UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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Whiting Petroleum Corporation
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Whiting Petroleum Corporation
ENERGY + TECHNOLOGY = GROWTH
A COMPANY ON THE MOVE!
EnerCom’s The Oil & Gas Conference #19
August 17-21, 2014
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Forward Forward -Looking -Looking Statements, Statements, Non-GAAP Non-GAAP Measures, Reserve and Resource Information
Measures, Reserve and Resource Information
This presentation contains statements that Whiting Petroleum Corporation (“Whiting”) believes to be “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements other than historical facts, including statements regarding the expected benefits of Whiting’s proposed acquisition (the “Acquisition”) of Kodiak Oil & Gas Corp. (“Kodiak”) to Whiting and Kodiak and their shareholders, the anticipated completion of the Acquisition or the timing thereof, the expected future reserves, production, financial position, business strategy, revenues, earnings, costs, capital expenditures and debt levels of the combined company, and plans and objectives of management for future operations, are 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: the ability to obtain shareholder, court and regulatory approvals of the Acquisition; the ability to complete the proposed Acquisition on anticipated terms and timetable; Whiting’s and Kodiak’s ability to integrate successfully after the Acquisition and achieve anticipated benefits from the Acquisition; the possibility that various closing conditions for the Acquisition may not be satisfied or waived; oil and natural gas prices; level of success in exploration, development and production activities; the impacts of federal and state laws; the impacts of hedging on results of operations; uncertainty regarding future operating results and plans, objectives and expectations; and other risks described under the caption “Risk Factors” in Whiting’s and Kodiak’s Annual Reports on Form 10-K for the period ended December 31, 2013 and Quarterly Reports on Form 10-Q for the three months ended June 30, 2014. Whiting assumes no obligation, and disclaim any duty, to update the forward-looking statements in this communication. Whiting’s production forecasts and expectations for future periods are dependent upon many assumptions, including estimates of production decline rates from existing wells and the undertaking and outcome of future drilling activity, which may be affected by significant commodity price declines or drilling cost increases.
In this presentation, we refer to Adjusted Net Income, Discretionary Cash Flow and EBITDAX, which are non-GAAP measures that the Company believes are helpful in evaluating the performance of its business. A reconciliation of such non-GAAP measures to the relevant GAAP measures can be found at the end of the presentation.
Whiting uses in this presentation the terms proved, probable and possible reserves. Proved reserves are reserves which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible from a given date forward from known reservoirs under existing economic conditions, operating methods and government regulations prior to the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain. Probable reserves are reserves that are less certain to be recovered than proved reserves, but which, together with proved reserves, are as likely as not to be recovered. Possible reserves are reserves that are less certain to be recovered than probable reserves. Estimates of probable and possible reserves which may potentially be recoverable through additional drilling or recovery techniques are by nature more uncertain than estimates of proved reserves and accordingly are subject to substantially greater risk of not actually being realized by the Company.
Whiting uses in this presentation the term “total resources,” which consists of contingent and prospective resources, which SEC rules prohibit in filings of U.S. registrants. Contingent resources are resources that are potentially recoverable but not yet considered mature enough for commercial development due to technological or business hurdles. For contingent resources to move into the reserves category, the key conditions or contingencies that prevented commercial development must be clarified and removed. Prospective resources are estimated volumes associated with undiscovered accumulations. These represent quantities of petroleum which are estimated to be potentially recoverable from oil and gas deposits identified on the basis of indirect evidence but which have not yet been drilled. This class represents a higher risk than contingent resources since the risk of discovery is also added. For prospective resources to become classified as contingent resources, hydrocarbons must be discovered, the accumulations must be further evaluated and an estimate of quantities that would be recoverable under appropriate development projects prepared. Estimates of resources are by nature more uncertain than reserves and accordingly are subject to substantially greater risk of not actually being realized by the Company.
