Chord Energy (WLLBW) 10-Q 27 Jul 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Jul. 14, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	WHITING PETROLEUM CORP
Entity Central Index Key	1,255,474
Document Type	10-Q
Document Period End Date	Jun. 30, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		362,793,720
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 23,243	$ 55,975
Restricted cash		17,250
Accounts receivable trade, net	210,204	173,919
Derivative assets	26,964
Prepaid expenses and other	30,727	26,312
Assets held for sale		349,146
Total current assets	291,138	622,602
Property and equipment:
Oil and gas properties, successful efforts method	13,604,214	13,230,851
Other property and equipment	136,782	134,638
Total property and equipment	13,740,996	13,365,489
Less accumulated depreciation, depletion and amortization	(4,699,342)	(4,222,071)
Total property and equipment, net	9,041,654	9,143,418
Other long-term assets	72,627	110,122
TOTAL ASSETS	9,405,419	9,876,142
Current liabilities:
Accounts payable trade	70,541	32,126
Revenues and royalties payable	130,495	147,226
Accrued capital expenditures	95,499	56,830
Accrued interest	40,726	44,749
Accrued lease operating expenses	45,606	45,015
Accrued liabilities and other	24,863	63,538
Taxes payable	20,447	39,547
Derivative liabilities	23,616	17,628
Accrued employee compensation and benefits	16,940	31,134
Liabilities related to assets held for sale		538
Total current liabilities	468,733	478,331
Long-term debt	3,274,807	3,535,303
Deferred income taxes	401,191	475,689
Asset retirement obligations	171,419	168,504
Other long-term liabilities	93,162	69,123
Total liabilities	4,409,312	4,726,950
Commitments and contingencies
Equity:
Common stock, $0.001 par value, 600,000,000 shares authorized; 368,133,400 issued and 362,793,720 outstanding as of June 30, 2017 and 367,174,542 issued and 362,013,928 outstanding as of December 31, 2016	368	367
Additional paid-in capital	6,397,469	6,389,435
Accumulated deficit	(1,401,730)	(1,248,572)
Total Whiting shareholders' equity	4,996,107	5,141,230
Noncontrolling interest		7,962
Total equity	4,996,107	5,149,192
TOTAL LIABILITIES AND EQUITY	$ 9,405,419	$ 9,876,142

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2017	Dec. 31, 2016
CONDENSED CONSOLIDATED BALANCE SHEETS [Abstract]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	600,000,000	600,000,000
Common stock, shares issued	368,133,400	367,174,542
Common stock, shares outstanding	362,793,720	362,013,928

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
OPERATING REVENUES
Oil, NGL and natural gas sales	$ 311,515	$ 337,036	$ 682,832	$ 626,733
OPERATING EXPENSES
Lease operating expenses	86,269	105,172	176,662	219,548
Production taxes	27,066	26,826	59,122	52,753
Depreciation, depletion and amortization	220,035	304,016	460,442	616,308
Exploration and impairment	25,295	25,781	46,136	61,272
General and administrative	31,943	33,523	62,560	78,319
Derivative (gain) loss, net	(20,163)	(2,761)	16,414	2,000
Loss on sale of properties	1,024	1,861	2,298	3,795
Amortization of deferred gain on sale	(3,240)	(3,772)	(6,582)	(7,621)
Total operating expenses	368,229	490,646	817,052	1,026,374
LOSS FROM OPERATIONS	(56,714)	(153,610)	(134,220)	(399,641)
OTHER INCOME (EXPENSE)
Interest expense	(47,937)	(78,660)	(95,948)	(160,567)
Loss on extinguishment of debt		(179,396)	(1,540)	(88,777)
Interest income and other	443	636	1,053	1,031
Total other expense	(47,494)	(257,420)	(96,435)	(248,313)
LOSS BEFORE INCOME TAXES	(104,208)	(411,030)	(230,655)	(647,954)
INCOME TAX EXPENSE (BENEFIT)
Current	(1,316)	(1)	(3,206)	2
Deferred	(36,911)	(109,983)	(74,497)	(175,152)
Total income tax benefit	(38,227)	(109,984)	(77,703)	(175,150)
NET LOSS	(65,981)	(301,046)	(152,952)	(472,804)
Net loss attributable to noncontrolling interests		5	14	15
NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ (65,981)	$ (301,041)	$ (152,938)	$ (472,789)
LOSS PER COMMON SHARE
Basic (in dollars per share)	$ (0.18)	$ (1.33)	$ (0.42)	$ (2.20)
Diluted (in dollars per share)	$ (0.18)	$ (1.33)	$ (0.42)	$ (2.20)
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic (in shares)	362,734	226,039	362,672	215,203
Diluted (in shares)	362,734	226,039	362,672	215,203

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (301,046)	$ (152,952)	$ (472,804)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation, depletion and amortization	304,016	460,442	616,308
Deferred income tax benefit	(109,983)	(74,497)	(175,152)
Amortization of debt issuance costs, debt discount and debt premium		15,222	38,950
Stock-based compensation		12,753	13,030
Amortization of deferred gain on sale	(3,772)	(6,582)	(7,621)
Loss on sale of properties	1,861	2,298	3,795
Undeveloped leasehold and oil and gas property impairments		33,646	30,360
Loss on extinguishment of debt	179,396	1,540	88,777
Non-cash derivative loss		22,472	91,414
Other, net		(4,895)	(4,028)
Changes in current assets and liabilities:
Accounts receivable trade, net		(37,481)	96,433
Prepaid expenses and other		(4,413)	5,205
Accounts payable trade and accrued liabilities		(40,996)	(66,758)
Revenues and royalties payable		(16,394)	(50,324)
Taxes payable		(19,100)	(651)
Net cash provided by operating activities		191,063	206,934
CASH FLOWS FROM INVESTING ACTIVITIES
Drilling and development capital expenditures		(323,404)	(358,836)
Acquisition of oil and gas properties		(14,700)	(1,785)
Other property and equipment		(1,172)	(4,504)
Proceeds from sale of oil and gas properties		378,290	8,164
Net cash provided by (used in) investing activities		39,014	(356,961)
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings under credit agreement		1,150,000	750,000
Repayments of borrowings under credit agreement		(1,150,000)	(550,000)
Redemption of 6.5% Senior Subordinated Notes due 2018		(275,121)
Early conversion payments for New Convertible Notes			(41,919)
Debt issuance costs			(8,060)
Restricted stock used for tax withholdings		(4,938)	(709)
Net cash provided by (used in) financing activities		(280,059)	149,312
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH		(49,982)	(715)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Beginning of period		73,225	16,053
End of period	$ 15,338	23,243	15,338
NONCASH INVESTING ACTIVITIES
Accrued capital expenditures and accounts payable related to property additions		$ 132,516	$ 58,395

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical)	Jun. 30, 2017	Dec. 31, 2016	Sep. 30, 2010
6.5% Senior Subordinated Notes due 2018 [Member] | Senior Subordinated Notes [Member]
Interest Rate (as a percent)	6.50%	6.50%	6.50%

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings (Accumulated Deficit) [Member]	Total Whiting Shareholders' Equity [Member]	Noncontrolling Interest [Member]	Total
BALANCES at Dec. 31, 2015	$ 206	$ 4,659,868	$ 90,530	$ 4,750,604	$ 7,984	$ 4,758,588
BALANCES (in shares) at Dec. 31, 2015	206,441
Increase (Decrease) in Shareholders' Equity
Net loss			(472,789)	(472,789)	(15)	(472,804)
Issuance of common stock upon conversion of convertible notes	$ 42	476,464		476,506		476,506
Issuance of common stock upon conversion of convertible notes, (in shares)	41,839
Reduction of equity component of 2020 Convertible Senior Notes upon extinguishment, net		(9,660)		(9,660)		(9,660)
Restricted stock issued	$ 4	(4)
Restricted stock issued (in shares)	4,021
Restricted stock forfeited (in shares)	(600)
Restricted stock used for tax withholdings		(709)		(709)		(709)
Restricted stock used for tax withholdings (in shares)	(90)
Stock-based compensation		13,030		13,030		13,030
BALANCES at Jun. 30, 2016	$ 252	5,138,989	(382,259)	4,756,982	7,969	4,764,951
BALANCES (in shares) at Jun. 30, 2016	251,611
BALANCES at Dec. 31, 2016	$ 367	6,389,435	(1,248,572)	5,141,230	7,962	5,149,192
BALANCES (in shares) at Dec. 31, 2016	367,175
Increase (Decrease) in Shareholders' Equity
Net loss			(152,938)	(152,938)	(14)	(152,952)
Receivable for assignment of third party ownership interest in Sustainable Water Resources, LLC					$ (7,948)	(7,948)
Restricted stock issued	$ 2	(2)
Restricted stock issued (in shares)	2,271
Restricted stock forfeited	$ (1)	1
Restricted stock forfeited (in shares)	(909)
Restricted stock used for tax withholdings		(4,938)		(4,938)		(4,938)
Restricted stock used for tax withholdings (in shares)	(404)
Stock-based compensation		12,753		12,753		12,753
BALANCES at Jun. 30, 2017	$ 368	6,397,469	(1,401,730)	$ 4,996,107		$ 4,996,107
BALANCES (in shares) at Jun. 30, 2017	368,133
Increase (Decrease) in Shareholders' Equity
Cumulative effect of change in accounting principle		$ 220	$ (220)

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2017
BASIS OF PRESENTATION [Abstract]
BASIS OF PRESENTATION	1. BASIS OF PRESENTATION Description of Operations —Whiting Petroleum Corporation, a Delaware corporation, is an independent oil and gas company engaged in the development, production, acquisition and exploration of crude oil, NGLs and natural gas primarily in the Rocky Mountains region of the United States. Unless otherwise specified or the context otherwise requires, all references in these notes to “Whiting” or the “Company” are to Whiting Petroleum Corporation and its consolidated subsidiaries, Whiting Oil and Gas Corporation (“Whiting Oil and Gas”), Whiting US Holding Company, Whiting Canadian Holding Company ULC (formerly Kodiak Oil & Gas Corp., “Kodiak”), Whiting Resources Corporation and Whiting Programs, Inc. Condensed Consolidated Financial Statements —The unaudited condensed consolidated financial statements include the accounts of Whiting Petroleum Corporation and its consolidated subsidiaries. Investments in entities which give Whiting significant influence, but not control, over the investee are accounted for using the equity method. Under the equity method, investments are stated at cost plus the Company’s equity in undistributed earnings and losses. All intercompany balances and transactions have been eliminated upon consolidation. These financial statements have been prepared in accordance with GAAP and the SEC rules and regulations for interim financial reporting. In the opinion of management, the accompanying financial statements include all adjustments (consisting of normal recurring accruals and adjustments) necessary to present fairly, in all material respects, the Company’s interim results. However, operating results for the periods presented are not necessarily indicative of the results that may be expected for the full year. The condensed consolidated financial statements and related notes included in this Quarterly Report on Form 10-Q should be read in conjunction with Whiting’s consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the period ended December 31, 2016. Except as disclosed herein, there have been no material changes to the information disclosed in the notes to consolidated financial statements included in the Company’s 2016 Annual Report on Form 10 ‑K. Reclassifications —Certain prior period balances in the condensed consolidated balance sheets and statements of operations have been reclassified to conform to the current year presentation. Such reclassifications had no impact on net income, cash flows or shareholders’ equity previously reported. Adopted and Recently Issued Accounting Pronouncements —I n May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (“ASU 2014 ‑09”). The objective of ASU 2014-09 is to clarify the principles for recognizing revenue and to develop a common revenue standard for U.S. GAAP and International Financial Reporting Standards. The FASB subsequently issued ASU 2015-14, ASU 2016-08, ASU 2016-10, ASU 2016-12 and ASU 2016-20, which deferred the effective date of ASU 2014-09 and provided additional implementation guidance. These ASUs are effective for fiscal years, and interim periods within those years, beginning after December 15 , 2017. The standards permit retrospective application using either of the following methodologies: (i) restatement of each prior reporting period presented or (ii) recognition of a cumulative-effect adjustment as of the date of initial application. The Company plans to adopt these ASUs effective January 1, 2018 , and anticipates using the modified retrospective approach . T he Company is in the process of assessing its contracts with customers and evaluating the effect of adopting these standards on its financial statements, accounting policies and internal controls. Based on assessments performed to date, the adoption is not expected to have a significant impact on the Company’s consolidated financial statements other than additional disclosures. In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (“ASU 2016-02”). The objective of this ASU is to increase transparency and comparability among organizations by recognizing lease assets and liabilities on the balance sheet and disclosing key information about leasing arrangements. ASU 2016-02 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018 and should be applied using a modified retrospective approach. Early adoption is permitted. Although the Company is still in the process of evaluating the effect of adopting ASU 2016 ‑02, the adoption is expected to result in an increase in the assets and liabilities recorded on its consolidated balance sheet. As of June 30, 2017, the Company had approximately $86 million of contractual obligations related to its non-cancelable leases, drilling rig contracts and pipeline transportation agreements, and it will evaluate those contracts as well as other existing arrangements to determine if they qualify for lease accounting under ASU 2016-02. In March 2016, the FASB issued Accounting Standards Update No. 2016-09, Improvements To Employee Share-Based Payment Accounting (“ASU 2016-09”). The objective of this ASU is to simplify several aspects of the accounting for employee share-based payment transactions, including income tax consequences, forfeitures, classification of awards as either equity or liabilities and classification in the statement of cash flows. Portions of this ASU must be applied prospectively while other portions may be applied either prospectively or retrospectively. ASU 2016-09 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15 , 2016, and the Company adopted this standard on January 1, 2017. Upon adoption of ASU 2016-09, the Company (i) recorded $70 million of previously unrecognized excess tax benefits on a modified retrospective basis with a full valuation allowance, resulting in a net cumulative-effect adjustment to retained earnings of zero , (ii) prospectively removed excess tax benefits from its calculation of diluted shares, which had no impact on the Company’s diluted earnings per share for the three and six months ended June 30, 2017, and (iii) elected to account for forfeitures of share-based awards as they occur, rather than by applying an estimated forfeiture rate to determine compensation expense, the effect of which was recognized using a modified retrospective approach and resulted in an immaterial cumulative-effect adjustment to retained earnings and additional paid-in capital.

OIL AND GAS PROPERTIES

OIL AND GAS PROPERTIES	6 Months Ended
	Jun. 30, 2017
OIL AND GAS PROPERTIES [Abstract]
OIL AND GAS PROPERTIES	2. OIL AND GAS PROPERTIES Net capitalized costs related to the Company’s oil and gas producing activities at June 30, 2017 and December 31, 2016 are as follows (in thousands):     June 30, December 31,  2017 2016  Proved leasehold costs $ 3,418,278 $ 3,330,928  Unproved leasehold costs 284,640 392,484  Costs of completed wells and facilities 9,306,672 9,016,472  Wells and facilities in progress 594,624 490,967  Total oil and gas properties, successful efforts method 13,604,214 13,230,851  Accumulated depletion (4,643,709) (4,170,237)  Oil and gas properties, net $ 8,960,505 $ 9,060,614 

ACQUISITIONS AND DIVESTITURES

ACQUISITIONS AND DIVESTITURES	6 Months Ended
	Jun. 30, 2017
ACQUISITIONS AND DIVESTITURES [Abstract]
ACQUISITIONS AND DIVESTITURES	3. ACQUISITIONS AND DIVESTITURES 2017 Acquisitions and Divestitures On January 1, 2017, the Company completed the sale of Whiting’s 50% interest in the Robinson Lake gas processing plant located in Mountrail County, North Dakota and its 50% interest in the Belfield gas processing plant located in Stark County, North Dakota, as well as the associated natural gas, crude oil and water gathering systems, effective January 1, 2017, for aggregate sales proceeds of $375 million (before closing adjustments). The Company used the net proceeds from this transaction to repay a portion of the debt outstanding under its credit agreement. The following table shows the components of assets and liabilities classified as held for sale as of December 31, 2016 (in thousands):     Carrying Value as of  December 31, 2016  Assets  Oil and gas properties, net $ 347,817  Other property and equipment, net 475  Total property and equipment, net 348,292  Other long-term assets 854  Total assets held for sale $ 349,146   Liabilities  Asset retirement obligations $ 131  Other long-term liabilities 407  Total liabilities related to assets held for sale $ 538 There were no significant acquisitions during the six months ended June 30, 2017 . 2016 Acquisitions and Divestitures In July 2016, the Company completed the sale of its interest in its enhanced oil recovery project in the North Ward Estes field in Ward and Winkler counties of Texas, including Whiting’s interest in certain CO 2 properties in the McElmo Dome field in Colorado and certain other related assets and liabilities (the “North Ward Estes Properties”) for a cash purchase price of $300 million (before closing adjustments). The sale was effective July 1, 2016 and resulted in a pre-tax loss on sale of $187 million. The Company used the net proceeds from the sale to repay a portion of the debt outstanding under its credit agreement. In addition to the cash purchase price, the buyer agreed to pay Whiting $100,000 for every $0.01 that, as of June 28, 2018, the average NYMEX crude oil futures contract price for each month from August 2018 through July 2021 is above $50.00/Bbl up to a maximum amount of $100 million (the “Contingent Payment”). The Company determined that this Contingent Payment is an embedded derivative and has reflected it at fair value in the consolidated financial statements. On July 19, 2017, the buyer paid $35 million to Whiting to settle this Contingent Payment, resulting in a pre-tax gain of $3 million which will be recognized in the third quarter of 2017. Refer to the “Derivative Financial Instruments” and “Fair Value Measurements” footnotes for more information on this embedded derivative instrument. There were no significant acquisitions during the year ended December 31, 2016.

