One Year Price Chart

November 30, 2016

Whiting Petroleum Corporation

WLL NYSE
Buy
Oil & Gas Exploration and Production

Company Update
Raising Rating to Buy

Underappreciated Bakken assets and improved, albeit still heavy, balance sheet will benefit from higher oil prices.

Changes Previous Current

Raising Rating to Buy Rating Hold Buy
We are raising our rating to Buy from Hold based on enhanced completions in Target Price $8.00 $15.00
WLL's high quality Bakken shale assets, an improved balance sheet, and our FY16E EPS $(2.32) $(2.31)
FY17E EPS $(1.72) $(1.43)
higher oil price forecast. Following today's OPEC agreement to curtail production
for the first time in 8 years, we are raising our 4Q16 and 2017 NYMEX oil price Price (11/30/16): $12.22
forecast 7% and 10% to $48 and $55 (for more information, see "Raising 52-Week Range: $17 $3
Market Cap.(mm): 2,494.1
Estimates, Targets and Ratings on OPEC Agreement").
Shr.O/S-Diluted (mm): 204.1
Bakken Driving Above Average Returns Enterprise Val. (mm): $7,271.0
Avg Daily Vol (3 Mo): 23,623,644
While the Bakken has been out of favor with investors, WLL's returns rank inline
LT Debt/Total Cap.: 52.0%
with our peer group average (Figure 1). The company's production growth will Dividend( / %) 0.00 / 0.0%
likely lag our group over the next two years (Figure 2) as it must stem a decline S&P Index 2,198.81
and continue to improve its balance sheet (Figure 3). Although the stock is
vulnerable to an oil price decline if OPEC's agreement falls apart, the company is EPS 2015A 2016E 2017E
more heavily hedged than our group average (Figure 4). WLL's production is Q1 $(0.23) $(0.85)A $(0.43)
among the most heavily weighted to oil in our universe (Figure 5). Q2 0.04 (0.70)A (0.36)
Q3 (0.17) (0.47)A (0.36)
Enhanced Completions Improving Productivity Q4 (0.43) (0.38) (0.28)
WLL completed 48 Williston Basin wells over the past year with 5+ MMLbs of sand FY Dec $(0.78)A $(2.31) $(1.43)
(average of 6.6MMBls and 36 stages). Spanning 6 different counties, these wells P/E NM NM NM
are tracking the company's 900 MBoe type curve after 265 days. More recent wells
EPS/CFPS may not sum due to varying
completed with 10.1-13.6 MMBls of sand are tracking the company's 1.5 MMBoe diluted common share count.
curve. The wells are located in the Cassandra and Polar areas where our Bakken
EURs are 660 and 790 MBoe. In the Tarpon area, 13 wells completed with an CFPS 2015A 2016E 2017E
average of 7.3 MMBls of sand had an average 24-hr IP of 3,727 Boe/d. Our Q1 $1.47 $0.50A $0.40
Tarpon Bakken EUR is 925 MBoe. Q2 1.86 0.67A 0.50
Q3 1.37 0.58A 0.52
NAV Estimate
Q4 1.09 0.44 0.62
Updated well analysis recently caused to boost our type curves for most of WLL's
FY Dec $5.79A $2.18 $2.04
Williston acreage. The company's 3Q16 update suggests further upward revisions
P/CFPS 2.1x 5.6x 6.0x
are possible as new well data is released by ND (the most recent data is from
August), which could cause us to raise our NAV estimate (Figure 6). EBITDA 2015A 2016E 2017E

Balance Sheet FY Dec $1,134.1A $738.4 $868.6

We project YE16 debt/EBITDA of 5.5x (up from 5.3x at 9/30/16) and 2017 interest EV/EBITDA 6.4x 9.8x 8.4x
coverage of 5.4x. Assuming conversion of $721MM of debt to equity in 4Q16 (if the
stock's DWAP averages above $8.75 for 20 of any 30 consecutive days), our
estimates improve to 4.5x and 6.5x, respectively.