NYSE: WLL
2
Energy + Technology = Growth
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Whiting Petroleum – A Company on the Move
Four Significant Second Quarter Achievements
1) Announced Agreement to Acquire Kodiak Oil & Gas Corp. on July 13, 2014, which Will Create the #1 Williston Basin Bakken /Three Forks Producer with an Approximate $18 Billion Enterprise Value Based on Stock Prices Prior to Announcement
2) Record Production Reaches 109,760 BOE/d in Q2 2014, Up 9.7% Over Q1 2014, Exceeds High End of Guidance
?Record Discretionary Cash Flow of $556.2 Million(1)
?Record Williston Basin Production of 80,195 BOE/d, Up 33% YoY
?McKenzie Co. ND Tarpon Prospect Well Completed on June 7, 2014 in 2nd Bench of Three Forks Flowing 6,071 BOE/d
?Raised 2014 Production Guidance to a mid?point of +20%
3) New Bakken / Three Forks Completions Using Cemented Liners and Plug and Perf Technology Yielded a 23% Increase in EURs Compared to Wells With Uncemented Liners and Sliding Sleeve Technology
4) Redtail Niobrara Development Area Production of 7,235 BOE/d in Q2 2014, Up 59% Over Q1 2014
?Spud the 30F Super Pad in the Horsetail Township of Redtail to Test 32?Well Spacing Pattern in Niobrara A, B and C Benches in early June 2014
?Razor 27I 8?Well Pad Currently Producing 4,700 Gross BOE/d as of July 21, 2014
NYSE:WLL (1) Please refer to the Reconciliation of Net Cash Provided by Operating Activities to Discretionary Cash Flow later in this presentation.
3
Energy + Technology = Growth
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Whiting Whiting Overview Overview
Whiting Petroleum Corporation is an independent oil and gas company that explores for, develops, acquires and produces crude oil, natural gas and natural gas liquids primarily in the Rocky Mountain and Permian Basin regions of the United States. The Company’s largest projects are in the Bakken and Three Forks plays in North Dakota, the Redtail Niobrara play in northeast Colorado and its enhanced oil recovery field in Texas. The Company trades publicly under the symbol WLL on the New York Stock Exchange.
NYSE: WLL
Q2 2014 Production 109.8 MBOE/d
Proved Reserves(1) 438.5 MMBOE
% Oil Reserves(1)
(1) Whiting reserves at December 31, 2013 based on independent engineering.
(2) R/P ratio based on year?end 2013 proved reserves and 2013 production.
Energy + Technology = Growth
79% (89% Liquids)
R/P Ratio(2) 13 years
Whiting Petroleum Corporation’s Solberg 34-11 Tripad wells with Nabors drilling rig B15 on the Zalesky 34-8 Tripad, in background.
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A Focused Company
Williston Basin
Bakken / Three Forks 80,195 BOE/d (Q2 2014)
Redtail
Niobrara A and B 7,235 BOE/d (Q2 2014)
HEADQUARTERS
Denver, Colorado
North Ward Estes
Over 9,600 BOE/d (2014) 110 MMBOE Proved Reserves(1) 104 MMBOE P2 + P3 Reserves(1)
Q2 2014 Net Production 109.8 MBOE/d
11% 3%
86%
Rocky Mountains Permian Other
Bakken / Three Forks Production
100.0
80.2 80.0 63.5 60.0 48.9 30.3 40.0 26.3 16.8 20.0
?
2009 2010 2011 2012 2013 Q2 MBOE/d 2014
NYSE: WLL
Major Asset Areas
(1) At December 31, 2013 based on independent engineering. Energy + Technology = Growth
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Capital Budget for Key Property Areas in 2014
2014 Mid?Point Production Growth Guidance of +20%
Exploration Well Work, Misc. Northern Rockies Facilities Expense (2) $1,101 MM
Costs, Other $151 MM $72 MM $150 MM
Land $116 MM
Non?Operated $332 MM
Other Exploration Drilling
$44 MM
Libby Ranch CO2 Development
$56 MM(1) EOR Project (3) $203 MM
Central Rockies $575 MM
2014 CAPEX Gross Net % of
Property Area (MM) Wells Wells Total
Northern Rockies 1,101 199 137.2 39%
Central Rockies 575 120 104.9 21%
EOR Project 203 NA(3) NA(3) 7%
Libby Ranch CO2 Develop. (1) 56 2%
Other Exploration Drilling 44 9 7.3 2%
Non?Operated 332 12%
Land 116 4%
Facilities 151 5%
Exploration Expense (2) 72 3%
Well Work, Misc. Costs, Other 150 5%
Total Budget $2,800 328 249.4 100%
NYSE: WLL
(1) For development of CO2 prospect at Bravo Dome in northeastern New Mexico. (2) Comprised primarily of exploration salaries, lease delay rentals and seismic activities.
