Home / Businesswire / Whiting Petroleum Corporation Announces Fourth Quarter and Full-Year 2018 Financial and Operating Results

Whiting Petroleum Corporation Announces Fourth Quarter and Full-Year 2018 Financial and Operating Results

  • Full Year 2018 Daily Production Averaged 127,980 BOE/d, an 8%
    increase Year-Over-Year
  • 2018 Net Cash Provided by Operating Activities Totaled $1,092
    Million and 2018 Free Cash Flow Totaled $280 Million
  • 2018 Full Year LOE and G&T, G&A and DD&A Expense per BOE Decreased
    10%, 8% and 24% from 2017 Levels
  • Q4 2018 Daily Oil Production Averaged 88,645 Bbl/d, a 3% increase
    over Third Quarter 2018
  • Optimized Completions Deliver Strong Performance across Expanding
    Core
  • 2019 Capital Budget of $800-$840 million Forecast to Grow Operated
    Williston Basin Total Production 11% and Oil Production 15%
    Year-Over-Year

DENVER–(BUSINESS WIRE)–Whiting’s (NYSE: WLL) production in the fourth quarter 2018
totaled 11.96 million barrels of oil equivalent (MMBOE), an average of
129,960 barrels of oil equivalent per day (BOE/d). Crude oil and natural
gas liquids (NGLs) comprised 68% and 15% of total production. Oil
production for the quarter was consistent with Company expectations.
Natural gas and natural gas liquids production were reduced by
third-party gathering delays and gas processing curtailments.

During the quarter Whiting continued its trend of free cash flow
generation, producing $285 million of net cash provided by operating
activities and $19 million in free cash flow despite lower crude prices
and higher oil differentials. Oil differentials significantly increased
in December, which accounts for the difference in realized differentials
versus Company guidance. Oil differentials have normalized as reflected
in Company guidance.

Operating and Financial Results

The following table summarizes the operating and financial results for
the fourth quarter of 2018 and 2017, including non-cash charges recorded
during those periods:

Three Months Ended
December 31,
2018 2017
Production (MBOE/d) 129.96 128.05
Net cash provided by operating activities-MM $ 285.0 $ 286.7
Discretionary cash flow-MM (1) $ 253.0 $ 266.9
Realized price ($/BOE) $ 38.21 $ 40.07
Total operating revenues-MM $ 473.2 $ 474.4

Net income (loss) attributable to common shareholders-MM (2)(3)

$ 204.0 $ (798.3 )
Per basic share $ 2.24 $ (8.80 )
Per diluted share $ 2.22 $ (8.80 )
Adjusted net loss attributable to common shareholders-MM (4) $ (4.8 ) $ (15.7 )
Per basic share $ (0.05 ) $ (0.17 )
Per diluted share $ (0.05 ) $ (0.17 )

____________________

(1) A reconciliation of net cash provided by operating activities to
discretionary cash flow is included later in this news release.
(2) For the three months ended December 31, 2017, this amount includes
$835 million in pre-tax, non-cash impairment charges for the partial
write-down of the Redtail field in Colorado that is not currently
being developed. The Company did not recognize any impairment
write-downs with respect to its proved oil and gas properties during
the 2018 period presented.
(3) Net income (loss) attributable to common shareholders includes $176
million of pre-tax, non-cash derivative gains and $73 million of
pre-tax, non-cash derivative losses for the three months ended
December 31, 2018 and 2017, respectively.
(4) A reconciliation of net income (loss) attributable to common
shareholders to adjusted net income (loss) attributable to common
shareholders is included later in this news release.

