 million was consistent with the second quarter of 2021. Both quarters included approximately $3 million of non-cash stock compensation costs.

Liquidity

As of September 30, 2021, the Company had a borrowing base of $750 million, borrowings of $72 million and unrestricted cash of $13 million, resulting in total liquidity of $689 million, net of outstanding letters of credit. Whiting expects to continue to fund its operations fully within operating cash flow. Based on the above guidance, the Company forecasts to be in a positive net cash position with no outstanding balance on its credit facility by the end of the 2021.

Conference Call

Whiting will host a conference call on Thursday, November 4, 2021 at 11:00 a.m. Eastern time (9:00 a.m. Mountain time) to discuss the third quarter 2021 results. The call will be conducted by President and Chief Executive Officer Lynn A. Peterson, Executive Vice President Finance and Chief Financial Officer James P. Henderson, Executive Vice President Operations and Chief Operating Officer Charles J. Rimer and Investor Relations Manager Brandon Day. A question and answer session will immediately follow the discussion of the results for the quarter.

To participate in this call please dial:Domestic Dial-in Number: (877) 328-5506 International Dial-in Number: (412) 317-5422 Webcast URL https://dpregister.com/sreg/10160438/ed94216c08

Replay Information:Conference ID #: 10160438 Replay Dial-In (Toll Free): (877) 344-7529 (U.S.), (855) 669-9658 (Canada) Replay Dial-In (International): (412) 317-0088 Expiration Date: November 11, 2021

Commodity Price Hedging

The Company uses commodity hedges in order to reduce the effects of commodity price volatility and to satisfy the requirements of its credit facility. The following table summarizes Whiting's hedging positions as of October 31, 2021:



Weighted Average

Settlement Index Derivative Total Units Swap Floor CeilingPeriod Instrument Volumes Price

Crude Oil

Fixed2021^(1) NYMEX WTI Price 2,162,000 Bbl $44.90 - - Swaps

2021^(1) NYMEX WTI Two-way 1,150,000 Bbl - $42.48 $51.80 Collars

Fixed2022 NYMEX WTI Price 2,275,000 Bbl $69.29 - - Swaps

2022 NYMEX WTI Two-way 11,204,000 Bbl - $47.07 $57.59 Collars

Q1-Q3 2023 NYMEX WTI Two-way 3,443,500 Bbl - $46.75 $58.87 Collars



Crude Oil Differentials

UHC Fixed2021^(1) Clearbrook Price 30,500 Bbl -$1.95 - - to NYMEX Swaps



Natural Gas

NYMEX Fixed2021^(1) Henry Hub Price 5,290,000 MMBtu $3.16 - - Swaps

2021^(1) NYMEX Two-way 2,760,000 MMBtu - $2.60 $2.79 Henry Hub Collars

NYMEX Fixed2022 Henry Hub Price 8,009,000 MMBtu $3.24 - - Swaps

2022 NYMEX Two-way 17,304,000 MMBtu - $2.70 $3.32 Henry Hub Collars

Q1-Q3 2023 NYMEX Two-way 6,999,000 MMBtu - $2.42 $2.94 Henry Hub Collars



Natural Gas Basis

NNG Fixed2021^(1) Ventura to Price 2,760,000 MMBtu -$0.07 - - NYMEX Swaps

NNG FixedQ1-Q2 2022 Ventura to Price 6,230,000 MMBtu $0.51 - - NYMEX Swaps

NNG FixedQ1-Q2 2023 Ventura to Price 4,740,000 MMBtu $0.20 - - NYMEX Swaps



NGL - Propane

Mont Fixed2021^(1) Belvieu Price 9,660,000 Gallons $0.78 - - Swaps

Fixed2021^(1) Conway Price 7,728,000 Gallons $1.31 - - Swaps

Mont Fixed2022 Belvieu Price 19,110,000 Gallons $1.08 - - Swaps

Fixed2022 Conway Price 19,110,000 Gallons $1.17 - - Swaps

(1) Includes settlement periods of October through December 2021.

Selected Operating and Financial Statistics

References to "Successor" refer to Whiting and its financial position and results of operations after its emergence from reorganization under chapter 11 of the Bankruptcy Code. References to "Predecessor" refer to Whiting and its financial position and results of operations on or before the emergence date (September 1, 2020).



Successor

Three Months Ended

September June 30, 30,

2021 2021

Selected operating statistics:

Production

Oil (MBbl) 4,763 4,860

NGLs (MBbl) 1,919 1,793

Natural gas (MMcf) 10,745 10,666

Total production (MBOE) 8,472 8,431

Average prices

Oil (per Bbl):

Price received $ 66.54 $ 63.46

Effect of crude oil hedging ^(1) (16.57 ) (13.64 )

Realized price $ 49.97 $ 49.82

Weighted average NYMEX price (per Bbl) ^(2) $ 70.55 $ 66.03

NGLs (per Bbl):

Price received $ 26.81 $ 15.76

Effect of NGL hedging ^(3) (1.93 ) (0.47 )

Realized price $ 24.88 $ 15.29

Natural gas (per Mcf):

Price received $ 2.42 $ 1.25

Effect of natural gas hedging ^(4) (0.82 ) (0.04 )

Realized price $ 1.60 $ 1.21

Weighted average NYMEX price (per MMBtu) ^(2) $ 3.95 $ 2.74

Selected operating metrics:

Sales price, net of hedging ($ per BOE) $ 35.75 $ 33.50

Lease operating ($ per BOE) 6.68 7.61

Transportation, gathering, compression and other ($ 1.04 0.88 per BOE)

Depreciation, depletion and amortization ($ per BOE) 6.13 6.12

General and administrative ($ per BOE) 1.41 1.42

Production and ad valorem taxes (% of sales revenue) 7 % 7 %

(1)

Whiting paid $79 million and $66 million in pre-tax cash settlements on crude oil hedges during the three months ended September 30, 2021 and June 30, 2021, respectively. Refer to "Commodity Price Hedging" above for a summary of Whiting's outstanding hedges.

(2)

Average NYMEX prices weighted for monthly production volumes.

