Crude Oil ( ) Brent Crude ( ) Natural Gas ( ) S&P 500 ( ) PHLX Oil ( )

Whiting Petroleum Corporation’s (WLL) production in the third quarter of 2014 totaled a record 10.7 million barrels of oil equivalent (MMBOE), of which 88% was crude oil and natural gas liquids (NGLs). The production total equates to an average production rate of 116,675 barrels of oil equivalent per day (BOE/d), representing a sequential increase of 6% over the second quarter 2014 average of 109,760 BOE/d. With our record production, we generated discretionary cash flow of $538.2 million for the quarter.

James J. Volker, Whiting’s Chairman, President and CEO, commented, “Whiting continues to lead the way in implementing new technologies to enhance productivity and recovery rates in the Williston Basin. We are systematically honing the best completion designs in our different areas of operations. At our Sanish field, the Brehm 13-7H was completed in the Middle Bakken formation using a slickwater frac design flowing 3,770 BOE/d. Adjusted for lateral length, it is one of the most productive wells we have drilled in this prolific asset. We also continue to enhance our plug-and-perf completion technology with multiple frac clusters. At Hidden Bench, our four-well Sovig pad achieved an average initial production rate of 3,278 BOE/d per well. All the new producers were completed with five perf clusters per stage versus our prior design of three perf clusters.”

Mr. Volker added, “At Redtail, we are seeing exciting results from our initial drilling in the Niobrara “C” zone and the Codell/Fort Hays formation. The Razor 25B-2549 in our Redtail field achieved a recent ten-day average rate of 712 BOE/d in the Niobrara “C” zone. The Razor 25B-2551 was completed in the Codell/Fort Hays formation and achieved a recent ten-day average rate of 570 BOE/d. Our mapping of the Codell/Fort Hays formation indicates it is prospective over approximately half of our Redtail acreage. We believe these favorable results will add significantly to our inventory of wells at our Redtail field.”

Mr. Volker continued, “Despite the recent pullback in oil prices, we remain confident in our outlook for continued strong growth in our production and reserves. We believe our efficient operations and leadership in the implementation of new completion technologies enhances the capital productivity of our asset base helping to offset the impact of lower prices. Also, Whiting has been proactive in rationalizing its portfolio to build a strong balance sheet and liquidity position. In conjunction with the pending Kodiak acquisition, we have arranged $3.5 billion of bank commitments under our credit facility. In addition, Whiting continues to review its asset base for further liquidity enhancements. In the last 15 months, Whiting has generated $1.1 billion of liquidity through asset sales.”

Operating and Financial Results

The following table summarizes the third quarter operating and financial results for 2014 and 2013:

Three Months Ended

September 30,

2014 2013 Change
Production (MBOE/d) (1) 116.67 92.75 +26 %
Discretionary Cash Flow-MM (2) $ 538.2 $ 450.5 +19 %
Realized Price ($/BOE) $ 74.88 $ 81.21 ( 8 %)
Total Revenues-MM (3) $ 813.1 $ 831.0 ( 2 %)
Net Income Available to Common Shareholders-MM (4) $ 158.0 $ 204.1

( 23

%)
Per Basic Share $ 1.33 $ 1.72 ( 23 %)
Per Diluted Share $ 1.32 $ 1.71 ( 23 %)
Adjusted Net Income Available to Common Shareholders-MM (5) $ 148.7 $ 153.2 ( 3 %)
Per Basic Share $ 1.25 $ 1.29 ( 3 %)
Per Diluted Share $ 1.24 $ 1.28 ( 3 %)
(1) The production attributable to the Postle field, which was sold on July 15, 2013, was 113.1 MBOE for the three months ended September 30, 2013 (7.5 MBOE/d over 15 days).
(2) A reconciliation of discretionary cash flow to net cash provided by operating activities is included later in this news release.
(3) For the three months ended September 30, 2013, total revenues include a gain on sale of $116.3 million as compared to a loss of $0.1 million for the three months ended September 30, 2014.
(4) For the three months ended September 30, 2014, net income available to common shareholders included $25.1 million of pre-tax, non-cash derivative gains or $0.13 per basic and diluted share after tax. For the three months ended September 30, 2013, net income available to common shareholders included $11.4 million of pre-tax, non-cash derivative losses or $0.06 per basic and diluted share after tax.
(5) A reconciliation of adjusted net income available to common shareholders to net income available to common shareholders is included later in this news release.