The following table summarizes the operating and financial results for
the full-year 2018 and 2017, including non-cash charges recorded during
those periods:

Year Ended
December 31,
2018 2017
Production (MBOE/d) (1) 127.98 118.12
Net cash provided by operating activities-MM $ 1,092.0 $ 577.1
Discretionary cash flow-MM (2) $ 1,112.0 $ 736.7
Realized price ($/BOE) $ 41.20 $ 34.55
Total operating revenues-MM $ 2,081.4 $ 1,481.4

Net income (loss) attributable to common shareholders-MM (3)(4)(5)

$ 342.5 $ (1,237.6 )
Per basic share $ 3.77 $ (13.65 )
Per diluted share $ 3.73 $ (13.65 )
Adjusted net income (loss) attributable to common shareholders-MM (6) $ 200.0 $ (118.5 )
Per basic share $ 2.20 $ (1.31 )
Per diluted share $ 2.18 $ (1.31 )

____________________

(1) The year ended December 31, 2017 includes 5,480 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) For the year ended December 31, 2017, this amount includes $835
million in pre-tax, non-cash impairment charges for the partial
write-down of the Redtail field in Colorado that is not currently
being developed. The Company did not recognize any impairment
write-downs with respect to its proved oil and gas properties during
the 2018 period presented.
(4) Net loss attributable to common shareholders for the year ended
December 31, 2017 includes $401 million of pre-tax loss on sale of
properties, which primarily relates to the sale of our Fort Berthold
Indian Reservation assets.
(5) Net income (loss) attributable to common shareholders includes $140
million of pre-tax, non-cash derivative gains and $131 million of
pre-tax, non-cash derivative losses for the years ended December 31,
2018 and 2017, respectively.
(6) A reconciliation of net income (loss) attributable to common
shareholders to adjusted net income (loss) attributable to common
shareholders is included later in this news release.

Bradley J. Holly, Whiting’s President, Chairman and CEO, commented,
“During 2018, we further strengthened our executive leadership,
reorganized our Williston Basin assets into three high performing teams
and led the way in adopting an E&P business model focused on capital
efficiency and free cash flow. We were one of the few E&P companies to
deliver significant free cash flow in 2018. As detailed later in the
release, our teams also led the way in expanding the core of the Bakken
by pioneering a proprietary optimized completion model.

“In 2019, we plan to build on our success and have adopted a right-sized
capital budget forecast to deliver 11% growth from our core asset with
capital efficiency similar to 2018. We have also added senior leadership
in key positions, which should further enhance our results in 2019. In
summary, we remain steadfast in our commitment to pursue a program that
can deliver growth from our core asset while maximizing returns and
optimizing free cash flow at the corporate level.”

2019 Capital Plan

In 2019, Whiting forecasts total capital expenditures of $820 million at
the midpoint of guidance. Drilling and completion capital expenditures
of $702 million comprise 86% of the total, which includes $40 million of
projected non-operated spending. Whiting plans to drill 132 gross wells,
complete 154 gross wells and put on production (POP) 146 gross wells
during the year as detailed in the following table.

Q1 2019 Q2 2019 Q3 2019 Q4 2019 Total
Drill 38 31 32 31 132
Complete 30 52 43 29 154
Put on Production 12 58 45 31 146

In addition, Whiting plans to spend $118 million on primarily
infrastructure and land projects that support continued strong capital
efficiency into 2020 and beyond. Infrastructure capital includes
completion of the Ray gas processing plant that supports the Company’s
northern Williston Basin assets and expansion of its Sanish Field
gathering system in the eastern Williston Basin. $30 million has been
budgeted to target acreage acquisitions in the expanding core of the
Bakken.

Operations Update

Whiting continues as a leader in expanding the core of the Bakken.
During the fourth quarter 2018, Whiting’s northern asset team completed
two wells in its Cassandra area located in Williams County, North Dakota
utilizing its Generation 4.0 optimized completions. Over the first 60
days, cumulative production per well averaged 74 MBOE. This performance
represents a 170% increase from earlier generation offset wells Whiting
completed in the field. The wells were drilled and completed for an
average of $7 million per well. These wells expand core Bakken results
into northeastern Williams County and represent a multi-year drilling
program.

In its southern asset team area, Whiting plans to drill 17 wells in the
Foreman Butte area, located in McKenzie County, North Dakota. These will
further delineate the field and test well spacing. Results from offset
operators in the area continue to materially outperform earlier
generation wells. Whiting owns a 46% working interest in a third-party
well that was completed in September 2018. The well has produced over 90
MBOE (89% black oil) in its first 100 days. This is a 200% increase in
cumulative production over the average for all Bakken laterals over
5,000 ft acquired in the Foreman Butte acquisition. East of Foreman
Butte in the southern Hidden Bench area, Whiting completed the four-well
Stenehjem pad in the Bakken formation using Generation 5.0 completions.
All the wells are outperforming the previously disclosed Mallow and
Loken wells based on early time production data. The Stenehjem 44-7-2H
well, which has the most days on production, has produced over 25 MBbl
of black oil during its first 16 days on production.

