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WHITING PETROLEUM CORP 10-K (Annual Reports) 2009-02-25

WHITING PETROLEUM CORP 10-K (Annual Reports) 2009-02-25

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WHITING PETROLEUM CORP 10-K (Annual Reports) 2009-02-25
WHITING PETROLEUM CORP 10-K (Annual Reports) 2009-02-25

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Published by: http://secwatch.com on Mar 03, 2009
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05/10/2014

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UNITED\ue000 STATES
SECURITIES\ue000 AND\ue000 EXCHANGE\ue000 COMMISSION
Washington,\ue000 D.C.\ue000 \ue000 20549
\ue000
FORM\ue000 10-K
[X]
ANNUAL\ue000 REPORT\ue000 PURSUANT\ue000 TO\ue000 SECTION\ue000 13\ue000 OR\ue000 15(d)\ue000 OF\ue000 THE\ue000 SECURITIES\ue000 EXCHANGE\ue000 ACT\ue000 OF\ue000 1934
\ue000
For\ue000 the\ue000 fiscal\ue000 year\ue000 ended\ue000 December\ue000 31,\ue000 2008
or
[\ue000 \ue000 ]
TRANSITION\ue000 REPORT\ue000 PURSUANT\ue000 TO\ue000 SECTION\ue000 13\ue000 OR\ue000 15(d)\ue000 OF\ue000 THE\ue000 SECURITIES\ue000 EXCHANGE\ue000 ACT\ue000 OF\ue000 1934
\ue000
For\ue000 the\ue000 transition\ue000 period\ue000 from\ue000_______________\ue000 to\ue000_______________
Commission\ue000 file\ue000 number:\ue000 \ue000 001-31899
Whiting\ue000 Petroleum\ue000 Corporation
(Exact\ue000 name\ue000 of\ue000 registrant\ue000 as\ue000 specified\ue000 in\ue000 its\ue000 charter)
Delaware
20-0098515
\ue000 (State\ue000 or\ue000 other\ue000 jurisdiction
of\ue000 incorporation\ue000 or\ue000 organization)
\ue000 (I.R.S.\ue000 Employer
Identification\ue000 No.)
\ue000
1700\ue000 Broadway,\ue000 Suite\ue000 2300
Denver,\ue000 Colorado
\ue000
80290-2300
\ue000 (Address\ue000 of\ue000 principal\ue000 executive
offices)
\ue000 (Zip\ue000 code)
\ue000
Registrant\u2019s\ue000 telephone\ue000 number,\ue000 including\ue000 area\ue000 code:\ue000 \ue000 (303)\ue000 837-1661
\ue000
Securities\ue000 registered\ue000 pursuant\ue000 to\ue000 Section\ue000 12(b)\ue000 of\ue000 the\ue000 Act:
Common\ue000 Stock,\ue000 $0.001\ue000 par\ue000 value
Preferred\ue000 Share\ue000 Purchase\ue000 Rights
(Title\ue000 of\ue000 Class)
New\ue000 York\ue000 Stock\ue000 Exchange
New\ue000 York\ue000 Stock\ue000 Exchange
(Name\ue000 of\ue000 each\ue000 exchange\ue000 on\ue000 which
registered)
Securities\ue000 registered\ue000 pursuant\ue000 to\ue000 Section\ue000 12(g)\ue000 of\ue000 the\ue000 Act:\ue000 \ue000 None.
\ue000
Indicate\ue000 by\ue000 check\ue000 mark\ue000 if\ue000 the\ue000 Registrant\ue000 is\ue000 a\ue000 well-known\ue000 seasoned\ue000 issuer,\ue000 as\ue000 defined\ue000 in\ue000 Rule\ue000 405\ue000 of\ue000 the\ue000 Securities\ue000 Act.\ue000\ue000\ue000\ue000 Yes\ue000 \ue000 \ue000 T\ue000 \ue000 No\ue000 \ue000 \ue000 \u00a3
\ue000
Indicate\ue000 by\ue000 check\ue000 mark\ue000 if\ue000 the\ue000 Registrant\ue000 is\ue000 not\ue000 required\ue000 to\ue000 file\ue000 reports\ue000 pursuant\ue000 to\ue000 Section\ue000 13\ue000 or\ue000 15(d)\ue000 of\ue000 the\ue000 Securities\ue000 Act.\ue000\ue000\ue000\ue000 Yes\ue000 \ue000 \ue000 \u00a3\ue000 \ue000 No\ue000 \ue000 \ue000 T
\ue000

