• Q2 2018 Average Production of 126,180 BOE/d at High End of Guidance
• Q2 2018 Net Cash Provided by Operating Activities of $310 Million Exceeded Capital Expenditures by $107 Million
• Q2 2018 Diluted Earnings per Share of $0.02 and Adjusted Earnings per Share of $0.62
• Lease Operating Expense per BOE below Low End of Guidance
• Bolt-On Acquisition Adds 55,000 Net Acres and 1,300 BOE/d for $130 Million

Whiting’s production in the second quarter 2018 totaled 11.5 million barrels of oil equivalent (MMBOE), comprised of 84% crude oil/natural gas liquids (NGLs). Second quarter 2018 production averaged 126,180 barrels of oil equivalent per day (BOE/d) and came in at the high end of guidance. Capital expenditures for the second quarter 2018 were $203 million. Second quarter 2018 net cash provided by operating activities of $310 million exceeded capital expenditures by $107 million. Lease operating expense (LOE) of $7.81 per BOE came in below the low end of guidance which called for $8.20 per BOE at the midpoint.

During the second quarter 2018, the Company added to its hedges and is now 72% hedged for 2018 and 23% hedged for the first half of 2019 as a percentage of June 2018 production as detailed later in the press release.

Bradley J. Holly, Whiting’s President, Chairman and CEO, commented,
“In the second quarter, Whiting continued its streak of delivering production results above forecast and generating significant cash flow above capital expenditures. Since the beginning of the fourth quarter 2017, Whiting has generated a total of $269 million of operating cash flow above capital expenditures. We are also pleased to announce a bolt-on acquisition that fits well with our current core acreage position in the western Williston Basin. We consider this acreage highly prospective for generation 4.0 completions because it lies geologically on trend with the prolific Mallow well announced in the first quarter. This acquisition demonstrates our commitment to the Williston Basin and builds on our strategy to unlock value in new areas through the application of an industry leading development process.”

Williston Basin Bolt-On Acquisition Adds 55,000 Net Acres Contiguous to Core Areas

Whiting has completed a $130 million acquisition of Williston Basin properties contiguous with the East Missouri Breaks and Hidden Bench areas. The properties encompass 54,833 net acres and have current production of 1,290 BOE/d and estimated proved reserves of 26 MMBOE.

Operations Update

In the second quarter 2018, total net production for the Company averaged 126,180 BOE/d. The Bakken/Three Forks plays in the Williston Basin averaged 103,480 BOE/d. The Redtail Niobrara/Codell plays in the DJ Basin averaged 22,005 BOE/d. Whiting drilled 33 wells in the Williston Basin area and no wells in the Redtail area during the quarter. The Company put 22 wells on production in the Williston Basin and 16 wells on production at Redtail during the quarter.

Second Quarter 2018 Capital Expenditures Summary

During the second quarter 2018, Whiting’s capital expenditures totaled $203 million. This includes $8 million for non-operated drilling and completion, $5 million for land and $1 million for facilities.