Michael S. Scialla mscialla@stifel.com (303) 291-5390

Kyle Bickel bickelk@stifel.com (303) 291-5227
Stifel Equity Trading Desk (800) 424-8870

Stifel does and seeks to do business with companies covered in its research reports. As a result, investors should be
aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should
consider this report as only a single factor in making their investment decision.
All relevant disclosures and certifications appear on pages 7 - 9 of this report.
Whiting Petroleum Corporation (WLL) November 30, 2016

Figure 1: Capex Weighted PVI10

Source: Stifel Estimates

Figure 2: Production Growth (2 Year Compounded)

Source: Stifel Estimates

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Whiting Petroleum Corporation (WLL) November 30, 2016

Figure 3: 2017 Estimated Interest Coverage and Debt/EBITDA

Source: Stifel Estimates and Company Reports

Figure 4: 2017 Oil Hedges by Company

Source: Stifel Estimates and Company Reports

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Whiting Petroleum Corporation (WLL) November 30, 2016

Figure 5: Oil % of Total Production Per Company

Source: Stifel Estimates

Figure 6: NAV Summary

Whiting Petroleum NAV Summary

NAV Estimate Bcfe MMBoe $(MM) $/Shr ($/Mcfe) ($/Boe) NAV Price Sensitivity
Proved Reserves YE15 4,923 821 $6,146 $22 $1.25 $7.49 NYMEX Gas Oil ($/barrel)
LT Debt -$3,704 -$13 -$0.75 -$4.51 ($/Mcf) $40 $50 $60 $70
Hedges $28 $0 $0.01 $0.03 Proved $2 -$6 $2 $11 $18
Other -$84 $0 -$0.02 -$0.10 $3 -$4 $4 $12 $20
NAV (proved) $2,385 $9 $0.48 $2.91 $4 -$3 $5 $13 $21
$5 -$2 $6 $14 $22
Unproved: Bcfe MMBoe $(MM) $/Shr ($/Mcfe) ($/Boe)
Niobrara 484 81 $140 $0.50 $0.29 $1.74 $2 -$1 $5 $11 $16
Sanish Field 639 107 $758 $2.70 $1.18 $7.11 Unproved $3 $1 $7 $12 $18
Tarpon 156 26 $337 $1.20 $2.16 $12.93 $4 $2 $8 $14 $20
Hidden Bench 449 75 $196 $0.70 $0.44 $2.63 $5 $4 $9 $15 $21
Dunn County 261 44 $589 $2.10 $2.26 $13.55
Polar 463 77 $870 $3.10 $1.88 $11.28 $2 -$10 $4 $18 $32
Cassandra 152 25 $281 $1.00 $1.85 $11.07 Total $3 -$7 $7 $21 $35
Pronghorn 37 6 $28 $0.10 $0.77 $4.60 $4 -$4 $9 $24 $37
Total Unproved 2,641 440 $3,199 $11 $1.21 $7.27 $5 -$2 $12 $26 $40

NAV (proved) 4,923 821 $2,385 $9 $0.48 $2.91

Unproved 5,281 880 $6,398 $11 $1.21 $7.27 Diluted Shares (MM) 280.6
Discounted G&A Exp. -$902 -$3
Total 10,205 1,701 $7,881 $17 $0.77 4.634

