Whiting Petroleum : May 2021 Presentation

Whiting Petroleum

May 2021

Positioned to Succeed

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 production, cash flows, revenues, 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 "guidance," or 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 Annual Report on Form 10 K for the period ended December 31, 2020. Whiting assumes no obligation, and disclaim any duty, to update the forward-looking statements in this presentation.

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Positioned for Today's E&P Business Environment

WHITING PETROLEUM FRAMEWORK FOR A LEADING SHALE

UPSTREAM INDEPENDENT

• Leading debt coverage of less than 0.4x debt to EBITDAX(4)
• Anticipated 2021 free cash flow generation in excess of $300mm at $55 WTI
• Low decline, sustainable production
• Oil-weightedcommodity mix positions company for pricing recovery
• Positioned for value enhancing consolidation
• New leadership with vision and compensation aligned with shareholders

MARKET STATISTICS

Ticker (NYSE)	WLL
Share Price (1)	$40.07
Shares Outstanding (1)(2)	39.1 million
Market Cap	$1.6 billion
Debt (3)	$245 million

Williston Basin

North Dakota / Montana

DJ Basin

Weld

Corporate HQ

Denver

1. 04/30/2021
2. Excludes shares reserved for bankruptcy claims and equity compensation and shares issuable upon exercise of warrants
3. 03/31/2021

1. Based on annualized 1Q-2021 Adjusted EBITDAX ($170 MM) to 03/31/2021 Ending Debt

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Mission to Deliver Shareholder Value

RETURNS-BASED BUSINESS MODEL

✓TRANSITION TOWARDS SUSTAINABLE

SHAREHOLDER RETURNS

✓PRUDENT CAPITAL DISCIPLINE WITH

FULL-CYCLE RETURN FOCUS

✓PREDICTABILITY: LARGE PDP

RESOURCE IN WELL UNDERSTOOD BASINS

PORTFOLIO OPTIMIZATION

✓SUSTAIN AND ENHANCE SCALE /

EFFICIENCIES

✓COMMITMENT TO REDUCE COSTS TO

BECOME THE MOST EFFICIENT OPERATOR

✓IMPROVED MIDSTREAM CONTRACTS

POST-REORGANIZATION

BALANCE SHEET RESILIENCE ACROSS CYCLES

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

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Leadership: Uniquely Experienced and Shareholder Focused

SENIOR MANAGEMENT

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

James Henderson

Chief Financial Officer

• EVP and CFO of SRC Energy from 2015 until 2020
• Prior to SRC Energy, served as CFO of Kodiak Oil & Gas

BOARD OF DIRECTORS

Committee Roles

Deep Sector

Experience

Kevin McCarthy

Chairman, Nominating &

Governance and Compensation

Committees

Vice Chairman, Kayne Anderson

Capital Advisors

36 years of energy investment banking and principal investing experience at Kayne Anderson, UBS, PaineWebber and Dean Witter

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

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