(3)

Whiting paid $4 million and $1 million in pre-tax cash settlements on NGL hedges during the three months ended September 30, 2021 and June 30, 2021, respectively. Refer to "Commodity Price Hedging" above for a summary of Whiting's outstanding hedges.

(4)

Whiting paid $9 million and $0.4 million in pre-tax cash settlements on natural gas hedges during the three months ended September 30, 2021 and June 30, 2021, respectively. Refer to "Commodity Price Hedging" above for a summary of Whiting's outstanding hedges.

Whiting paid $79 million and $66 million in pre-tax cash settlements on^ crude oil hedges during the three months ended September 30, 2021 and June(1) 30, 2021, respectively. Refer to "Commodity Price Hedging" above for a summary of Whiting's outstanding hedges.

^ Average NYMEX prices weighted for monthly production volumes.(2)

Whiting paid $4 million and $1 million in pre-tax cash settlements on NGL^ hedges during the three months ended September 30, 2021 and June 30, 2021,(3) respectively. Refer to "Commodity Price Hedging" above for a summary of Whiting's outstanding hedges.

Whiting paid $9 million and $0.4 million in pre-tax cash settlements on^ natural gas hedges during the three months ended September 30, 2021 and(4) June 30, 2021, respectively. Refer to "Commodity Price Hedging" above for a summary of Whiting's outstanding hedges.

Successor

Predecessor

Non-GAAP

Nine Months Ended September 30, 2021

One Month Ended September 30, 2020

Eight Months Ended August 31, 2020

Combined Nine Months Ended September 30, 2020

Selected operating statistics:

Production

Oil (MBbl)

14,445

1,746

15,273

17,020

NGLs (MBbl)

5,272

559

4,522

5,081

Natural gas (MMcf)

31,661

3,631

29,667

33,299

Total production (MBOE)

24,993

2,910

24,740

27,650

Average prices

Oil (per Bbl):

Price received

$

61.06

$

34.58

$

28.86

$

29.45

Effect of crude oil hedging (1)

(12.78

)

0.28

3.00

2.72

Realized price

$

48.28

$

34.86

$

31.86

$

32.17

Weighted average NYMEX price (per Bbl) (2)

$

64.78

$

39.63

$

38.23

$

38.37

NGLs (per Bbl):

Price received

$

20.23

$

3.19

$

4.45

$

4.31

Effect of NGL hedging (3)

(0.86

)

-

-

-

Realized price

$

19.37

$

3.19

$

4.45

$

4.31

Natural gas (per Mcf):

Price received

$

1.90

$

(0.30

)

$

(0.06

)

$

(0.09

)

Effect of natural gas hedging (4)

(0.28

)

0.15

(0.01

)

0.01

Realized price

$

1.62

$

(0.15

)

$

(0.07

)

$

(0.08

)

Weighted average NYMEX price (per MMBtu) (2)

$

3.09

$

2.24

$

1.76

$

1.81

Selected operating metrics:

Sales price, net of hedging ($ per BOE)

$

34.04

$

21.34

$

20.39

$

20.49

Lease operating ($ per BOE)

7.21

6.37

6.40

6.39

Transportation, gathering, compression and other ($ per BOE)

0.93

0.68

0.90

0.88

Depreciation, depletion and amortization ($ per BOE)

6.29

6.91

13.69

12.98

General and administrative ($ per BOE)

1.37

3.55

3.71

3.69

Production and ad valorem taxes (% of sales revenue)

7

%

10

%

9

%

9

%



Successor Predecessor Non-GAAP

Nine Months One Month Eight Combined Nine Ended Ended Months Months Ended September September Ended September 30, 30, 2021 30, 2020 August 31, 2020 2020

Selectedoperating statistics:

Production

Oil (MBbl) 14,445 1,746 15,273 17,020

NGLs (MBbl) 5,272 559 4,522 5,081

Natural gas 31,661 3,631 29,667 33,299 (MMcf)

Totalproduction 24,993 2,910 24,740 27,650 (MBOE)

Average prices

Oil (per Bbl):

Price received $ 61.06 $ 34.58 $ 28.86 $ 29.45

Effect of crudeoil hedging ^ (12.78 ) 0.28 3.00 2.72 (1)

Realized price $ 48.28 $ 34.86 $ 31.86 $ 32.17

Weightedaverage NYMEX $ 64.78 $ 39.63 $ 38.23 $ 38.37 price (per Bbl)^(2)

NGLs (per Bbl):

Price received $ 20.23 $ 3.19 $ 4.45 $ 4.31

Effect of NGL (0.86 ) - - - hedging ^(3)

Realized price $ 19.37 $ 3.19 $ 4.45 $ 4.31

Natural gas (per Mcf):

Price received $ 1.90 $ (0.30 ) $ (0.06 ) $ (0.09 )

Effect ofnatural gas (0.28 ) 0.15 (0.01 ) 0.01 hedging ^(4)

Realized price $ 1.62 $ (0.15 ) $ (0.07 ) $ (0.08 )

Weightedaverage NYMEX $ 3.09 $ 2.24 $ 1.76 $ 1.81 price (perMMBtu) ^(2)

Selectedoperating metrics:

Sales price,net of hedging $ 34.04 $ 21.34 $ 20.39 $ 20.49 ($ per BOE)

Lease operating 7.21 6.37 6.40 6.39 ($ per BOE)

Transportation,gathering,compression and 0.93 0.68 0.90 0.88 other ($ perBOE)

Depreciation,depletion and 6.29 6.91 13.69 12.98 amortization ($per BOE)

General andadministrative 1.37 3.55 3.71 3.69 ($ per BOE)

Production andad valorem 7 % 10 % 9 % 9 %taxes (% ofsales revenue)

(1)

Whiting paid $185 million and received $46 million in pre-tax cash settlements on crude oil hedges during the nine months ended September 30, 2021 and September 30, 2020, respectively. Refer to "Commodity Price Hedging" above for a summary of Whiting's outstanding hedges.

(2)

Average NYMEX prices weighted for monthly production volumes.