(3) This multi?year CO2 project involves many re?entries, workovers and conversions. Therefore, it is budgeted on a project basis not a well basis.
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Energy + Technology = Growth
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Williston Basin Highlights
June 30, 2014
NYSE: WLL
Skaar Federal 41?3TFHU completed June 7, 2014 flowing 6,071 BOE/d from the 2nd Bench of the Three Forks
STARBUCK
CASSANDRA
SANISH & PARSHALL
TARPON
MISSOURI BREAKS
Waldock Federal 14?4?HIDDEN BENCH 3XH completed with record 93 stage coiled Slickwater Test tubing frac Sundheim 21?27?1H had 44% greater Q2 2014 Completions 120?day rate than in Hidden Bench offsetting well (11 Wells ) Average IP of LEWIS 2,872 BOE/d
& CLARK
BIG ISLAND
Pronghorn
Field Target Gross Acres Net Acres
Sanish / Parshall Middle Bakken 174,665 82,462
Three Forks
Pronghorn Pronghorn Sand 180,911 116,848
Lewis & Clark Three Forks 172,009 118,039
Hidden Bench Middle Bakken 61,024 37,667
Three Forks
Tarpon Middle Bakken 8,805 6,267
Three Forks
Starbuck Middle Bakken 52,020 42,707
Three Forks
Red River
Missouri Breaks Middle Bakken 93,678 66,956
Three Forks
Cassandra Middle Bakken 29,827 13,953
Three Forks
Big Island Red River 166,126 135,122
Other ND & Montana 120,892 54,141
Total 1,059,957 674,162
Energy + Technology = Growth
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Maximizing Recovery Efficiency
Improving Frac Distribution
Older Style Sliding Sleeve Completion
Potential Frac Ports Entry Annulus Stages per Stage Points
Free fluid
between
packers 30 1 30
New Style
Cemented Liner Completion
Perforation Potential
Clusters Entry
Annulus Stages per Stage Points
Cemented 40 3 120
NYSE: WLL
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Energy + Technology = Growth
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Exploiting the Bakken and Three Forks in the Williston
Primary and Prospective Drilling Locations
MISSOURI BREAKS CASSANDRA SANISH
8 WELLS 12 WELLS 15 WELLS
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Energy + Technology = Growth
NYSE: WLL
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Redtail Development Program
Economic Sweet Spot
(Weld County, Colorado)
Niobrara Initial 30?Day Average Rate
(Gas converted to oil price equivalent ratio 17:1)
Pre 2013 2013 ? 14
BOEPD
1 – 350
e
350 – 450
450 – 550
550 – 650
650 – 750
> 750
OBJECTIVE Niobrara “B” Shale Niobrara “A” Shale
DEVELOPMENT PLAN
Mix of 960 and 640?acre spacing units
8 Wells per spacing unit Niobrara “B”
8 Wells per spacing unit Niobrara “A” 3,300+ potential drilling locations
ACREAGE
Whiting has assembled 180,115 gross (128,721 net) acres in our Redtail prospect in the northeastern portion of the DJ Basin.
Average WI of 71%
Average NRI of 59%
COMPLETED WELL COST Horizontal: $5.5 MM
DRILLING HIGHLIGHTS
First 8?well pad, the Razor 27I (4 Niobrara “A”; 4 Niobrara “B”) pad came online April 15, 2014. The pad was producing 4,700 gross BOE/d as of July 21, 2014 .
We spud our Horsetail 30F super pad that will test 32?well spacing in the Niobrara “A”, “B” and “C” zones.