The following table summarizes the first nine months operating and financial results for 2014 and 2013:

Nine Months Ended

September 30,

2014 2013 Change
Production (MBOE/d) (1) 108.89 91.77 +19 %
Discretionary Cash Flow-MM (2) $ 1,576.4 $ 1,292.5 +22 %
Realized Price ($/BOE) $ 78.88 $ 77.34 +2 %
Total Revenues-MM (3) $ 2,389.0 $ 2,107.9 +13 %
Net Income Available to Common Shareholders-MM (4) $ 418.5 $ 424.8 ( 1 %)
Per Basic Share $ 3.52 $ 3.60 ( 2 %)
Per Diluted Share $ 3.48 $ 3.56 ( 2 %)
Adjusted Net Income Available to Common Shareholders-MM (5) $ 442.7 $ 386.2 +15 %
Per Basic Share $ 3.72 $ 3.27 +14 %
Per Diluted Share $ 3.69 $ 3.24 +14 %
(1) The production attributable to the Postle field, which was sold on July 15, 2013, was 1,492.3 MBOE for the nine months ended September 30, 2013 (7.6 MBOE/d over 196 days).
(2) A reconciliation of discretionary cash flow to net cash provided by operating activities is included later in this news release.
(3) For the nine months ended September 30, 2013, total revenues include a gain on sale of $119.7 million as compared to a gain of $12.3 million for the nine months ended September 30, 2014.
(4) For the nine months ended September 30, 2014, net income available to common shareholders included $19.7 million of pre-tax, non-cash derivative losses or $0.10 per basic and diluted share after tax. For the nine months ended September 30, 2013, there was no significant impact to net income available to common shareholders related to non-cash derivative gains or losses.
(5) A reconciliation of adjusted net income available to common shareholders to net income available to common shareholders is included later in this news release.

Operational Highlights

Core Development Areas

Williston Basin Development

We hold a total of 1,041,167 gross (663,237 net) acres in the Williston Basin in North Dakota and Montana. In the third quarter of 2014, production from the Bakken/Three Forks averaged a record 87,480 BOE/d, an increase of 33% over the 66,015 BOE/d in the third quarter of 2013 and a 9% increase sequentially. The Bakken/Three Forks represented 75% of Whiting’s total third quarter production.

Slickwater Frac Design Shows Strong Initial Results Across the Basin. At our Sanish field in Mountrail County, North Dakota, the Brehm 13-7H was completed in the Middle Bakken formation using a slickwater frac design and a cemented liner on August 31, 2014 flowing 3,770 BOE/d. The well’s 30-day average rate was 1,716 BOE/d. The well is located on the western edge of our Sanish field and is our strongest well to date in the western half of the field and one of the strongest wells for the entire field when adjusted for lateral length. The well was completed in 33 stages over a 6,800-foot lateral.

At our Pronghorn field in Stark County, North Dakota, the Pronghorn Federal 44-11PH was completed with a slickwater frac and a cemented liner on July 9, 2014 flowing 2,987 BOE/d from the Pronghorn Sand formation. The well produced at average rates of 1,501 BOE/d and 1,269 BOE/d during its first 30 and 60 days of production. These rates were 108% and 134% greater than the 30- and 60-day rates for the offsetting well in the spacing unit, which was completed using an older completion design.

As reported in our second quarter release, our first slickwater frac job, the Sundheim 21-27-1H well at our Missouri Breaks field in McKenzie County, North Dakota, was completed on August 24, 2013. During its first 200 days, it achieved cumulative production over 71,000 BOE. This was 64% greater than the offsetting well, which was completed using an older completion design. The productivity gap between the two wells has continued to widen over time. We believe this new slickwater completion method has led to both lower decline rates and higher cumulative production.

Additional Frac Points Lead to High Rates at Hidden Bench and Missouri Breaks. We continue to enhance our cemented liner and plug-and-perf completion method. In recent wells, we have tested five perforation clusters per stage and achieved strong results. At our Hidden Bench field, we recently completed a four-well pad at our Sovig unit. The average initial production rate for the pad was 3,278 BOE/d per well with a range from 3,036 to 3,572 BOE/d per well. The four wells were completed on September 22 and September 23, 2014 with 30 stages and five perforation clusters per stage.

At our Missouri Breaks field, we completed the Iverson 34-32-4H in the Middle Bakken formation flowing 1,228 BOE/d on July 25, 2014. The well is located in the western portion of the field and is one of our strongest producers in that area to date. The well design incorporated five perforation clusters per stage over 30 stages.

