Whiting Petroleum

January 2021

Positioned to Succeed in
the New Normal
Forward-Looking Statements
This presentation contains statements that Whiting believes to be “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. All statements other than historical facts, including, without limitation, statements regarding Whiting’s future financial position,
business strategy, projected revenues, earnings, costs, capital expenditures and debt levels, and plans and objectives of management for future operations, are forward-
looking statements. When used in this presentation, words such as we “expect,” “intend,” “plan,” “estimate,” “anticipate,” “believe” or “should” or the negative thereof or
variations thereon or similar terminology are generally intended to identify forward-looking statements. Such forward-looking statements are subject to risks and
uncertainties that could cause actual results to differ materially from those expressed in, or implied by, such statements. These risks and uncertainties include, but are not
limited to: risks associated with Whiting’s emergence from the chapter 11 bankruptcy; declines in, or extended periods of low oil, NGL or natural gas prices; Whiting’s level
of success in exploration, development and production activities; risks related to Whiting’s level of indebtedness, Whiting’s ability to comply with debt covenants, periodic
redeterminations of the borrowing base under Whiting’s credit agreement and Whiting’s ability to generate sufficient cash flows from operations to service Whiting’s
indebtedness; Whiting’s ability to generate sufficient cash flows from operations to meet the internally funded portion of Whiting’s capital expenditures budget; Whiting’s
ability to obtain external capital to finance exploration and development operations; negative impacts from outbreaks of communicable diseases, including the COVID-19
pandemic; Whiting’s inability to access oil and gas markets due to market conditions or operational impediments, including any court rulings which may result in the inability
to transport oil on the Dakota Access Pipeline; negative impacts from litigation and legal proceedings, including ongoing claims in connection with the chapter 11
bankruptcy; the impact of negative shifts in investor sentiment towards the oil and gas industry; impacts resulting from the allocation of resources among Whiting’s strategic
opportunities; the geographic concentration of Whiting’s operations; impacts to financial statements as a result of impairment write-downs and other cash and noncash
charges; federal and state initiatives relating to the regulation of hydraulic fracturing and air emissions; revisions to reserve estimates as a result of changes in commodity
prices, regulation and other factors; inaccuracies of Whiting’s reserve estimates or Whiting’s assumptions underlying them; the timing of Whiting’s exploration and
development expenditures; risks relating to decreases in Whiting’s credit rating; market availability of, and risks associated with, transport of oil and gas; Whiting’s ability to
successfully complete asset dispositions and the risks related thereto; Whiting’s ability to drill producing wells on undeveloped acreage prior to its lease expiration;
shortages of or delays in obtaining qualified personnel or equipment, including drilling rigs and completion services; weakened differentials impacting the price Whiting
receives for oil and natural gas; risks relating to any unforeseen liabilities of Whiting’s; the impacts of hedging on Whiting’s results of operations; adverse weather conditions
that may negatively impact development or production activities; uninsured or underinsured losses resulting from Whiting’s oil and gas operations; lack of control over non-
operated properties; failure of Whiting’s properties to yield oil or gas in commercially viable quantities; the impact and costs of compliance with laws and regulations
governing Whiting’s oil and gas operations; the potential impact of changes in laws that could have a negative effect on the oil and gas industry; impacts of local
regulations, climate change issues, negative public perception of Whiting’s industry and corporate governance standards; Whiting’s ability to replace Whiting’s oil and
natural gas reserves; unforeseen underperformance of or liabilities associated with acquired properties or other strategic partnerships or investments; competition in the oil
and gas industry; any loss of Whiting’s senior management or technical personnel; cybersecurity attacks or failures of Whiting’s telecommunication and other information
technology infrastructure; and other risks described under the caption “Risk Factors” in Item 1A of Whiting’s Quarterly Report on Form 10-Q for the quarter ended
September 30, 2020 and Whiting’s Annual Report on Form 10 K for the period ended December 31, 2019. Whiting assumes no obligation, and disclaim any duty, to update
the forward-looking statements in this presentation.