(3)

Whiting paid $5 million in pre-tax cash settlements on NGL hedges during the nine months ended September 30, 2021. Refer to "Commodity Price Hedging" above for a summary of Whiting's outstanding hedges.

(4)

Whiting paid $9 million and received $0.3 million in pre-tax cash settlements on natural gas hedges during the nine months ended September 30, 2021 and September 30, 2020, respectively. Refer to "Commodity Price Hedging" above for a summary of Whiting's outstanding hedges.

Selected Financial Data

For further information and discussion on the selected financial data below, please refer to Whiting's Quarterly Report on Form 10?Q for the quarter ended September 30, 2021 filed with the Securities and Exchange Commission.

Whiting paid $185 million and received $46 million in pre-tax cash^ settlements on crude oil hedges during the nine months ended September 30,(1) 2021 and September 30, 2020, respectively. Refer to "Commodity Price Hedging" above for a summary of Whiting's outstanding hedges.

^ Average NYMEX prices weighted for monthly production volumes.(2)

^ Whiting paid $5 million in pre-tax cash settlements on NGL hedges during(3) the nine months ended September 30, 2021. Refer to "Commodity Price Hedging" above for a summary of Whiting's outstanding hedges.

Whiting paid $9 million and received $0.3 million in pre-tax cash^ settlements on natural gas hedges during the nine months ended September(4) 30, 2021 and September 30, 2020, respectively. Refer to "Commodity Price Hedging" above for a summary of Whiting's outstanding hedges.

Selected Financial Data

For further information and discussion on the selected financial data below, please refer to Whiting's Quarterly Report on Form 10?Q for the quarter ended September 30, 2021 filed with the Securities and Exchange Commission.



Successor

Three Months Ended

September 30, June 30,

2021 2021

Selected financial data:

(In thousands, except per share data)

Total operating revenues $ 401,037 $ 351,646

Total operating expenses 199,304 409,431

Total other expense, net 3,571 3,704

Net income (loss) 198,162 (61,489 )

Per basic share 5.07 (1.57 )

Per diluted share 5.00 (1.57 )

Adjusted net income^ (1) 141,553 117,501

Per basic share 3.62 3.01

Per diluted share 3.57 3.01

Adjusted EBITDAX ^(1) 201,102 176,351

Net cash provided by operating activities 189,890 183,246

Adjusted free cash flow ^(1) 127,742 111,295

Successor

Predecessor

Non-GAAP

Nine Months Ended September 30, 2021

One Month Ended September 30, 2020

Eight Months Ended August 31, 2020

Combined Nine Months Ended September 30, 2020

Selected financial data:

(In thousands, except per share data)

Total operating revenues

$

1,060,074

$

61,084

$

459,004

$

520,088

Total operating expenses

914,489

30,877

4,651,298

4,682,175

Total other (income) expense, net

9,858

2,122

(170,459

)

(168,337

)

Net income (loss)

135,727

40,270

(3,965,461

)

(3,925,191

)

Per basic share (2)

3.48

1.06

(43.37

)

(103.16

)

Per diluted share (2)

3.44

1.06

(43.37

)

(103.16

)

Adjusted net income (loss) (1)

366,948

8,250

(209,656

)

(201,406

)

Per basic share (2)

9.42

0.22

(2.29

)

(5.29

)

Per diluted share (2)

9.29

0.22

(2.29

)

(5.29

)

Adjusted EBITDAX (1)

547,669

34,689

227,580

262,269

Net cash provided by operating activities

526,329

11,640

112,613

124,253

Adjusted free cash flow (1)

347,281

13,155

(132,564

)

(119,409

)



Successor Predecessor Non-GAAP

Nine Months One Month Eight Months Combined Nine Ended Ended Ended August Months Ended September 30, September 31, 2020 September 30, 2021 30, 2020 2020

Selectedfinancial data:

(Inthousands, except pershare data)

Totaloperating $ 1,060,074 $ 61,084 $ 459,004 $ 520,088 revenues

Totaloperating 914,489 30,877 4,651,298 4,682,175 expenses

Total other(income) 9,858 2,122 (170,459 ) (168,337 )expense,net

Net income 135,727 40,270 (3,965,461 ) (3,925,191 )(loss)

Per basic 3.48 1.06 (43.37 ) (103.16 )share ^(2)

Per diluted 3.44 1.06 (43.37 ) (103.16 )share ^(2)

Adjustednet income 366,948 8,250 (209,656 ) (201,406 )(loss)^ (1)

Per basic 9.42 0.22 (2.29 ) (5.29 )share ^(2)

Per diluted 9.29 0.22 (2.29 ) (5.29 )share ^(2)

AdjustedEBITDAX ^ 547,669 34,689 227,580 262,269 (1)

Net cashprovided by 526,329 11,640 112,613 124,253 operatingactivities

Adjustedfree cash 347,281 13,155 (132,564 ) (119,409 )flow ^(1)

(1)

Reconciliations of net income (loss) to adjusted net income (loss) and adjusted EBITDAX and net cash provided by operating activities to adjusted free cash flow are included later in this news release.

(2)

For the combined nine months ended September 30, 2020, the Company used the Successor's basic and diluted weighted average share count to calculate per share amounts.

^ Reconciliations of net income (loss) to adjusted net income (loss) and(1) adjusted EBITDAX and net cash provided by operating activities to adjusted free cash flow are included later in this news release.

^ For the combined nine months ended September 30, 2020, the Company used(2) the Successor's basic and diluted weighted average share count to calculate per share amounts.