Indicate\ue000 by\ue000 check\ue000 mark\ue000 whether\ue000 the\ue000 registrant\ue000 (1)\ue000 has\ue000 filed\ue000 all\ue000 reports\ue000 required\ue000 to\ue000 be\ue000 filed\ue000 by\ue000 Section\ue000 13\ue000 or\ue000 15(d)\ue000 of\ue000 the\ue000 Securities\ue000 Exchange\ue000 Act
of\ue000 1934\ue000 during\ue000 the\ue000 preceding\ue000 12\ue000 months\ue000 (or\ue000 for\ue000 such\ue000 shorter\ue000 period\ue000 that\ue000 the\ue000 registrant\ue000 was\ue000 required\ue000 to\ue000 file\ue000 such\ue000 reports),\ue000 and\ue000 (2)\ue000 has\ue000 been
subject\ue000 to\ue000 such\ue000 filing\ue000 requirements\ue000 for\ue000 the\ue000 past\ue000 90\ue000 days.\ue000\ue000\ue000\ue000 Yes\ue000 \ue000 \ue000 T\ue000 \ue000 No\ue000 \ue000 \ue000 \u00a3

\ue000

Indicate\ue000 by\ue000 check\ue000 mark\ue000 if\ue000 disclosure\ue000 of\ue000 delinquent\ue000 filers\ue000 pursuant\ue000 to\ue000 Item\ue000 405\ue000 of\ue000 Regulation\ue000 S-K\ue000 is\ue000 not\ue000 contained\ue000 herein,\ue000 and\ue000 will\ue000 not\ue000 be
contained,\ue000 to\ue000 the\ue000 best\ue000 of\ue000 registrant\u2019s\ue000 knowledge,\ue000 in\ue000 definitive\ue000 proxy\ue000 or\ue000 information\ue000 statements\ue000 incorporated\ue000 by\ue000 reference\ue000 in\ue000 Part\ue000 III\ue000 of\ue000 this\ue000 Form
10-K\ue000 or\ue000 any\ue000 amendment\ue000 to\ue000 this\ue000 Form\ue000 10-K.\ue000\ue000\ue000\ue000 T

\ue000

Indicate\ue000 by\ue000 check\ue000 mark\ue000 whether\ue000 the\ue000 registrant\ue000 is\ue000 a\ue000 large\ue000 accelerated\ue000 filer,\ue000 an\ue000 accelerated\ue000 filer,\ue000 a\ue000 non-accelerated\ue000 filer,\ue000 or\ue000 a\ue000 smaller\ue000 reporting company.\ue000 \ue000 See\ue000 the\ue000 definitions\ue000 of\ue000 \u201clarge\ue000 accelerated\ue000 filer,\u201d\ue000 \u201caccelerated\ue000 filer\u201d\ue000 and\ue000 \u201csmaller\ue000 reporting\ue000 company\u201d\ue000 in\ue000 Rule\ue000 12b-2\ue000 of\ue000 the\ue000 Exchange Act.\ue000 \ue000 (Check\ue000 one):