Hybrid Design Generates Strong Results at Cassandra Field. We recently implemented a new completion method that incorporates a hybrid fluid design on a three-well pad in our Cassandra field. All three wells were completed using a hybrid frac, which involves tailing in cross-linked gel in a slickwater frac. We completed the Solberg 11-2H flowing 1,843 BOE/d from the Middle Bakken formation. The well was fraced in 44 stages with three perf clusters per stage. The adjacent Solberg 21-2H was completed in the Middle Bakken flowing 1,793 BOE/d. This well was completed in 48 stages with three perf clusters per stage. Both wells were completed on September 27, 2014.

The third well, the Solberg 11-2TFH, was completed in the Three Forks formation on September 28, 2014 flowing 1,170 BOE/d. This well was completed in 44 stages with three perf clusters per stage. Based on the cost of these wells, we do not anticipate an increase in our typical well cost at Cassandra of approximately $8.0 million.

Another Strong Bakken Play at our Tarpon Field. In our Tarpon field located in McKenzie County, North Dakota, we completed the Flatland Federal 11-4HR in the Middle Bakken formation flowing 7,120 BOE/d on October 10, 2014. The well was completed in a total of 94 stages with a cemented liner and coiled tubing completion technology.

An offsetting well, the Flatland Federal 11-4TFH, was completed in the Upper Three Forks formation flowing 7,824 BOE/d on October 11, 2014. This well was completed in 104 stages using coiled tubing and a cemented liner.

A third well, the Flatland Federal 11-4TFHU, was completed in the second bench of the Three Forks flowing 5,930 BOE/d on October 12, 2014. This well was completed in 30 stages with plug-and-perf technology and five frac clusters per stage for a total of 150 frac points.

Denver Julesberg Basin Development

Redtail Niobrara Field. We hold a total of 181,026 gross (129,669 net) acres in our Redtail Niobrara field, located in the Denver Julesberg Basin in Weld County, Colorado. Net production from our Redtail Niobrara field averaged 8,610 BOE/d in the third quarter of 2014, representing a sequential increase of 19% over the 7,235 BOE/d average in the second quarter of 2014. It takes between 90 and 120 days from spud to first production for an eight-well pad. As we recently brought additional pads on stream, current net production from the Redtail Niobrara field has exceeded 10,000 BOE/d.

We also recently completed successful well tests in the Niobrara “C” zone and the Codell/Fort Hays formation. The Razor 25B-2549 well was completed in the Niobrara “C” zone and achieved a recent ten-day average rate of 712 BOE/d. The well, which was drilled on a 640-acre spacing unit, was completed with 40 stages and 5.3 million pounds of sand using a cemented liner and plug-and-perf completion method.

The Razor 25B-2551 well was completed in the Codell/Fort Hays formation and achieved a recent ten-day average rate of 570 BOE/d. It was drilled as an offset to the Razor 25B-2549 well. The well, which was drilled on a 640-acre spacing unit, was completed with 40 stages and 4.6 million pounds of sand using a cemented liner and plug-and-perf completion method.

We currently have four rigs drilling at Redtail. A fifth, which is pad-capable, is scheduled to arrive in November 2014. We plan to add a sixth rig in the first half of 2015, which will also be pad capable.

Operated Drilling Rig Count

As of October 15, 2014, 19 operated drilling rigs were active on our properties. The breakdown of our operated rigs was as follows:

Region

Drilling Rigs

Northern Rockies

13
Central Rockies 5
North Ward Estes 1
Total 19

Other Financial and Operating Results

The following table summarizes the Company’s net production and commodity price realizations for the quarters ended September 30, 2014 and 2013:

Three Months Ended
September 30,

Production

2014 2013 Change
Oil (MMBbl) 8.54 6.74 27 %
NGLs (MMBbl) 0.91 0.67 37 %
Natural gas (Bcf) 7.72 6.79 14 %
Total equivalent (MMBOE) 10.73 8.53 26 %

Average sales price

Oil (per Bbl):
Price received $ 86.78 $ 97.69 (11 %)
Effect of crude oil hedging

(0.16

)(1)

(2.01

)(1)

Realized price $ 86.62

$ 95.68 (9 %)
NYMEX $ 97.21 $ 105.82 (8 %)

NGLs (per Bbl):

Realized price $ 36.01 $ 35.78 1 %

Natural gas (per Mcf):

Realized price $ 4.08 $ 3.64 12 %
NYMEX $ 4.07 $ 3.58 14 %
(1) Whiting paid $1.3 million and $13.6 million in pre-tax cash settlements on its crude oil hedges during the third quarter of 2014 and 2013, respectively. A summary of Whiting’s outstanding hedges is included later in this news release.