WHITING PETROLEUM CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)

(in thousands, except share and per share data)

Successor

September 30,

December 31,

2021

2020

ASSETS

Current assets:

Cash, cash equivalents and restricted cash

$

12,909

$

28,367

Accounts receivable trade, net

217,698

142,830

Prepaid expenses and other

14,325

19,224

Total current assets

244,932

190,421

Property and equipment:

Oil and gas properties, successful efforts method

2,166,379

1,812,601

Other property and equipment

45,671

74,064

Total property and equipment

2,212,050

1,886,665

Less accumulated depreciation, depletion and amortization

(203,628

)

(73,869

)

Total property and equipment, net

2,008,422

1,812,796

Other long-term assets

37,883

40,723

TOTAL ASSETS

$

2,291,237

$

2,043,940

LIABILITIES AND EQUITY

Current liabilities:

Accounts payable trade

$

57,518

$

23,697

Revenues and royalties payable

193,474

151,196

Accrued capital expenditures

38,255

20,155

Accrued liabilities and other

35,572

42,007

Accrued lease operating expenses

22,730

23,457

Taxes payable

16,744

11,997

Derivative liabilities

299,602

49,485

Total current liabilities

663,895

321,994

Long-term debt

72,000

360,000

Asset retirement obligations

85,120

91,864

Operating lease obligations

15,550

17,415

Long-term derivative liabilities

83,355

9,750

Other long-term liabilities

2,159

14,113

Total liabilities

922,079

815,136

Commitments and contingencies

Equity:

Successor common stock, $0.001 par value, 500,000,000 shares authorized; 39,127,389 issued and outstanding as of September 30, 2021 and 38,051,125 issued and outstanding as of December 31, 2020

39

38

Additional paid-in capital

1,194,319

1,189,693

Accumulated earnings

174,800

39,073

Total equity

1,369,158

1,228,804

TOTAL LIABILITIES AND EQUITY

$

2,291,237

$

2,043,940

WHITING PETROLEUM CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)

(in thousands, except share and per share data)



Successor

September 30, December 31,

2021 2020

ASSETS

Current assets:

Cash, cash equivalents and restricted cash $ 12,909 $ 28,367

Accounts receivable trade, net 217,698 142,830

Prepaid expenses and other 14,325 19,224

Total current assets 244,932 190,421

Property and equipment:

Oil and gas properties, successful efforts 2,166,379 1,812,601 method

Other property and equipment 45,671 74,064

Total property and equipment 2,212,050 1,886,665

Less accumulated depreciation, depletion and (203,628 ) (73,869 )amortization

Total property and equipment, net 2,008,422 1,812,796

Other long-term assets 37,883 40,723

TOTAL ASSETS $ 2,291,237 $ 2,043,940

LIABILITIES AND EQUITY

Current liabilities:

Accounts payable trade $ 57,518 $ 23,697

Revenues and royalties payable 193,474 151,196

Accrued capital expenditures 38,255 20,155

Accrued liabilities and other 35,572 42,007

Accrued lease operating expenses 22,730 23,457

Taxes payable 16,744 11,997

Derivative liabilities 299,602 49,485

Total current liabilities 663,895 321,994

Long-term debt 72,000 360,000

Asset retirement obligations 85,120 91,864

Operating lease obligations 15,550 17,415

Long-term derivative liabilities 83,355 9,750

Other long-term liabilities 2,159 14,113

Total liabilities 922,079 815,136

Commitments and contingencies

Equity:

Successor common stock, $0.001 par value,500,000,000 shares authorized; 39,127,389issued and outstanding as of September 30, 2021 39 38 and 38,051,125 issued and outstanding as ofDecember 31, 2020

Additional paid-in capital 1,194,319 1,189,693

Accumulated earnings 174,800 39,073

Total equity 1,369,158 1,228,804

TOTAL LIABILITIES AND EQUITY $ 2,291,237 $ 2,043,940

WHITING PETROLEUM CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

(in thousands, except per share data)

Successor

Three Months Ended

September 30,

June 30,

2021

2021

OPERATING REVENUES

Oil, NGL and natural gas sales

$

394,333

$

349,983

Purchased gas sales

6,704

1,663

Total operating revenues

401,037

351,646

OPERATING EXPENSES

Lease operating expenses

56,562

64,182

Transportation, gathering, compression and other

8,835

7,443

Purchased gas expense

5,496

1,178

Production and ad valorem taxes

28,712

25,669

Depreciation, depletion and amortization

51,927

51,618

Exploration and impairment

3,446

2,047

General and administrative

11,961

11,995

Derivative loss, net

122,559

255,409

Gain on sale of properties

(90,194

)

(10,110

)

Total operating expenses

199,304

409,431

INCOME (LOSS) FROM OPERATIONS

201,733

(57,785

)

OTHER INCOME (EXPENSE)

Interest expense

(3,871

)

(3,981

)

Other income

300

277

Total other expense

(3,571

)

(3,704

)

NET INCOME (LOSS)

$

198,162

$

(61,489

)

INCOME (LOSS) PER COMMON SHARE

Basic

$

5.07

$

(1.57

)

Diluted

$

5.00

$

(1.57

)

WEIGHTED AVERAGE SHARES OUTSTANDING

Basic

39,121

39,067

Diluted

39,622

39,067

WHITING PETROLEUM CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

(in thousands, except per share data)

Successor

Three Months Ended

September 30, June 30,

2021 2021

OPERATING REVENUES

Oil, NGL and natural gas sales $ 394,333 $ 349,983

Purchased gas sales 6,704 1,663

Total operating revenues 401,037 351,646

OPERATING EXPENSES

Lease operating expenses 56,562 64,182

Transportation, gathering, compression and other 8,835 7,443

Purchased gas expense 5,496 1,178

Production and ad valorem taxes 28,712 25,669

Depreciation, depletion and amortization 51,927 51,618

Exploration and impairment 3,446 2,047

General and administrative 11,961 11,995

Derivative loss, net 122,559 255,409

Gain on sale of properties (90,194 ) (10,110 )

Total operating expenses 199,304 409,431

INCOME (LOSS) FROM OPERATIONS 201,733 (57,785 )

OTHER INCOME (EXPENSE)

Interest expense (3,871 ) (3,981 )

Other income 300 277

Total other expense (3,571 ) (3,704 )

NET INCOME (LOSS) $ 198,162 $ (61,489 )

INCOME (LOSS) PER COMMON SHARE

Basic $ 5.07 $ (1.57 )

Diluted $ 5.00 $ (1.57 )

WEIGHTED AVERAGE SHARES OUTSTANDING

Basic 39,121 39,067

Diluted 39,622 39,067

WHITING PETROLEUM CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

(in thousands, except per share data)