LONG-TERM DEBT

LONG-TERM DEBT	6 Months Ended
	Jun. 30, 2017
LONG-TERM DEBT [Abstract]
LONG-TERM DEBT	4 . LONG-TERM DEBT Long-term debt consisted of the following at June 30, 2017 and December 31, 2016 (in thousands):    June 30, December 31,  2017 2016  Credit agreement $ 550,000 $ 550,000  6.5% Senior Subordinated Notes due 2018 - 275,121  5.0% Senior Notes due 2019 961,409 961,409  1.25% Convertible Senior Notes due 2020 562,075 562,075  5.75% Senior Notes due 2021 873,609 873,609  6.25% Senior Notes due 2023 408,296 408,296  Total principal 3,355,389 3,630,510  Unamortized debt discounts and premiums (61,285) (71,340)  Unamortized debt issuance costs on notes (19,297) (23,867)  Total long-term debt $ 3,274,807 $ 3,535,303 Credit Agreement Whiting Oil and Gas, the Company’s wholly owned subsidiary, has a credit agreement with a syndicate of banks that as of June 30, 2017 had a borrowing base and aggregate commitments of $2.5 billion. As of June 30, 2017 , the Company had $1.9 billion of available borrowing capacity, which was net of $550 million in borrowings and $9 million in letters of credit outstanding. The borrowing base under the credit agreement is determined at the discretion of the lenders, based on the collateral value of the Company’s proved reserves that have been mortgaged to such lenders, and is subject to regular redeterminations on May 1 and November 1 of each year, as well as special redeterminations described in the credit agreement, in each case which may reduce the amount of the borrowing base. Upon a redetermination of the borrowing base, either on a periodic or special redetermination date, if borrowings in excess of the revised borrowing capacity were outstanding, the Company could be forced to immediately repay a portion of its debt outstanding under the credit agreement. A portion of the revolving credit facility in an aggregate amount not to exceed $50 million may be used to issue letters of credit for the account of Whiting Oil and Gas or other designated subsidiaries of the Company. As of June 30, 2017 , $41 million was available for additional letters of credit under the agreement. The credit agreement provides for interest only payments until December 2019, when the credit agreement expires and all outstanding borrowings are due. Interest under the revolving credit facility accrues at the Company’s option at either (i) a base rate for a base rate loan plus the margin in the table below, where the base rate is defined as the greatest of the prime rate, the federal funds rate plus 0.5% per annum, or an adjusted LIBOR rate plus 1.0% per annum, or (ii) an adjusted LIBOR rate for a Eurodollar loan plus the margin in the table below. Additionally, the Company also incurs commitment fees as set forth in the table below on the unused portion of the aggregate commitments of the lenders under the revolving credit facility, which are included as a component of interest expense. At June 30, 2017 and December 31, 2016 , the weighted average interest rate on the outstanding principal balance under the credit agreement was 3.2% and 4.0% , respectively .    Applicable Applicable  Margin for Base Margin for Commitment  Ratio of Outstanding Borrowings to Borrowing Base Rate Loans Eurodollar Loans Fee  Less than 0.25 to 1.0 1.00% 2.00% 0.50%  Greater than or equal to 0.25 to 1.0 but less than 0.50 to 1.0 1.25% 2.25% 0.50%  Greater than or equal to 0.50 to 1.0 but less than 0.75 to 1.0 1.50% 2.50% 0.50%  Greater than or equal to 0.75 to 1.0 but less than 0.90 to 1.0 1.75% 2.75% 0.50%  Greater than or equal to 0.90 to 1.0 2.00% 3.00% 0.50% The credit agreement contains restrictive covenants that may limit the Company’s ability to, among other things, incur additional indebtedness, sell assets, make loans to others, make investments, enter into mergers, enter into hedging contracts, incur liens and engage in certain other transactions without the prior consent of its lenders. However, the credit agreement permits the Company and certain of its subsidiaries to issue second lien indebtedness of up to $1.0 billion subject to certain conditions and limitations. Except for limited exceptions, the credit agreement also restricts the Company’s ability to make any dividend payments or distributions on its common stock. These restrictions apply to all of the Company’s restricted subsidiaries (as defined in the credit agreement) . As of June 30, 2017 , there were no retained earnings free from restrictions. The credit agreement requires the Company, as of the last day of any quarter, to maintain the following ratios (as defined in the credit agreement): (i) a consolidated current assets to consolidated current liabilities ratio (which includes an add back of the available borrowing capacity under the credit agreement) of not less than 1.0 to 1.0, (ii) a total senior secured debt to the last four quarters’ EBITDAX ratio of less than 3.0 to 1.0 during the Interim Covenant Period (defined below), and thereafter a total debt to EBITDAX ratio of less than 4.0 to 1.0 , and (iii) a ratio of the last four quarters’ EBITDAX to consolidated cash interest charges of not less than 2.25 to 1.0 during the Interim Covenant Period. Under the credit agreement, the “Interim Covenant Period” is defined as the period from June 30, 2015 until the earlier of ( i ) April 1, 2018 or ( ii ) the commencement of an investment-grade debt rating period (as defined in the credit agreement) . The Company was in compliance with its covenants under the credit agreement as of June 30, 2017 . The obligations of Whiting Oil and Gas under the credit agreement are collateralized by a first lien on substantially all of Whiting Oil and Gas’ and Whiting Resource Corporation’s properties. The Company has guaranteed the obligations of Whiting Oil and Gas under the credit agreement and has pledged the stock of its subsidiaries as security for its guarantee. Senior Notes, Convertible Senior Notes and Senior Subordinated Notes The following table summarizes the material terms of the Company’s senior notes and convertible senior notes outstanding at June 30, 2017 .       2020  2019 Convertible 2021 2023  Senior Notes Senior Notes Senior Notes Senior Notes  Outstanding principal (in thousands) $ 961,409 $ 562,075 $ 873,609 $ 408,296  Interest rate 5.0% 1.25% 5.75% 6.25%  Maturity date Mar 15, 2019 Apr 1, 2020 Mar 15, 2021 Apr 1, 2023  Interest payment dates Mar 15, Sep 15 Apr 1, Oct 1 Mar 15, Sep 15 Apr 1, Oct 1  Make-whole redemption date (1) Dec 15, 2018 N/A (2) Dec 15, 2020 Jan 1, 2023 (1) On or after these dates, the Company may redeem the applicable series of notes, in whole or in part, at a redemption price equal to 100% of the principal amount redeemed, together with accrued and unpaid interest up to the redemption date. At any time prior to these dates, the Company may redeem the notes at a redemption price that includes an applicable premium as defined in the indentures to such notes. (2) Th e indenture governing our 1.25% Convertible Senior Notes due 2020 do es not allow for optional redemption by the Company prior to the maturity date. Senior Notes and Senior Subordinated Notes —In September 2010, the Company issued at par $350 million of 6.5% Senior Subordinated Notes due October 2018 (the “2018 Senior Subordinated Notes”). In September 2013, the Company issued at par $1.1 billion of 5.0% Senior Notes due March 2019 (the “2019 Senior Notes”) and $800 million of 5.75% Senior Notes due March 2021, and issued at 101% of par an additional $400 million of 5.75% Senior Notes due March 2021 (collectively, the “2021 Senior Notes”). The debt premium recorded in connection with the issuance of the 2021 Senior Notes is being amortized to interest expense over the term of the notes using the effective interest method, with an effective interest rate of 5.5% per annum. In March 2015, the Company issued at par $750 million of 6.25% Senior Notes due April 2023 (the “2023 Senior Notes” and together with the 2019 Senior Notes and 2021 Senior Notes, the “Senior Notes”). Exchange of Senior Notes and Senior Subordinated Notes for Convertible Notes . O n March 23, 2016, the Company completed the exchange of $477 million aggregate principal amount of Senior Notes and 2018 Senior Subordinated Notes, consisting of (i) $49 million aggregate principal amount of its 2018 Senior Subordinated Notes, (ii) $97 million aggregate principal amount of its 2019 Senior Notes, (iii) $152 million aggregate principal amount of its 2021 Senior Notes , and (iv) $179 million aggregate principal amount of its 2023 Senior Notes , for (i) $49 million aggregate principal amount of new 6.5% Convertible Senior Subordinated Notes due 2018 (the “2018 Convertible Senior Subordinated Notes”), (ii) $97 million aggregate principal amount of new 5.0% Convertible Senior Notes due 2019 (the “2019 Convertible Senior Notes”), (iii) $152 million aggregate principal amount of new 5.75% Convertible Senior Notes due 2021 (the “2021 Convertible Senior Notes”), and (iv) $179 million aggregate principal amount of new 6.25% Convertible Senior Notes due 2023 (the “2023 Convertible Senior Notes” and together with the 2018 Convertible Senior Subordinated Notes, the 2019 Convertible Senior Notes and the 2021 Convertible Senior Notes, the “New Con vertible Notes”). The redemption provisions, covenants, interest payments and maturity terms applicable to each series of New Convertible Notes were substantially identical to those applicable to the corresponding series of Senior Notes and 2018 Senior Subordinated Notes. This exchange transaction was accounted for as an extinguishment of debt for each portion of the Senior Notes and 2018 Senior Subordinated Notes that was exchanged. As a result, Whiting recognized a $91 million gain on extinguishment of debt, which was net of a $4 million non-cash charge for the acceleration of unamortized debt issuance costs and debt premium on the original notes. Each series of New Convertible Notes was recorded at fair value upon issuance, with the difference between the principal amount of the notes and their fair values, totaling $95 million, recorded as a debt discount. The aggregate debt discount of $185 million recorded upon issuance of the New Convertible Notes also included $90 million related to the fair value of the holders’ conversion options, which were embedded derivatives that met the criteria to be bifurcated from their host contracts and accounted for separately. Refer to the “Derivative Financial Instruments” and “Fair Value Measurements” footnotes for more information on these embedded derivatives. During the second quarter of 2016, holders of the New Convertible Notes voluntarily converted all $ 477 million aggregate principal amount of the New Convertible Notes for approximately 41.8 million shares of the Company’s common stock. Upon conversion, the Company paid $46 million in cash consisting of early conversion payments to the holders of the notes, as well as all accrued and unpaid interest on such notes. As a result of the conversions, Whiting recognized a $188 million loss on extinguishment of debt, which consisted of a non-cash charge for the acceleration of unamortized debt issuance costs and debt discount on the notes. As of June 30, 2016, no New Convertible Notes remained outstanding. Exchange of Senior Notes and Senior Subordinated Notes for Mandatory Convertible Notes. On July 1, 2016, the Company completed the exchange of $405 million aggregate principal amount of Senior Notes and 2018 Senior Subordinated Notes for the same aggregate principal amount of new mandatory convertible senior notes and mandatory convertible senior subordinated notes. Refer to “Mandatory Convertible Notes” below for more information on these exchange transactions. Redemption of 2018 Senior Subordinated Notes. O n F ebruary 2, 2017, the Company paid $281 million to redeem all of the then outstanding $275 million aggregate principal amount of 2018 Senior Subordinated Notes , which payment consisted of the 100% redemption price plus all accrued and unpaid interest on the notes. The Company financed the redemption with borrowings under its credit agreement. As a result of the redemption, Whiting recognized a $2 million loss on extinguishment of debt, which consisted of a non-cash charge for the acceleration of unamortized debt issuance costs on the notes. As of March 31, 2017, no 2018 Senior Subordinated Notes remained outstanding. 2020 Convertible Senior Notes —In March 2015, the Company issued at par $1,250 million of 1.25% Convertible Senior Notes due April 2020 (the “ 2020 Convertible Senior Notes” ) f or net proceeds of $1.2 billion, net of initial purchasers’ fees of $25 million. On June 29, 2016, the Company exchanged $129 million aggregate principal amount of its 2020 Convertible Senior Notes for the same aggregate principal amount of new mandatory convertible senior notes, and on July 1, 2016, t he Company exchanged $559 million aggregate principal amount of its 2020 Convertible Senior Notes for the same aggregate principal amount of new mandatory convertible senior notes. Refer to “Mandatory Convertible Notes” below for more information on these exchange transactions. For the remaining $ 562 million aggregate principal amount of 2020 Convertible Senior Notes outstanding as of June 30, 2017 , t he Company has the option to settle conversions of these notes with cash, shares of common stock or a combination of cash and common stock at its election. The Company’s intent is to settle the principal amount of the 2020 Convertible Senior Notes in cash upon conversion. Prior to January 1, 2020, the 2020 Convertible Senior Notes will be convertible at the holder’s option only under the following circumstances: (i) during any calendar quarter commencing after the calendar quarter ending on June 30, 2015 (and only during such calendar quarter), if the last reported sale price of the Company’s common stock for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (ii) during the five business day period after any five consecutive trading day period (the “measurement period”) in which the trading price per $1,000 principal amount of the 2020 Convertible Senior Notes for each trading day of the measurement period is less than 98% of the product of the last reported sale price of the Company’s common stock and the conversion rate on each such trading day; or (iii) upon the occurrence of specified corporate events. On or after January 1, 2020, the 2020 Convertible Senior Notes will be convertible at any time until the second scheduled trading day immediately preceding the April 1, 2020 maturity date of the notes. The notes will be convertible at an initial conversion rate of 25.6410 shares of Whiting’s common stock per $1,000 principal amount of the notes, which is equivalent to an initial conversion price of approximately $39.00 . The conversion rate will be subject to adjustment in some events. In addition, following certain corporate events that occur prior to the maturity date, the Company will increase, in certain circumstances, the conversion rate for a holder who elects to convert its 2020 Convertible Senior Notes in connection with such corporate event. As of June 30, 2017 , none of the contingent conditions allowing holders of the 2020 Convertible Senior Notes to convert these notes had been met. Upon issuance, the Company separately accounted for the liability and equity components of the 2020 Convertible Senior Notes. The liability component was recorded at the estimated fair value of a similar debt instrument without the conversion feature. The difference between the principal amount of the 2020 Convertible Senior Notes and the estimated fair value of the liability component was recorded as a debt discount and is being amortized to interest expense over the term of the notes using the effective interest method, with an effective interest rate of 5.6% per annum. The fair value of the 2020 Convertible Senior Notes as of the issuance date was estimated at $1.0 billion, resulting in a debt discount at inception of $238 million. The equity component, representing the value of the conversion option, was computed by deducting the fair value of the liability component from the initial proceeds of the 2020 Convertible Senior Notes issuance. This equity component was recorded, net of deferred taxes and issuance costs, in additional paid-in capital within shareholders’ equity, and will not be remeasured as long as it continues to meet the conditions for equity classification. Transaction costs related to the 2020 Convertible Senior Notes issuance were allocated to the liability and equity components based on their relative fair values. Issuance costs attributable to the liability component were recorded as a reduction to the carrying value of long-term debt on the consolidated balance sheet and are being amortized to interest expense over the term of the notes using the effective interest method. Issuance costs attributable to the equity component were recorded as a charge to additional paid-in capital within shareholders’ equity. The 2020 Convertible Senior Notes consist ed of the following at June 30, 2017 and December 31, 2016 (in thousands):     June 30, December 31,  2017 2016  Liability component  Principal $ 562,075 $ 562,075  Less: unamortized note discount (62,290) (72,622)  Less: unamortized debt issuance costs (5,086) (5,988)  Net carrying value $ 494,699 $ 483,465  Equity component (1) $ 136,522 $ 136,522 (1) Recorded in additional paid-in capital, net of $5 million of issuance costs and $50 million of deferred taxes as of June 30, 2017 and December 31, 2016 . The following table presents the interest expense recognized on the 2020 Convertible Senior Notes related to the stated interest rate and amortization of the debt discount for the three and six months ended June 30, 2017 and 2016 (in thousands):     Three Months Ended Six Months Ended  June 30, June 30,  2017 2016 2017 2016  Interest expense on 2020 Convertible Senior Notes $ 6,958 $ 14,630 $ 13,844 $ 29,323 Mandatory Convertible Notes — O n June 29, 2016, the Company completed the exchange of $129 million aggregate principal amount of its 2020 Convertible Senior Notes for the same aggregate principal amount of new 1.25% Mandatory Convertible Senior Notes due 2020, Series 2 (the “2020 Mandatory Convertible Notes, Series 2”). O n July 1, 2016, the Company completed the exchange of $964 million aggregate principal amount of Senior Notes, 2020 Convertible Senior Notes and 2018 Senior Subordinated Notes, consisting of (i) $26 million aggregate principal amount of 2018 Senior Subordinated Notes, (ii) $42 million aggregate principal amount of 2019 Senior Notes, (iii) $559 million aggregate principal amount of 2020 Convertible Senior Notes, (iv) $174 million aggregate principal amount of 2021 Senior Notes , and (v) $163 million aggregate principal amount of 2023 Senior Notes , for (i) $26 million aggregate principal amount of new 6.5% Mandatory Convertible Senior Subordinated Notes due 2018 (the “2018 Mandatory Convertible Notes”), (ii) $42 million aggregate principal amount of new 5.0% Mandatory Convertible Senior Notes due 2019 (the “2019 Mandatory Convertible Note s”), (iii) $559 million aggregate principal amount of new 1.25% Mandatory Convertible Senior Notes due 2020, Series 1 (the “2020 Mandatory Convertible Notes, Series 1”, and together with the 2020 Mandatory Convertible Notes, Series 2, the “2020 Mandatory Convertible Notes”), (iv) $174 million aggregate p rincipal amount of new 5.75% Mandatory Convertible Senior Notes due 2021 (the “202 1 Mandatory Convertible Notes”), and (v) $163 million aggregate principal amount of new 6.25% Mandatory Convertible Senior Notes due 2023 (the “2023 Mandatory Convertible Notes” and, together with the 2018 Mandatory Convertible Notes, 2019 Mandatory Convertible Notes , 2020 Mandatory Convertible Notes and 2021 Mandatory Convertible Notes, the “ Mandatory Convertible Notes”). These transactions were accounted for as extinguishment s of debt for the portion s of Senior Notes, 2020 Convertible Senior Notes and 2018 Senior Subordina ted Notes that were exchanged. As a result of the June 29, 2016 exchange , Whiting recognized a $9 million gain on extinguishment of debt, which was net of a $21 million charge for the non-cash write-off of unamortized debt issuance costs and debt discount on the original notes. In addition, Whiting recorded a $10 million reduction to the equity component of the 2020 Convertible Senior Notes, which was net of deferred taxes. The 2020 Mandatory Convertible Notes, Series 2 were recorded at fair value upon issuance, with the difference between the principal amount of the notes and their fair value, totaling $10 million, recorded as a debt discount and was being amortized to interest expense over the term of the notes using the effective interest method. During the second half of 2016, the entire $1,093 million aggregate principal amount of the Mandatory Convertible Notes were converted into approximately 115.7 million shares of the Company’s common stock pursuant to the terms of the notes . As of December 31, 2016, no Mandatory Convertible Notes remained outstanding. Security and Guarantees The Senior Notes and the 2 020 Convertible Senior Notes a re unsecured obligations of Whiting Petroleum Corporation and these unsecured obligations are subordinated to all of the Company’s secured indebtedness, which consists of Whiting Oil and Gas’ credit agreement. The Company’s obligations under the Senior Notes and the 2020 Convertible Senior Notes are guaranteed by the Company’s 100% -owned subsidiaries, Whiting Oil and Gas, Whiting US Holding Company, Whiting Canadian Holding Company ULC and Whiting Resources Corporation (the “Guarantors”). These guarantees are full and unconditional and joint and several among the Guarantors. Any subsidiaries other than these Guarantors are minor subsidiaries as defined by Rule 3-10(h)(6) of Regulation S ‑X of the SEC. Whiting Petroleum Corporation has no assets or operations independent of this debt and its investments in its consolidated subsidiaries.

