Whiting Petroleum : February 2022 Presentation

Driving Operational Excellence		CORPORATE PRESENTATION
	FEBRUARY 2022

Forward-Looking Statements and

Non-GAAP Measures

This presentation contains statements that we believe 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 our future financial position, dividends and other forms of return of capital, business strategy, projected production, cash flows, revenues, costs, capital expenditures and debt levels, the effect of acquisitions and divestitures and plans and objectives of management for future operations, are forward-looking statements. When used in this presentation, words such as "guidance," or "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:

• declines in, or extended periods of low oil, NGL or natural gas prices;
• the occurrence of epidemic or pandemic diseases, including the coronavirus pandemic;
• actions of the Organization of Petroleum Exporting Countries and other oil exporting nations to set and maintain production levels;
• the impacts of hedging on our results of operations;
• regulatory developments, including the potential shutdown of the Dakota Access Pipeline and new or amended federal, state and local initiatives relating to the regulation of hydraulic fracturing, air emissions and other aspects of oil and gas operations that could have a negative effect on the oil and gas industry and/or increase costs of compliance;
• the geographic concentration of our operations;
• our inability to access oil and gas markets due to market conditions or operational impediments;
• adequacy of midstream and downstream transportation capacity and infrastructure;
• shortages of or delays in obtaining qualified personnel or equipment, including drilling rigs and completion services;
• adverse weather conditions that may negatively impact development or production activities;
• potential losses and claims resulting from our oil and gas operations, including uninsured or underinsured losses;
• lack of control over non-operated properties;
• cybersecurity attacks or failures of our telecommunication and other information technology infrastructure;
• revisions to reserve estimates as a result of changes in commodity prices, regulation and other factors;
• inaccuracies of our reserve estimates or our assumptions underlying them;
• impact of negative shifts in investor sentiment and public perception towards the oil and gas industry and corporate governance standards;
• climate change issues;
• litigation and other legal proceedings; and
• other risks described under the caption "Risk Factors" in Item 1A of our Annual Report on Form 10-K for the period ended December 31, 2021.

We assume no obligation, and disclaim any duty, to update the forward-looking statements in this presentation.

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Whiting's Framework to Succeed as a

Leading Shale Upstream Independent

• Delivering a FCF yield in excess of 20%(1)
• Substantial free cash flow generation in today's price environment
• Industry competitive fixed dividend yield of ~1.5%
• Peer-leadingdebt coverage of debt to EBITDAX (2)
• Sustainable production with predictable decline
• Oil-weightedproduction mix maximizes value creation from current commodity prices
• Leadership with vision and compensation aligned with shareholders

WILLISTON BASIN

Montana/North Dakota

HEADQUARTERS

Denver, Colorado

1. Free cash flow (FCF) yield calculated as Bloomberg estimate of FCF ($547 MM) divided by market cap ($2.5 B)
2. Based on annualized 4Q-2021 Adjusted EBITDAX ($226 MM) to 12/31/2021 Ending Debt ($0 MM).

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Mission to Deliver Shareholder Value

Returns-Based Business Model

• PREDICTABILITY - Large PDP resource in well understood basins
• PRUDENT CAPITAL DISCIPLINE with full-cycle return focus
• TRANSITION TOWARDS SUSTAINABLE shareholder returns

Balance Sheet Resilience Across Cycles

• MAINTAIN conservative debt metrics
• COMMITMENT to continue as top-tier operator
• ROBUST HEDGING program
• FOCUS on achieving BEST-IN-CLASS cost structure

Portfolio Optimization

• Leverage asset base to deliver meaningful FREE CASH FLOW
• OPPORTUNISTIC with strategic acquisitions
• Enhanced BASE PRODUCTION and downtime management
• DIVERSIFIED crude market exposure and transportation assets

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Evolving Return of Capital Program

$0.25/share per quarter

2021

Feb '22

2022E

PROGRAM RESILIENCE ACROSS CYCLES

Initiated fixed dividend	Ability to modify over time
▪ Resilience in volatile cycles	▪	Increase fixed dividend
▪	Peer competitive	▪	Stock repurchase programs
▪	Free cash flow coverage	▪	Variable dividends
	supports significant upside

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