Exhibit 12
WHITING PETROLEUM CORPORATION
FORM S-3 REGISTRATION STATEMENT
Calculation of Ratio of Earnings to Fixed Charges
(dollars in thousands)
Nine Months Ended September 30, 2004 | Year Ended December 31, | ||||||||||||||||||
2003 | 2002 | 2001 | 2000 | 1999 | |||||||||||||||
Fixed Charges: | |||||||||||||||||||
Interest Expensed | $ | 6,766 | $ | 8,086 | $ | 10,867 | $ | 10,233 | $ | 7,549 | $ | 5,384 | |||||||
Interest Capitalized | — | — | — | 210 | — | — | |||||||||||||
Amortized Premiums, Discounts and Capitalized Expenses Related to Indebtedness | 2,825 | 1,091 | 71 | — | — | — | |||||||||||||
Estimate of Interest Within Rental Expense(1) | 138 | 209 | 183 | 165 | 105 | 98 | |||||||||||||
Preference Security Dividend Requirements of Subs | — | — | — | — | — | — | |||||||||||||
Total Fixed Charges | $ | 9,729 | $ | 9,386 | $ | 11,121 | $ | 10,608 | $ | 7,654 | $ | 5,482 | |||||||
Earnings: | |||||||||||||||||||
Pre-tax Income from Continuing Operations | $ | 60,955 | $ | 36,139 | $ | 11,952 | $ | 54,337 | $ | 45,361 | $ | 12,726 | |||||||
Fixed Charges (above) | 9,729 | 9,386 | 11,121 | 10,608 | 7,654 | 5,482 | |||||||||||||
Amortization of Capitalized Interest | 15 | 21 | 21 | — | — | — | |||||||||||||
Distributed Income of Equity Investees | — | — | — | — | — | — | |||||||||||||
Whiting Share of Pre-tax losses of Equity Investees | — | — | — | — | — | — | |||||||||||||
Less | |||||||||||||||||||
Interest Capitalized | — | — | — | (210 | ) | — | — | ||||||||||||
Preference Security Dividend Requirements of Subs. | — | — | — | — | — | — | |||||||||||||
Minority Interest in Pre-tax income of Subs | — | — | — | — | — | — | |||||||||||||
Total earnings | $ | 70,699 | $ | 45,546 | $ | 23,094 | $ | 64,735 | $ | 53,015 | $ | 18,208 | |||||||
Ratio of Earnings to Fixed Charges (unaudited) | 7.27 | 4.85 | 2.08 | 6.10 | 6.93 | 3.32 |
(1) | Estimated at 20% of rental expense. |