ASSET RETIREMENT OBLIGATIONS

ASSET RETIREMENT OBLIGATIONS	6 Months Ended
	Jun. 30, 2017
ASSET RETIREMENT OBLIGATIONS [Abstract]
ASSET RETIREMENT OBLIGATIONS	5 . ASSET RETIREMENT OBLIGATIONS The Company’s asset retirement obligations represent the present value of estimated future costs associated with the plugging and abandonment of oil and gas wells, removal of equipment and facilities from leased acreage, and land restoration (including removal of certain onshore and offshore facilities in California) in accordance with applicable local, state and federal laws. The current portions at June 30, 2017 and December 31, 2016 were $5 million and $8 million, respectively, and have been included in accrued liabilities and other in the consolidated balance sheets . The following table provides a reconciliation of the Company’s asset retirement obligations for the six months ended June 30, 2017 (in thousands):      Asset retirement obligation at January 1, 2017 $ 177,004  Additional liability incurred 2,493  Revisions to estimated cash flows (8,781)  Accretion expense 7,109  Obligations on sold properties (85)  Liabilities settled (1,667)  Asset retirement obligation at June 30, 2017 $ 176,073  

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2017
DERIVATIVE FINANCIAL INSTRUMENTS [Abstract]
DERIVATIVE FINANCIAL INSTRUMENTS	6 . DERIVATIVE FINANCIAL INSTRUMENTS The Company is exposed to certain risks relating to its ongoing business operations, and it uses derivative instruments to manage its commodity price risk. In addition, the Company periodically enters into contracts that contain embedded features which are required to be bifurcated and accounted for separately as derivatives. Commodity Derivative Contracts — Historically, prices received for crude oil and natural gas production have been volatile because of supply and demand factors, worldwide political factors, general economic conditions and seasonal weather patterns. Whiting enters into derivative contracts such as crude oil costless collars , swaps and sales and delivery contracts to achieve a more predictable cash flow by reducing its exposure to commodity price volatility , thereby ensuring adequate funding for the Company’s capital programs and facilitating the management of returns on drilling programs and acquisitions. The Company does not enter into derivative contracts for speculative or trading purposes. Crude Oil Costless Collars. Costless collars are designed to establish floor and ceiling prices on anticipated future oil or gas production. While the use of these derivative instruments limits the downside risk of adverse price movements, they may also limit future revenues from favorable price movements. The table below details the Company’s costless collar derivatives entered into to hedge forecasted crude oil production revenues as of June 30, 2017 .     Whiting Petroleum Corporation   Derivative Contracted Crude Weighted Average NYMEX Price  Instrument Period Oil Volumes (Bbl) Collar Ranges for Crude Oil (per Bbl)  Three-way collars (1) (2) Jul - Dec 2017 6,900,000 $35.00 - $45.22 - $59.80  Jan - Dec 2018 3,000,000 $40.00 - $50.00 - $60.31  Collars Jul - Dec 2017 1,500,000 $53.00 - $70.44  Total 11,400,000 (1) A three-way collar is a combination of options: a sold call, a purchased put and a sold put. The sold call establishes a maximum price (ceiling) Whiting will receive for the volumes under contract. The purchased put establishes a minimum price (floor), unless the market price falls below the sold put (sub-floor), at which point the minimum price would be NYMEX plus the difference between the purchased put and the sold put strike price. (2) Subsequent to June 30, 2017, the Company entered into additional three-way collar contracts for 500,000 Bbl and 1,200,000 Bbl of crude oil volumes for the years ended December 31, 2017 and 2018, respectively. Crude Oil Sales and Delivery Contract. The Company has a long-term crude oil sales and delivery contract for oil volumes produced from its Redtail field in Colorado. Under the terms of the agreement, Whiting has committed to deliver certain fixed volumes of crude oil through April 2020. The Company determined it was not probable that future oil production from its Redtail field would be sufficient to meet the minimum volume requirement s specified in this contract ; a ccordingly, the Company would not settle this contract through physical delivery of crude oil volumes. As a result, Whiting determined that this contract would not qualify for the “normal purchase normal sale” exclusion and has therefore reflected the contract at fair value in the consolidated financial statements. As of June 30, 2017 and December 31, 2016 , the estimated fair value of this derivative contract was a liability of $ 62 million and $9 million, respectively . Embedded Derivative s — In March 2016, the Company issued convertible notes that contained debtholder conversion options which the Company determined were not clearly and closely related to the debt host contracts, and the Company therefore bifurcated these embedded features and reflected them at fair value in the consolidated financial statements. During the second quarter of 2016, the entire aggregate principal amount of these notes was converted into shares of the Company’s common stock, and t he fair value of these embedded derivatives as of June 30, 2017 and December 31, 2016 was therefore zero . In July 2016, the Company entered into a purchase and sale agreement with the buyer of its North Ward Estes Properties, whereby the buyer agreed to pay Whiting additional proceeds of $100,000 for every $0.01 that, as of June 28, 2018, the average NYMEX crude oil futures contract price for each month from August 2018 through July 2021 is above $50.00/Bbl up to a maximum amount of $100 million. The Company determined that this NYMEX-linked contingent payment is not clearly and closely related to the host contract, and the Company has therefore bifurcated this embedded feature and reflected it at fair value in the consolidated financial statements. As of June 30, 2017 and December 31, 2016 , the estimated fair value of this embedded derivative was an asset of $ 32 million and $51 million, respectively . On July 19, 2017, the buyer paid $35 million to Whiting to settle this NYMEX-linked contingent payment. Accordingly, the embedded derivative’s fair value was zero as of that date. Derivative Instrument Reporting — All derivative instruments are recorded in the consolidated financial statements at fair value, other than derivative instruments that meet the “normal purchase normal sale” exclusion or other derivative scope exceptions . The following table s summarize the effects of derivative instruments on the consolidated statements of operations for the three and six months ended June 30, 2017 and 2016 (in thousands):     (Gain) Loss Recognized in Income  Not Designated as Statement of Operations Six Months Ended June 30,  ASC 815 Hedges Classification 2017 2016  Commodity contracts Derivative (gain) loss, net $ (2,295) $ 49,965  Embedded derivatives Derivative (gain) loss, net 18,709 (47,965)  Total $ 16,414 $ 2,000      (Gain) Loss Recognized in Income  Not Designated as Statement of Operations Three Months Ended June 30,  ASC 815 Hedges Classification 2017 2016  Commodity contracts Derivative (gain) loss, net $ (25,646) $ 66,711  Embedded derivatives Derivative (gain) loss, net 5,483 (69,472)  Total $ (20,163) $ (2,761) Offsetting of Derivative Assets and Liabilities. The Company nets its financial derivative instrument fair value amounts executed with the same counterparty pursuant to ISDA master agreements, which pr ovide for net settlement over the term of the contract and in the event of default or termination of the contract. The following tables summarize the location and fair value amounts of all the Company’s derivative instruments in the consolidated balance sheets, as well as the gross recognized derivative assets, liabilities and amounts offset in the consolidated balance sheets (in thousands):     June 30, 2017 (1)  Net  Gross Recognized  Recognized Gross Fair Value  Not Designated as Assets/ Amounts Assets/  ASC 815 Hedges Balance Sheet Classification Liabilities Offset Liabilities  Derivative assets  Commodity contracts - current Derivative assets $ 34,035 $ (7,071) $ 26,964  Commodity contracts - non-current Other long-term assets 10,075 (6,707) 3,368  Embedded derivatives - non-current Other long-term assets 31,923 - 31,923  Total derivative assets $ 76,033 $ (13,778) $ 62,255  Derivative liabilities  Commodity contracts - current Derivative liabilities $ 30,687 $ (7,071) $ 23,616  Commodity contracts - non-current Other long-term liabilities 45,043 (6,707) 38,336  Total derivative liabilities $ 75,730 $ (13,778) $ 61,952      December 31, 2016 (1)  Net  Gross Recognized  Recognized Gross Fair Value  Not Designated as Assets/ Amounts Assets/  ASC 815 Hedges Balance Sheet Classification Liabilities Offset Liabilities  Derivative assets  Commodity contracts - current Derivative assets $ 21,405 $ (21,405) $ -  Commodity contracts - non-current Other long-term assets 9,495 (9,495) -  Embedded derivatives - non-current Other long-term assets 50,632 - 50,632  Total derivative assets $ 81,532 $ (30,900) $ 50,632  Derivative liabilities  Commodity contracts - current Derivative liabilities $ 39,033 $ (21,405) $ 17,628  Commodity contracts - non-current Other long-term liabilities 19,724 (9,495) 10,229  Total derivative liabilities $ 58,757 $ (30,900) $ 27,857 (1) Because counterparties to the Company’s financial derivative contracts subject to master netting arrangements are lenders under Whiting Oil and Gas’ credit agreement, which eliminates its need to post or receive collateral associated with its derivative positions, columns for cash collateral pledged or received have not been presented in the se tables. Contingent Features in Financial Derivative Instruments . None of the Company’s derivative instruments contain credit-risk-related contingent features. Counterparties to the Company’s financial derivative contracts are high credit-quality financial institutions that are lenders under Whiting’s credit agreement. The Company uses only credit agreement participants to hedge with, since these institutions are secured equally with the holders of Whiting’s bank debt, which eliminates the potential need to post collateral when Whiting is in a derivative liability position. As a result, the Company is not required to post letters of credit or corporate guarantees for its derivative counterparties in order to secure contract performance obligations.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2017
FAIR VALUE MEASUREMENTS [Abstract]
FAIR VALUE MEASUREMENTS	7 . FAIR VALUE MEASUREMENTS The Company follows FASB ASC Topic 820, Fair Value Measurement and Disclosure , which establishes a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy categorizes assets and liabilities measured at fair value into one of three different levels depending on the observability of the inputs employed in the measurement. The three levels are defined as follows: · Level 1: Quoted Prices in Active Markets for Identical Assets – inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. · Level 2: Significant Other Observable Inputs – inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. · Level 3: Significant Unobservable Inputs – inputs to the valuation methodology are unobservable and significant to the fair value measurement. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The Company reflects transfers between the three levels at the beginning of the reporting period in which the availability of observable inputs no longer justifies classification in the original level. Cash, cash equivalents, restricted cash, accounts receivable and accounts payable are carried at cost, which approximates their fair value because of the short-term maturity of these instruments. The Company’s credit agreement has a recorded value that approximates its fair value since its variable interest rate is tied to current market rates and the applicable margins represent market rates . The Company’s senior n otes and senior subordinated n otes are recorded at cost , and the Company’s convertible senior notes are recorded at fair value at the date of issuance . The following table summarizes the fair values and carrying values of these instruments as of June 30, 2017 and December 31, 2016 (in thousands):      June 30, 2017 December 31, 2016  Fair Carrying Fair Carrying  Value (1) Value (2) Value (1) Value (2)  6.5% Senior Subordinated Notes due 2018 $ - $ - $ 275,121 $ 273,506  5.0% Senior Notes due 2019 951,795 957,646 961,409 956,607  1.25% Convertible Senior Notes due 2020 475,656 494,699 503,057 483,465  5.75% Senior Notes due 2021 821,192 868,865 868,149 868,460  6.25% Senior Notes due 2023 379,715 403,597 408,296 403,265  Total $ 2,628,358 $ 2,724,807 $ 3,016,032 $ 2,985,303 (1) Fair values are based on quoted market prices for these debt securities, and such fair values are therefore designated as Level 1 within the valuation hierarchy. (2) Carrying values are presented net of unamortized debt issuance costs and debt discounts or premiums. The Company’s derivative financial instruments are recorded at fair value and include a measure of the Company’s own nonperformance risk or that of its counterpart y , as appropriate. The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2017 and December 31, 2016 , and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair values (in thousands):     Total Fair Value  Level 1 Level 2 Level 3 June 30, 2017  Financial Assets  Commodity derivatives – current $ - $ 26,964 $ - $ 26,964  Commodity derivatives – non-current - 3,368 - 3,368  Embedded derivatives – non-current - 31,923 - 31,923  Total financial assets $ - $ 62,255 $ - $ 62,255  Financial Liabilities  Commodity derivatives – current $ - $ - $ 23,616 $ 23,616  Commodity derivatives – non-current - - 38,336 38,336  Total financial liabilities $ - $ - $ 61,952 $ 61,952      Total Fair Value  Level 1 Level 2 Level 3 December 31, 2016  Financial Assets  Embedded derivatives – non-current $ - $ 50,632 $ - $ 50,632  Total financial assets $ - $ 50,632 $ - $ 50,632  Financial Liabilities  Commodity derivatives – current $ - $ 14,664 $ 2,964 $ 17,628  Commodity derivatives – non-current - 3,979 6,250 10,229  Total financial liabilities $ - $ 18,643 $ 9,214 $ 27,857 The following methods and assumptions were used to estimate the fair values of the Company’s financial assets and liabilities that are measured on a recurring basis: Commodity Derivatives . Commodity derivative instruments consist mainly of costless collars for crude oil. The Company’s costless collars are valued based on an income approach. T he option model consider s various assumptions, such as quoted forward prices for commodities, time value and volatility factors. These assumptions are observable in the marketplace throughout the full term of the contract, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace, and are therefore designated as Level 2 within the valuation hierarchy. The discount rates used in the fair values of these instruments include a measure of either the Company’s or the counterparty’s nonperformance risk, as appropriate. The Company utilizes its counterparties’ valuations to assess the reasonableness of its own valuations. In addition, the Company has a long-term crude oil sales and delivery contract, whereby it has committed to deliver certain fixed volumes of crude oil through April 2020. Whiting has determined that the contract does not meet the “normal purchase normal sale” exclusion, and has therefore reflected this contract at fair value in its consolidated financial statements. This commodity derivative was valued based on a probability-weighted income approach which considers various assumptions, including quoted spot prices for commodities, market differentials for crude oil, U.S. Treasury rates and either the Company’s or the counterparty’s nonperformance risk, as appropriate. The assumptions used in the valuation of the crude oil sales and delivery contract include certain market differential metrics that were unobservable during the term of the contract. Such unobservable inputs were significant to the contract valuation methodology, and the contract’s fair value was therefore designated as Level 3 within the valuation hierarchy. Embedded Derivatives . The Company had em bedded derivatives related to its convertible notes that were issued in March 2016. The notes contained debtholder conversion options which the Company determined were not clearly and closely related to the debt host contracts and the Company therefore bifurcated these embedded features and reflected them at fair value in the consolidated financial statements . Prior to their settlements, the fair values of these embedded derivatives were determined using a binomial lattice model which considered various inputs including (i) Whiting’s common stock price, (ii) risk-free rates based on U.S. Treasury rates, (iii) recovery rates in the event of default, (iv) default intensity, and (v) volatility of Whiting’s common stock. The expected volatility and default intensity used in the valuation were unobservable in the marketplace and significant to the valuation methodology, and the embedded derivatives’ fair value was therefore designated as Level 3 in the valuation hierarchy. During the second quarter of 2016, the entire aggregate principal amount of these convertible notes was converted into shares of the Company’s common stock. Accordingly, the embedded derivatives were settled in their entirety as of June 30, 2016. The Company ha d an embedded derivative related to its purchase and sale agreement with the buyer of the North Ward Estes Properties. The agreement included a Contingent Payment linked to NYMEX crude oil prices which the Company determined was not clearly and closely related to the host contract, and the Company has therefore bifurcated this embedded feature and reflected it at fair value in the consolidated financial statements. The fair value of this embedded derivative was determined using a modified Black-Scholes swaption pricing model which considers various assumptions, including quoted forward prices for commodities, time value and volatility factors. These assumptions are observable in the marketplace throughout the full term of the financial instrument , can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace, and are therefore designated as Level 2 within the valuation hierarchy. The discount rate used in the fair value of this instrument includes a measure of the counterparty’s nonperformance risk. On July 19, 2017, the buyer paid $35 million to Whiting in satisfaction of this Contingent Payment. Accordingly, the embedded derivative was settled in its entirety as of that date. Level 3 Fair Value Measurements — A third-party valuation specialist is utilized to determine the fair value of the Company’s derivative instruments designated as Level 3. The Company reviews these valuations , including the related model inputs and assumptions , and analyzes changes in fair value measurements between periods. The Company corroborates such inputs, calculations and fair value changes using various methodologies, and reviews unobservable inputs for reasonableness utilizing relevant information from other published sources. T he following table presents a reconciliation of changes in the fair value of financial assets or liabilities designated as Level 3 in the valuation hierarchy for the three and six months ended June 30, 2017 and 2016 (in thousands):     Three Months Ended Six Months Ended  June 30, June 30,  2017 2016 2017 2016  Fair value liability, beginning of period $ (65,906) $ (118,627) $ (9,214) $ (4,027)  Recognition of embedded derivatives associated with convertible note issuances - - - (89,884)  Unrealized gains on embedded derivatives included in earnings (1) - 69,472 - 47,965  Settlement of embedded derivatives upon conversion of convertible notes - 41,919 - 41,919  Unrealized gains (losses) on commodity derivative contracts included in earnings (1) 3,954 (2,648) (52,738) (5,857)  Transfers into (out of) Level 3 - - - -  Fair value liability, end of period $ (61,952) $ (9,884) $ (61,952) $ (9,884) (1) Included in derivative (gain) loss, net in the consolidated statements of operations. Quantitative Information about Level 3 Fair Value Measurements. The significant unobservable inputs used in the fair value measurement of the Company’s commodity derivative instrument designated as Level 3 are as follows:     Derivative Instrument Valuation Technique Unobservable Input Amount  Commodity derivative contract Probability-weighted income approach Market differential for crude oil $3.93 - $4.79 per Bbl Sensitivity to Changes I n Significant Unobservable Inputs. As presented above, the significant unobservable inputs used in the fair value measurement of Whiting’s commodity derivative contract are the market differentials for crude oil over the term of the contract. Significant increases or decreases in these unobservable inputs in isolation would result in a significantly lower or higher, respectively, fair value liability measurement. Non-recurring Fair Value Measurements — The Company applies the provisions of the fair value measurement standard on a non-recurring basis to its non-financial assets and liabilities, including proved property. These assets and liabilities are not measured at fair value on an ongoing basis but are subject to fair value adjustments only in certain circumstances. The Company did not recognize any impairment write-downs with respect to its proved property during the 2017 or 2016 reporting periods presented.