10
Source: IHS and internal Whiting production database
Energy + Technology = Growth
NYSE: WLL
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Redtail Development Program
Niobrara Reservoirs
Niobrara Reservoir Niobrara Resource Potential (1)
Whiting RAZOR 25-2514H
GR Zone PHI Minerals BVFluid RES
0 200 30 -10 0 100 0.2 2000
A
B
C
OOIP by Zone
Reservoir Porosity Thickness OOIP % WLL #
(%) (ft) (MMBOE/ Wells Gross
960ac)* Wells
NIO A 13% 35 19 81 1,344
NIO B 13% 65 40 81 1,343
NIO C 11% 25 11 80 1,316
70
Recoverable Oil 16 Well / DSU Density
(Total OOIP A Zone + B Zone = 59 MMBOE/DSU)**
16 wells 16 wells 16 wells
10% Recovery 15% Recovery 20% Recovery
370 MBOE 560 MBOE 740 MBOE
Recoverable Oil 32 Well / DSU Density
(Total OOIP A Zone + B Zone + C Zone = 70 MMBOE/DSU)**
32 wells 32 wells 32 wells
15% Recovery 20% Recovery 25% Recovery
330 MBOE 440 MBOE 550 MBOE
* GOR=500 cf/bo
** Stimulated Rock Volume
(1) Please refer to the beginning of this presentation for disclosures regarding “Reserve and Resource
Information.” Estimates updated as of December 31, 2013
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Energy + Technology = Growth
NYSE: WLL
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Redtail Development Planning
Defining Optimal Well Density
Razor Pilot
16 Wells / 960ac DSU
7920ft.
27L Pad 27K Pad
Drilling Density
Drilling Density
- 16 Wells/DSU
- 16 Wells/DSU
- 330 ft.
- 330 ft.
Target: B-B-B-B
Target: A-B-A-B Status: Flowing Status: Flowing
1320ft.
Horsetail Pilot
32 Wells / 960ac DSU
7920ft.
30F Pad
Drilling Density
- 32 Wells/DSU
- 165 ft.
Target: C-B-A-B-A-B-C-B
1320ft.
Producing Wells Planned Wells
Future Infill Wells Energy + Technology = Growth
NYSE: WLL
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Redtail Niobrara A & B Type Curve: 420 MBOE
Per Well Results: 85% 100% IRRs(1)(2)(3)
Equivalent Daily Production BOE/D
1000
EUR 420 MBOE, Development Phase CAPEX $5.5 MM
NYMEX Oil Price/Bbl $90 $100
ROI 3.2 3.7
IRR (%) 85% 100%
Payout (Yrs.) 1.2 1.0
PV10 ($MM) 6.28 7.87
100
10
0 20 40 60 80 100 120 140 160 180
Months on Production
NYSE: WLL
(1) Please refer to the beginning of this presentation for disclosures regarding “Reserve and Resource Information.”
All volumes shown are un risked. Our pre tax PV10% values do not purport to present the fair value of our oil and natural gas reserves.
(2) EURs, ROIs, IRRs and PV10% values will vary well to well. Estimates updated as of December 31, 2013. (3) Based on a mix of 17 640 and 960 acre spaced wells drilled since March 21, 2013.
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Energy + Technology = Growth
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Redtail Infrastructure Plan: A Great Place to Find an Oil Field!
June 2014
Redtail Facilities Plan
Planned Gathering System
Gas Gathering Lines 141 Miles
Oil Gathering Lines 111 Miles
SW Gathering Lines 54 Miles
Frac Water Supply Lines 16 Miles
Redtail Gas Plant
Train 1 Capacity (Online) 20 MMcf/d
Train 2 Capacity (Q1 2015) 50 MMcf/d
Train 3 Capacity (2016) 70MMcf/d
Takeaway Capacity (2016) 140 MMcf/d
Capital Investment
Gas Plant $100 MM
Gas Gathering / Field Compression $95 MM
Oil Gathering / LACTs $80 MM
Electricity $40 MM
Total $315 MM
Trailblazer
Kinder Morgan
Interstate
8” Residue Pipeline
Constructed By TallGrass
Pony
Express
Terrace Plant Redtail Plant
TallGrass
Pawnee
Terminal
Northeast Colorado Lateral
to Pony Express
TallGrass
Buckingham
Terminal
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Energy + Technology = Growth
NYSE: WLL
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Strong CFPS Growth While Maintaining a Healthy Balance Sheet
Cash Flow Per Share Growth(1)
$16.00 $14.59
$14.00
$11.77
$12.00
$10.05
$10.00 $9.25
$8.00
$6.00 $4.53
$4.00
$2.00
$0.00
2009 2010 2011 2012 2013
Net Debt to EBITDAX(2)
1.40x 1.33x
1.04x 1.19x
1.20x 1.05x
1.00x
0.77x
0.80x
0.60x
0.40x
0.20x
0.00x
2009 2010 2011 2012 2013
(1) Please refer to the Reconciliation of Net Cash Provided by Operating activities to Cash Flow Per Share later in this
presentation.