Large\ue000 accelerated\ue000 filer\ue000\ue000\ue000\ue000 T
Accelerated\ue000 filer\ue000\ue000\ue000\ue000 \u00a3
Non-accelerated\ue000 filer\ue000\ue000\ue000\ue000 \u00a3
Smaller\ue000 reporting\ue000 company\ue000\ue000\ue000\ue000 \u00a3
\ue000
Indicate\ue000 by\ue000 check\ue000 mark\ue000 whether\ue000 the\ue000 Registrant\ue000 is\ue000 a\ue000 shell\ue000 company\ue000 (as\ue000 defined\ue000 in\ue000 Rule\ue000 12b-2\ue000 of\ue000 the\ue000 Exchange\ue000 Act).\ue000\ue000\ue000\ue000\ue000 Yes\ue000\ue000\ue000\ue000\ue000 \u00a3\ue000\ue000\ue000\ue000\ue000\ue000\ue000 No\ue000\ue000\ue000\ue000\ue000 T
\ue000
Aggregate\ue000 market\ue000 value\ue000 of\ue000 the\ue000 voting\ue000 common\ue000 stock\ue000 held\ue000 by\ue000 non-affiliates\ue000 of\ue000 the\ue000 registrant\ue000 at\ue000 June\ue000 30,\ue000 2008:\ue000 \ue000 $4,499,939,059.
\ue000
Number\ue000 of\ue000 shares\ue000 of\ue000 the\ue000 registrant\u2019s\ue000 common\ue000 stock\ue000 outstanding\ue000 at\ue000 February\ue000 16,\ue000 2009:\ue000 \ue000 50,771,882\ue000 shares.
\ue000
DOCUMENTS\ue000 INCORPORATED\ue000 BY\ue000 REFERENCE
\ue000
Portions\ue000 of\ue000 the\ue000 Proxy\ue000 Statement\ue000 for\ue000 the\ue000 2009\ue000 Annual\ue000 Meeting\ue000 of\ue000 Stockholders\ue000 are\ue000 incorporated\ue000 by\ue000 reference\ue000 into\ue000 Part\ue000 III.
\ue000
Processed and formatted by SEC Watch - Visit SECWatch.com
\ue000
\ue000
TABLE\ue000 OF\ue000 CONTENTS
\ue000
\ue000
\ue000
\ue000
\ue000
Certain\ue000 Definitions
3
\ue000
\ue000
PART\ue000 I
\ue000
Item\ue000 1.
Business
5
Item\ue000 1A.
Risk\ue000 Factors
16
Item\ue000 1B.
Unresolved\ue000 Staff\ue000 Comments
27
Item\ue000 2.
Properties
27
Item\ue000 3.
Legal\ue000 Proceedings
32
Item\ue000 4.
Submission\ue000 of\ue000 Matters\ue000 to\ue000 a\ue000 Vote\ue000 of\ue000 Security\ue000 Holders
32
\ue000
Executive\ue000 Officers\ue000 of\ue000 the\ue000 Registrant
32
\ue000
\ue000
PART\ue000 II
\ue000
Item\ue000 5.
Market\ue000 for\ue000 the\ue000 Registrant\u2019s\ue000 Common\ue000 Equity,\ue000 Related\ue000 Stockholder\ue000 Matters\ue000 and\ue000 Issuer\ue000 Purchases\ue000 of\ue000 Equity
Securities
34
Item\ue000 6.
Selected\ue000 Financial\ue000 Data
36
Item\ue000 7.
Management\u2019s\ue000 Discussion\ue000 and\ue000 Analysis\ue000 of\ue000 Financial\ue000 Condition\ue000 and\ue000 Results\ue000 of\ue000 Operations
37
Item\ue000 7A.