NONCONTROLLING INTEREST

NONCONTROLLING INTEREST	6 Months Ended
	Jun. 30, 2017
NONCONTROLLING INTEREST [Abstract]
NONCONTROLLING INTEREST	8 . NONCONTROLLING INTEREST Noncontrolling Interest —The Company’s noncontrolling interest represent s an unrelated third party’s 25% ownership interest in Sustainable Water Resources, LLC (“SWR”) . During the second quarter of 2017, the Company recorded an equity receivable as a result of the third party’s contractual obligation to convey its 25% ownership interest in SWR back to SWR. The table below summarizes the activity for the equity attributable to the noncontrolling interest (in thousands):     Six Months Ended  June 30,  2017 2016  Balance at beginning of period $ 7,962 $ 7,984  Net loss (14) (15)  Receivable for assignment of ownership interest (7,948) -  Balance at end of period $ - $ 7,969 

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2017
STOCK-BASED COMPENSATION [Abstract]
STOCK-BASED COMPENSATION	9. STOCK-BASED COMPENSATION Equity Incentive Plan — The Company maintains the Whiting Petroleum Corporation 2013 Equity Incentive Plan (the “2013 Equity Plan”), which replaced the Whiting Petroleum Corporation 2003 Equity Incentive Plan (the “2003 Equity Plan”) and includ es the authority to issue 10,800,000 shares of the Company’s common stock. Upon shareholder approval of the 2013 Equity Plan, the 2003 Equity Plan was terminated. The 2003 Equity Plan continues to govern awards that were outstanding as of the date of its termination, which remain in effect pursuant to their terms. Any shares netted or forfeited under the 2003 Equity Plan and any shares forfeited under the 2013 Equity Plan will be available for future issuance under the 2013 Equity Plan. However, shares netted for tax withholding under the 2013 Equity Plan will be cancelled and will not be available for future issuance. On December 8, 2014, in conjunction with the acquisition of Kodiak, the Company increased the number of shares issuable under the 2013 Equity Plan by 978,161 shares to accommodate for the conversion of Kodiak’s outstanding equity awards to Whiting equity awards upon closing of the a cquisition. Any shares netted or forfeited under this increased availability will be cancelled and will not be available for future issuance under the 2013 Equity Plan. Under the 2013 Equity Plan , no employee or officer participant may be granted options for more than 900,000 shares of common stock, stock appreciation rights relating to more than 900,000 shares of common stock, more than 600,000 shares of restricted stock , more than 600,000 restricted stock units, more than 600,000 performance shares, or more than 600,000 performance units during any calendar year. In addition, no non-employee director participant may be granted options for more than 100,000 shares of common stock, stock appreciation rights relating to more than 100,000 shares of common stock, more than 100,000 shares of restricted stock , or more than 100,000 restricted stock units during any calendar year. As of June 30, 2017 , 4,971,138 shares of common stock remained available for grant under the 2013 Equity Plan. Restricted Stock and Performance Shares —The Company grants service-based restricted stock awards to executive officers and employees, which generally vest ratably over a three -year service period, and to directors, which generally vest over a one -year service period. In addition, the Company grants performance share awards to executive officers that are subject to market-based vesting criteria as well as a three -year service period. Upon adoption of ASU 2016-09 on January 1, 2017, the Company elected to account for forfeitures of awards granted under these plans as they occur in determining compensation expense . The Company recognizes compensation expense for all awards subject to market-based vesting conditions regardless of whether it becomes probable that these conditions will be achieved or not, and compensation expense is not reversed if vesting does not actually occur. During the six months ended June 30, 2017 and 2016, 1,637,462 and 2,952,193 shares, respectively, of service-based restricted stock were granted to employees, executive officers and directors under the 2013 Equity Plan. T he grant date fair value of restricted stock is determined based on the closing bid price of the Company’s common stock on the grant date. The weighted average grant date fair value of restricted stock was $11.38 per share and $6.95 per share for the six months ended June 30, 2017 and 2016 , respectively. In January 201 7 and 201 6 , 633,479 and 1,073,143 performance shares, respectively , subject to certain market-based vesting criteria were granted to executive officers under the 2013 Equity Plan. These market-based awards cliff vest on the third anniversary of the grant date, and the number of shares that will vest at the end of that three -year performance period is determined based on the rank of Whiting’s cumulative stockholder return compared to the stockholder return of a peer group of companies over the same three- year period. The number of shares earned could range from zero up to two times the number of shares initially granted. For awards subject to market conditions, the grant date fair value i s estimated using a Monte Carlo valuation model. The Monte Carlo model is based on random projections of stock price paths and must be repeated numerous times to achieve a probabilistic assessment. Expected volatility i s calculated based on the historical volatility of Whiting’s common stock, and the risk-free interest rate is based on U.S. Treasury yield curve rates with maturities consistent with the three-year vesting period. The key assumptions used in valuing the se market-based awards were as follows:   201 7 201 6  Number of simulations 2,500,000 2,500,000  Expected volatility 82.44% 60.8%  Risk-free interest rate 1.52% 1.13%  Dividend yield - -  The grant date fair value of the market-based awards as determined by the Monte Carlo valuation model was $16.36 per share and $6.39 per share in January 201 7 and 201 6 , respectively. The following table shows a summary of the Company’s restricted stock and performance share activity for the six months ended June 30 , 201 7 :   Number of Shares Weighted Average  Service-Based Market-Based Grant Date  Restricted Stock Performance Shares Fair Value  Nonvested awards, January 1, 201 7 3,067,804 2,092,810 $ 13.55  Granted 1,637,462 633,479 12.77  Vested (1,182,970) - 13.00  Forfeited (170,155) (738,750) 22.09  Nonvested awards, June 30 , 201 7 3,352,141 1,987,539 $ 11.88 Stock Options— There was no significant stock option activity during the six months ended June 30 , 2017 and 2016. Total stock compensation expense recognized for restricted shares and stock options was $7 million and $6 million for the three months ended June 30, 2017 and 2016, respectively, and $13 million for each of the six months ended June 30, 2017 and 2016.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2017
INCOME TAXES [Abstract]
INCOME TAXES	10 . INCOME TAXES Income tax expense during interim periods is based on applying an estimated annual effective income tax rate to year-to-date income, plus any significant unusual or infrequently occurring items which are recorded in the interim period. The provision for income taxes for the three and six months ended June 30, 2017 and 2016 differs from the amount that would be provided by applying the statutory U.S. federal income tax rate of 35% to pre-tax income primarily because of state income taxes and estimated permanent differences. The computation of the annual estimated effective tax rate at each interim period requires certain estimates and significant judgment including, but not limited to, the expected operating income for the year, projections of the proportion of income earned and taxed in various jurisdictions, permanent and temporary differences, and the likelihood of recovering deferred tax assets generated in the current year. The accounting estimates used to compute the provision for income taxes may change as new events occur, more experience is obtained, additional information becomes known or as the tax environment changes. Upon adoption of ASU 2016-09 on January 1, 2017, the Company recorded $70 million of previously unrecognized excess tax benefits related to stock-based compensation, for which a full valuation allowance was also recognized.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2017
EARNINGS PER SHARE [Abstract]
EARNINGS PER SHARE	11 . EARNINGS PER SHARE The reconciliations between basic and diluted loss per share are as follows (in thousands, except per share data):      Three Months Ended Six Months Ended  June 30, June 30,  2017 2016 2017 2016  Basic Loss Per Share  Net loss attributable to common shareholders $ (65,981) $ (301,041) $ (152,938) $ (472,789)  Weighted average shares outstanding 362,734 226,039 362,672 215,203  Loss per common share $ (0.18) $ (1.33) $ (0.42) $ (2.20)   Diluted Loss Per Share  Adjusted net loss attributable to common shareholders $ (65,981) $ (301,041) $ (152,938) $ (472,789)  Weighted average shares outstanding 362,734 226,039 362,672 215,203  Loss per common share $ (0.18) $ (1.33) $ (0.42) $ (2.20) During the three months ended June 30, 2017, the Company had a net loss and therefore the diluted earnings per share calculation for that period excludes the anti-dilutive effect of 776,775 shares of service-based restricted stock and 4,406 stock options. In addition, the diluted earnings per share calculation for the three months ended June 30, 2017 excludes the effect of 2,137,121 common shares for stock options that were out-of-the-money and 789,409 shares of restricted stock that did not meet its market-based vesting criteria as of June 30, 2017. During the three months ended June 30, 2016, the Company had a net loss and therefore the diluted earnings per share calculation for that period excludes the anti-dilutive effect of (i) 20,489,110 shares issuable for convertible notes prior to their conversions under the if-converted method , (ii) 1,471,646 shares of service-based restricted stock, and (iii) 4,905 stock options. In addition, the diluted earnings per share calculation for the three months ended June 30, 2016 excludes the effect of 1,452,753 common shares for stock options that were out-of-the-money and 641,636 shares of restricted stock that did not meet its market-based vesting criteria as of June 30, 2016. During the six months ended June 30, 2017 , the Company had a net loss and therefore the diluted earnings per share calculation for that period excludes the anti-dilutive effect of 1,804,852 shares of service-based restricted stock and 4,682 stock options. In addition, the diluted earnings per share calculation for the six months ended June 30, 2017 excludes the effect of 1,685,695 common shares for stock options that were out-of-the-money and 493,565 shares of restricted stock that did not meet its market-based vesting criteria as of June 30, 2017 . During the six months ended June 30, 2016 , the Company had a net loss and therefore the diluted earnings per share calculation for that period excludes the anti-dilutive effect of (i) 12,313,492 shares issuable for c onvertible n otes prior to their conversions under the if-converted method , (ii) 955,774 shares of service-based restricted stock, and (iii) 4,630 stock options. In addition, the diluted earnings per share calculation for the six months ended June 30, 2016 excludes the effect of 2,024,354 common shares for stock options that were out-of-the-money and 561,313 sh ares of restricted stock that did not meet its mark et-based vesting criteria as of June 30, 2016 . Refer to the “Stock-Based Compensation” footnote for further information on the Company’s restricted stock and stock options. As discussed in the “Long-Term Debt” footnote, the Company has the option to settle the 2020 Convertible Senior Notes with cash, shares of common stock or any combination thereof upon conversion. Based on the initial conversion price , the entire outstanding principal amount of the 2020 Convertible Senior Notes as of June 30, 2017 would be convertible into approximately 14.4 million shares of the Company’s common stock. However, t he Company’s intent is to settle the principal amount of the notes in cash upon conversion. As a result, only the amount by which the conversion value exceeds the aggregate principal amount of the notes (the “conversion spread”) is considered in the diluted earnings per share computation under the treasury stock method. As of June 30, 2017 and 2016 , the conversion value did not exceed the principal amount of the notes . A ccordingly, there was no impact to diluted earnings per share or the related disclosures for th ose period s .

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2017
COMMITMENTS AND CONTINGENCIES [Abstract]
COMMITMENTS AND CONTINGENCIES	12 . COMMITMENTS AND CONTINGENCIES Upon completion of the Dakota Access Pipeline on June 1, 2017, the Company’s physical delivery contract for the delivery of fixed volumes of crude oil from Whiting’s Sanish field in Mountrail County, North Dakota became effective. Under the terms of the agreement, Whiting has committed to deliver 15 MBbl/d for a term of seven years, or pay a deficiency fee equal to $7.00 per undelivered Bbl. The Company believes its production and reserves are sufficient to fulfill this delivery commitment, and therefore expects to avoid any payments for deficiencies under this contract.  Additionally, the Company has two physical delivery contracts tied to crude oil production at Whiting’s Redtail field in Weld County, Colorado. As of June 30, 2017, these two contracts had remaining delivery commitments of 10.1 MMBbl of crude oil for the second half of 2017 and 21.5 MMBbl, 23.3 MMBbl and 6.6 MMBbl of crude oil for the years ended December 31, 2018 through 2020, respectively. The Company has determi ned that it is not probable that future oil production from its Redtail field will be sufficient to meet the minimum volume requirements specified in these physical delivery contracts, and as a result, the Company expects to make periodic deficiency payments for any shortfalls in delivering the minimum committed volumes. During the three and six months ended June 30, 201 7 , total deficiency payments under these contracts amounted to $19 million and $35 million, respectively. The Company recognizes any monthly deficiency payments in the period in which the underdelivery takes place and the related liability has been incurred.