(2) Please refer to the Reconciliation of Net Income to EBITDAX and Long term Debt to Net Debt later in this presentation.
NYSE: WLL
15
Energy + Technology = Growth
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Oil Focused Strategy Delivers Consistently Strong Margins
Consistently Delivering Strong EBITDA Margins (1)
Oil $93.03/Bbl NGL $39.30/Bbl Gas $6.95/Mcf
$90.00 $80.00 $82.16/BOE
$73.88 $76.76
$80.00 $69.85
$70.00 $61.48
$60.00
$45.01 $50.89/66% $ 58.51/71%
$50.00 $50.65/68% $46.16/66% $54.31/68%
$41.58/68%
$40.00
$30.00 $25.71/57% 3% 4% 3% 2%
2%
5% 2% 5% 5% 5% 5% 4%
$20.00 7% 5% 7% 5% 8% 8% 9% 8% 8%
$10.00 26% 18% 17% 18% 16% 16% 15%
$0.00
2009 2010 2011 2012 2013 Q1 2014 Q2 2014
Whiting Realized Prices(1)
Lease Operating Expense Production Taxes G&A Exploration Expense EBITDA
(1) Includes hedging adjustments.
16
Energy + Technology = Growth
NYSE: WLL
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Kodiak Acquisition Overview
This Highly Strategic Combination
Creates Largest Bakken / Three Forks Producer
Drives Higher Growth
Drives Better Metrics
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Energy + Technology = Growth
NYSE: WLL
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Leading Williston Basin operator
Acreage Overview (855,000 net acres) Q1’14 Bakken / Three Forks Net Production (Mboepd)
107.3 97.5
86.0
73.3 63.0 ~60.0
54.0 49.4
42.9 42.7
34.0 31.1
Rigs drilling in the Williston Basin
(as of 7/13/14)2,3
18 18 18
14 14
12
10
8
7 66 5
Source: Company presentations, filings and press releases
1 As of December 31, 2013
2 Rigs currently drilling on July 13, 2014 per NDIC
3 As of July 13, 2014, Whiting had two additional rigs moving and
Kodiak had one additional rig moving, for a combined operated 21 18
Energy + Technology = Growth
rigs in the Williston Basin
NYSE: WLL
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Larger location inventory with significant opportunity to accelerate Williston Basin drilling program
Pro Forma Williston Basin Drilling Locations (Net)
4,000
3,460
3,500
3,000
2,500
2,000
1,339
1,500
1,000
500
0
Whiting only Pro forma Whiting
(as of 12/31/2013) (as of 6/30/2014)¹
Potential Williston Basin net drilling locations increase by 158%
1 Includes 2,639 Whiting and Kodiak locations at 12/31/2013, plus an additional 821 combined Whiting and
Kodiak identified locations as of 06/30/2014
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Energy + Technology = Growth
NYSE: WLL
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Driving value from complementary acreage positions
Central and Eastern Williston Basin
Combined 855,000 net acres in the core of Williston Basin
Footprint in the sweet spot of the Central and Eastern Williston Basin is strategically positioned to
accelerate development of the combined acreage position
Ability to drive production, reserve growth and operational efficiency across the position
Bakken Producer Three Forks Producer
Energy + Technology = Growth
NYSE: WLL
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Enhances size and scale relative to oil weighted peers
$34.7 $33.5
Enterprise
$19.8 $17.8
Value $13.5 $11.7 $9.9 $8.7 $7.9 $7.3 $6.0
($bn)
PXD CLR CXO PF Whiting 1 XEC Whiting DNR NFX OAS SD Kodiak
LQA $3.1 $2.8 $2.4 $2.1 $1.9
EBITDAX2 $1.7 $1.4 $1.0 $1.0 $0.9 $0.7
($bn)
CLR PF Whiting PXD Whiting CXO XEC DNR NFX OAS SD Kodiak
1,084
798 606 576
Reserves 503 468 439 431 377 219 167
(Mmboe) CLR PXD PF Whiting NFX CXO DNR Whiting XEC SD OAS Kodiak
% liquids 68% 62% 88% 52% 61% 83% 89% 48% 46% 87% 83%
80% oil 79% oil 83% oil
188 171
2014E 152 141 129 112 111 81 77
Production 48 41
(Mboepd)3 PXD CLR PF Whiting XEC NFX CXO Whiting SD DNR OAS Kodiak
% liquids 68% 70% 88% 53% 56% 60% 88% 53% 95% 89% 88%
84% oil 83% oil 88% oil
Source: Company filings, equity research, Bloomberg, FactSet as of July 11, 2014