Whiting’s eastern asset team continues to generate strong results from
its more established asset base. Wells completed using Generation 4.0
completions in our Pronghorn area in Billings County, North Dakota are
exhibiting much flatter production profiles than earlier wells. As a
result, recoveries are projected to increase approximately 15% relative
to prior generation wells. In addition, infill drilling results at our
Sanish Field in Mountrail County, North Dakota remain strong. Whiting’s
Pod 8 infill project tested downspacing in the northwestern area of the
Sanish field. On average, the four new Bakken wells are outperforming
the parent wells by 80% over the first 110 days on a cumulative
production per lateral foot basis. In 2019, the team plans to test
multiple new concepts at its Pod 9 project in Sanish. These include
section line wells located at the heel or toe of existing wells, one and
a half mile laterals, three-mile laterals, Three Forks infill wells and
Generation 5.0 completions.

Fourth Quarter 2018 Capital Expenditures Summary

During the fourth quarter 2018, Whiting’s capital expenditures totaled
$234 million. During the quarter, Whiting drilled 36 gross wells,
completed 20 gross wells and POP’d 41 gross wells. Capital expenditures
reflected additional Whiting operated activity and higher than projected
non-operated and infrastructure spending.

Other Financial and Operating Results

The following table summarizes the Company’s net production and
commodity price realizations for the quarters ended December 31, 2018
and 2017:

Three Months Ended
December 31,
2018 2017 Change

Production

Oil (MMBbl) 8.16 8.00 2 %
NGLs (MMBbl) 1.78 1.94 (8 %)
Natural gas (Bcf) 12.11 11.01 10 %
Total equivalent (MMBOE) 11.96 11.78 2 %

Average sales price

Oil (per Bbl):
Price received $ 49.26 $ 51.15 (4 %)
Effect of crude oil hedging (1) (2.01 ) (0.29 )
Realized price (2) $ 47.25 $ 50.86 (7 %)
Weighted average NYMEX price (per Bbl) (3) $ 58.65 $ 55.36 6 %

NGLs (per Bbl):

Realized price $ 22.21 $ 22.90 (3 %)

Natural gas (per Mcf):

Realized price $ 2.63 $ 1.87 41 %
Weighted average NYMEX price (per MMBtu) (3) $ 3.62 $ 2.87 26 %

____________________

(1) Whiting paid $16 million and $2 million in pre-tax cash settlements
on its crude oil hedges during the fourth quarter of 2018 and 2017,
respectively. A summary of Whiting’s outstanding hedges is included
later in this news release.
(2) Whiting’s realized prices were reduced by $1.47 per Bbl and $1.74
per Bbl in the fourth quarter of 2018 and 2017, respectively, due to
the Redtail deficiency payment. The remaining contract ends in April
2020.
(3) Average NYMEX prices weighted for monthly production volumes.

Fourth Quarter and Full-Year 2018 Costs and
Margins

A summary of production and cash revenues and cash costs on a per BOE
basis is as follows:

Three Months Ended Year Ended
December 31, December 31,
2018 2017 2018 2017
(per BOE, except production)
Production (MMBOE) 11.96 11.78 46.71 43.11
Sales price, net of hedging $ 38.21 $ 40.07 $ 41.20 $ 34.55
Lease operating expense 6.81 6.77 6.68 6.47
Gathering, transportation, compression and other 1.06 1.56 1.03 2.10
Production and ad valorem tax 3.16 3.25 3.68 2.80
Cash general & administrative 2.16 2.46 2.37 2.38
Exploration 0.51 1.43 0.47 0.84
Cash interest expense 3.36 3.28 3.57 3.70
Cash income tax benefit (0.08 ) (0.17 )
$ 21.15 $ 21.40 $ 23.40 $ 16.43