Whiting Petroleum Unproved Resource Potential

Gross Well Cost Lateral Interlateral Wells/ Spacing Net Proved Total Unrisked Unproved Risked Unproved NPV10
MBoe/well ($MM) Length Spacing (Ft.) Unit (Acres) Locations Net Acres Net Acres Risk Factor Net Acres Locations Net (MMBoe) $/share $/Acre
Redtail-Niobrara: 250 4.0 5,000 495 11 60 185 126,363 132,155 75% 28,821 480 81 $0.50 $1,062
Bakken:
Sanish Field - Bakken 680 6.8 8,250 880 6 170 285 82,600 34,179 10% 30,761 181 95 $2.50 $20,526
Sanish Field - Three Forks 490 6.8 10,000 1,760 3 400 175 82,600 12,712 10% 11,441 29 11 $0.20 $4,415
Tarpon - Bakken 925 6.8 10,000 1,056 5 256 20 14,000 8,875 25% 6,656 26 19 $0.90 $28,457
Tarpon - Three Forks 850 6.8 10,000 1,056 5 256 41 14,000 3,517 25% 2,638 10 7 $0.30 $23,938
Hidden Bench - Bakken 450 6.8 10,000 1,056 5 256 167 69,000 26,135 25% 19,602 77 28 $0.30 $3,221
Hidden Bench - Three Forks 425 6.8 10,000 1,056 5 256 90 69,000 45,937 25% 34,453 135 47 $0.40 $2,444
Dunn County - Bakken 1,040 6.8 10,000 1,760 3 427 52 39,000 16,852 25% 12,639 30 26 $1.30 $21,648
Dunn County - TF 950 6.8 10,000 1,760 3 427 61 39,000 12,966 25% 9,724 23 18 $0.80 $17,314
Polar - Bakken 790 6.8 10,000 1,056 5 256 64 38,000 21,693 25% 16,270 64 41 $1.70 $21,991
Polar - TF 790 6.8 10,000 1,056 5 256 76 38,000 18,664 25% 13,998 55 36 $1.40 $21,049
Cassandra - Bakken 660 6.8 10,000 1,056 5 256 84 30,000 8,568 25% 6,426 25 14 $0.60 $19,652
Cassandra - TF 540 6.8 10,000 1,056 5 256 82 30,000 9,034 25% 6,775 26 12 $0.40 $12,426
Pronghorn North 490 6.8 10,000 1,056 5 256 177 53,000 7,806 50% 3,903 15 6 $0.10 $3,595
Pronghorn South 310 6.8 10,000 1,056 5 256 56 53,000 38,556 50% 19,278 75 18 $0.20 $1,456
1,613 451,963 256,261 125,077 1,251 458 $11.60
Source: Stifel Estimates

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Whiting Petroleum Corporation (WLL) November 30, 2016

Target Price Methodology/Risks

The stock is currently valued at a 16% discount to our mid-cap peer group based on
EV/2017 EBITDA and our mid-cap price/NAV multiples. Our 12-month target of
$15.00 is based on 88% of our NAV estimate of $17/share (assuming long-term
NYMEX oil/gas prices of $60/$3.50). Risks to the target price include commodity
price, well performance, reserve assumptions, availability of capital, and
regulatory/environmental risks.
Company Description
Denver, CO, based Whiting Petroleum is an independent E&P company with
primary operation in North Dakota's Williston Basin, the Permian Basin, and the
Mid-Continent. The company holds additional assets throughout the Rocky
Mountain Region, Gulf Coast and Michigan.

Page 5
 Mike Scialla, Managing Director: 303-291-5390
Whiting Petroleum
Blake Donovan, Corporation
CFA, Associate Analyst: 303-291-5227 (WLL)
Ken Beyer, CPA, Associate Analyst: 303-291-5206
November 30, 2016