NYSE: WLL 2
 Positioned for Today’s E&P Business Environment
WHITING PETROLEUM FRAMEWORK FOR A LEADING SHALE
UPSTREAM INDEPENDENT
MARKET STATISTICS
Ticker (NYSE) WLL
✓ Leading debt coverage of less than 1.0x debt to EBITDAX(4) Share Price (1) $26.88
Shares Outstanding (1)(2) 38.1 million
✓ Anticipated 2021 free cash flow generation in excess of Market Cap $1.0 billion
$150mm at current prices Debt (3) $360 million

✓ Low decline, sustainable production

Williston Basin
North Dakota / Montana

✓ Oil-weighted commodity mix that positions company for

pricing recovery
DJ Basin

✓ Positioned for value enhancing consolidation

Weld

Corporate HQ
Denver

✓ New leadership with vision and compensation aligned with

shareholders

(1) 12/31/2020 (4) Based on annualized 3Q-2020 Adjusted EBITDAX ($100 MM) to 2020 Ending
(2) Excludes shares reserved for bankruptcy claims and equity compensation and Debt
shares issuable upon exercise of warrants NYSE: WLL 3
(3) 12/31/2020 revolver balance
Mission to Deliver Shareholder Value

RETURNS-BASED BUSINESS MODEL PORTFOLIO OPTIMIZATION

✓TRANSITION TOWARDS SUSTAINABLE ✓SUSTAIN AND ENHANCE SCALE /

SHAREHOLDER RETURNS EFFICIENCIES

✓PRUDENT CAPITAL DISCIPLINE WITH ✓COMMITMENT TO REDUCE COSTS TO

BECOME THE MOST EFFICIENT
FULL-CYCLE RETURN FOCUS OPERATOR

✓PREDICTABILITY: LARGE PDP ✓IMPROVED MIDSTREAM CONTRACTS

RESOURCE IN WELL UNDERSTOOD POST-REORGANIZATION
BASINS

BALANCE SHEET RESILIENCE ACROSS CYCLES

✓MAINTAIN CONSERVATIVE DEBT ✓CONTINUE TO ENHANCE ✓ROBUST HEDGING PROGRAM ✓FOCUS ON ACHIEVING BEST-IN-
METRICS LIQUIDITY CLASS G&A

NYSE: WLL 4
 Leadership: Uniquely Experienced and Shareholder Focused
SENIOR MANAGEMENT

Lynn Peterson Chip Rimer James Henderson

President & Chief Executive Officer Chief Operating Officer Chief Financial Officer
▪ Served as CEO and Chairman of the Board for SRC Energy from 2015 until its ▪ Has served as Whiting’s COO since November 2018 ▪ Served as the EVP and CFO of SRC Energy from 2015 until 2020
acquisition by PDC Energy in January 2020
▪ Served as the SVP of US Onshore for Noble Energy after joining in 2002 and ▪ Prior to SRC Energy, served as CFO of Kodiak Oil & Gas
▪ Co-founder, CEO and Chairman of Kodiak Oil & Gas, a Bakken E&P producer, serving in various operational roles
prior to SRC Energy

BOARD OF DIRECTORS

Kevin McCarthy
Nominating & Governance Chair,
Committee Roles Chairman, Nominating &
Governance and Compensation
Committees
Vice Chairman, Kayne Anderson
Capital Advisors
Deep Sector
36 years of energy investment
Experience banking and principal investing
experience at Kayne Anderson,
UBS, PaineWebber and Dean
Witter
Janet Carrig Susan Cunningham
ESG Committees
ESG Chair, Audit Committees
Former Senior Vice President, Former Executive Vice
Legal, General Counsel, and President, Environment,
Corporate Secretary, Health, Safety & Regulatory &
ConocoPhillips New Frontiers, Noble Energy
37 years of oil & gas 37 years of oil & gas
industry and legal experience experience including management,
at various corporations and operations and geology at Noble
law firms Energy, Chevron, Equinor and
Amoco
Paul Korus
Audit Chair, Nominating &
Governance Committees
Former Senior Vice President
and Chief Financial Officer,
Cimarex
33 years of oil & gas industry
and financial services
experience at Cimarex, Apache
and Petrie Parkman
Lynn Peterson
CEO, ESG Committee
Former Chief Executive Officer &
Chairman, SRC Energy
40 years of oil & gas industry and
management experience at
SRC Energy, Kodiak Energy experience at Rice Energy (CEO),
and CP Resources
Daniel Rice
Audit and Compensation
Committees
Founding Partner at Rice
Investment Group
15 years of oil & gas
management and investment
TPH & Co, and Transocean
Anne Taylor
Compensation Chair, ESG,
Committees
Former Vice Chairman /
Managing Partner, Deloitte
31 years of experience at
Deloitte and current public
board experience at
Southwestern Energy
and Group 1 Automotive