Outlook for Full-Year 2019

The following table provides guidance for the full-year 2019 based on
current forecasts, including Whiting’s full-year 2019 capital budget of
$820 million at the midpoint of guidance:

Full Year Guidance 2019
Production (MMBOE) 46.7 – 47.7
Lease operating expense per BOE $ 6.70 – $ 7.10
Gathering, transportation, compression and other per BOE $ 0.95 – $ 1.15
General and administrative expense per BOE $ 2.65 – $ 2.95
Interest expense per BOE $ 3.90 – $ 4.30
Depreciation, depletion and amortization per BOE $16.00 – $17.00
Production taxes (% of sales revenue) 8.3% – 8.8%
Oil price differential to NYMEX per Bbl (1) ($4.75) – ($5.75)
Gas price differential to NYMEX per Mcf ($1.25) – ($1.75)

____________________

(1) Does not include the effects of NGLs.

Commodity Derivative Contracts

Whiting is 40% and 31% hedged for the first and second halves of 2019,
respectively, as a percentage of December 2018 production.

The following summarizes Whiting’s crude oil hedges as of February 20,
2019:

Weighted Average As a Percentage of
Derivative Hedge Contracted Crude NYMEX Price December 2018
Instrument Period (Bbls per Month) (Per Bbl) Oil Production
Swaps Fixed Price
Jul – Sep 2019 150,000 $58.94 5.4%
Oct – Dec 2019 150,000 $58.94 5.4%
Floor/Ceiling
Collars Jan – Mar 2019 1,100,000 $50.91 – $75.55 39.5%
Apr – Jun 2019 1,100,000 $50.91 – $75.55 39.5%
Jul – Sep 2019 700,000 $51.64 – $77.32 25.2%
Oct – Dec 2019 700,000 $51.64 – $77.32 25.2%

Selected Operating and Financial Statistics

Three Months Ended Year Ended
December 31, December 31,
2018 2017 2018 2017
Selected operating statistics:
Production
Oil, MBbl 8,155 8,000 31,517 29,261
NGLs, MBbl 1,784 1,945 7,394 6,977
Natural gas, MMcf 12,106 11,012 46,810 41,262
Oil equivalents, MBOE (1) 11,957 11,780 46,712 43,115
Average prices
Oil per Bbl (excludes hedging) $ 49.26 $ 51.15 $ 58.70 $ 44.30
NGLs per Bbl $ 22.21 $ 22.90 $ 20.78 $ 16.00
Natural gas per Mcf $ 2.63 $ 1.87 $ 1.66 $ 1.78
Per BOE data
Sales price (including hedging) $ 38.21 $ 40.07 $ 41.20 $ 34.55
Lease operating $ 6.81 $ 6.77 $ 6.68 $ 6.47
Gathering, transportation, compression and other $ 1.06 $ 1.56 $ 1.03 $ 2.10
Production and ad valorem taxes $ 3.16 $ 3.25 $ 3.68 $ 2.80
Depreciation, depletion and amortization $ 16.49 $ 23.40 $ 16.73 $ 22.01
General and administrative $ 2.36 $ 2.69 $ 2.64 $ 2.88
Selected financial data:
(In thousands, except per share data)
Total operating revenues $ 473,233 $ 474,412 $ 2,081,414 $ 1,481,435
Total operating expenses $ 220,680 $ 1,388,567 $ 1,511,535 $ 3,010,764
Total other expense, net $ 47,218 $ 47,101 $ 226,012 $ 191,312
Net income (loss) attributable to common shareholders $ 203,962 $ (798,278 ) $ 342,494 $ (1,237,648 )
Income (loss) per common share, basic $ 2.24 $ (8.80 ) $ 3.77 $ (13.65 )
Income (loss) per common share, diluted $ 2.22 $ (8.80 ) $ 3.73 $ (13.65 )
Weighted average shares outstanding, basic 91,011 90,699 90,953 90,683
Weighted average shares outstanding, diluted 91,778 90,699 91,869 90,683

Net cash provided by operating activities

$ 284,967 $ 286,703 $ 1,092,003 $ 577,109
Net cash provided by (used in) investing activities $ (235,622 ) $ (204,203 ) $ (953,054 ) $ 73,397
Net cash provided by (used in) financing activities $ (49,925 ) $ 785,707 $ (1,004,721 ) $ 155,648

____________________

(1) The year ended December 31, 2017 includes 5,480 BOE/d from
properties that have since been divested.

