Exhibit 12.1
WHITING PETROLEUM CORPORATION
RATIO OF EARNINGS TO FIXED CHARGES
(in thousands)
| Three Months Ended March 31, | Year Ended December 31, | |||||||||||||||||||||||||||
| 2015 | 2014 | 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||||
Fixed charges: | ||||||||||||||||||||||||||||
Interest expensed | $ | 72,258 | $ | 36,784 | $ | 158,658 | $ | 100,531 | $ | 65,692 | $ | 53,834 | $ | 48,486 | ||||||||||||||
Interest capitalized | 1,634 | 706 | 4,084 | 1,515 | 2,749 | 3,574 | 2,920 | |||||||||||||||||||||
Amortized premiums, discounts and capitalized expenses related to indebtedness | 1,999 | 5,360 | 11,984 | 12,405 | 9,518 | 8,682 | 10,592 | |||||||||||||||||||||
Estimate of interest within rental expense | 472 | 321 | 1,383 | 1,008 | 1,145 | 883 | 684 | |||||||||||||||||||||
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Total fixed charges | $ | 76,363 | $ | 43,171 | $ | 176,109 | $ | 115,459 | $ | 79,104 | $ | 66,973 | $ | 62,682 | ||||||||||||||
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Earnings: | ||||||||||||||||||||||||||||
Income (loss) before income taxes | $ | (159,929) | $ | 185,412 | $ | 143,915 | $ | 571,871 | $ | 662,011 | $ | 780,319 | $ | 541,443 | ||||||||||||||
Income from equity investees | (76) | (72) | (215) | (542) | (588) | (1,032) | (1,311) | |||||||||||||||||||||
Fixed charges (above) | 76,363 | 43,171 | 176,109 | 115,459 | 79,104 | 66,973 | 62,682 | |||||||||||||||||||||
Amortization of capitalized interest | 640 | 543 | 2,171 | 2,020 | 1,745 | 1,409 | 1,117 | |||||||||||||||||||||
Distributed income from equity investees | 159 | 393 | 393 | 654 | 930 | 1,533 | 1,323 | |||||||||||||||||||||
Interest capitalized | (1,634) | (706) | (4,084) | (1,515) | (2,749) | (3,574) | (2,920) | |||||||||||||||||||||
Noncontrolling interest in pre-tax income of subsidiaries | 17 | 18 | 62 | 52 | 90 | 59 | - | |||||||||||||||||||||
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Total earnings (loss) | $ | (84,460) | $ | 228,759 | $ | 318,351 | $ | 687,999 | $ | 740,543 | $ | 845,687 | $ | 602,334 | ||||||||||||||
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Ratio of earnings to fixed charges (unaudited)(1) | - | 5.30 | 1.81 | 5.96 | 9.36 | 12.63 | 9.61 | |||||||||||||||||||||
| (1) | For the three months ended March 31, 2015, earnings were inadequate to cover fixed charges, and the ratio of earnings to fixed charges therefore has not been presented for that period. The coverage deficiency necessary for the ratio of earnings to fixed charges to equal 1.00x (one-to-one coverage) was $161 million for the three months ended March 31, 2015. |