Third Quarter and First Nine Months 2014 Costs and Margins

A summary of production, cash revenues and cash costs on a per BOE basis is as follows:

Three Months Ended Nine Months Ended
September 30, September 30,
2014 2013 2014 2013
(Per BOE, Except Production)
Production (MMBOE) 10.73 8.53 29.73 25.05
Sales price, net of hedging $ 74.88 $ 81.21 $ 78.88 $ 77.34
Lease operating expense 11.56 12.79 12.02 12.54
Production tax 6.44 7.17 6.66 6.64
General & administrative 3.45 5.90 3.53 4.33
Exploration 1.12 3.33 1.67 2.86
Cash interest expense 3.51 2.59 3.75 2.47
Cash income tax expense (benefit) (0.06 ) 0.85 0.26 0.20
$ 48.86 $ 48.58 $ 50.99 $ 48.30

Third Quarter and First Nine Months 2014 Drilling and Expenditures Summary

The table below summarizes Whiting’s operated and non-operated drilling activity and capital expenditures for the three and nine months ended September 30, 2014:

Gross/Net Wells Completed
Total New % Success CAPEX
Producing Non-Producing Drilling Rate (in MM)
Q3 14 153 / 59.6 0 / 0 153 / 59.6 100% / 100% $ 778.4 (1)
9M 14 438 / 186.1 2 / 1.2 440 / 187.3 100% / 99% $ 2,230.3 (2)
(1) Includes $3.8 million for land and $70.4 million for facilities.
(2) Includes $43.9 million for land and $155.0 million for facilities.

Outlook for Fourth Quarter and Full-Year 2014

The following table provides guidance for the fourth quarter and full-year 2014 based on current forecasts, including Whiting’s full-year 2014 capital budget of $2.8 billion. This guidance does not reflect the Kodiak Oil & Gas acquisition, which is expected to close in December 2014.

Guidance
Fourth Quarter Full-Year
2014 2014
Production (MMBOE) 11.10 – 11.50 40.70 – 41.30
Lease operating expense per BOE $ 11.25 – $ 11.75 $ 11.70 – $ 12.00
General and admin. expense per BOE $ 3.30 – $ 3.70 $ 3.40 – $ 3.60
Interest expense per BOE $ 3.50 – $ 3.80 $ 3.85 – $ 4.05
Depr., depletion and amort. per BOE $ 26.25 – $ 27.00 $ 26.20 – $ 26.80
Prod. taxes (% of sales revenue) 8.50% – 8.70% 8.35% – 8.55%
Oil price differentials to NYMEX per Bbl(1) ($ 9.00) – ($ 11.00) ($ 9.00) – ($ 11.00)
Gas price premium to NYMEX per Mcf(2) $ 0.00 – $ 0.20 $ 0.50 – $ 1.00
(1) Does not include the effect of NGLs.
(2) Includes the effect of Whiting’s fixed-price gas contracts. Please refer to fixed-price gas contracts later in this news release.

Commodity Derivative Contracts

The following summarizes Whiting’s crude oil hedges as of October 1, 2014:

Weighted Average As a Percentage of
Derivative Hedge Contracted Crude NYMEX Price September 2014
Instrument Period (Bbls per Month) (per Bbl) Oil Production
Three-way collars (1) 2014
Q4 1,480,000 $71.82 – $85.68 – $103.85 52.3%
2015
Q1 100,000 $70.00 – $85.00 – $107.90 3.5%
Q2 100,000 $70.00 – $85.00 – $107.90 3.5%
Q3 100,000 $70.00 – $85.00 – $107.90 3.5%
Q4 100,000 $70.00 – $85.00 – $107.90 3.5%
Collars 2014
Q4 3,970 $ 80.00 – $122.50 <1%
(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) we 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.