Whiting Petroleum Corporation

$ in millions, except per share data 2015 2016 2017 2018
1Q15A 2Q15A 3Q15A 4Q15A 2015A y/y 1Q16A 2Q16A 3Q16A 4Q16E 2016E y/y 1Q17E 2Q17E 3Q17E 4Q17E 2017E y/y 2018E y/y
Average daily net production:
Gas (MMcf/day) 115.2 116.6 103.6 115.3 112.7 36% 115.5 118.8 107.7 103.5 111.4 -1% 108.1 108.1 108.1 108.1 108.1 -3% 122.3 13%
Oil (MBbls/day) 135.3 136.5 127.2 118.2 129.2 41% 109.5 95.8 84.3 81.0 92.6 -28% 84.6 84.6 84.6 84.6 84.6 -9% 95.8 13%
NGL(MBbls/day) 12.3 14.3 16.2 17.8 15.2 68% 18.0 18.6 17.6 16.9 17.8 17% 17.7 17.7 17.7 17.7 17.7 -1% 20.0 13%
Total Production - MMBoe 15.018 15.492 14.774 14.278 59.563 42% 13.356 12.216 11.032 10.600 47.204 -21% 10.827 10.947 11.068 11.068 43.910 -7% 49.703 13%
Total Production - MBoe/d 166.9 170.2 160.6 155.2 163.2 42% 146.8 134.2 119.9 115.2 129.0 -21% 120.3 120.3 120.3 120.3 120.3 -7% 136.2 13%
Avg Composite Realized Price 6.47 7.44 6.31 5.69 6.49 -47% 4.30 5.07 5.39 5.51 5.03 -23% 5.26 5.70 5.76 6.26 5.75 14% 6.25 9%
Gas ($/Mcf) 2.61 1.92 2.83 1.50 2.20 -60% 1.05 0.96 1.79 1.97 1.42 -35% 2.02 1.93 2.02 2.16 2.03 43% 2.13 5%
Oil ($/Bbl) 44.38 52.23 44.17 41.70 45.78 -45% 32.61 39.60 41.88 42.48 38.70 -15% 40.28 43.93 44.30 48.23 44.21 14% 48.16 9%
NGL($/Bbl) 13.47 16.85 10.55 10.98 12.74 -67% 5.48 9.17 8.65 9.61 8.21 -36% 9.44 10.75 10.68 11.67 10.64 30% 11.64 9%
Costs/Unit ($/Boe)
Lease operating $11.08 $9.25 $8.50 $8.41 $9.32 -22% $8.56 $8.61 $7.98 $8.60 $8.45 -9% $8.60 $8.60 $8.60 $8.60 $8.60 2% $8.60 0%
Production taxes $2.95 $3.66 $3.00 $2.64 $3.07 -49% $1.94 $2.20 $2.39 $2.98 $2.34 -24% $2.84 $3.08 $3.11 $3.38 $3.10 32% $3.38 9%
DD&A $18.88 $20.81 $21.40 $22.50 $20.87 -20% $23.38 $24.89 $25.80 $25.50 $24.81 19% $25.50 $25.50 $25.50 $25.50 $2.21 -91% $1.96 -12%
Exploration and impairment $5.39 $3.72 $114.43 $3.68 $31.59 55% $2.66 $2.11 $2.20 $2.29 $2.33 -93% $2.24 $2.22 $2.19 $2.19 $0.00 0% $0.00 0%
Total G&A $2.93 $2.90 $3.03 $2.72 $2.90 -32% $3.35 $2.74 $3.07 $3.00 $3.05 5% $3.00 $3.00 $3.00 $3.00 $0.00 0% $0.00 0%
Interest $4.94 $5.76 $5.72 $6.03 $5.61 37% $6.13 $6.44 $7.67 $6.75 $6.71 20% $6.75 $6.75 $6.75 $6.75 $6.75 1% $1.13 -83%
Revenues
Oil, NGL, and natural gas sales $519.8 $650.5 $504.2 $418.0 $2,092.5 -31% $289.7 $337.0 $315.6 $350.4 $1,292.7 -38% $341.4 $374.6 $382.3 $415.9 $1,514.3 17% $1,864.0 23%
Gain (loss) on hedging activities $0.0 $0.0 $0.0 $0.0 $0.0 0% $0.0 $0.0 $0.0 $0.0 $0.0 0% $0.0 $0.0 $0.0 $0.0 $0.0 0% $0.0 0%
Total Revenues $529.2 $590.0 $508.0 $423.5 $2,050.8 -34% $292.0 $339.6 $129.2 $350.4 $1,111.2 -46% $341.4 $374.6 $382.3 $415.9 $1,514.3 36% $1,864.0 23%
Operating Expenses
Lease operating $166.4 $143.4 $125.6 $120.1 $555.4 12% $114.4 $105.2 $88.0 $91.2 $398.7 -28% $93.1 $94.1 $95.2 $95.2 $377.6 -5% $427.4 13%
Production taxes $44.4 $56.7 $44.3 $37.6 $183.0 -28% $25.9 $26.8 $26.4 $31.5 $110.7 -40% $30.7 $33.7 $34.4 $37.4 $136.3 23% $167.8 23%
DD&A $283.5 $322.4 $316.1 $321.2 $1,243.3 14% $312.3 $304.0 $284.6 $270.3 $1,171.2 -6% $276.1 $279.2 $282.2 $282.2 $1,119.7 -4% $1,267.4 13%
Exploration and impairment $80.9 $57.6 $1,690.7 $52.5 $1,881.7 120% $35.5 $25.8 $24.3 $24.3 $109.9 -94% $24.3 $24.3 $24.3 $24.3 $97.2 -12% $97.2 0%
Total G&A $44.0 $45.0 $44.8 $38.8 $172.6 -3% $44.8 $33.5 $33.9 $31.8 $144.0 -17% $32.5 $32.8 $33.2 $33.2 $0.0 0% $0.0 0%