Successor

Predecessor

Non-GAAP

Nine Months Ended September 30, 2021

One Month Ended September 30, 2020

Eight Months Ended August 31, 2020

Combined Nine Months Ended September 30, 2020

OPERATING REVENUES

Oil, NGL and natural gas sales

$

1,048,995

$

61,084

$

459,004

$

520,088

Purchased gas sales

11,079

-

-

-

Total operating revenues

1,060,074

61,084

459,004

520,088

OPERATING EXPENSES

Lease operating expenses

180,083

18,526

158,228

176,754

Transportation, gathering, compression and other

23,306

1,980

22,266

24,246

Purchased gas expense

8,576

-

-

-

Production and ad valorem taxes

78,531

5,908

41,204

47,112

Depreciation, depletion and amortization

157,274

20,110

338,757

358,867

Exploration and impairment

8,115

4,207

4,184,830

4,189,037

General and administrative

34,247

10,345

91,816

102,161

Derivative (gain) loss, net

524,661

(30,594

)

(181,614

)

(212,208

)

(Gain) loss on sale of properties

(100,304

)

395

927

1,322

Amortization of deferred gain on sale

-

-

(5,116

)

(5,116

)

Total operating expenses

914,489

30,877

4,651,298

4,682,175

INCOME (LOSS) FROM OPERATIONS

145,585

30,207

(4,192,294

)

(4,162,087

)

OTHER INCOME (EXPENSE)

Interest expense

(12,955

)

(2,128

)

(73,054

)

(75,182

)

Gain on extinguishment of debt

-

-

25,883

25,883

Interest income and other

3,097

6

211

217

Reorganization items, net

-

-

217,419

217,419

Total other income (expense)

(9,858

)

(2,122

)

170,459

168,337

INCOME (LOSS) BEFORE INCOME TAXES

135,727

28,085

(4,021,835

)

(3,993,750

)

INCOME TAX EXPENSE (BENEFIT)

Current

-

2,316

2,718

5,034

Deferred

-

(14,501

)

(59,092

)

(73,593

)

Total income tax benefit

-

(12,185

)

(56,374

)

(68,559

)

NET INCOME (LOSS)

$

135,727

$

40,270

$

(3,965,461

)

$

(3,925,191

)

INCOME (LOSS) PER COMMON SHARE

Basic (1)

$

3.48

$

1.06

$

(43.37

)

$

(103.16

)

Diluted (1)

$

3.44

$

1.06

$

(43.37

)

$

(103.16

)

WEIGHTED AVERAGE SHARES OUTSTANDING

Basic (1)

38,963

38,051

91,423

38,051

Diluted (1)

39,479

38,051

91,423

38,051

(1) For the combined nine months ended September 30, 2020, the Company used the Successor's basic and diluted weighted average share count to calculate per share amounts.

Non-GAAP Financial Measures

WHITING PETROLEUM CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

(in thousands, except per share data)

Successor Predecessor Non-GAAP

Nine Months One Month Eight Months Combined Nine Ended Ended Ended August Months Ended September 30, September 31, 2020 September 30, 2021 30, 2020 2020

OPERATING REVENUES

Oil, NGL andnatural gas $ 1,048,995 $ 61,084 $ 459,004 $ 520,088 sales

Purchased gas 11,079 - - - sales

Total operating 1,060,074 61,084 459,004 520,088 revenues

OPERATING EXPENSES

Lease operating 180,083 18,526 158,228 176,754 expenses

Transportation,gathering, 23,306 1,980 22,266 24,246 compression andother

Purchased gas 8,576 - - - expense

Production andad valorem 78,531 5,908 41,204 47,112 taxes

Depreciation,depletion and 157,274 20,110 338,757 358,867 amortization

Exploration and 8,115 4,207 4,184,830 4,189,037 impairment

General and 34,247 10,345 91,816 102,161 administrative

Derivative(gain) loss, 524,661 (30,594 ) (181,614 ) (212,208 )net

(Gain) loss onsale of (100,304 ) 395 927 1,322 properties

Amortization ofdeferred gain - - (5,116 ) (5,116 )on sale

Total operating 914,489 30,877 4,651,298 4,682,175 expenses

145,585 30,207 (4,192,294 ) (4,162,087 )INCOME (LOSS)FROM OPERATIONS

OTHER INCOME (EXPENSE)

Interest (12,955 ) (2,128 ) (73,054 ) (75,182 )expense

Gain onextinguishment - - 25,883 25,883 of debt

Interest income 3,097 6 211 217 and other

Reorganization - - 217,419 217,419 items, net

Total otherincome (9,858 ) (2,122 ) 170,459 168,337 (expense)



INCOME (LOSS) 135,727 28,085 (4,021,835 ) (3,993,750 )BEFORE INCOMETAXES



INCOME TAX EXPENSE(BENEFIT)

Current - 2,316 2,718 5,034

Deferred - (14,501 ) (59,092 ) (73,593 )

Total income - (12,185 ) (56,374 ) (68,559 )tax benefit

$ 135,727 $ 40,270 $ (3,965,461 ) $ (3,925,191 )NET INCOME(LOSS)



INCOME (LOSS) PER COMMONSHARE

Basic ^(1) $ 3.48 $ 1.06 $ (43.37 ) $ (103.16 )

Diluted ^(1) $ 3.44 $ 1.06 $ (43.37 ) $ (103.16 )



WEIGHTED AVERAGE SHARESOUTSTANDING

Basic ^(1) 38,963 38,051 91,423 38,051

Diluted ^(1) 39,479 38,051 91,423 38,051

(1) For the combined nine months ended September 30, 2020, the Company used the Successor's basic and diluted weighted average share count to calculate per share amounts.