Quantitative\ue000 and\ue000 Qualitative\ue000 Disclosure\ue000 About\ue000 Market\ue000 Risk
58
Item\ue000 8.
Financial\ue000 Statements\ue000 and\ue000 Supplementary\ue000 Data
61
Item\ue000 9.
Changes\ue000 in\ue000 and\ue000 Disagreements\ue000 with\ue000 Accountants\ue000 on\ue000 Accounting\ue000 and\ue000 Financial\ue000 Disclosure
98
Item\ue000 9A.
Controls\ue000 and\ue000 Procedures
98
Item\ue000 9B.
Other\ue000 Information
98
\ue000
\ue000
PART\ue000 III
\ue000
Item\ue000 10.
Directors,\ue000 Executive\ue000 Officers\ue000 and\ue000 Corporate\ue000 Governance
99
Item\ue000 11.
Executive\ue000 Compensation
99
Item\ue000 12.
Security\ue000 Ownership\ue000 of\ue000 Certain\ue000 Beneficial\ue000 Owners\ue000 and\ue000 Management\ue000 and\ue000 Related\ue000 Stockholder\ue000 Matters
99
Item\ue000 13.
Certain\ue000 Relationships,\ue000 Related\ue000 Transactions\ue000 and\ue000 Director\ue000 Independence
100
Item\ue000 14.
Principal\ue000 Accounting\ue000 Fees\ue000 and\ue000 Services
100
\ue000
\ue000
PART\ue000 IV
\ue000
Item\ue000 15.
Exhibits,\ue000 Financial\ue000 Statement\ue000 Schedules
100
\ue000
Signatures
\ue000
\ue000
Exhibit\ue000 Index
\ue000
\ue000
EX-10.9\ue000 (Summary\ue000 of\ue000 Non-Employee\ue000 Director\ue000 Compensation)
\ue000
\ue000
EX-10.14\ue000 (Form\ue000 of\ue000 Stock\ue000 Option\ue000 Agreement)
\ue000
\ue000
EX-12.1\ue000 (Computation\ue000 of\ue000 Ratio\ue000 of\ue000 Earnings\ue000 to\ue000 Fixed\ue000 Charges)
\ue000
\ue000
EX-21\ue000 (Subsidiaries\ue000 of\ue000 Whiting\ue000 Petroleum\ue000 Corporation)
\ue000
\ue000
EX-23.1\ue000 (Consent\ue000 of\ue000 Deloitte\ue000 &\ue000 Touche\ue000 LLP)
\ue000
\ue000
EX-23.2\ue000 (Consent\ue000 of\ue000 Cawley,\ue000 Gillespie\ue000 &\ue000 Associates,\ue000 Inc.)
\ue000
\ue000
EX-31.1\ue000 (Certification\ue000 by\ue000 Chairman,\ue000 President\ue000 and\ue000 CEO\ue000 Pursuant\ue000 to\ue000 Section\ue000 302)
\ue000
\ue000
EX-31.2\ue000 (Certification\ue000 by\ue000 Vice\ue000 President\ue000 and\ue000 CFO\ue000 Pursuant\ue000 to\ue000 Section\ue000 302)
\ue000
\ue000
EX-32.1\ue000 (Certification\ue000 of\ue000 the\ue000 Chairman,\ue000 President\ue000 and\ue000 CEO\ue000 Pursuant\ue000 to\ue000 Section\ue000 1350)
\ue000
\ue000
EX-32.2\ue000 (Certification\ue000 of\ue000 the\ue000 Vice\ue000 President\ue000 and\ue000 CFO\ue000 Pursuant\ue000 to\ue000 Section\ue000 1350)
\ue000
2
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Table\ue000 of\ue000 Contents
CERTAIN\ue000 DEFINITIONS