Selected Financial Data

For further information and discussion on the selected financial data
below, please refer to Whiting Petroleum Corporation’s Annual Report on
Form 10-K for the year ended December 31, 2018 to be filed with the
Securities and Exchange Commission.

WHITING PETROLEUM CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
(in thousands)
December 31,
2018 2017
ASSETS
Current assets:
Cash and cash equivalents $ 13,607 $ 879,379
Accounts receivable trade, net 294,468 284,214
Derivative assets 68,342
Prepaid expenses and other 22,009 26,035
Total current assets 398,426 1,189,628
Property and equipment:
Oil and gas properties, successful efforts method 12,195,659 11,293,650
Other property and equipment 134,212 134,524
Total property and equipment 12,329,871 11,428,174
Less accumulated depreciation, depletion and amortization (5,003,509 ) (4,244,735 )
Total property and equipment, net 7,326,362 7,183,439
Other long-term assets 34,785 29,967
TOTAL ASSETS $ 7,759,573 $ 8,403,034
(Continued)
WHITING PETROLEUM CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
(in thousands)
December 31,
2018 2017
LIABILITIES AND EQUITY
Current liabilities:
Current portion of long-term debt $ $ 958,713
Accounts payable trade 42,520 32,761
Revenues and royalties payable 228,284 171,028
Accrued capital expenditures 73,178 69,744
Accrued interest 55,080 40,971
Accrued lease operating expenses 37,499 36,865
Accrued liabilities and other 33,872 51,590
Taxes payable 31,357 28,771
Derivative liabilities 132,525
Accrued employee compensation and benefits 35,141 30,360
Total current liabilities 536,931 1,553,328
Long-term debt 2,792,321 2,764,716
Deferred income taxes 1,373
Asset retirement obligations 131,544 129,206
Other long-term liabilities 27,088 36,642
Total liabilities 3,489,257 4,483,892
Commitments and contingencies
Equity:

Common stock, $0.001 par value, 225,000,000 shares authorized;
92,067,216
issued and 91,018,692 outstanding as of
December 31,2018 and
92,094,837 issued and 90,698,889
outstanding as of December
31, 2017

92 92
Additional paid-in capital 6,414,170 6,405,490
Accumulated deficit (2,143,946 ) (2,486,440 )
Total equity 4,270,316 3,919,142
TOTAL LIABILITIES AND EQUITY $ 7,759,573 $ 8,403,034
(Concluded)
WHITING PETROLEUM CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
(in thousands, except per share data)
Three Months Ended Year Ended
December 31, December 31,
2018 2017 2018 2017
OPERATING REVENUES
Oil, NGL and natural gas sales $ 473,233 $ 474,412 $ 2,081,414 $ 1,481,435

OPERATING EXPENSES

Lease operating expenses 81,461 79,751 311,895 278,919
Gathering, transportation, compression and other 12,655 18,419 48,105 90,574
Production and ad valorem taxes 37,832 38,295 171,823 120,870
Depreciation, depletion and amortization 197,110 275,651 781,329 948,939
Exploration and impairment 25,816 872,384 67,368 936,177
General and administrative 28,268 31,644 123,250 124,288
Derivative (gain) loss, net (160,040 ) 75,566 17,170 122,847
Loss on sale of properties 233 63 1,949 401,113
Amortization of deferred gain on sale (2,655 ) (3,206 ) (11,354 ) (12,963 )
Total operating expenses 220,680 1,388,567 1,511,535 3,010,764

INCOME (LOSS) FROM OPERATIONS

252,553 (914,155 ) 569,879 (1,529,329 )

OTHER INCOME (EXPENSE)

Interest expense (47,916 ) (47,447 ) (197,474 ) (191,088 )
Loss on extinguishment of debt (31,968 ) (1,540 )
Interest income and other 698 346 3,430 1,316
Total other expense (47,218 ) (47,101 ) (226,012 ) (191,312 )

