Exhibit 12.1
WHITING PETROLEUM CORPORATION
RATIO OF EARNINGS TO FIXED CHARGES
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(in thousands)
| Nine Months Ended September 30, 2015 |
Year Ended December 31, | |||||||||||||||||||||||
| 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||
Fixed charges: | ||||||||||||||||||||||||
Interest expensed | $ | 214,926 | $ | 158,658 | $ | 100,531 | $ | 65,692 | $ | 53,834 | $ | 48,486 | ||||||||||||
Interest capitalized | 4,050 | 4,084 | 1,515 | 2,749 | 3,574 | 2,920 | ||||||||||||||||||
Amortized premiums, discounts and capitalized expenses related to indebtedness | 33,058 | 11,984 | 12,405 | 9,518 | 8,682 | 10,592 | ||||||||||||||||||
Estimate of interest within rental expense | 1,325 | 1,383 | 1,008 | 1,145 | 883 | 684 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total fixed charges | $ | 253,359 | $ | 176,109 | $ | 115,459 | $ | 79,104 | $ | 66,973 | $ | 62,682 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Earnings: | ||||||||||||||||||||||||
Income (loss) before income taxes | $ | (2,846,584 | ) | $ | 143,915 | $ | 571,871 | $ | 662,011 | $ | 780,319 | $ | 541,443 | |||||||||||
Income from equity investees | (149 | ) | (215 | ) | (542 | ) | (588 | ) | (1,032 | ) | (1,311 | ) | ||||||||||||
Fixed charges (above) | 253,359 | 176,109 | 115,459 | 79,104 | 66,973 | 62,682 | ||||||||||||||||||
Amortization of capitalized interest | 1,920 | 2,171 | 2,020 | 1,745 | 1,409 | 1,117 | ||||||||||||||||||
Distributed income from equity investees | 159 | 393 | 654 | 930 | 1,533 | 1,323 | ||||||||||||||||||
Interest capitalized | (4,050 | ) | (4,084 | ) | (1,515 | ) | (2,749 | ) | (3,574 | ) | (2,920 | ) | ||||||||||||
Noncontrolling interest in pre-tax income of subsidiaries | 48 | 62 | 52 | 90 | 59 | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total earnings (loss) | $ | (2,595,297 | ) | $ | 318,351 | $ | 687,999 | $ | 740,543 | $ | 845,687 | $ | 602,334 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratio of earnings to fixed charges (unaudited) (1) | — | 1.81 | 5.96 | 9.36 | 12.63 | 9.61 | ||||||||||||||||||
Fixed charges and preferred stock dividends: | ||||||||||||||||||||||||
Fixed charges (above) | $ | 253,359 | $ | 176,109 | $ | 115,459 | $ | 79,104 | $ | 66,973 | $ | 62,682 | ||||||||||||
Preferred stock dividends (2) | — | — | 844 | 1,722 | 1,704 | 26,516 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total fixed charges and preferred stock dividends | $ | 253,359 | $ | 176,109 | $ | 116,303 | $ | 80,826 | $ | 68,677 | $ | 89,198 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratio of earnings to fixed charges and preferred stock dividends (unaudited) (1) | — | 1.81 | 5.92 | 9.16 | 12.31 | 6.75 | ||||||||||||||||||
| (1) | For the nine months ended September 30, 2015, earnings were inadequate to cover fixed charges, and the ratios of earnings to fixed charges and earnings to fixed charges and preferred stock dividends therefore have not been presented for that period. The coverage deficiency necessary for the ratios of earnings to fixed charges and earnings to fixed charges and preferred stock dividends to equal 1.00x (one-to-one coverage) was $2.8 billion for the nine months ended September 30, 2015. |
| (2) | Preferred stock dividends represent pre-tax earnings required to cover any preferred stock dividend requirements using our effective tax rate for the relevant period. |