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	6 Months Ended
	Jun. 30, 2017
BASIS OF PRESENTATION [Abstract]
Condensed Consolidated Financial Statements	Condensed Consolidated Financial Statements —The unaudited condensed consolidated financial statements include the accounts of Whiting Petroleum Corporation and its consolidated subsidiaries. Investments in entities which give Whiting significant influence, but not control, over the investee are accounted for using the equity method. Under the equity method, investments are stated at cost plus the Company’s equity in undistributed earnings and losses. All intercompany balances and transactions have been eliminated upon consolidation. These financial statements have been prepared in accordance with GAAP and the SEC rules and regulations for interim financial reporting. In the opinion of management, the accompanying financial statements include all adjustments (consisting of normal recurring accruals and adjustments) necessary to present fairly, in all material respects, the Company’s interim results. However, operating results for the periods presented are not necessarily indicative of the results that may be expected for the full year. The condensed consolidated financial statements and related notes included in this Quarterly Report on Form 10-Q should be read in conjunction with Whiting’s consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the period ended December 31, 2016. Except as disclosed herein, there have been no material changes to the information disclosed in the notes to consolidated financial statements included in the Company’s 2016 Annual Report on Form 10 ‑K.
Reclassifications	Reclassifications —Certain prior period balances in the condensed consolidated balance sheets and statements of operations have been reclassified to conform to the current year presentation. Such reclassifications had no impact on net income, cash flows or shareholders’ equity previously reported.
Adopted and Recently Issued Accounting Pronouncements	Adopted and Recently Issued Accounting Pronouncements —I n May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (“ASU 2014 ‑09”). The objective of ASU 2014-09 is to clarify the principles for recognizing revenue and to develop a common revenue standard for U.S. GAAP and International Financial Reporting Standards. The FASB subsequently issued ASU 2015-14, ASU 2016-08, ASU 2016-10, ASU 2016-12 and ASU 2016-20, which deferred the effective date of ASU 2014-09 and provided additional implementation guidance. These ASUs are effective for fiscal years, and interim periods within those years, beginning after December 15 , 2017. The standards permit retrospective application using either of the following methodologies: (i) restatement of each prior reporting period presented or (ii) recognition of a cumulative-effect adjustment as of the date of initial application. The Company plans to adopt these ASUs effective January 1, 2018 , and anticipates using the modified retrospective approach . T he Company is in the process of assessing its contracts with customers and evaluating the effect of adopting these standards on its financial statements, accounting policies and internal controls. Based on assessments performed to date, the adoption is not expected to have a significant impact on the Company’s consolidated financial statements other than additional disclosures. In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (“ASU 2016-02”). The objective of this ASU is to increase transparency and comparability among organizations by recognizing lease assets and liabilities on the balance sheet and disclosing key information about leasing arrangements. ASU 2016-02 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018 and should be applied using a modified retrospective approach. Early adoption is permitted. Although the Company is still in the process of evaluating the effect of adopting ASU 2016 ‑02, the adoption is expected to result in an increase in the assets and liabilities recorded on its consolidated balance sheet. As of June 30, 2017, the Company had approximately $86 million of contractual obligations related to its non-cancelable leases, drilling rig contracts and pipeline transportation agreements, and it will evaluate those contracts as well as other existing arrangements to determine if they qualify for lease accounting under ASU 2016-02. In March 2016, the FASB issued Accounting Standards Update No. 2016-09, Improvements To Employee Share-Based Payment Accounting (“ASU 2016-09”). The objective of this ASU is to simplify several aspects of the accounting for employee share-based payment transactions, including income tax consequences, forfeitures, classification of awards as either equity or liabilities and classification in the statement of cash flows. Portions of this ASU must be applied prospectively while other portions may be applied either prospectively or retrospectively. ASU 2016-09 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15 , 2016, and the Company adopted this standard on January 1, 2017. Upon adoption of ASU 2016-09, the Company (i) recorded $70 million of previously unrecognized excess tax benefits on a modified retrospective basis with a full valuation allowance, resulting in a net cumulative-effect adjustment to retained earnings of zero , (ii) prospectively removed excess tax benefits from its calculation of diluted shares, which had no impact on the Company’s diluted earnings per share for the three and six months ended June 30, 2017, and (iii) elected to account for forfeitures of share-based awards as they occur, rather than by applying an estimated forfeiture rate to determine compensation expense, the effect of which was recognized using a modified retrospective approach and resulted in an immaterial cumulative-effect adjustment to retained earnings and additional paid-in capital.

OIL AND GAS PROPERTIES (Tables)

OIL AND GAS PROPERTIES (Tables)	6 Months Ended
	Jun. 30, 2017
OIL AND GAS PROPERTIES [Abstract]
Net capitalized costs related to oil and gas producing activities	   June 30, December 31,  2017 2016  Proved leasehold costs $ 3,418,278 $ 3,330,928  Unproved leasehold costs 284,640 392,484  Costs of completed wells and facilities 9,306,672 9,016,472  Wells and facilities in progress 594,624 490,967  Total oil and gas properties, successful efforts method 13,604,214 13,230,851  Accumulated depletion (4,643,709) (4,170,237)  Oil and gas properties, net $ 8,960,505 $ 9,060,614 

ACQUISITIONS AND DIVESTITURES (

ACQUISITIONS AND DIVESTITURES (Tables)	6 Months Ended
	Jun. 30, 2017
ACQUISITIONS AND DIVESTITURES [Abstract]
Components of assets and liabilities classified as held for sale	   Carrying Value as of  December 31, 2016  Assets  Oil and gas properties, net $ 347,817  Other property and equipment, net 475  Total property and equipment, net 348,292  Other long-term assets 854  Total assets held for sale $ 349,146   Liabilities  Asset retirement obligations $ 131  Other long-term liabilities 407  Total liabilities related to assets held for sale $ 538 

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	6 Months Ended
	Jun. 30, 2017
LONG-TERM DEBT [Abstract]
Schedule of long-term debt	   June 30, December 31,  2017 2016  Credit agreement $ 550,000 $ 550,000  6.5% Senior Subordinated Notes due 2018 - 275,121  5.0% Senior Notes due 2019 961,409 961,409  1.25% Convertible Senior Notes due 2020 562,075 562,075  5.75% Senior Notes due 2021 873,609 873,609  6.25% Senior Notes due 2023 408,296 408,296  Total principal 3,355,389 3,630,510  Unamortized debt discounts and premiums (61,285) (71,340)  Unamortized debt issuance costs on notes (19,297) (23,867)  Total long-term debt $ 3,274,807 $ 3,535,303 
Summary of margin rates and commitment fees	   Applicable Applicable  Margin for Base Margin for Commitment  Ratio of Outstanding Borrowings to Borrowing Base Rate Loans Eurodollar Loans Fee  Less than 0.25 to 1.0 1.00% 2.00% 0.50%  Greater than or equal to 0.25 to 1.0 but less than 0.50 to 1.0 1.25% 2.25% 0.50%  Greater than or equal to 0.50 to 1.0 but less than 0.75 to 1.0 1.50% 2.50% 0.50%  Greater than or equal to 0.75 to 1.0 but less than 0.90 to 1.0 1.75% 2.75% 0.50%  Greater than or equal to 0.90 to 1.0 2.00% 3.00% 0.50% 
Summary of Long-Term Debt Terms	   2020  2019 Convertible 2021 2023  Senior Notes Senior Notes Senior Notes Senior Notes  Outstanding principal (in thousands) $ 961,409 $ 562,075 $ 873,609 $ 408,296  Interest rate 5.0% 1.25% 5.75% 6.25%  Maturity date Mar 15, 2019 Apr 1, 2020 Mar 15, 2021 Apr 1, 2023  Interest payment dates Mar 15, Sep 15 Apr 1, Oct 1 Mar 15, Sep 15 Apr 1, Oct 1  Make-whole redemption date (1) Dec 15, 2018 N/A (2) Dec 15, 2020 Jan 1, 2023 (1) On or after these dates, the Company may redeem the applicable series of notes, in whole or in part, at a redemption price equal to 100% of the principal amount redeemed, together with accrued and unpaid interest up to the redemption date. At any time prior to these dates, the Company may redeem the notes at a redemption price that includes an applicable premium as defined in the indentures to such notes. (2) Th e indenture governing our 1.25% Convertible Senior Notes due 2020 do es not allow for optional redemption by the Company prior to the maturity date.
Schedule of convertible senior notes	    June 30, December 31,  2017 2016  Liability component  Principal $ 562,075 $ 562,075  Less: unamortized note discount (62,290) (72,622)  Less: unamortized debt issuance costs (5,086) (5,988)  Net carrying value $ 494,699 $ 483,465  Equity component (1) $ 136,522 $ 136,522 (1) Recorded in additional paid-in capital, net of $5 million of issuance costs and $50 million of deferred taxes as of June 30, 2017 and December 31, 2016 .
Interest expense on convertible senior notes	   Three Months Ended Six Months Ended  June 30, June 30,  2017 2016 2017 2016  Interest expense on 2020 Convertible Senior Notes $ 6,958 $ 14,630 $ 13,844 $ 29,323 

ASSET RETIREMENT OBLIGATIONS (T

ASSET RETIREMENT OBLIGATIONS (Tables)	6 Months Ended
	Jun. 30, 2017
ASSET RETIREMENT OBLIGATIONS [Abstract]
Schedule of reconciliation of the Company's asset retirement obligations	   Asset retirement obligation at January 1, 2017 $ 177,004  Additional liability incurred 2,493  Revisions to estimated cash flows (8,781)  Accretion expense 7,109  Obligations on sold properties (85)  Liabilities settled (1,667)  Asset retirement obligation at June 30, 2017 $ 176,073 

DERIVATIVE FINANCIAL INSTRUME25

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2017
Derivative Financial Instruments [Line Items]
Schedule of effects of commodity derivative instruments	    (Gain) Loss Recognized in Income  Not Designated as Statement of Operations Six Months Ended June 30,  ASC 815 Hedges Classification 2017 2016  Commodity contracts Derivative (gain) loss, net $ (2,295) $ 49,965  Embedded derivatives Derivative (gain) loss, net 18,709 (47,965)  Total $ 16,414 $ 2,000      (Gain) Loss Recognized in Income  Not Designated as Statement of Operations Three Months Ended June 30,  ASC 815 Hedges Classification 2017 2016  Commodity contracts Derivative (gain) loss, net $ (25,646) $ 66,711  Embedded derivatives Derivative (gain) loss, net 5,483 (69,472)  Total $ (20,163) $ (2,761) 
Location and fair value of derivative instruments	   June 30, 2017 (1)  Net  Gross Recognized  Recognized Gross Fair Value  Not Designated as Assets/ Amounts Assets/  ASC 815 Hedges Balance Sheet Classification Liabilities Offset Liabilities  Derivative assets  Commodity contracts - current Derivative assets $ 34,035 $ (7,071) $ 26,964  Commodity contracts - non-current Other long-term assets 10,075 (6,707) 3,368  Embedded derivatives - non-current Other long-term assets 31,923 - 31,923  Total derivative assets $ 76,033 $ (13,778) $ 62,255  Derivative liabilities  Commodity contracts - current Derivative liabilities $ 30,687 $ (7,071) $ 23,616  Commodity contracts - non-current Other long-term liabilities 45,043 (6,707) 38,336  Total derivative liabilities $ 75,730 $ (13,778) $ 61,952      December 31, 2016 (1)  Net  Gross Recognized  Recognized Gross Fair Value  Not Designated as Assets/ Amounts Assets/  ASC 815 Hedges Balance Sheet Classification Liabilities Offset Liabilities  Derivative assets  Commodity contracts - current Derivative assets $ 21,405 $ (21,405) $ -  Commodity contracts - non-current Other long-term assets 9,495 (9,495) -  Embedded derivatives - non-current Other long-term assets 50,632 - 50,632  Total derivative assets $ 81,532 $ (30,900) $ 50,632  Derivative liabilities  Commodity contracts - current Derivative liabilities $ 39,033 $ (21,405) $ 17,628  Commodity contracts - non-current Other long-term liabilities 19,724 (9,495) 10,229  Total derivative liabilities $ 58,757 $ (30,900) $ 27,857 (1) Because counterparties to the Company’s financial derivative contracts subject to master netting arrangements are lenders under Whiting Oil and Gas’ credit agreement, which eliminates its need to post or receive collateral associated with its derivative positions, columns for cash collateral pledged or received have not been presented in the se tables.
Whiting Petroleum Corporation [Member]
Derivative Financial Instruments [Line Items]
Derivative instruments	    Whiting Petroleum Corporation   Derivative Contracted Crude Weighted Average NYMEX Price  Instrument Period Oil Volumes (Bbl) Collar Ranges for Crude Oil (per Bbl)  Three-way collars (1) (2) Jul - Dec 2017 6,900,000 $35.00 - $45.22 - $59.80  Jan - Dec 2018 3,000,000 $40.00 - $50.00 - $60.31  Collars Jul - Dec 2017 1,500,000 $53.00 - $70.44  Total 11,400,000 (1) A three-way collar is a combination of options: a sold call, a purchased put and a sold put. The sold call establishes a maximum price (ceiling) Whiting will receive for the volumes under contract. The purchased put establishes a minimum price (floor), unless the market price falls below the sold put (sub-floor), at which point the minimum price would be NYMEX plus the difference between the purchased put and the sold put strike price. (2) Subsequent to June 30, 2017, the Company entered into additional three-way collar contracts for 500,000 Bbl and 1,200,000 Bbl of crude oil volumes for the years ended December 31, 2017 and 2018, respectively.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2017
FAIR VALUE MEASUREMENTS [Abstract]
Summary of the fair values and carrying value of debt instruments	     June 30, 2017 December 31, 2016  Fair Carrying Fair Carrying  Value (1) Value (2) Value (1) Value (2)  6.5% Senior Subordinated Notes due 2018 $ - $ - $ 275,121 $ 273,506  5.0% Senior Notes due 2019 951,795 957,646 961,409 956,607  1.25% Convertible Senior Notes due 2020 475,656 494,699 503,057 483,465  5.75% Senior Notes due 2021 821,192 868,865 868,149 868,460  6.25% Senior Notes due 2023 379,715 403,597 408,296 403,265  Total $ 2,628,358 $ 2,724,807 $ 3,016,032 $ 2,985,303 (1) Fair values are based on quoted market prices for these debt securities, and such fair values are therefore designated as Level 1 within the valuation hierarchy. (2) Carrying values are presented net of unamortized debt issuance costs and debt discounts or premiums.
Fair value assets and liabilities measured on a recurring basis	     Total Fair Value  Level 1 Level 2 Level 3 June 30, 2017  Financial Assets  Commodity derivatives – current $ - $ 26,964 $ - $ 26,964  Commodity derivatives – non-current - 3,368 - 3,368  Embedded derivatives – non-current - 31,923 - 31,923  Total financial assets $ - $ 62,255 $ - $ 62,255  Financial Liabilities  Commodity derivatives – current $ - $ - $ 23,616 $ 23,616  Commodity derivatives – non-current - - 38,336 38,336  Total financial liabilities $ - $ - $ 61,952 $ 61,952      Total Fair Value  Level 1 Level 2 Level 3 December 31, 2016  Financial Assets  Embedded derivatives – non-current $ - $ 50,632 $ - $ 50,632  Total financial assets $ - $ 50,632 $ - $ 50,632  Financial Liabilities  Commodity derivatives – current $ - $ 14,664 $ 2,964 $ 17,628  Commodity derivatives – non-current - 3,979 6,250 10,229  Total financial liabilities $ - $ 18,643 $ 9,214 $ 27,857 
Reconciliation of changes in the fair value of financial assets (liabilities) designated as Level 3 in the valuation hierarchy	    Three Months Ended Six Months Ended  June 30, June 30,  2017 2016 2017 2016  Fair value liability, beginning of period $ (65,906) $ (118,627) $ (9,214) $ (4,027)  Recognition of embedded derivatives associated with convertible note issuances - - - (89,884)  Unrealized gains on embedded derivatives included in earnings (1) - 69,472 - 47,965  Settlement of embedded derivatives upon conversion of convertible notes - 41,919 - 41,919  Unrealized gains (losses) on commodity derivative contracts included in earnings (1) 3,954 (2,648) (52,738) (5,857)  Transfers into (out of) Level 3 - - - -  Fair value liability, end of period $ (61,952) $ (9,884) $ (61,952) $ (9,884) (1) Included in derivative (gain) loss, net in the consolidated statements of operations.
Significant unobservable inputs used in the fair value measurement	   Derivative Instrument Valuation Technique Unobservable Input Amount  Commodity derivative contract Probability-weighted income approach Market differential for crude oil $3.93 - $4.79 per Bbl 

NONCONTROLLING INTEREST (Tables

NONCONTROLLING INTEREST (Tables)	6 Months Ended
	Jun. 30, 2017
NONCONTROLLING INTEREST [Abstract]
Schedule of noncontrolling interest	   Six Months Ended  June 30,  2017 2016  Balance at beginning of period $ 7,962 $ 7,984  Net loss (14) (15)  Receivable for assignment of ownership interest (7,948) -  Balance at end of period $ - $ 7,969 

