WHITING PETROLEUM CORP - FORM 10-K - EX-12.1 - RATIO OF EARNINGS TO FIXED CHARGES - February 26, 2010

Attached files

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EX-99.2 - REPORT OF CAWLEY, GILLESPIE AND ASSOCIATES, INC., INDEPENDENT PETROLEUM ENGINEERS - WHITING PETROLEUM CORPexhibit99-2.htm
EX-32.1 - WRITTEN STATEMENT OF THE CHAIRMAN, PRESIDENT AND CEO - WHITING PETROLEUM CORPexhibit32-1.htm
EX-31.2 - CERTIFICATION OF THE VICE PRESIDENT AND CFO - WHITING PETROLEUM CORPexhibit31-2.htm
EX-23.1 - CONSENT OF DELOITTE AND TOUCHE LLP, INDEPENDENT AUDITORS - WHITING PETROLEUM CORPexhibit23-1.htm
EX-32.2 - WRITTEN STATEMENT OF THE VICE PRESIDENT AND CFO - WHITING PETROLEUM CORPexhibit32-2.htm
EX-23.2 - CONSENT OF CAWLEY, GILLESPIE AND ASSOCIATES, INC., INDEPENDENT PETROLEUM ENGINEERS - WHITING PETROLEUM CORPexhibit23-2.htm
EX-31.1 - CERTIFICATION OF THE CHAIRMAN, PRESIDENT AND CEO - WHITING PETROLEUM CORPexhibit31-1.htm
10-K - WHITING PETROLEUM CORPORATION FORM 10-K, 12/31/09 - WHITING PETROLEUM CORPform10-k.htm
EX-21 - SUBSIDIARIES OF WHITING PETROLEUM CORPORATION - WHITING PETROLEUM CORPexhibit21.htm
 
Exhibit 12.1
 
WHITING PETROLEUM CORPORATION AND SUBSIDIARIES
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(dollars in thousands)
   
Year Ended December 31,
  
   
2009
    
2008
    
2007
    
2006
    
2005
  
Fixed charges:
                              
Interest expensed
   $ 53,582     $ 59,010     $ 65,977     $ 66,265     $ 35,245  
Interest capitalized
     3,406       3,129       3,664       556       -  
Preferred stock dividends (1)
     15,695       -       -       -       -  
Amortized premiums, discounts and capitalized expenses related to indebtedness
     11,026       6,068       6,527       7,224       6,802  
Estimate of interest within rental expense
     603       431       424       386       298  
Total fixed charges
   $ 84,312     $ 68,638     $ 76,592     $ 74,431     $ 42,345  
                                         
Earnings:
                                        
Income (loss) before income taxes
   $ (162,835 )   $ 408,820     $ 207,162     $ 233,272     $ 196,098  
Income from equity investees
     (1,581 )     (1,625 )     (1,365 )     (282 )     (409 )
Fixed charges (above)
     84,312       68,638       76,592       74,431       42,345  
Preferred stock dividends (1)
     (15,695 )     -       -       -       -  
Amortization of capitalized interest
     776       463       97       41       41  
Distributed income from equity investees
     1,780       1,775       928       987       657  
Interest capitalized
     (3,406 )     (3,129 )     (3,664 )     (556 )     -  
Total earnings
   $ (96,649 )   $ 474,942     $ 279,750     $ 307,893     $ 238,732  
Ratio of earnings to fixed charges and preferred stock dividends (unaudited) (2)
     —       6.92 x     3.65 x     4.14 x     5.64 x
 
(1)
Preferred stock dividends represent pre-tax earnings required to cover any preferred stock dividend requirements using our effective tax rate for the relevant period.
(2)
For the year ended December 31, 2009, earnings were inadequate to cover fixed charges and preferred stock dividends, and the ratio of earnings to fixed charges and preferred stock dividends therefore has not been presented for that period.  The coverage deficiency necessary for the ratio of earnings to fixed charges and preferred stock dividends to equal 1.00x (one-to-one coverage) was $181.0 million for the year ended December 31, 2009.
 

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