Unless\ue000 the\ue000 context\ue000 otherwise\ue000 requires,\ue000 the\ue000 terms\ue000 \u201cwe,\u201d\ue000 \u201cus,\u201d\ue000 \u201cour\u201d\ue000 or\ue000 \u201cours\u201d\ue000 when\ue000 used\ue000 in\ue000 this\ue000 Annual\ue000 Report\ue000 on\ue000 Form\ue000 10-K\ue000 refer\ue000 to Whiting\ue000 Petroleum\ue000 Corporation,\ue000 together\ue000 with\ue000 its\ue000 consolidated\ue000 subsidiaries.\ue000 \ue000 When\ue000 the\ue000 context\ue000 requires,\ue000 we\ue000 refer\ue000 to\ue000 these\ue000 entities\ue000 separately. \ue000

We\ue000 have\ue000 included\ue000 below\ue000 the\ue000 definitions\ue000 for\ue000 certain\ue000 terms\ue000 used\ue000 in\ue000 this\ue000 Annual\ue000 Report\ue000 on\ue000 Form\ue000 10-K:
\ue000
\u201c3-D\ue000 seismic\u201d\ue000 Geophysical\ue000 data\ue000 that\ue000 depict\ue000 the\ue000 subsurface\ue000 strata\ue000 in\ue000 three\ue000 dimensions.\ue000 \ue000 3-D\ue000 seismic\ue000 typically\ue000 provides\ue000 a\ue000 more\ue000 detailed
and\ue000 accurate\ue000 interpretation\ue000 of\ue000 the\ue000 subsurface\ue000 strata\ue000 than\ue000 2-D,\ue000 or\ue000 two-dimensional,\ue000 seismic.
\ue000
\u201cBbl\u201d\ue000 One\ue000 stock\ue000 tank\ue000 barrel,\ue000 or\ue000 42\ue000 U.S.\ue000 gallons\ue000 liquid\ue000 volume,\ue000 used\ue000 in\ue000 this\ue000 report\ue000 in\ue000 reference\ue000 to\ue000 oil\ue000 and\ue000 other\ue000 liquid\ue000 hydrocarbons.
\ue000
\u201cBbl/d\u201d\ue000 One\ue000 Bbl\ue000 per\ue000 day.
\ue000
\u201cBcf\u201d\ue000 One\ue000 billion\ue000 cubic\ue000 feet\ue000 of\ue000 natural\ue000 gas.
\ue000
\u201cBcfe\u201d\ue000 One\ue000 billion\ue000 cubic\ue000 feet\ue000 of\ue000 natural\ue000 gas\ue000 equivalent.
\ue000
\u201cBOE\u201d\ue000One\ue000 stock\ue000 tank\ue000 barrel\ue000 equivalent\ue000 of\ue000 oil,\ue000 calculated\ue000 by\ue000 converting\ue000 natural\ue000 gas\ue000 volumes\ue000 to\ue000 equivalent\ue000 oil\ue000 barrels\ue000 at\ue000 a\ue000 ratio\ue000 of\ue000 six
Mcf\ue000 to\ue000 one\ue000 Bbl\ue000 of\ue000 oil.
\ue000
\u201cCO2\ue000 flood\u201d\ue000A\ue000 tertiary\ue000 recovery\ue000 method\ue000 in\ue000 which\ue000 CO2\ue000 is\ue000 injected\ue000 into\ue000 a\ue000 reservoir\ue000 to\ue000 enhance\ue000 hydrocarbon\ue000 recovery.
\ue000
\u201ccompletion\u201d\ue000 The\ue000 installation\ue000 of\ue000 permanent\ue000 equipment\ue000 for\ue000 the\ue000 production\ue000 of\ue000 crude\ue000 oil\ue000 or\ue000 natural\ue000 gas,\ue000 or\ue000 in\ue000 the\ue000 case\ue000 of\ue000 a\ue000 dry\ue000 hole,\ue000 the
reporting\ue000 of\ue000 abandonment\ue000 to\ue000 the\ue000 appropriate\ue000 agency.
\ue000
\u201cfarmout\u201d\ue000 An\ue000 assignment\ue000 of\ue000 an\ue000 interest\ue000 in\ue000a\ue000 drilling\ue000 location\ue000 and\ue000 related\ue000 acreage\ue000 conditioned\ue000 upon\ue000 the\ue000 drilling\ue000 of\ue000 a\ue000 well\ue000 on\ue000 that
location.
\ue000
"FASB"\ue000 Financial\ue000 Accounting\ue000 Standards\ue000 Board.
\ue000
\u201cflush\ue000 production\u201d\ue000 The\ue000 high\ue000 rate\ue000 of\ue000 flow\ue000 from\ue000 a\ue000 well\ue000 during\ue000 initial\ue000 production\ue000 immediately\ue000 after\ue000 it\ue000 is\ue000 brought\ue000 on-line.
\ue000
\u201cGAAP\u201d\ue000 Generally\ue000 accepted\ue000 accounting\ue000 principles\ue000 in\ue000 the\ue000 United\ue000 States\ue000 of\ue000 America.
\ue000
\u201cMBbl\u201d\ue000 One\ue000 thousand\ue000 barrels\ue000 of\ue000 oil\ue000 or\ue000 other\ue000 liquid\ue000 hydrocarbons.
\ue000
\u201cMBOE\u201d\ue000One\ue000 thousand\ue000 BOE.
\ue000
\u201cMBOE/d\u201d\ue000 One\ue000 MBOE\ue000 per\ue000 day.
\ue000
\u201cMcf\u201d\ue000 One\ue000 thousand\ue000 cubic\ue000 feet\ue000 of\ue000 natural\ue000 gas.
\ue000
\u201cMcfe\u201d\ue000 One\ue000 thousand\ue000 cubic\ue000 feet\ue000 of\ue000 natural\ue000 gas\ue000 equivalent.
\ue000
\u201cMMBbl\u201d\ue000 One\ue000 million\ue000 Bbl.
\ue000
\u201cMMBOE\u201d\ue000One\ue000 million\ue000 BOE.
\ue000
\u201cMMBtu\u201d\ue000 One\ue000 million\ue000 British\ue000 Thermal\ue000 Units.
\ue000
3
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