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2017
STOCK-BASED COMPENSATION [Abstract]
Assumption for valuing market based restricted shares	  201 7 201 6  Number of simulations 2,500,000 2,500,000  Expected volatility 82.44% 60.8%  Risk-free interest rate 1.52% 1.13%  Dividend yield - - 
Summary of nonvested restricted stock	  Number of Shares Weighted Average  Service-Based Market-Based Grant Date  Restricted Stock Performance Shares Fair Value  Nonvested awards, January 1, 201 7 3,067,804 2,092,810 $ 13.55  Granted 1,637,462 633,479 12.77  Vested (1,182,970) - 13.00  Forfeited (170,155) (738,750) 22.09  Nonvested awards, June 30 , 201 7 3,352,141 1,987,539 $ 11.88 

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2017
EARNINGS PER SHARE [Abstract]
Reconciliations between basic and diluted earnings per share	   Three Months Ended Six Months Ended  June 30, June 30,  2017 2016 2017 2016  Basic Loss Per Share  Net loss attributable to common shareholders $ (65,981) $ (301,041) $ (152,938) $ (472,789)  Weighted average shares outstanding 362,734 226,039 362,672 215,203  Loss per common share $ (0.18) $ (1.33) $ (0.42) $ (2.20)   Diluted Loss Per Share  Adjusted net loss attributable to common shareholders $ (65,981) $ (301,041) $ (152,938) $ (472,789)  Weighted average shares outstanding 362,734 226,039 362,672 215,203  Loss per common share $ (0.18) $ (1.33) $ (0.42) $ (2.20) 

BASIS OF PRESENTATION (Details)

BASIS OF PRESENTATION (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2017	Jan. 01, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Contractual obligation	$ 86	$ 86
Accounting Standards Update 2016-09 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Unrecognized tax benefit			$ 70
New accounting pronouncement, cumulative effect of change on equity			$ 0
New accounting pronouncement, impact on diluted earnings per share	$ 0	$ 0

OIL AND GAS PROPERTIES (Details

OIL AND GAS PROPERTIES (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
OIL AND GAS PROPERTIES [Abstract]
Proved leasehold costs	$ 3,418,278	$ 3,330,928
Unproved leasehold costs	284,640	392,484
Costs of completed wells and facilities	9,306,672	9,016,472
Wells and facilities in progress	594,624	490,967
Total oil and gas properties, successful efforts method	13,604,214	13,230,851
Accumulated depletion	(4,643,709)	(4,170,237)
Oil and gas properties, net	$ 8,960,505	$ 9,060,614

ACQUISITIONS AND DIVESTITURES32

ACQUISITIONS AND DIVESTITURES (Narrative) (Details)	Jul. 19, 2017USD ($)	Jan. 01, 2017USD ($)	Jul. 31, 2016USD ($)$ / bbl	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale		$ 375,000,000	$ 300,000,000
Gain (loss) on sale			(187,000,000)
Additional proceeds from disposal for specified period for each $0.01 average NYMEX futures is above threshold price per Bbl			$ 100,000
Average price per Bbl threshold for additional proceeds from sale | $ / bbl			50
Maximum possible additional proceeds from divestiture of business			$ 100,000,000
Derivative, pre-tax gain recognized				$ 20,163,000	$ 2,761,000	$ (16,414,000)	$ (2,000,000)
Subsequent Event [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Amount received from settled contingent payment	$ 35,000,000
Derivative, pre-tax gain recognized	$ 3,000,000
Robinson Lake Gas Processing Plant [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale of interest in gas processing plant		50.00%
Belfield Gas Processing Plant [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale of interest in gas processing plant		50.00%

ACQUISITIONS AND DIVESTITURES33

ACQUISITIONS AND DIVESTITURES (Components of Assets and Liabilities Classified As Held For Sale) (Details) $ in Thousands	Dec. 31, 2016USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total assets held for sale	$ 349,146
Total liabilities related to assets held for sale	538
Disposal Group, Held-for-sale, Not Discontinued Operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Oil and gas properties, net	347,817
Other property and equipment, net	475
Total property and equipment, net	348,292
Other long-term assets	854
Total assets held for sale	349,146
Asset retirement obligations	131
Other long-term liabilities	407
Total liabilities related to assets held for sale	$ 538

LONG-TERM DEBT (Credit agreemen

LONG-TERM DEBT (Credit agreement) (Details) - Whiting Oil and Gas Corporation [Member] - Credit Agreement [Member] - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Maximum borrowing capacity of credit facility	$ 2,500
Maximum aggregate commitments	2,500
Borrowing capacity of credit facility, net of letter of credit	1,900
Outstanding borrowings under credit facility	550
Letters of credit borrowings outstanding	9
Portion of line of credit available for issuance of letters of credit	50
Amount of revolving credit agreement available for additional letters of credit under the agreement	$ 41
Weighted average interest rate	3.20%	4.00%
Permitted issuance of second lien indebtedness maximum amount	$ 1,000
Retained earnings free from restrictions	$ 0
Minimum consolidated current assets to consolidated current liabilities ratio	1
Total senior secured debt to EBITDAX ratio	3
EBITDAX to consolidated interest charges	2.25
Base Rate [Member]
Debt Instrument [Line Items]
Variable interest rate basis	federal funds
Basis points added to reference rate (as a percent)	0.50%
LIBOR [Member]
Debt Instrument [Line Items]
Variable interest rate basis	LIBOR
Basis points added to reference rate (as a percent)	1.00%
April 1, 2018 Or Commencement Of An Investment-Grade Debt Rating Period [Member]
Debt Instrument [Line Items]
Total debt to EBITDAX ratio	4

LONG-TERM DEBT (Senior notes an

LONG-TERM DEBT (Senior notes and senior subordinated notes) (Details) - USD ($) shares in Millions	Feb. 02, 2017	Jul. 01, 2016	Jun. 29, 2016	Mar. 23, 2016	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2015	Sep. 30, 2013	Sep. 26, 2013	Sep. 30, 2010
Debt Instrument [Line Items]
Aggregate principal amount exchanged				$ 477,000,000
Non cash charges			$ 21,000,000
Fair value difference from principal amount			10,000,000
Total principal						$ 3,355,389,000			$ 3,630,510,000
Repayment of subordinated note						275,121,000
Gain (loss) on extinguishment of debt			$ 9,000,000		$ (179,396,000)	$ (1,540,000)	$ (88,777,000)
6.5% Senior Subordinated Notes due 2018 [Member] | Senior Subordinated Notes [Member]
Debt Instrument [Line Items]
Notes Issued													$ 350,000,000
Interest rate on debt instrument (as a percent)						6.50%			6.50%				6.50%
Aggregate principal amount exchanged		$ 26,000,000		49,000,000
Total principal	$ 275,000,000							$ 0	$ 275,121,000
Notes repurchased, principal amount	275,000,000
Repayment of subordinated note	$ 281,000,000
Percentage of redemption price	100.00%
Gain (loss) on extinguishment of debt	$ (2,000,000)
5.0% Senior Notes due 2019 [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Notes Issued											$ 1,100,000,000
Interest rate on debt instrument (as a percent)						5.00%			5.00%		5.00%
Aggregate principal amount exchanged		42,000,000		97,000,000
Total principal						$ 961,409,000			$ 961,409,000
5.75% Senior Notes due 2021 [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Notes Issued											$ 800,000,000	$ 400,000,000
Interest rate on debt instrument (as a percent)						5.75%			5.75%		5.75%	5.75%
Premium as a percentage of par												101.00%
Debt, effective interest rate						5.50%
Aggregate principal amount exchanged		174,000,000		152,000,000
Total principal						$ 873,609,000			$ 873,609,000
6.25% Senior Notes due 2023 [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Notes Issued										$ 750,000,000
Interest rate on debt instrument (as a percent)						6.25%			6.25%	6.25%
Aggregate principal amount exchanged		163,000,000		179,000,000
Total principal						$ 408,296,000			$ 408,296,000
6.5% Convertible Senior Subordinated Notes due 2018 [Member] | Convertible Senior Subordinated Notes [Member]
Debt Instrument [Line Items]
Notes Issued				$ 49,000,000
Interest rate on debt instrument (as a percent)				6.50%
5.0% Convertible Senior Notes due 2019 [Member] | Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Notes Issued				$ 97,000,000
Interest rate on debt instrument (as a percent)				5.00%
5.75% Convertible Senior Notes due 2021 [Member] | Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Notes Issued				$ 152,000,000
Interest rate on debt instrument (as a percent)				5.75%
6.25% Convertible Senior Notes due 2023 [Member] | Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Notes Issued				$ 179,000,000
Interest rate on debt instrument (as a percent)				6.25%
New Convertible Notes [Member]
Debt Instrument [Line Items]
Non cash charges				$ 4,000,000
Fair value difference from principal amount				95,000,000
Unamortized debt discount				185,000,000
Fair value of embedded derivatives for conversion options				90,000,000
Aggregate principal amount converted into shares					$ 477,000,000
Number of shares upon settlement of conversion					41.8
Total principal					$ 0		$ 0
Cash paid for early conversion of notes, including accrued and unpaid interest					46,000,000
Gain (loss) on extinguishment of debt				$ 91,000,000	$ (188,000,000)
Senior Subordinated Notes And Senior Notes [Member]
Debt Instrument [Line Items]
Aggregate principal amount exchanged		$ 405,000,000

LONG-TERM DEBT (2020 Convertibl

LONG-TERM DEBT (2020 Convertible senior notes) (Details)	Jul. 01, 2016USD ($)	Jun. 29, 2016USD ($)	Mar. 23, 2016USD ($)	Mar. 31, 2015USD ($)	Jun. 30, 2017USD ($)item$ / shares$ / item	Dec. 31, 2016USD ($)
Debt Instrument [Line Items]
Debt finance cost					$ 19,297,000	$ 23,867,000
Aggregate principal amount exchanged			$ 477,000,000
Carrying value of debt instrument					3,355,389,000	3,630,510,000
Convertible Senior Notes [Member] | 1.25% Convertible Senior Notes due 2020 [Member]
Debt Instrument [Line Items]
Principal				$ 1,250,000,000	$ 562,075,000	$ 562,075,000
Interest rate on debt instrument (as a percent)				1.25%	1.25%	1.25%
Net proceeds				$ 1,200,000,000
Debt finance cost				25,000,000	$ 5,086,000	$ 5,988,000
Aggregate principal amount exchanged	$ 559,000,000	$ 129,000,000
Carrying value of debt instrument					$ 562,075,000	562,075,000
Principal amount per conversion ratio | $ / item					1,000
Conversion ratio					25.6410
Conversion price per $1,000 principal amount of notes | $ / shares					$ 39
Debt, effective interest rate					5.60%
Estimated fair value of Notes				1,000,000,000
Debt discount				$ 238,000,000	$ 62,290,000	$ 72,622,000
Convertible Senior Notes, Conversion Scenario 1 [Member] | Convertible Senior Notes [Member] | 1.25% Convertible Senior Notes due 2020 [Member]
Debt Instrument [Line Items]
Minimum days within 30 consecutive days of trading, where percent of conversion price exceed agreed upon percentage | item					20
Debt Instrument, Convertible, Threshold Consecutive Trading Days					30 days
Minimum conversion price percentage used to determine settlement of conversion					130.00%
Convertible Senior Notes, Conversion Scenario 2 [Member] | Convertible Senior Notes [Member] | 1.25% Convertible Senior Notes due 2020 [Member]
Debt Instrument [Line Items]
Period after measurement period used for convertible senior notes					5 days
Principal amount per conversion ratio | $ / item					1,000
Threshold percentage of product of stock price and conversion rate					98.00%
Debt Instruments Convertible Threshold Consecutive Trading Days					5 days

LONG-TERM DEBT (Mandatory conve

LONG-TERM DEBT (Mandatory convertible notes, security and guarantees) (Details) - USD ($) shares in Millions	Feb. 02, 2017	Jul. 01, 2016	Jun. 29, 2016	Mar. 23, 2016	Jun. 30, 2016	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2016	Mar. 31, 2017	Mar. 31, 2015	Sep. 30, 2013	Sep. 26, 2013	Sep. 30, 2010
Debt Instrument [Line Items]
Aggregate principal amount exchanged				$ 477,000,000
Carrying value of debt instrument						$ 3,355,389,000	$ 3,630,510,000
Percentage of owned subsidiaries						100.00%
Gain (loss) on extinguishment of debt			$ 9,000,000		$ (179,396,000)	$ (1,540,000)		$ (88,777,000)
Non cash charges			21,000,000
Adjustment to equity component of 2020 Convertible Senior Notes upon extinguishment, net								(9,660,000)
Fair value difference from principal amount			10,000,000
Senior Notes, 1.25% Convertible Senior Notes due 2020, and Senior Subordinated Notes [Member
Debt Instrument [Line Items]
Aggregate principal amount exchanged		$ 964,000,000
Mandatory Convertible Notes [Member]
Debt Instrument [Line Items]
Aggregate principal amount converted into shares							$ 1,093,000,000
Number of shares upon settlement of conversion							115.7
Carrying value of debt instrument							$ 0
Convertible Senior Notes [Member] | 1.25% Convertible Senior Notes due 2020 [Member]
Debt Instrument [Line Items]
Aggregate principal amount exchanged		559,000,000	129,000,000
Principal						$ 562,075,000	$ 562,075,000			$ 1,250,000,000
Interest Rate (as a percent)						1.25%	1.25%			1.25%
Carrying value of debt instrument						$ 562,075,000	$ 562,075,000
Convertible Senior Notes [Member] | 1.25% Mandatory Convertible Senior Notes due 2020, Series 2 [Member]
Debt Instrument [Line Items]
Principal			$ 129,000,000
Convertible Senior Notes [Member] | 5.0% Mandatory Convertible Senior Notes due 2019 [Member]
Debt Instrument [Line Items]
Principal		$ 42,000,000
Interest Rate (as a percent)		5.00%
Convertible Senior Notes [Member] | 1.25% Mandatory Convertible Senior Notes due 2020, Series 1 [Member]
Debt Instrument [Line Items]
Principal		$ 559,000,000
Interest Rate (as a percent)		1.25%
Convertible Senior Notes [Member] | 5.75% Mandatory Convertible Senior Notes due 2021 [Member]
Debt Instrument [Line Items]
Principal		$ 174,000,000
Interest Rate (as a percent)		5.75%
Convertible Senior Notes [Member] | 6.25% Mandatory Convertible Senior Notes due 2023 [Member]
Debt Instrument [Line Items]
Principal		$ 163,000,000
Interest Rate (as a percent)		6.25%
Senior Subordinated Notes [Member] | 6.5% Senior Subordinated Notes due 2018 [Member]
Debt Instrument [Line Items]
Aggregate principal amount exchanged		$ 26,000,000		49,000,000
Principal													$ 350,000,000
Interest Rate (as a percent)						6.50%	6.50%						6.50%
Carrying value of debt instrument	$ 275,000,000						$ 275,121,000		$ 0
Gain (loss) on extinguishment of debt	$ (2,000,000)
Senior Notes [Member] | 5.0% Senior Notes due 2019 [Member]
Debt Instrument [Line Items]
Aggregate principal amount exchanged		42,000,000		97,000,000
Principal											$ 1,100,000,000
Interest Rate (as a percent)						5.00%	5.00%				5.00%
Carrying value of debt instrument						$ 961,409,000	$ 961,409,000
Senior Notes [Member] | 5.75% Senior Notes due 2021 [Member]
Debt Instrument [Line Items]
Aggregate principal amount exchanged		174,000,000		152,000,000
Principal											$ 800,000,000	$ 400,000,000
Interest Rate (as a percent)						5.75%	5.75%				5.75%	5.75%
Carrying value of debt instrument						$ 873,609,000	$ 873,609,000
Senior Notes [Member] | 6.25% Senior Notes due 2023 [Member]
Debt Instrument [Line Items]
Aggregate principal amount exchanged		163,000,000		$ 179,000,000
Principal										$ 750,000,000
Interest Rate (as a percent)						6.25%	6.25%			6.25%
Carrying value of debt instrument						$ 408,296,000	$ 408,296,000
Convertible Senior Subordinated Notes [Member] | 6.5% Mandatory Convertible Senior Subordinated Notes due 2018 [Member]
Debt Instrument [Line Items]
Principal		$ 26,000,000
Interest Rate (as a percent)		6.50%
Additional Paid-in Capital [Member]
Debt Instrument [Line Items]
Adjustment to equity component of 2020 Convertible Senior Notes upon extinguishment, net								$ (9,660,000)