Change in production participation plan liability$0.0 $0.0 $0.0 $0.0 $0.0 0% $0.0 $0.0 $0.0 $0.0 $0.0 0% $0.0 $0.0 $0.0 $0.0 $0.0 0% $0.0 0%
Commodity derivative loss (gain) -$9.9 $102.4 -$207.8 -$102.8 -$218.0 -117% $4.8 -$2.8 -$30.4 $0.0 -$28.4 87% $0.0 $0.0 $0.0 $0.0 $0.0 0% $0.0 0%
Other $5.6 $0.0 $869.7 $16.8 $892.1 -$90.6 $179.4 -$46.5 $0.0 $42.2 -95% $0.0 $0.0 $0.0 $0.0 $0.0 0% $0.0 0%
Total operating expenses $614.9 $727.5 $2,883.5 $484.3 $4,710.2 70% $447.0 $672.0 $380.2 $449.1 $1,948.2 -59% $456.7 $464.2 $469.3 $472.3 $1,862.5 -4% $2,108.9 13%
Operating Income -$85.7 -$137.5 -$2,375.4 -$60.8 -$2,659.4 NM -$155.0 -$332.4 -$250.9 -$98.7 -$837.0 69% -$115.3 -$89.6 -$87.0 -$56.4 -$348.2 58% -$244.9 30%
Other Expenses
Interest $74.3 $89.2 $84.6 $86.1 $334.1 96% $81.9 $78.7 $84.6 $71.6 $316.7 -5% $73.1 $73.9 $74.7 $74.7 $296.4 -6% $335.5 13%
Other $0.0 $0.0 $0.0 $0.0 $0.0 0% $0.0 $0.0 $0.0 $0.0 $0.0 0% $0.0 $0.0 $0.0 $0.0 $0.0 0% $0.0 0%
Pretax Income -$159.9 -$226.7 -$2,460.0 -$146.9 -$2,993.5 NM -$236.9 -$411.0 -$335.5 -$170.2 -$1,153.7 61% -$188.4 -$163.4 -$161.7 -$131.1 -$644.6 44% -$580.4 10%
Income Taxes
Current $0.1 -$0.1 -$0.4 $0.0 -$0.4 -114% $0.0 $0.0 -$0.1 $0.0 -$0.1 69% $0.0 $0.0 $0.0 $0.0 $0.0 99% $0.0 10%
Deferred -$54.0 -$77.3 -$594.4 -$48.2 -$773.9 NM -$65.2 -$110.0 -$357.4 -$45.5 -$578.1 25% -$50.4 -$43.7 -$43.3 -$35.1 -$172.5 70% -$155.3 10%
Income tax expense (benefit) -$53.8 -$77.4 -$594.8 -$48.2 -$774.2 NM -$65.2 -$110.0 -$357.6 -$45.5 -$578.2 25% -$50.4 -$43.7 -$43.3 -$35.1 -$172.5 70% -$155.3 10%
Net Income from Continuing Operations -$106.1 -$149.3 -$1,865.1 -$98.7 -$2,219.3 NM -$171.8 -$301.0 -$693.1 -$124.7 -$1,290.5 42% -$138.0 -$119.7 -$118.4 -$96.0 -$472.1 63% -$425.1 10%
Net gain (loss) from NCI $0.0 $0.0 $0.0 $0.0 $0.1 39% $0.0 $0.0 $0.0 $0.0 $0.0 -79% $0.0 $0.0 $0.0 $0.0 $0.0 0% $0.0 0%
Other $0.0 $0.0 $0.0 $0.0 $0.0 0% $0.0 $0.0 $0.0 $0.0 $0.0 0% $0.0 $0.0 $0.0 $0.0 $0.0 0% $0.0 0%
Net Income (Reported) -$106.1 -$149.3 -$1,865.1 -$98.7 -$2,219.2 NM -$171.7 -$301.0 -$693.1 -$124.7 -$1,290.5 42% -$138.0 -$119.7 -$118.4 -$96.0 -$472.1 63% -$425.1 10%
Oper Earnings Adjustments $67.0 $158.4 $1,829.7 $10.9 $2,066.0 NM -$2.5 $142.3 $560.0 $17.8 $717.6 -65% $17.8 $17.8 $17.8 $17.8 $71.2 -90% $71.2 0%
Net Income (Adjusted) -$39.1 $9.2 -$35.4 -$87.8 -$153.2 -131% -$174.2 -$158.7 -$133.1 -$106.9 -$572.9 NM -$120.2 -$101.9 -$100.6 -$78.2 -$401.0 30% -$353.9 12%
Discretionary Cash Flow $249.3 $380.7 $279.9 $221.9 $1,131.7 -43% $102.3 $151.6 $163.1 $124.4 $541.4 -52% $112.0 $140.0 $144.8 $175.4 $572.3 6% $784.2 37%
EBITDA $268.9 $344.9 $293.3 $227.0 $1,134.1 -47% $197.5 $174.1 $170.9 $195.9 $738.4 -35% $185.1 $213.9 $219.5 $250.1 $868.6 18% $1,119.7 29%
Weighted avg shares (diluted) - adjusted 169.0 204.1 204.1 204.2 195.5 60% 204.4 226.0 280.4 280.5 248.0 27% 280.6 280.7 280.8 280.9 280.8 13% 281.2 0%
EPS (diluted) - Reported ($0.63) ($0.73) ($9.14) ($0.48) ($11.35) NM ($0.84) ($1.33) ($2.47) ($0.44) ($5.20) 54% ($0.49) ($0.43) ($0.42) ($0.34) ($1.68) 68% ($1.51) 10%
EPS (diluted) - Adjusted ($0.23) $0.04 ($0.17) ($0.43) ($0.78) -119% ($0.85) ($0.70) ($0.47) ($0.38) ($2.31) -195% ($0.43) ($0.36) ($0.36) ($0.28) ($1.43) 38% ($1.26) 12%
DCFPS (diluted) $1.47 $1.86 $1.37 $1.09 $5.79 -64% $0.50 $0.67 $0.58 $0.44 $2.18 -62% $0.40 $0.50 $0.52 $0.62 $2.04 -7% $2.79 37%
Sources: Company data, Stifel estimates