INCOME (LOSS) BEFORE INCOME TAXES

205,335 (961,256 ) 343,867 (1,720,641 )

INCOME TAX EXPENSE (BENEFIT)

Current (924 ) (7,291 )
Deferred 1,373 (162,054 ) 1,373 (475,688 )
Total income tax expense (benefit) 1,373 (162,978 ) 1,373 (482,979 )

NET INCOME (LOSS)

203,962 (798,278 ) 342,494 (1,237,662 )
Net loss attributable to noncontrolling interests 14

NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS

$ 203,962 $ (798,278 ) $ 342,494 $ (1,237,648 )

INCOME (LOSS) PER COMMON SHARE

Basic $ 2.24 $ (8.80 ) $ 3.77 $ (13.65 )
Diluted $ 2.22 $ (8.80 ) $ 3.73 $ (13.65 )
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic 91,011 90,699 90,953 90,683
Diluted 91,778 90,699 91,869 90,683
WHITING PETROLEUM CORPORATION
Reconciliation of Net Income (Loss) Attributable to Common
Shareholders to
Adjusted Net Income (Loss) Attributable to Common Shareholders
(in thousands, except per share data)
Three Months Ended Year Ended
December 31, December 31,
2018 2017 2018 2017
Net income (loss) attributable to common shareholders $ 203,962 $ (798,278 ) $ 342,494 $ (1,237,648 )
Adjustments:
Amortization of deferred gain on sale (2,655 ) (3,206 ) (11,354 ) (12,963 )
Loss on sale of properties 233 63 1,949 401,113
Impairment expense 19,676 855,583 45,288 899,853
Loss on extinguishment of debt 31,968 1,540
Total measure of derivative (gain) loss reported under U.S. GAAP (160,040 ) 75,566 17,170 122,847
Total net cash settlements received (paid) on commodity derivatives
during the period
(16,376 ) (2,374 ) (157,001 ) 8,282
Tax impact of adjustments above 38,135 (220,299 ) 17,247 (338,119 )
Valuation allowance on deferred tax assets (87,774 ) 119,274 (87,774 ) 119,274
Tax impact of enactment of Tax Cuts and Jobs Act (42,033 ) (42,033 )
Tax impact of Section 382 limitation on net operating losses and tax
credits
(40,624 )
Adjusted net income (loss) attributable to common shareholders (1) $ (4,839 ) $ (15,704 ) $ 199,987 $ (118,478 )
Adjusted net income (loss) attributable to common shareholders per
share, basic
$ (0.05 ) $ (0.17 ) $ 2.20 $ (1.31 )
Adjusted net income (loss) attributable to common shareholders per
share, diluted
$ (0.05 ) $ (0.17 ) $ 2.18 $ (1.31 )

____________________

(1) Adjusted Net Income (Loss) Attributable 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 Income (Loss) Attributable 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 Income (Loss)
Attributable 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.
WHITING PETROLEUM CORPORATION
Reconciliation of Net Cash Provided by Operating Activities to
Discretionary Cash Flow and
Free Cash Flow
(in thousands)
Three Months Ended Year Ended
December 31, December 31,
2018 2017 2018 2017
Net cash provided by operating activities $ 284,967 $ 286,703 $ 1,092,003 $ 577,109
Operating cash outflow for settlement of commodity derivative
contract
61,036
Exploration 6,140 16,801 22,080 36,324
Changes in working capital (38,138 ) (36,621 ) (63,160 ) 123,253
Discretionary cash flow (1) 252,969 266,883 1,111,959 736,686
Capital expenditures (234,351 ) (170,757 ) (832,023 ) (912,429 )
Free cash flow (1) $ 18,618 $ 96,126 $ 279,936 $ (175,743 )

____________________

(1) Discretionary cash flow and free cash flow are non-GAAP measures.
Such measures are presented because management believes they provide
useful information to investors for analysis of the Company’s
ability to internally fund acquisitions, exploration and
development. Such measures 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.

Contacts

Whiting Petroleum Corporation
Eric K. Hagen
Title:
Senior Vice President, Investor Relations
Phone: 303-837-1661
Email:
[email protected]

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