¹ Combined Whiting & Kodiak enterprise values based on transaction value as of July 11, 2014
2 Please see appendix for reconciliation of non GAAP financial measures
3 Based on mid point of Whiting and Kodiak public guidance, and Bloomberg Consensus estimates for peers
Energy + Technology = Growth
21
NYSE: WLL
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Whiting Petroleum – A Company on the Move
Four Significant Second Quarter Achievements
1) Announced Agreement to Acquire Kodiak Oil & Gas Corp. on July 13, 2014, which Will Create the #1 Williston Basin Bakken /Three Forks Producer with an Approximate $18 Billion Enterprise Value Based on Stock Prices Prior to Announcement
2) Record Production Reaches 109,760 BOE/d in Q2 2014, Up 9.7% Over Q1 2014, Exceeds High End of Guidance
Record Discretionary Cash Flow of $556.2 Million(1)
Record Williston Basin Production of 80,195 BOE/d, Up 33% YoY
McKenzie Co. ND Tarpon Prospect Well Completed on June 7, 2014 in 2nd Bench of Three Forks Flowing 6,071 BOE/d
Raised 2014 Production Guidance to a mid point of +20%
3) New Bakken / Three Forks Completions Using Cemented Liners and Plug and Perf Technology Yielded a 23% Increase in EURs Compared to Wells With Uncemented Liners and Sliding Sleeve Technology
4) Redtail Niobrara Development Area Production of 7,235 BOE/d in Q2 2014, Up 59% Over Q1 2014
Spud the 30F Super Pad in the Horsetail Township of Redtail to Test 32 Well Spacing Pattern in Niobrara A, B and C Benches in early June 2014
Razor 27I 8 Well Pad Currently Producing 4,700 Gross BOE/d as of July 21, 2014
WLL (1) Please refer to the Reconciliation of Net Cash Provided by Operating Activities to Discretionary Cash Flow later in this presentation.
22
NYSE: Energy + Technology = Growth
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Whiting CEO, Jim Volker, and Timbro Ranch Managing Partner, Ron Timmerman, review Whiting’s Redtail Prospect development plans on the Timbro Ranch in Weld County, Colorado
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Energy + Technology = Growth
NYSE:WLL
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Appendix
NYSE: WLL
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Discretionary Cash Flow(1)
($ in Thousands)
Reconciliation of Net Cash Provided by Operating Activities to Discretionary Cash Flow
Three Months Ended Six Months Ended
June 30, June 30,
2014 2013 2014 2013
Net cash provided by operating activities $ 567,769 $ 442,617 $ 891,666 $ 740,231
Exploration 13,466 24,343 37,588 43,209
Exploratory dry hole costs (70) (11,628) (3,622) (11,628)
Changes in working capital (24,978) (14,191) 112,516 70,668
Preferred stock dividends paid — (269) — (538)
Discretionary cash flow (1) $ 556,187 $ 440,872 $ 1,038,148 $ 841,942
(1) Discretionary cash flow is a non GAAP measure. Discretionary cash flow is presented because managementbelievesitprovidesusefulinformation to investorsfor analysis of the Company’s ability to internally fund acquisitions, exploration and development. Discretionary cash flow should not be considered inisolation 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.
Energy + Technology = Growth 25
NYSE: WLL
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Cash Flow Per Diluted Share
($ in Thousands)
Reconciliation of Net Cash Provided by Operating Activities to Cash Flow Per Diluted Share
Cash Flow Per Share: Year Ended December 31,
2009 2010 2011 2012 2013
Net cash provided by operating activities $ 453,824 $ 997,289 $ 1,192,083 $ 1,401,215 $ 1,744,745
Weighted average diluted shares outstanding(1) 100,088 107,846 118,668 119,028 119,588
Cash flow per share $ 4.53 $ 9.25 $ 10.05 $ 11.77 $ 14.59
(1) All share and per share amounts have been retroactively restated for the 2009 and 2010 periods to reflect Whiting’s two –for one stock split in February 2011.