NYSE: WLL 5
Commitment to ESG and Safety Measures in Everything We Do

CONTINUED FOCUS ON SUSTAINABILITY

ENVIRONMENTAL SAFETY SOCIAL GOVERNANCE

✓ Committed to meeting gas ✓ The safety of our employees, ✓ Continued focus on ✓ New Board of Directors
capture requirements in contractors and communities is increasing employee and consisting of independent, cross-
North Dakota our highest priority contractor diversity functional and diverse members

✓ Implemented vehicle fleet
management program,
reducing emissions from
Whiting vehicles
✓ Industry-leading Leak
Detection and Repair
program that exceeds
regulations
✓ Created Workover Rig Taskforce
to improve communication,
safety and consistency on our
locations
✓ Safety performance and
company values as a
component in vendor selection
✓ Paid volunteer hours for
employees to volunteer at
non-profits of their choice
✓ Commitment to Whiting
values through quarterly
awards program for
employees living our values
✓ Reset executive compensation
cash salary and bonus targets
✓ ESG Committee led by directors
focused on environmental, safety
and social responsibility issues
and impacts

NYSE: WLL 6
Dominant Williston Basin Independent Position
THE WHITING SCALE ADVANTAGE WILLISTON BASIN PEER NET LEVERAGE

With one of the largest footprints in the Williston Basin, Whiting’s renewed NET DEBT + PREFERRED EQUITY / LTM EBITDAX
focus on leveraging the benefits of scale to drive portfolio optimization and
4.5x
free cash flow
3.7x 3.8x
3.2x
✓ Transformed capital structure added strength relative to peers 2.7x 2.8x

✓
2.0x
One of the largest producers in the Williston Basin among independent
operators 0.8x 0.8x

✓ Larger scale allows for operating flexibility to maximize margins and sustain
cycles Peer A Peer B Peer C Peer D Peer E Peer F Peer G Peer H

WILLISTON BASIN NET ACREAGE (000s) WILLISTON BASIN DAILY PRODUCTION (MBOEPD)
810
Liquids 198
Natural Gas
161
530 108
490
408 98
85 122
260 69
56
183 69
58
23 29 29 51 90
80 85 95 37
14 22 18 27 29 38
9 7 11 19 18
Peer A Peer B Peer C Peer D Peer E Peer F WLL Peer G Peer H Peer A Peer B Peer C Peer D Peer E WLL Peer F Peer G Peer H

Source: Company filings and presentations, Enverus, Bloomberg.

Note: LTM EBITDAX and production figures shown.Q3 2020 Peers include CLR, HES, MRO, OAS, OVV, QEP, WPX, NOG. Reflects book value of debt for latest filings. OAS shown as E&P only. NYSE: WLL 7
Inventory Summary
Acreage Positions Whiting Inventory >30% IRR (1)

Williston Basin
490k net acres 500
84.5 Mboepd(2)
39 DUC locations(3) 432
400

Gross Locations
300 288

200 185

100

0
DJ Basin $45 $50 $55
74k net acres WTI
8.8 Mboepd(2)

(1) Assumes current cost structure and commodity differentials

(2) As of Q3-2020 NYSE: WLL 8
(3) As of year-end 2020
Hedging Positions that Mitigate Cash Flow Variability
As of January 1, 2021