Non-GAAP Financial Measures

WHITING PETROLEUM CORPORATION

Reconciliation of Net Income (Loss) to Adjusted Net Income

(in thousands, except per share data)



Successor

Three Months Ended

September June 30, 30,

2021 2021

Net income (loss) $ 198,162 $ (61,489 )

Adjustments:

Gain on sale of properties (90,194 ) (10,110 )

Impairment expense 2,439 1,250

Total measure of derivative loss reported under U.S. 122,559 255,409 GAAP

Total net cash settlements paid on commodity (91,413 ) (67,559 )derivatives during the period

Adjusted net income ^(1) $ 141,553 $ 117,501

Adjusted net income per share, basic^ (1) $ 3.62 $ 3.01

Adjusted net income per share, diluted^ (1) $ 3.57 $ 3.01

(1)

Adjusted net income and adjusted net income per share are non-GAAP measures. Management believes they provide useful information to investors for analysis of Whiting's fundamental business on a recurring basis. In addition, management believes that adjusted net income 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 income and adjusted net income per share 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.

Adjusted net income and adjusted net income per share are non-GAAP measures. Management believes they provide useful information to investors for analysis of Whiting's fundamental business on a recurring basis. In addition, management believes that adjusted net income is widely used by professional research analysts and others in valuation, comparison and^ investment recommendations of companies in the oil and gas exploration and(1) production industry, and many investors use the published research of industry research analysts in making investment decisions. Adjusted net income and adjusted net income per share 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.

WHITING PETROLEUM CORPORATION

Reconciliation of Net Income (Loss) to Adjusted Net Income (Loss)

(in thousands, except per share data)

Successor

Predecessor

Non-GAAP

Nine Months Ended September 30, 2021

One Month Ended September 30, 2020

Eight Months Ended August 31, 2020

Combined Nine Months Ended September 30, 2020

Net income (loss)

$

135,727

$

40,270

$

(3,965,461

)

$

(3,925,191

)

Adjustments:

Amortization of deferred gain on sale

-

-

(5,116

)

(5,116

)

(Gain) loss on sale of properties

(100,304

)

395

927

1,322

Impairment expense

5,130

-

4,161,885

4,161,885

Gain on extinguishment of debt

-

-

(25,883

)

(25,883

)

Total measure of derivative (gain) loss reported under U.S. GAAP

524,661

(30,594

)

(181,614

)

(212,208

)

Total net cash settlements received (paid) on commodity derivatives during the period

(198,266

)

1,031

45,483

46,514

Reorganization items, net

-

-

(217,419

)

(217,419

)

Restructuring and other one-time costs (1)

-

9,333

32,888

42,221

Tax impact of basis difference for Whiting Canadian Holding Company ULC

-

(12,185

)

(55,346

)

(67,531

)

Adjusted net income (loss) (2)

$

366,948

$

8,250

$

(209,656

)

$

(201,406

)

Adjusted net income (loss) per share, basic (2)(3)

$

9.42

$

0.22

$

(2.29

)

$

(5.29

)

Adjusted net income (loss) per share, diluted (2)(3)

$

9.29

$

0.22

$

(2.29

)

$

(5.29

)

WHITING PETROLEUM CORPORATION

Reconciliation of Net Income (Loss) to Adjusted Net Income (Loss)

(in thousands, except per share data)

Successor Predecessor Non-GAAP

Nine Months One Month Eight Months Combined Nine Ended Ended Ended August Months Ended September September 31, 2020 September 30, 30, 2021 30, 2020 2020

Net income $ 135,727 $ 40,270 $ (3,965,461 ) $ (3,925,191 )(loss)

Adjustments:

Amortizationof deferred - - (5,116 ) (5,116 )gain on sale

(Gain) loss onsale of (100,304 ) 395 927 1,322 properties

Impairment 5,130 - 4,161,885 4,161,885 expense

Gain onextinguishment - - (25,883 ) (25,883 )of debt

Total measureof derivative(gain) loss 524,661 (30,594 ) (181,614 ) (212,208 )reported underU.S. GAAP

Total net cashsettlementsreceived(paid) on (198,266 ) 1,031 45,483 46,514 commodityderivativesduring theperiod

Reorganization - - (217,419 ) (217,419 )items, net

Restructuringand other - 9,333 32,888 42,221 one-time costs^(1)

Tax impact ofbasisdifference forWhiting - (12,185 ) (55,346 ) (67,531 )CanadianHoldingCompany ULC

Adjusted netincome (loss) $ 366,948 $ 8,250 $ (209,656 ) $ (201,406 )^(2)

Adjusted netincome (loss) $ 9.42 $ 0.22 $ (2.29 ) $ (5.29 )per share,basic ^(2)(3)

Adjusted netincome (loss)per share, $ 9.29 $ 0.22 $ (2.29 ) $ (5.29 )diluted ^(2)(3)

(1)

Includes severance and restructuring charges incurred during a company restructuring in September 2020, cash retention incentives paid to Predecessor executives and directors in 2020, third-party advisory and legal fees incurred prior to and after emerging from chapter 11 bankruptcy and a litigation settlement.

(2)

Adjusted net income (loss) and adjusted net income (loss) per share are non-GAAP measures. Management believes they provide useful information to investors for analysis of Whiting's fundamental business on a recurring basis. In addition, management believes that adjusted net income (loss) 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 income (loss) and adjusted net income (loss) per share 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.

(3)

For the combined nine months ended September 30, 2020, the Company used the Successor's basic and diluted weighted average share count to calculate per share amounts.

Includes severance and restructuring charges incurred during a company^ restructuring in September 2020, cash retention incentives paid to(1) Predecessor executives and directors in 2020, third-party advisory and legal fees incurred prior to and after emerging from chapter 11 bankruptcy and a litigation settlement.

Adjusted net income (loss) and adjusted net income (loss) per share are non-GAAP measures. Management believes they provide useful information to investors for analysis of Whiting's fundamental business on a recurring basis. In addition, management believes that adjusted net income (loss) is widely used by professional research analysts and others in valuation,^ comparison and investment recommendations of companies in the oil and gas(2) exploration and production industry, and many investors use the published research of industry research analysts in making investment decisions. Adjusted net income (loss) and adjusted net income (loss) per share 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.

^ For the combined nine months ended September 30, 2020, the Company used(3) the Successor's basic and diluted weighted average share count to calculate per share amounts.