The following summarizes Whiting’s fixed-price natural gas contracts as of October 1, 2014:

Weighted Average As a Percentage of
Hedge Contracted Volume Contracted Price September 2014
Period (MMBtu per Day) (per MMBtu) Gas Production
2014
Q4 11,000 $5.49 13.0%

Whiting also has the following fixed-differential crude oil sales contracts in place as of October 1, 2014:

Differential
Contracted Volume from NYMEX
Period (Bbls per Day) (per Bbl)
2015 25,000 $4.75
2016 30,000 $4.75
2017 35,000 $4.75
2018 40,000 $4.75
2019 45,000 $4.75
Differential
Contracted Volume from NYMEX(1)
Period (Bbls per Day) (per Bbl)
07/2015 to 12/2015 20,000 $ 5.00 – $6.00
01/2016 to 12/2016 20,000 $ 5.00 – $6.00
01/2017 to 12/2017 20,000 $ 5.00 – $6.00
01/2018 to 12/2018 20,000 $ 5.00 – $6.00
01/2019 to 12/2019 20,000 $ 5.00 – $6.00
01/2020 to 06/2020 20,000 $ 5.00 – $6.00
(1) The future production volumes in the table above will be sold at a price equal to NYMEX less certain fixed differentials depending on the delivery methods specified in the contract. Based on prevailing storage and transportation costs, we estimate a fixed differential of $5.00 to $6.00 per barrel below NYMEX.

Selected Operating and Financial Statistics

Three Months Ended

September 30,

Nine Months Ended

September 30,

2014 2013 2014 2013
Selected operating statistics:
Production
Oil, MBbl 8,537 6,736 23,787 19,686
NGLs, MBbl 911 666 2,346 2,070
Natural gas, MMcf 7,717 6,789 21,570 19,777
Oil equivalents, MBOE 10,734 8,533 29,728 25,053
Average prices
Oil per Bbl (excludes hedging) $ 86.78 $ 97.69 $ 89.51 $ 91.74
NGLs per Bbl $ 36.01 $ 35.78 $ 41.80 $ 38.78
Natural gas per Mcf $ 4.08 $ 3.64 $ 5.78 $ 3.90
Per BOE data
Sales price (including hedging) $ 74.88 $ 81.21 $ 78.88 $ 77.34
Lease operating $ 11.56 $ 12.79 $ 12.02 $ 12.54
Production taxes $ 6.44 $ 7.17 $ 6.66 $ 6.64
Depreciation, depletion and amortization $ 26.61 $ 25.73 $ 26.56 $ 25.71
General and administrative $ 3.45

$

5.90

(1)

$ 3.53

$

4.33

(1)

Selected financial data:

(In thousands, except per share data)

Total revenues and other income $ 813,131 $ 830,985 $ 2,389,002 $ 2,107,925
Total costs and expenses $ 561,683 $ 525,698 $ 1,700,799 $ 1,456,903
Net income available to common shareholders $ 157,975 $ 204,101 $ 418,488 $ 424,782
Earnings per common share, basic $ 1.33 $ 1.72 $ 3.52 $ 3.60
Earnings per common share, diluted $ 1.32 $ 1.71 $ 3.48 $ 3.56

Average shares outstanding, basic

119,024 118,654 118,972 118,127
Average shares outstanding, diluted 120,066 119,507 120,109 119,511
Net cash provided by operating activities $ 457,640 $ 513,896 $ 1,349,306 $ 1,254,127
Net cash used in investing activities $ (757,727 ) $ (138,674 ) $ (2,079,849 ) $ (1,341,755 )
Net cash provided by financing activities $ 101,057 $ 627,045 $ 59,136 $ 1,068,407
(1) For the three and nine months ended September 30, 2013, the cost includes the effect of a charge under our Production Participation Plan (the “Plan”) related to the sale of the Postle Properties of $2.54 per BOE and $0.87 per BOE, respectively. The Plan was terminated in June 2014 with an effective date of December 31, 2013.

Selected Financial Data

For further information and discussion on the selected financial data below, please refer to Whiting Petroleum Corporation’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2014, to be filed with the Securities and Exchange Commission.