Energy + Technology = Growth 26
NYSE: WLL
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EBITDAX
($ in Thousands)
Reconciliation of Net Income to EBITDAX
EBITDAX Reconciliation: Year Ended December 31,
2009 2010 2011 2012 2013
Net Income (Loss)…………………………………………. $ (106,882) $ 336,653 $ 491,628 $ 414,099 $ 366,003
Amortization of Deferred Gain……………………. (16,596) (15,613) (13,937) (29,458) (31,737)
Gain on Sale of Properties………………………. (5,947) (1,388) (16,313) (3,423) (128,648)
Interest Income…………………………………………… (208) (343) (208) (283) (1,134)
Depreciation, Depletion & Amortization………. 394,792 393,897 468,203 684,724 891,516
Exploration……………………………………………………. 46,875 32,846 45,861 59,117 94,755
Impairment………………………………………………… 26,139 26,525 38,783 107,855 358,455
Stock Compensation……………………………………… 7,650 8,871 13,509 18,190 22,436
Interest Expense 64,608 59,078 62,516 75,210 112,936
Change in LT PPP 3,267 12,091 (865) 13,824 (6,980)
Noncash (Gain) Loss on MTM Derivatives 218,255 (40,736) (63,093) (115,733) (20,830)
Income Taxes (Benefit) (55,953) 204,790 288,691 247,912 205,868
EBITDAX Total $ 576,000 $ 1,016,671 $ 1,314,775 $ 1,472,034 $ 1,862,640
Energy + Technology = Growth 27
NYSE: WLL
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Net Debt
($ in Thousands)
Reconciliation of Long term Debt to Net Debt
Year Ended December 31,
2009 2010 2011 2012 2013
Long term Debt $ 779,585 $ 800,000 $ 1,380,000 $ 1,800,000 $ 2,653,834
Less Cash 11,960 18,952 15,811 44,800 699,460
Net Debt $ 767,625 $ 781,048 $ 1,364,189 $ 1,755,200 $ 1,954,374
Energy + Technology = Growth 28
NYSE: WLL
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Important Additional Information and Where to Find It
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of a vote or proxy. The proposed Acquisition anticipates that the Whiting shares to be issued pursuant to the Acquisition will be exempt from registration under the United States Securities Act of 1933, as amended (the “Securities Act”), pursuant to Section 3(a)(10) of the Securities Act. Consequently, the Whiting shares will not be registered under the Securities Act or any state securities laws. In connection with the proposed Acquisition, Whiting and Kodiak intend to file relevant materials with the SEC and other governmental or regulatory authorities, including a joint proxy statement and circular. INVESTORS ARE URGED TO READ THE JOINT PROXY STATEMENT AND CIRCULAR AND ANY OTHER RELEVANT MATERIALS WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT WHITING, KODIAK AND THE PROPOSED ACQUISITION. The joint proxy statement and circular and certain other relevant materials (when they become available) and other documents filed by Whiting or Kodiak with the SEC may be obtained free of charge at the SEC’s website at http:/www.sec.gov. In addition, investors may obtain copies of these documents (when they become available) free of charge by written request to Whiting Investor Relations, 1700 Broadway, Suite 2300, Denver, CO 80290 2300 or calling (303) 390 4051 or by written request to Kodiak Investor Relations, 1625 Broadway, Suite 250, Denver, CO 80202 4765 or calling (303) 592 8030.
Participants in the Solicitation
Whiting, Kodiak and their respective executive officers and directors may be deemed to be participants in the solicitation of proxies in connection with the proposed Acquisition. Information about the executive officers and directors of Whiting and the number of shares of Whiting’s common stock beneficially owned by such persons is set forth in the proxy statement for Whiting’s 2014 Annual Meeting of Stockholders which was filed with the SEC on March 23, 2014, and Whiting’s Annual Report on Form 10-K for the period ended December 31, 2013. Information about the executive officers and directors of Kodiak and the number of Kodiak’s ordinary shares beneficially owned by such persons is set forth in the proxy statement for Kodiak’s 2014 Annual Meeting of Shareholders which was filed with the SEC on May 9, 2014, and Kodiak’s Annual Report on Form 10-K for the period ended December 31, 2013. Investors may obtain additional information regarding the direct and indirect interests of Whiting, Kodiak and their respective executive officers and directors in the Acquisition by reading the joint proxy statement and circular regarding the Acquisition when it becomes available.
29
Energy + Technology = Growth
NYSE: WLL