LONG-TERM DEBT (Schedule of lon

LONG-TERM DEBT (Schedule of long-term debt) (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Mar. 31, 2017	Feb. 02, 2017	Dec. 31, 2016	Mar. 31, 2015	Sep. 30, 2013	Sep. 26, 2013	Sep. 30, 2010
Debt Instrument [Line Items]
Total principal	$ 3,355,389			$ 3,630,510
Unamortized debt discounts and premiums	(61,285)			(71,340)
Unamortized debt issuance costs on notes	(19,297)			(23,867)
Total long-term debt	3,274,807			3,535,303
Credit Agreement [Member]
Debt Instrument [Line Items]
Total principal	$ 550,000			550,000
Senior Subordinated Notes [Member] | 6.5% Senior Subordinated Notes due 2018 [Member]
Debt Instrument [Line Items]
Total principal		$ 0	$ 275,000	$ 275,121
Interest rate on debt instrument (as a percent)	6.50%			6.50%				6.50%
Senior Notes [Member] | 5.0% Senior Notes due 2019 [Member]
Debt Instrument [Line Items]
Total principal	$ 961,409			$ 961,409
Interest rate on debt instrument (as a percent)	5.00%			5.00%		5.00%
Senior Notes [Member] | 5.75% Senior Notes due 2021 [Member]
Debt Instrument [Line Items]
Total principal	$ 873,609			$ 873,609
Interest rate on debt instrument (as a percent)	5.75%			5.75%		5.75%	5.75%
Senior Notes [Member] | 6.25% Senior Notes due 2023 [Member]
Debt Instrument [Line Items]
Total principal	$ 408,296			$ 408,296
Interest rate on debt instrument (as a percent)	6.25%			6.25%	6.25%
Convertible Senior Notes [Member] | 1.25% Convertible Senior Notes due 2020 [Member]
Debt Instrument [Line Items]
Total principal	$ 562,075			$ 562,075
Unamortized debt issuance costs on notes	$ (5,086)			$ (5,988)	$ (25,000)
Interest rate on debt instrument (as a percent)	1.25%			1.25%	1.25%

LONG-TERM DEBT (Summary of marg

LONG-TERM DEBT (Summary of margin rates and commitment fees) (Details) - Credit Agreement [Member] - Whiting Oil and Gas Corporation [Member]	6 Months Ended
	Jun. 30, 2017
Base Rate [Member]
Debt Instrument [Line Items]
Variable interest rate basis	federal funds
Applicable Margin for Loans (as percent)	0.50%
Less than 0.25 to 1.0 [Member]
Debt Instrument [Line Items]
Variable interest rate basis	LIBOR
Alternate variable interest rate basis	base loan rate
Range, less than	0.25
Commitment Fee (as a percent)	0.50%
Less than 0.25 to 1.0 [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Applicable Margin for Loans (as percent)	1.00%
Less than 0.25 to 1.0 [Member] | Eurodollar [Member]
Debt Instrument [Line Items]
Applicable Margin for Loans (as percent)	2.00%
Greater than or equal to 0.25 to 1.0 but less than 0.50 to 1.0 [Member]
Debt Instrument [Line Items]
Variable interest rate basis	LIBOR
Alternate variable interest rate basis	base loan rate
Range, greater than or equal to	0.25
Range, less than	0.50
Commitment Fee (as a percent)	0.50%
Greater than or equal to 0.25 to 1.0 but less than 0.50 to 1.0 [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Applicable Margin for Loans (as percent)	1.25%
Greater than or equal to 0.25 to 1.0 but less than 0.50 to 1.0 [Member] | Eurodollar [Member]
Debt Instrument [Line Items]
Applicable Margin for Loans (as percent)	2.25%
Greater than or equal to 0.50 to 1.0 but less than 0.75 to 1.0 [Member]
Debt Instrument [Line Items]
Variable interest rate basis	LIBOR
Alternate variable interest rate basis	base loan rate
Range, greater than or equal to	0.50
Range, less than	0.75
Commitment Fee (as a percent)	0.50%
Greater than or equal to 0.50 to 1.0 but less than 0.75 to 1.0 [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Applicable Margin for Loans (as percent)	1.50%
Greater than or equal to 0.50 to 1.0 but less than 0.75 to 1.0 [Member] | Eurodollar [Member]
Debt Instrument [Line Items]
Applicable Margin for Loans (as percent)	2.50%
Greater than or equal to 0.75 to 1.0 but less than 0.90 to 1.0 [Member]
Debt Instrument [Line Items]
Variable interest rate basis	LIBOR
Alternate variable interest rate basis	base loan rate
Range, greater than or equal to	0.75
Range, less than	0.90
Commitment Fee (as a percent)	0.50%
Greater than or equal to 0.75 to 1.0 but less than 0.90 to 1.0 [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Applicable Margin for Loans (as percent)	1.75%
Greater than or equal to 0.75 to 1.0 but less than 0.90 to 1.0 [Member] | Eurodollar [Member]
Debt Instrument [Line Items]
Applicable Margin for Loans (as percent)	2.75%
Greater than or equal to 0.90 to 1.0 [Member]
Debt Instrument [Line Items]
Variable interest rate basis	LIBOR
Alternate variable interest rate basis	base loan rate
Range, greater than or equal to	0.90
Commitment Fee (as a percent)	0.50%
Greater than or equal to 0.90 to 1.0 [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Applicable Margin for Loans (as percent)	2.00%
Greater than or equal to 0.90 to 1.0 [Member] | Eurodollar [Member]
Debt Instrument [Line Items]
Applicable Margin for Loans (as percent)	3.00%

LONG-TERM DEBT (Summary of seni

LONG-TERM DEBT (Summary of senior notes, convertible senior notes and senior subordinated notes) (Details) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2017	Dec. 31, 2016	Mar. 31, 2015	Sep. 30, 2013	Sep. 26, 2013
Debt Instrument [Line Items]
Carrying value of debt instrument		$ 3,355,389	$ 3,630,510
Percentage of principal amount redeemable		100.00%
5.0% Senior Notes due 2019 [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Carrying value of debt instrument		$ 961,409	$ 961,409
Interest rate on debt instrument (as a percent)		5.00%	5.00%		5.00%
Debt maturity date		Mar. 15, 2019
Interest payment dates		Mar 15, Sep 15
Make-whole redemption date	[1]	Dec. 15, 2018
1.25% Convertible Senior Notes due 2020 [Member] | Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Carrying value of debt instrument		$ 562,075	$ 562,075
Interest rate on debt instrument (as a percent)		1.25%	1.25%	1.25%
Debt maturity date		Apr. 1, 2020
Interest payment dates		Apr 1, Oct 1
5.75% Senior Notes due 2021 [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Carrying value of debt instrument		$ 873,609	$ 873,609
Interest rate on debt instrument (as a percent)		5.75%	5.75%		5.75%	5.75%
Debt maturity date		Mar. 15, 2021
Interest payment dates		Mar 15, Sep 15
Make-whole redemption date	[1]	Dec. 15, 2020
6.25% Senior Notes due 2023 [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Carrying value of debt instrument		$ 408,296	$ 408,296
Interest rate on debt instrument (as a percent)		6.25%	6.25%	6.25%
Debt maturity date		Apr. 1, 2023
Interest payment dates		Apr 1, Oct 1
Make-whole redemption date	[1]	Jan. 1, 2023
[1]	On or after these dates, the Company may redeem the applicable series of notes, in whole or in part, at a redemption price equal to 100% of the principal amount redeemed, together with accrued and unpaid interest up to the redemption date. At any time prior to these dates, the Company may redeem the notes at a redemption price that includes an applicable premium as defined in the indentures to such notes.

LONG-TERM DEBT (Schedule of con

LONG-TERM DEBT (Schedule of convertible senior notes) (Details) - USD ($)		6 Months Ended	12 Months Ended
		Jun. 30, 2017	Dec. 31, 2016	Mar. 31, 2015
Debt Instrument [Line Items]
Less: unamortized debt issuance costs		$ (19,297,000)	$ (23,867,000)
Convertible Senior Notes [Member] | 1.25% Convertible Senior Notes due 2020 [Member]
Debt Instrument [Line Items]
Principal		562,075,000	562,075,000	$ 1,250,000,000
Less: unamortized note discount		(62,290,000)	(72,622,000)	(238,000,000)
Less: unamortized debt issuance costs		(5,086,000)	(5,988,000)	$ (25,000,000)
Net carrying value		494,699,000	483,465,000
Equity component	[1]	136,522,000	136,522,000
Convertible Senior Notes [Member] | 1.25% Convertible Senior Notes due 2020 [Member] | Equity Component Of Convertible Senior Note [Member]
Debt Instrument [Line Items]
Less: unamortized debt issuance costs		(5,000,000)	(5,000,000)
Equity component of convertible debt, deferred taxes		$ 50,000,000	$ 50,000,000
[1]	Recorded in additional paid-in capital, net of $5 million of issuance costs and $50 million of deferred taxes as of June 30, 2017 and December 31, 2016.

LONG-TERM DEBT (Interest expens

LONG-TERM DEBT (Interest expense on convertible senior notes) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Debt Instrument [Line Items]
Interest expense	$ 47,937	$ 78,660	$ 95,948	$ 160,567
1.25% Convertible Senior Notes due 2020 [Member] | Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Interest expense	$ 6,958	$ 14,630	$ 13,844	$ 29,323

ASSET RETIREMENT OBLIGATIONS (D

ASSET RETIREMENT OBLIGATIONS (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Asset Retirement Obligations
Asset retirement obligations, current portion	$ 5,000	$ 8,000
Reconciliation of the Company's asset retirement obligations
Balance at the beginning of the period	177,004
Additional liability incurred	2,493
Revisions to estimated cash flows	(8,781)
Accretion expense	7,109
Obligations on sold properties	(85)
Liabilities settled	(1,667)
Balance at the end of the period	$ 176,073

DERIVATIVE FINANCIAL INSTRUME44

DERIVATIVE FINANCIAL INSTRUMENTS (Derivative instruments) (Details) - Whiting Petroleum Corporation [Member] - Crude Oil [Member]		Jul. 27, 2017item	Jun. 30, 2017item$ / bbl
Derivative Financial Instruments [Line Items]
Aggregate notional amount of price risk derivatives (in Bbl) | item			11,400,000
Three-way collars [Member] | Jul - Dec 2017 [Member]
Derivative Financial Instruments [Line Items]
Aggregate notional amount of price risk derivatives (in Bbl) | item	[1],[2]		6,900,000
Derivative, Floor Price (in dollars per Bbl)	[1],[2]		35
Derivative, Strike Price (in dollars per Bbl)	[1],[2]		45.22
Derivative, Cap Price (in dollars per Bbl)	[1],[2]		59.80
Three-way collars [Member] | Jul - Dec 2017 [Member] | Subsequent Event [Member]
Derivative Financial Instruments [Line Items]
Aggregate notional amount of price risk derivatives (in Bbl) | item		500,000
Three-way collars [Member] | Jan - Dec 2018 [Member]
Derivative Financial Instruments [Line Items]
Aggregate notional amount of price risk derivatives (in Bbl) | item	[1],[2]		3,000,000
Derivative, Floor Price (in dollars per Bbl)	[1],[2]		40
Derivative, Strike Price (in dollars per Bbl)	[1],[2]		50
Derivative, Cap Price (in dollars per Bbl)	[1],[2]		60.31
Three-way collars [Member] | Jan - Dec 2018 [Member] | Subsequent Event [Member]
Derivative Financial Instruments [Line Items]
Aggregate notional amount of price risk derivatives (in Bbl) | item		1,200,000
Collars [Member] | Jul - Dec 2017 [Member]
Derivative Financial Instruments [Line Items]
Aggregate notional amount of price risk derivatives (in Bbl) | item			1,500,000
Derivative, Floor Price (in dollars per Bbl)			53
Derivative, Cap Price (in dollars per Bbl)			70.44
[1]	A three-way collar is a combination of options: a sold call, a purchased put and a sold put. The sold call establishes a maximum price (ceiling) Whiting will receive for the volumes under contract. The purchased put establishes a minimum price (floor), unless the market price falls below the sold put (sub-floor), at which point the minimum price would be NYMEX plus the difference between the purchased put and the sold put strike price.
[2]	Subsequent to June 30, 2017, the Company entered into additional three-way collar contracts for 500,000 Bbl and 1,200,000 Bbl of crude oil volumes for the years ended December 31, 2017 and 2018, respectively.

DERIVATIVE FINANCIAL INSTRUME45

DERIVATIVE FINANCIAL INSTRUMENTS (Narrative) (Details)		Jul. 19, 2017USD ($)	Jul. 31, 2016USD ($)$ / bbl	Jun. 30, 2017USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Derivative Financial Instruments [Line Items]
Additional proceeds from disposal for specified period for each $0.01 average NYMEX futures is above threshold price per Bbl			$ 100,000
Average price per Bbl threshold for additional proceeds from sale | $ / bbl			50
Maximum possible additional proceeds from divestiture of business			$ 100,000,000
Level 3 [Member]
Derivative Financial Instruments [Line Items]
Fair value liabilities				$ (61,952,000)	$ (65,906,000)	$ (9,214,000)	$ (9,884,000)	$ (118,627,000)	$ (4,027,000)
Recurring Basis [Member]
Derivative Financial Instruments [Line Items]
Derivative Asset				62,255,000		50,632,000
Recurring Basis [Member] | Embedded derivatives [Member] | Level 3 [Member]
Derivative Financial Instruments [Line Items]
Embedded Derivative, Fair Value of Embedded Derivative Liability				0		0
Not Designated as ASC 815 Hedges [Member]
Derivative Financial Instruments [Line Items]
Derivative Asset	[1]			62,255,000		50,632,000
Not Designated as ASC 815 Hedges [Member] | Other Long Term Assets [Member] | Embedded derivatives [Member]
Derivative Financial Instruments [Line Items]
Derivative Asset	[1]			$ 31,923,000		$ 50,632,000
Subsequent Event [Member]
Derivative Financial Instruments [Line Items]
Amount received from settled contingent payment		$ 35,000,000
Subsequent Event [Member] | Embedded derivatives [Member]
Derivative Financial Instruments [Line Items]
Derivative Asset		$ 0
[1]	Because counterparties to the Company's financial derivative contracts subject to master netting arrangements are lenders under Whiting Oil and Gas' credit agreement, which eliminates its need to post or receive collateral associated with its derivative positions, columns for cash collateral pledged or received have not been presented in these tables.

DERIVATIVE FINANCIAL INSTRUME46

DERIVATIVE FINANCIAL INSTRUMENTS (Schedule of effects of commodity derivative instruments) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Derivative Financial Instruments [Line Items]
(Gain) Loss Recognized in Income	$ (20,163)	$ (2,761)	$ 16,414	$ 2,000
Not Designated as ASC 815 Hedges [Member]
Derivative Financial Instruments [Line Items]
(Gain) Loss Recognized in Income	(20,163)	(2,761)	16,414	2,000
Commodity contracts [Member] | Not Designated as ASC 815 Hedges [Member]
Derivative Financial Instruments [Line Items]
(Gain) Loss Recognized in Income	(25,646)	66,711	(2,295)	49,965
Embedded derivatives [Member] | Not Designated as ASC 815 Hedges [Member]
Derivative Financial Instruments [Line Items]
(Gain) Loss Recognized in Income	$ 5,483	$ (69,472)	$ 18,709	$ (47,965)

DERIVATIVE FINANCIAL INSTRUME47

DERIVATIVE FINANCIAL INSTRUMENTS (Location and fair value of derivative instruments, assets) (Details) - Not Designated as ASC 815 Hedges [Member] - USD ($) $ in Thousands		Jun. 30, 2017	Dec. 31, 2016
Gross amounts of derivative assets and gross amounts offset [Line Items]
Gross Amounts of Recognized Assets	[1]	$ 76,033	$ 81,532
Gross Amounts Offset	[1]	(13,778)	(30,900)
Total financial assets	[1]	62,255	50,632
Commodity contracts [Member] | Derivative Assets [Member]
Gross amounts of derivative assets and gross amounts offset [Line Items]
Gross Amounts of Recognized Assets	[1]	34,035	21,405
Gross Amounts Offset	[1]	(7,071)	(21,405)
Total financial assets	[1]	26,964
Commodity contracts [Member] | Other Long Term Assets [Member]
Gross amounts of derivative assets and gross amounts offset [Line Items]
Gross Amounts of Recognized Assets	[1]	10,075	9,495
Gross Amounts Offset	[1]	(6,707)	(9,495)
Total financial assets	[1]	3,368
Embedded derivatives [Member] | Other Long Term Assets [Member]
Gross amounts of derivative assets and gross amounts offset [Line Items]
Gross Amounts of Recognized Assets	[1]	31,923	50,632
Total financial assets	[1]	$ 31,923	$ 50,632
[1]	Because counterparties to the Company's financial derivative contracts subject to master netting arrangements are lenders under Whiting Oil and Gas' credit agreement, which eliminates its need to post or receive collateral associated with its derivative positions, columns for cash collateral pledged or received have not been presented in these tables.