Crude Oil Hedges

Settlement Derivative Total Swap

Commodity Period Index Instrument Volumes Units Price Floor Ceiling
Crude Oil 2021 NYMEX WTI Fixed Price Swaps 4,386,000 Bbl $41.85 - -
Crude Oil 2021 NYMEX WTI Two-way Collars 6,956,000 Bbl - $38.82 $47.11
Crude Oil 2022 NYMEX WTI Two-way Collars 4,530,000 Bbl - $38.41 $48.75
Total 15,872,000

Natural Gas Hedges

Settlement Derivative Total Swap

Commodity Period Index Instrument Volumes Units Price Floor Ceiling
Natural Gas 2021 NYMEX Henry Hub Fixed Price Swaps 12,530,000 Mmbtu $2.69 - -
Natural Gas 2021 NYMEX Henry Hub Two-way Collars 10,950,000 Mmbtu - $2.60 $2.79
Natural Gas 2022 NYMEX Henry Hub Fixed Price Swaps 1,365,000 Mmbtu $2.60 - -
Natural Gas 2022 NYMEX Henry Hub Two-way Collars 10,720,000 Mmbtu - $2.35 $2.85
Total 35,565,000

2021 Crude oil hedges represent 60% of estimated mid-point production guidance

Note: Strike prices represent weighted averages

Note: 2021 Hedges outstanding represent January – December 2021 NYSE: WLL 9
2021 Guidance
An operating plan that is designed to provide free cash flow to further strengthen balance sheet

Oil production (MBO per day) 48 – 52

Total production (MBOE per day) 82 – 88

Capital expenditures (mm) $228 – $252

Lease operating expenses (mm) $220 – 245

General and administrative cash expense (mm) (1) $48 – $52

Oil price wellhead differential to NYMEX per Bbl (2)(3) $(6.00) – $(8.00)

Natural gas price differential to NYMEX per Mcf (2) $(1.50) – $(1.70)

Wells drilled (Gross/Net) 37 / 24

Wells turned in line (Gross/Net) 56 / 37

Rig Count/Completion Crew 1.5 / 1.5

(1) Net of allocations to LOE and reimbursable costs and excludes non-cash equity compensation expense
(2) Includes gathering, transportation and compression NYSE: WLL 10
(3) The range reflects the variable effects of possible transportation disruption
EBITDAX Reconciliation

Q3 '20 Q2 '20 Q1 '20 Q4 '19

3 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended
September 30, 2020 June 30, 2020 March 31, 2020 December 31, 2019

Net income (loss) $ 277,695 $ (574,315) $ (3,628,571) $ (147,487)

Income tax expense (benefit) (67,531) (1,028) - 73,593

Interest expense 13,507 16,425 45,250 45,773
Interest income (145) - - -
Depreciation, depletion and amortization 91,350 83,549 183,968 204,322
Amortization of deferred gain on sale (1,171) (1,908) (2,037) (2,106)

EBITDA $ 313,705 $ (477,277) $ (3,401,390) $ 174,095

Adjustments:
Total measure of derivative (gain) loss reported under U.S. GAAP 12,531 6,632 (231,371) 46,338
Total cash settlements received (paid) on commodity derivatives during
the period, net of premiums/costs 300 14,393 31,821 10,060
Non-cash stock compensation 787 1,333 1,599 2,635
(Gain) loss on extinguishment of debt - - (25,883) (3,232)
(Gain) loss on sale of properties 1,675 511 (864) 283
Restructuring and other one-time charges 15,337 10,771 16,113 -
Reorganization items, net (259,232) 41,813 - -

Adjusted EBITDA $ 85,103 $ (401,824) $ (3,609,975) $ 230,179

Exploration expense 6,908 11,879 8,365 8,556

Impairment expense 7,516 409,277 3,745,092 2,137

Adjusted EBITDAX $ 99,527 $ 19,332 $ 143,482 $ 240,872

NYSE: WLL 11