WHITING PETROLEUM CORPORATION

CONSOLIDATED BALANCE SHEETS (unaudited)

(in thousands)

September 30, December 31,
2014 2013
ASSETS
Current assets:
Cash and cash equivalents $ 28,053 $ 699,460
Accounts receivable trade, net 453,535 341,177
Prepaid expenses and other 30,410 28,981
Total current assets 511,998 1,069,618
Property and equipment:
Oil and gas properties, successful efforts method 12,164,446 10,065,150
Other property and equipment 257,296 206,385
Total property and equipment 12,421,742 10,271,535
Less accumulated depreciation, depletion and amortization (3,431,815 ) (2,676,490 )
Total property and equipment, net 8,989,927 7,595,045
Debt issuance costs 45,987 48,530
Other long-term assets 69,498 120,277
TOTAL ASSETS $ 9,617,410 $ 8,833,470

WHITING PETROLEUM CORPORATION

CONSOLIDATED BALANCE SHEETS (unaudited)

(in thousands, except share and per share data)

September 30, December 31,
2014 2013
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable trade $ 77,218 $ 107,692
Accrued capital expenditures 226,337 158,739
Revenues and royalties payable 204,644 198,558
Production Participation Plan liability 113,391 73,263
Accrued liabilities and other 109,172 144,328
Taxes payable 71,486 50,052
Accrued interest 18,708 44,405
Deferred income taxes 11,105 648
Total current liabilities 832,061 777,685
Long-term debt 2,753,347 2,653,834
Deferred income taxes 1,529,814 1,278,030
Production Participation Plan liability 87,503
Asset retirement obligations 170,961 116,442
Deferred gain on sale 64,670 79,065
Other long-term liabilities 4,326 4,212
Total liabilities 5,355,179 4,996,771
Commitments and contingencies
Equity:

Common stock, $0.001 par value, 300,000,000 shares authorized;
120,518,899 issued and 119,060,513 outstanding as of
September 30, 2014 and 120,101,555 issued and 118,657,245
outstanding as of December 31, 2013

121 120
Additional paid-in capital 1,590,635 1,583,542
Retained earnings 2,663,393 2,244,905
Total Whiting shareholders’ equity 4,254,149 3,828,567
Noncontrolling interest 8,082 8,132
Total equity 4,262,231 3,836,699
TOTAL LIABILITIES AND EQUITY $ 9,617,410 $ 8,833,470

WHITING PETROLEUM CORPORATION

CONSOLIDATED STATEMENTS OF INCOME (unaudited)

(in thousands, except per share data)

Three Months Ended Nine Months Ended
September 30, September 30,
2014 2013 2014 2013
REVENUES AND OTHER INCOME:
Oil, NGL and natural gas sales $ 805,054 $ 706,543 $ 2,352,064 $ 1,963,525
Loss on hedging activities (665 ) (1,313 )
Amortization of deferred gain on sale 7,689 7,750 22,906 23,680
Gain (loss) on sale of properties (50 ) 116,274 12,305 119,706
Interest income and other 438 1,083 1,727 2,327
Total revenues and other income 813,131 830,985 2,389,002 2,107,925
COSTS AND EXPENSES:
Lease operating 124,075 109,106 357,222 314,064
Production taxes 69,106 61,143 197,993 166,228
Depreciation, depletion and amortization 285,658 219,530 789,432 644,135
Exploration and impairment 29,925 47,092 103,544 127,765
General and administrative 37,070 50,368 104,959 108,466
Interest expense 39,632 24,988 120,821 69,579
Change in Production Participation Plan liability (10,798 ) 1,332
Commodity derivative (gain) loss, net (23,783 ) 24,269 26,828 25,334
Total costs and expenses 561,683 525,698 1,700,799 1,456,903
INCOME BEFORE INCOME TAXES 251,448 305,287 688,203 651,022
INCOME TAX EXPENSE (BENEFIT):
Current (660 ) 7,220 7,695 5,131
Deferred 94,147 93,976 262,070 220,612
Income tax expense 93,487 101,196 269,765 225,743
NET INCOME 157,961 204,091 418,438 425,279
Net loss attributable to noncontrolling interests 14 10 50 41

NET INCOME AVAILABLE TO SHAREHOLDERS

157,975 204,101 418,488 425,320
Preferred stock dividends (538 )
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS $ 157,975 $ 204,101 $ 418,488 $ 424,782
EARNINGS PER COMMON SHARE:
Basic $ 1.33 $ 1.72 $ 3.52 $ 3.60
Diluted $ 1.32 $ 1.71 $ 3.48 $ 3.56

WEIGHTED AVERAGE SHARES OUTSTANDING:

Basic 119,024 118,654 118,972 118,127
Diluted 120,066 119,507 120,109 119,511

WHITING PETROLEUM CORPORATION

Reconciliation of Net Income Available to Common Shareholders to
Adjusted Net Income Available to Common Shareholders
(in thousands, except per share data)