DERIVATIVE FINANCIAL INSTRUME48

DERIVATIVE FINANCIAL INSTRUMENTS (Location and fair value of derivative instruments, liabilities) (Details) - Not Designated as ASC 815 Hedges [Member] - USD ($) $ in Thousands		Jun. 30, 2017	Dec. 31, 2016
Gross amounts of derivative liabilities and gross amounts offset [Line Items]
Gross Amounts of Recognized Liabilities	[1]	$ 75,730	$ 58,757
Gross Amounts Offset	[1]	(13,778)	(30,900)
Total financial liabilities	[1]	61,952	27,857
Commodity contracts [Member] | Derivative Liabilities [Member]
Gross amounts of derivative liabilities and gross amounts offset [Line Items]
Gross Amounts of Recognized Liabilities	[1]	30,687	39,033
Gross Amounts Offset	[1]	(7,071)	(21,405)
Total financial liabilities	[1]	23,616	17,628
Commodity contracts [Member] | Other Long-Term Liabilities [Member]
Gross amounts of derivative liabilities and gross amounts offset [Line Items]
Gross Amounts of Recognized Liabilities	[1]	45,043	19,724
Gross Amounts Offset	[1]	(6,707)	(9,495)
Total financial liabilities	[1]	$ 38,336	$ 10,229
[1]	Because counterparties to the Company's financial derivative contracts subject to master netting arrangements are lenders under Whiting Oil and Gas' credit agreement, which eliminates its need to post or receive collateral associated with its derivative positions, columns for cash collateral pledged or received have not been presented in these tables.

FAIR VALUE MEASUREMENTS (Narrat

FAIR VALUE MEASUREMENTS (Narrative) (Details) - USD ($) $ in Thousands	Jul. 19, 2017	Jun. 30, 2017	Dec. 31, 2016
Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Non-recurring assets at fair value, Impairment Loss (Before Tax)		$ 0	$ 0
Subsequent Event [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amount received from settled contingent payment	$ 35,000

FAIR VALUE MEASUREMENTS (Summar

FAIR VALUE MEASUREMENTS (Summary of the fair values and carrying values of debt instruments) (Details) - USD ($) $ in Thousands		Jun. 30, 2017	Dec. 31, 2016	Mar. 31, 2015	Sep. 30, 2013	Sep. 26, 2013	Sep. 30, 2010
Fair Value [Member]
Debt Instrument [Line Items]
Debt Instrument, Fair Value Disclosure	[1]	$ 2,628,358	$ 3,016,032
Carrying Value [Member]
Debt Instrument [Line Items]
Debt Instrument, Fair Value Disclosure	[2]	$ 2,724,807	$ 2,985,303
6.5% Senior Subordinated Notes due 2018 [Member] | Senior Subordinated Notes [Member]
Debt Instrument [Line Items]
Interest Rate (as a percent)		6.50%	6.50%				6.50%
6.5% Senior Subordinated Notes due 2018 [Member] | Senior Subordinated Notes [Member] | Fair Value [Member]
Debt Instrument [Line Items]
Debt Instrument, Fair Value Disclosure	[1]		$ 275,121
6.5% Senior Subordinated Notes due 2018 [Member] | Senior Subordinated Notes [Member] | Carrying Value [Member]
Debt Instrument [Line Items]
Debt Instrument, Fair Value Disclosure	[2]		$ 273,506
5.0% Senior Notes due 2019 [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Interest Rate (as a percent)		5.00%	5.00%		5.00%
5.0% Senior Notes due 2019 [Member] | Senior Notes [Member] | Fair Value [Member]
Debt Instrument [Line Items]
Debt Instrument, Fair Value Disclosure	[1]	$ 951,795	$ 961,409
5.0% Senior Notes due 2019 [Member] | Senior Notes [Member] | Carrying Value [Member]
Debt Instrument [Line Items]
Debt Instrument, Fair Value Disclosure	[2]	$ 957,646	$ 956,607
1.25% Convertible Senior Notes due 2020 [Member] | Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Fair Value Disclosure				$ 1,000,000
Interest Rate (as a percent)		1.25%	1.25%	1.25%
1.25% Convertible Senior Notes due 2020 [Member] | Convertible Senior Notes [Member] | Fair Value [Member]
Debt Instrument [Line Items]
Debt Instrument, Fair Value Disclosure	[1]	$ 475,656	$ 503,057
1.25% Convertible Senior Notes due 2020 [Member] | Convertible Senior Notes [Member] | Carrying Value [Member]
Debt Instrument [Line Items]
Debt Instrument, Fair Value Disclosure	[2]	$ 494,699	$ 483,465
5.75% Senior Notes due 2021 [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Interest Rate (as a percent)		5.75%	5.75%		5.75%	5.75%
5.75% Senior Notes due 2021 [Member] | Senior Notes [Member] | Fair Value [Member]
Debt Instrument [Line Items]
Debt Instrument, Fair Value Disclosure	[1]	$ 821,192	$ 868,149
5.75% Senior Notes due 2021 [Member] | Senior Notes [Member] | Carrying Value [Member]
Debt Instrument [Line Items]
Debt Instrument, Fair Value Disclosure	[2]	$ 868,865	$ 868,460
6.25% Senior Notes due 2023 [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Interest Rate (as a percent)		6.25%	6.25%	6.25%
6.25% Senior Notes due 2023 [Member] | Senior Notes [Member] | Fair Value [Member]
Debt Instrument [Line Items]
Debt Instrument, Fair Value Disclosure	[1]	$ 379,715	$ 408,296
6.25% Senior Notes due 2023 [Member] | Senior Notes [Member] | Carrying Value [Member]
Debt Instrument [Line Items]
Debt Instrument, Fair Value Disclosure	[2]	$ 403,597	$ 403,265
[1]	Fair values are based on quoted market prices for these debt securities, and such fair values are therefore designated as Level 1 within the valuation hierarchy.
[2]	Carrying values are presented net of unamortized debt issuance costs and debt discounts or premiums.

FAIR VALUE MEASUREMENTS (Fair v

FAIR VALUE MEASUREMENTS (Fair value assets and liabilities measured on a recurring basis) (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Financial Assets
Financial assets - current	$ 26,964
Recurring Basis [Member]
Financial Assets
Total financial assets	62,255	$ 50,632
Financial Liabilities
Total financial liabilities	61,952	27,857
Recurring Basis [Member] | Commodity contracts [Member]
Financial Assets
Financial assets - current	26,964
Financial assets - non-current	3,368
Financial Liabilities
Financial liabilities - current	23,616	17,628
Financial liabilities - non-current	38,336	10,229
Recurring Basis [Member] | Embedded derivatives [Member]
Financial Assets
Financial assets - non-current	31,923	50,632
Recurring Basis [Member] | Level 2 [Member]
Financial Assets
Total financial assets	62,255	50,632
Financial Liabilities
Total financial liabilities		18,643
Recurring Basis [Member] | Level 2 [Member] | Commodity contracts [Member]
Financial Assets
Financial assets - current	26,964
Financial assets - non-current	3,368
Financial Liabilities
Financial liabilities - current		14,664
Financial liabilities - non-current		3,979
Recurring Basis [Member] | Level 2 [Member] | Embedded derivatives [Member]
Financial Assets
Financial assets - non-current	31,923	50,632
Recurring Basis [Member] | Level 3 [Member]
Financial Liabilities
Total financial liabilities	61,952	9,214
Recurring Basis [Member] | Level 3 [Member] | Commodity contracts [Member]
Financial Liabilities
Financial liabilities - current	23,616	2,964
Financial liabilities - non-current	$ 38,336	$ 6,250

FAIR VALUE MEASUREMENTS (Reconc

FAIR VALUE MEASUREMENTS (Reconciliation of changes in the fair value of financial assets (liabilities) designated as Level 3 in the valuation hierarchy)(Details) - Level 3 [Member] - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Reconciliation of changes in the fair value of financial assets (liabilities) designated as Level 3 in the valuation hierarchy
Fair value liability, beginning of period		$ (65,906)	$ (118,627)	$ (9,214)	$ (4,027)
Recognition of embedded derivatives associated with convertible note issuances					(89,884)
Settlement of embedded derivatives upon conversion of convertible notes			41,919		41,919
Fair value liability, end of period		(61,952)	(9,884)	(61,952)	(9,884)
Commodity contracts [Member]
Reconciliation of changes in the fair value of financial assets (liabilities) designated as Level 3 in the valuation hierarchy
Unrealized gains (losses) on derivative contracts included in earnings	[1]	$ 3,954	(2,648)	$ (52,738)	(5,857)
Embedded derivatives [Member]
Reconciliation of changes in the fair value of financial assets (liabilities) designated as Level 3 in the valuation hierarchy
Unrealized gains (losses) on derivative contracts included in earnings	[1]		$ 69,472		$ 47,965
[1]	Included in derivative (gain) loss, net in the consolidated statements of operations.

FAIR VALUE MEASUREMENTS (Signif

FAIR VALUE MEASUREMENTS (Significant unobservable inputs used in the fair value measurement) (Details) - Commodity contracts [Member] - Level 3 [Member]	6 Months Ended
	Jun. 30, 2017$ / bbl
Maximum [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Market Differential For Crude Oil, Amount (Per Bbl)	4.79
Minimum [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Market Differential For Crude Oil, Amount (Per Bbl)	3.93

NONCONTROLLING INTEREST (Schedu

NONCONTROLLING INTEREST (Schedule of noncontrolling interest) (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Noncontrolling Interest disclosures [Line Items]
Balance at beginning of period		$ 7,962	$ 7,984
Net loss	$ (5)	(14)	(15)
Receivable for assignment of ownership interest		(7,948)
Balance at end of period	$ 7,969		$ 7,969
Noncontrolling Interest [Member]
Noncontrolling Interest disclosures [Line Items]
Receivable for assignment of ownership interest		$ (7,948)
Sustainable Water Resources, LLC [Member]
Noncontrolling Interest disclosures [Line Items]
Third party ownership interest (as a percent)		25.00%

STOCK-BASED COMPENSATION (Narra

STOCK-BASED COMPENSATION (Narrative) (Details) $ / shares in Units, $ in Millions	Dec. 08, 2014shares	Jan. 31, 2017$ / sharesshares	Jan. 31, 2016$ / sharesshares	Jun. 30, 2017USD ($)shares	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)item$ / sharesshares	Jun. 30, 2016USD ($)$ / sharesshares	May 07, 2013shares
Share-based compensation disclosures [Line Items]
Stock compensation expense | $				$ 7	$ 6	$ 13	$ 13
Stock Option [Member]
Share-based compensation disclosures [Line Items]
Maximum number of Shares per employee						900,000
Maximum number of Shares per non-employee						100,000
Stock Appreciation Rights (SARs) [Member]
Share-based compensation disclosures [Line Items]
Maximum number of Shares per employee						900,000
Maximum number of Shares per non-employee						100,000
Restricted stock [Member]
Share-based compensation disclosures [Line Items]
Maximum number of Shares per employee						600,000
Maximum number of Shares per non-employee						100,000
Restricted Stock Units [Member]
Share-based compensation disclosures [Line Items]
Maximum number of Shares per employee						600,000
Maximum number of Shares per non-employee						100,000
Performance Shares [Member]
Share-based compensation disclosures [Line Items]
Maximum number of Shares per employee						600,000
Performance Units [Member]
Share-based compensation disclosures [Line Items]
Maximum number of Shares per employee						600,000
Restricted Stock And Performance Shares [Member]
Share-based compensation disclosures [Line Items]
Granted (in dollars per share) | $ / shares						$ 12.77
2013 Equity Plan [Member]
Share-based compensation disclosures [Line Items]
Number of shares authorized upon shareholder's approval								10,800,000
Increase in authorized shares	978,161
Number of shares available for grant				4,971,138		4,971,138
Service-Based Restricted Stock [Member] | Restricted stock [Member]
Share-based compensation disclosures [Line Items]
Granted (in shares)						1,637,462	2,952,193
Granted (in dollars per share) | $ / shares						$ 11.38	$ 6.95
Executive officers and employees [Member] | Restricted stock [Member]
Share-based compensation disclosures [Line Items]
Vesting (service) period						3 years
Minimum [Member] | Directors [Member] | Restricted stock [Member]
Share-based compensation disclosures [Line Items]
Vesting (service) period						1 year
Market-based vesting criteria [Member] | Executive officers [Member] | Performance Shares [Member]
Share-based compensation disclosures [Line Items]
Vesting (service) period						3 years
Granted (in shares)		633,479	1,073,143
Granted (in dollars per share) | $ / shares		$ 16.36	$ 6.39
Market-based vesting criteria [Member] | Minimum [Member] | Executive officers [Member] | Performance Shares [Member]
Share-based compensation disclosures [Line Items]
Possible multiplier of shares earned | item						0
Market-based vesting criteria [Member] | Maximum [Member] | Executive officers [Member] | Performance Shares [Member]
Share-based compensation disclosures [Line Items]
Possible multiplier of shares earned | item						2

STOCK-BASED COMPENSATION (Assum

STOCK-BASED COMPENSATION (Assumption for valuing market based restricted shares) (Details) - Market-based vesting criteria [Member] - Executive officers [Member] - Performance Shares [Member] - item	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of simulations	2,500,000	2,500,000
Expected volatility (as a percent)	82.44%	60.80%
Risk-free interest rate (as a percent)	1.52%	1.13%
Dividend yield (as a percent)	0.00%	0.00%

STOCK-BASED COMPENSATION (Summa

STOCK-BASED COMPENSATION (Summary of nonvested restricted stock) (Details) - $ / shares	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Restricted stock [Member] | Service-Based Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Balance at the beginning of the period (in shares)	3,067,804
Granted (in shares)	1,637,462	2,952,193
Vested (in shares)	(1,182,970)
Forfeited (in shares)	(170,155)
Balance at the end of the period (in shares)	3,352,141
Granted (in dollars per share)	$ 11.38	$ 6.95
Performance Shares [Member] | Market-Based Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Balance at the beginning of the period (in shares)	2,092,810
Granted (in shares)	633,479
Forfeited (in shares)	(738,750)
Balance at the end of the period (in shares)	1,987,539
Restricted Stock And Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Balance at the beginning of the period (in dollars per share)	$ 13.55
Granted (in dollars per share)	12.77
Vested (in dollars per share)	13
Forfeited (in dollars per share)	22.09
Balance at the end of the period (in dollars per share)	$ 11.88

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Jan. 01, 2017
Operating Loss Carryforwards [Line Items]
U.S. statutory income tax rate (as a percent)	35.00%	35.00%	35.00%	35.00%
Accounting Standards Update 2016-09 [Member]
Operating Loss Carryforwards [Line Items]
Unrecognized tax benefit					$ 70

EARNINGS PER SHARE (Narrative)

EARNINGS PER SHARE (Narrative) (Details) item in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017shares	Jun. 30, 2016shares	Jun. 30, 2017itemshares	Jun. 30, 2016shares
Convertible Debt Securities [Member]
Shares excluded from Earnings Per Share calculation [Line Items]
Antidilutive securities excluded from computation of earnings per share		20,489,110		12,313,492
Stock options [Member]
Shares excluded from Earnings Per Share calculation [Line Items]
Antidilutive securities excluded from computation of earnings per share	4,406	4,905	4,682	4,630
Stock options excluded from earnings per share calculation (in shares)	2,137,121	1,452,753	1,685,695	2,024,354
Issuable Upon Conversion [Member]
Shares excluded from Earnings Per Share calculation [Line Items]
Debt instrument, convertible, number of common stock | item			14.4
Service-Based Restricted Stock [Member] | Restricted stock [Member]
Shares excluded from Earnings Per Share calculation [Line Items]
Antidilutive securities excluded from computation of earnings per share	776,775	1,471,646	1,804,852	955,774
Market-Based Restricted Stock [Member] | Restricted stock [Member]
Shares excluded from Earnings Per Share calculation [Line Items]
Restricted stock excluded from earnings per share calculation (in shares)	789,409	641,636	493,565	561,313

EARNINGS PER SHARE (Reconciliat

EARNINGS PER SHARE (Reconciliations between basic and diluted earnings per share)(Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Basic Loss Per Share
Net loss attributable to common shareholders, basic	$ (65,981)	$ (301,041)	$ (152,938)	$ (472,789)
Weighted average shares outstanding, basic	362,734	226,039	362,672	215,203
Loss per common share, basic (in dollars per share)	$ (0.18)	$ (1.33)	$ (0.42)	$ (2.20)
Diluted Loss Per Share
Adjusted net loss attributable to common shareholders, diluted	$ (65,981)	$ (301,041)	$ (152,938)	$ (472,789)
Weighted average shares outstanding, diluted	362,734	226,039	362,672	215,203
Loss per common share, diluted (in dollars per share)	$ (0.18)	$ (1.33)	$ (0.42)	$ (2.20)

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - Crude Oil [Member] $ in Millions	Jun. 01, 2017$ / itemMBbls	Jun. 30, 2017USD ($)MBbls	Jun. 30, 2017USD ($)contractMBbls
Commitments And Contingencies [Line Items]
Delivery commitments for year 2017		10,100	10,100
Delivery commitments for year 2018		21,500	21,500
Delivery commitments for year 2019		23,300	23,300
Delivery commitments for year 2020		6,600	6,600
Delivery commitments deficiency payments | $		$ 19	$ 35
Mountrail County, North Dakota [Member]
Commitments And Contingencies [Line Items]
Delivery commitments, volume per day	15,000
Delivery commitment term			7 years
Deficiency payments per undelivered Bbl | $ / item	7
Weld County, Colorado [Member]
Commitments And Contingencies [Line Items]
Number of delivery commitments | contract			2