WHITING PETROLEUM CORPORATION

Reconciliation of Net Income (Loss) to Adjusted EBITDA and Adjusted EBITDAX

(in thousands)

Successor

Three Months Ended

September 30,

June 30,

2021

2021

Net income (loss)

$

198,162

$

(61,489

)

Interest expense

3,871

3,981

Interest income

-

(1

)

Depreciation, depletion and amortization

51,927

51,618

Total measure of derivative loss reported under U.S. GAAP

122,559

255,409

Total cash settlements (paid) on commodity derivatives during the period

(91,413

)

(67,559

)

Non-cash stock-based compensation

2,744

2,455

Impairment expense

2,439

1,250

(Gain) on sale of properties

(90,194

)

(10,110

)

Adjusted EBITDA (1)

200,095

175,554

Exploration expense

1,007

797

Adjusted EBITDAX (1)

$

201,102

$

176,351

WHITING PETROLEUM CORPORATION

Reconciliation of Net Income (Loss) to Adjusted EBITDA and Adjusted EBITDAX

(in thousands)

Successor

Three Months Ended

September June 30, 30,

2021 2021

Net income (loss) $ 198,162 $ (61,489 )

Interest expense 3,871 3,981

Interest income - (1 )

Depreciation, depletion and amortization 51,927 51,618

Total measure of derivative loss reported under U.S. 122,559 255,409 GAAP

Total cash settlements (paid) on commodity (91,413 ) (67,559 )derivatives during the period

Non-cash stock-based compensation 2,744 2,455

Impairment expense 2,439 1,250

(Gain) on sale of properties (90,194 ) (10,110 )

Adjusted EBITDA ^(1) 200,095 175,554

Exploration expense 1,007 797

Adjusted EBITDAX ^(1) $ 201,102 $ 176,351

(1)

Adjusted EBITDA and Adjusted EBITDAX are non-GAAP measures. These measures are presented because management believes they provide useful information to investors for analysis of the Company's performance. Adjusted EBITDA and Adjusted EBITDAX 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.

Adjusted EBITDA and Adjusted EBITDAX are non-GAAP measures. These measures are presented because management believes they provide useful information to investors for analysis of the Company's performance. Adjusted EBITDA^ and Adjusted EBITDAX should not be considered in isolation or as a(1) 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.

WHITING PETROLEUM CORPORATION

Reconciliation of Net Income (Loss) to Adjusted EBITDA and Adjusted EBITDAX

(in thousands)

Successor

Predecessor

Non-GAAP

Nine Months Ended September 30, 2021

One Month Ended September 30, 2020

Eight Months Ended August 31, 2020

Combined Nine Months Ended September 30, 2020

Net income (loss)

$

135,727

$

40,270

$

(3,965,461

)

$

(3,925,191

)

Interest expense

12,955

2,128

73,054

75,182

Interest income

(1

)

(6

)

(211

)

(217

)

Income tax benefit

-

(12,185

)

(56,374

)

(68,559

)

Depreciation, depletion and amortization

157,274

20,110

338,757

358,867

Amortization of deferred gain on sale

-

-

(5,116

)

(5,116

)

Total measure of derivative (gain) loss reported under U.S. GAAP

524,661

(30,594

)

(181,614

)

(212,208

)

Total cash settlements received (paid) on commodity derivatives during the period, net of premiums/costs

(198,266

)

1,031

45,483

46,514

Non-cash stock-based compensation

7,508

-

3,719

3,719

Impairment expense

5,130

-

4,161,885

4,161,885

Gain on extinguishment of debt

-

-

(25,883

)

(25,883

)

(Gain) loss on sale of properties

(100,304

)

395

927

1,322

Reorganization items, net

-

-

(217,419

)

(217,419

)

Restructuring and other one-time costs (1)

-

9,333

32,888

42,221

Adjusted EBITDA (2)

544,684

30,482

204,635

235,117

Exploration expense

2,985

4,207

22,945

27,152

Adjusted EBITDAX (2)

$

547,669

$

34,689

$

227,580

$

262,269

WHITING PETROLEUM CORPORATION

Reconciliation of Net Income (Loss) to Adjusted EBITDA and Adjusted EBITDAX

(in thousands)

Successor Predecessor Non-GAAP

Nine Months One Month Eight Months Combined Nine Ended Ended Ended August Months Ended September September 31, 2020 September 30, 30, 2021 30, 2020 2020

Net income $ 135,727 $ 40,270 $ (3,965,461 ) $ (3,925,191 )(loss)

Interest 12,955 2,128 73,054 75,182 expense

Interest (1 ) (6 ) (211 ) (217 )income

Income tax - (12,185 ) (56,374 ) (68,559 )benefit

Depreciation,depletion and 157,274 20,110 338,757 358,867 amortization

Amortizationof deferred - - (5,116 ) (5,116 )gain on sale

Total measureof derivative(gain) loss 524,661 (30,594 ) (181,614 ) (212,208 )reported underU.S. GAAP

Total cashsettlementsreceived(paid) oncommodity (198,266 ) 1,031 45,483 46,514 derivativesduring theperiod, net ofpremiums/costs

Non-cashstock-based 7,508 - 3,719 3,719 compensation

Impairment 5,130 - 4,161,885 4,161,885 expense

Gain onextinguishment - - (25,883 ) (25,883 )of debt

(Gain) loss onsale of (100,304 ) 395 927 1,322 properties

Reorganization - - (217,419 ) (217,419 )items, net

Restructuringand other - 9,333 32,888 42,221 one-time costs^(1)

Adjusted 544,684 30,482 204,635 235,117 EBITDA ^(2)

Exploration 2,985 4,207 22,945 27,152 expense

Adjusted $ 547,669 $ 34,689 $ 227,580 $ 262,269 EBITDAX ^(2)

(1)

Includes severance and restructuring charges incurred during a company restructuring in September 2020, cash retention incentives paid to Predecessor executives and directors in 2020, third-party advisory and legal fees incurred prior to and after emerging from chapter 11 bankruptcy and a litigation settlement.

(2)

Adjusted EBITDA and Adjusted EBITDAX are non-GAAP measures. These measures are presented because management believes they provide useful information to investors for analysis of the Company's performance. Adjusted EBITDA and Adjusted EBITDAX 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.