Three Months Ended Nine Months Ended
September 30, September 30,
2014 2013 2014 2013
Net income available to common shareholders $ 157,975 $ 204,101 $ 418,488 $ 424,782

Adjustments net of tax:

Amortization of deferred gain on sale (4,848 ) (4,882 ) (14,443 ) (14,918 )
(Gain) loss on sale of properties 32 (73,252 ) (7,758 ) (75,415 )
Impairment expense 11,311 11,760 34,030 35,362
Charge under Production Participation Plan
related to sale of Postle Properties
15,078 15,078
Change in Production Participation Plan liability (6,803 ) 839
Total measure of derivative (gain) loss reported under U.S. GAAP (14,995 ) 15,709 16,915 16,788
Total net cash settlements paid on commodity derivatives during the period (820 ) (8,556 ) (4,519 ) (16,321 )
Adjusted net income (1) $ 148,655 $ 153,155 $ 442,713 $ 386,195
Adjusted net income available to common shareholders per share, basic $ 1.25 $ 1.29 $ 3.72 $ 3.27
Adjusted net income available to common shareholders per share, diluted $ 1.24 $ 1.28 $ 3.69 $ 3.24
(1) Adjusted Net Income Available to Common Shareholders is a non-GAAP financial measure. Management believes it provides useful information to investors for analysis of Whiting’s fundamental business on a recurring basis. In addition, management believes that Adjusted Net Income Available to Common Shareholders is widely used by professional research analysts and others in valuation, comparison and investment recommendations of companies in the oil and gas exploration and production industry, and many investors use the published research of industry research analysts in making investment decisions. Adjusted Net Income Available for Common Shareholders should not be considered in isolation or as a substitute for net income, income from operations, net cash provided by operating activities or other income, cash flow or liquidity measures under U.S. GAAP and may not be comparable to other similarly titled measures of other companies.

WHITING PETROLEUM CORPORATION

Reconciliation of Net Cash Provided by Operating Activities to Discretionary Cash Flow

(in thousands)

Three Months Ended Nine Months Ended
September 30, September 30,
2014 2013 2014 2013
Net cash provided by operating activities $ 457,640 $ 513,896 $ 1,349,306 $ 1,254,127
Exploration 11,984 28,426 49,572 71,635
Exploratory dry hole costs (350 ) (9,522 ) (3,972 ) (21,150 )
Changes in working capital 68,959 (82,282 ) 181,475 (11,614 )
Preferred dividends paid (538 )

Discretionary cash flow (1)

$ 538,233 $ 450,518 $ 1,576,381 $ 1,292,460

(1)

Discretionary cash flow is a non-GAAP measure. Discretionary cash flow is presented because management believes it provides useful information to investors for analysis of the Company’s ability to internally fund acquisitions, exploration and development. Discretionary cash flow should not be considered in isolation or as a substitute for net income, income from operations, net cash provided by operating activities or other income, cash flow or liquidity measures under U.S. GAAP and may not be comparable to other similarly titled measures of other companies.

Conference Call

The Company’s management will host a conference call with investors, analysts and other interested parties on Thursday, October 30, 2014 at 11:00 a.m. EDT (10:00 a.m. CDT, 9:00 a.m. MDT) to discuss Whiting’s third quarter 2014 financial and operating results. Please call (800) 798-2864 (U.S./Canada) or (617) 614-6206 (International) to be connected to the call and enter the pass code 90317009. Access to a live internet broadcast will be available at http://www.whiting.com by clicking on the button labeled “Kodiak Acquisition” on the home page. Slides for the conference call will be available at the same location beginning at 11:00 a.m. (EDT) on October 30, 2014.

A replay will be available beginning approximately two hours after the call on Thursday, October 30, 2014 and continuing through Thursday, November 6, 2014. You may access this replay at (888) 286-8010 (U.S./Canada) or (617) 801-6888 (International) and entering the pass code 79933969.

About Whiting Petroleum Corporation

Whiting Petroleum Corporation, a Delaware corporation, is an independent oil and gas company that explores for, develops, acquires and produces crude oil, natural gas and natural gas liquids primarily in the Rocky Mountain and Permian Basin regions of the United States. The Company’s largest projects are in the Bakken and Three Forks plays in North Dakota, the Niobrara play in northeast Colorado and its Enhanced Oil Recovery field in Texas. The Company trades publicly under the symbol WLL on the New York Stock Exchange. For further information, please visithttp://www.whiting.com.