Includes severance and restructuring charges incurred during a company^ restructuring in September 2020, cash retention incentives paid to(1) Predecessor executives and directors in 2020, third-party advisory and legal fees incurred prior to and after emerging from chapter 11 bankruptcy and a litigation settlement.

Adjusted EBITDA and Adjusted EBITDAX are non-GAAP measures. These measures are presented because management believes they provide useful information to investors for analysis of the Company's performance. Adjusted EBITDA^ and Adjusted EBITDAX should not be considered in isolation or as a(2) 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.

WHITING PETROLEUM CORPORATION

Reconciliation of Net Cash Provided by Operating Activities to Adjusted Free Cash Flow

(in thousands)

Successor

Three Months Ended

September 30,

June 30,

2021

2021

Net cash provided by operating activities

$

189,890

$

183,246

Changes in working capital

4,788

(13,483

)

Accrued capital expenditures

(66,936

)

(58,468

)

Adjusted free cash flow (1)

$

127,742

$

111,295

WHITING PETROLEUM CORPORATION

Reconciliation of Net Cash Provided by Operating Activities to Adjusted FreeCash Flow

(in thousands)

Successor

Three Months Ended

September June 30, 30,

2021 2021

Net cash provided by operating activities $ 189,890 $ 183,246

Changes in working capital 4,788 (13,483 )

Accrued capital expenditures (66,936 ) (58,468 )

Adjusted free cash flow ^(1) $ 127,742 $ 111,295

Successor

Predecessor

Non-GAAP

Nine Months Ended September 30, 2021

One Month Ended September 30, 2020

Eight Months Ended August 31, 2020

Nine Months Ended September 30, 2020

Net cash provided by operating activities

$

526,329

$

11,640

112,613

124,253

Changes in working capital

1,958

5,004

(59,815

)

(54,811

)

Accrued capital expenditures

(181,006

)

(3,489

)

(185,362

)

(188,851

)

Adjusted free cash flow (1)

$

347,281

$

13,155

$

(132,564

)

$

(119,409

)



Successor Predecessor Non-GAAP

Nine Months One Month Eight Months Nine Months Ended Ended Ended August Ended September 30, September 30, 31, 2020 September 30, 2021 2020 2020

Net cashprovided by $ 526,329 $ 11,640 112,613 124,253 operatingactivities

Changes inworking 1,958 5,004 (59,815 ) (54,811 )capital

Accruedcapital (181,006 ) (3,489 ) (185,362 ) (188,851 )expenditures

Adjustedfree cash $ 347,281 $ 13,155 $ (132,564 ) $ (119,409 )flow ^(1)

(1)

Adjusted free cash flow is a non-GAAP measure. This measure is presented because management believes it provides useful information to investors for analysis of the Company's ability to internally fund acquisitions and development activity and reduce its borrowings outstanding under its revolving credit facility. This measure 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. The Company is unable to present a reconciliation of forward-looking adjusted free cash flow because components of the calculation, including fluctuations in working capital accounts, are inherently unpredictable. Moreover, estimating the most directly comparable GAAP measure with the required precision necessary to provide a meaningful reconciliation is extremely difficult and could not be accomplished without unreasonable effort. The Company believes that forward-looking estimates of adjusted free cash flow are important to investors because they assist in the analysis of its ability to generate cash from our operations.

About Whiting Petroleum Corporation

Whiting Petroleum Corporation, a Delaware corporation, is an independent oil and gas company engaged in the development, production and acquisition of crude oil, NGLs and natural gas primarily in the Rocky Mountains region of the United States. The Company's largest projects are in the Bakken and Three Forks plays in North Dakota and Montana. The Company trades publicly under the symbol WLL on the New York Stock Exchange. For further information, please visit http://www.whiting.com.

Forward-Looking Statements

This news release contains statements that we believe to be "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than historical facts, including, without limitation, statements regarding our future financial position, business strategy, projected production, cash flows, revenues, costs, capital expenditures and debt levels, the effect of acquisitions and divestitures and plans and objectives of management for future operations, are forward-looking statements. When used in this news release, words such as "guidance," or "expect," "intend," "plan," "estimate," "anticipate," "believe" or "should" or the negative thereof or variations thereon or similar terminology are generally intended to identify forward-looking statements. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, such statements.

These risks and uncertainties include, but are not limited to, risks associated with:

* declines in, or extended periods of low oil, NGL or natural gas prices; * the occurrence of epidemic or pandemic diseases, including the coronavirus pandemic; * actions of the Organization of Petroleum Exporting Countries and other oil exporting nations to set and maintain production levels; * the impacts of hedging on our results of operations; * regulatory developments, including the potential shutdown of the Dakota Access Pipeline and new or amended federal, state and local initiatives relating to the regulation of hydraulic fracturing, air emissions and other aspects of oil and gas operations that could have a negative effect on the oil and gas industry and/or increase costs of compliance; * the geographic concentration of our operations; * our inability to access oil and gas markets due to market conditions or operational impediments; * adequacy of midstream and downstream transportation capacity and infrastructure; * shortages of or delays in obtaining qualified personnel or equipment, including drilling rigs and completion services; * adverse weather conditions that may negatively impact development or production activities; * potential losses and claims resulting from our oil and gas operations, including uninsured or underinsured losses; * lack of control over non-operated properties; * cybersecurity attacks or failures of our telecommunication and other information technology infrastructure; * revisions to reserve estimates as a result of changes in commodity prices, regulation and other factors; * inaccuracies of our reserve estimates or our assumptions underlying them; * impact of negative shifts in investor sentiment and public perception towards the oil and gas industry and corporate governance standards; * climate change issues; * litigation and other legal proceedings; and * other risks described under the caption "Risk Factors" in Item 1A of our Annual Report on Form 10-K for the period ended December 31, 2020.

We assume no obligation, and disclaim any duty, to update the forward-looking statements in this news release.

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CONTACT: Company Contact: Brandon Day Title: Investor Relations Manager Phone: 303?837?1661 Email: Brandond@whiting.com