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Whiting Petroleum Corporation (WLL) November 30, 2016

Important Disclosures and Certifications

I, Michael S. Scialla, certify that the views expressed in this research report accurately reflect my personal
views about the subject securities or issuers; and I, Michael S. Scialla, certify that no part of my compensation
was, is, or will be directly or indirectly related to the specific recommendations or views contained in this
research report. Our European Policy for Managing Research Conflicts of Interest is available at
www.stifel.com.

Rating and Price Target History for: Whiting Petroleum Corporation (WLL) as of 11-30-2016

02/26/14 08/01/14 10/13/14 10/27/14 02/03/15 04/22/15 08/27/15 10/08/15 12/17/15 02/02/16 09/29/16
B:$80 B:$105 B:$95 H:NA B:$45 B:$49 B:$20 B:$26 B:$12 H:NA H:$8

100

80

60

40

20

0
Q3 Q1 Q2 Q3 Q1 Q2 Q3 Q1 Q2 Q3
2014 2015 2016 2017

Rating Key

B - Buy UR - Under Review

H - Hold NR - No Rating
S - Sell NA - Not Applicable
I - Initiation SU - Rating Suspended
D - Discontinued

Created by BlueMatrix

For a price chart with our ratings and any applicable target price changes for WLL go to
http://sf.bluematrix.com/bluematrix/Disclosure?ticker=WLL
The rating and target price history for Whiting Petroleum Corporation and its securities prior to February 25, 2015, on
the above price chart reflects the research analyst's views under a different rating system than currently utilized at
Stifel. For a description of the investment rating system previously utilized go to.www.stifel.com.
Stifel or an affiliate expects to receive or intends to seek compensation for investment banking services from Whiting
Petroleum Corporation in the next 3 months.
The equity research analyst(s) responsible for the preparation of this report receive(s) compensation based on various
factors, including Stifels overall revenue, which includes investment banking revenue.
Our investment rating system is three tiered, defined as follows:
BUY -We expect a total return of greater than 10% over the next 12 months with total return equal to the percentage
price change plus dividend yield.
HOLD -We expect a total return between -5% and 10% over the next 12 months with total return equal to the
percentage price change plus dividend yield.
SELL -We expect a total return below -5% over the next 12 months with total return equal to the percentage price
change plus dividend yield.
Occasionally, we use the ancillary rating of SUSPENDED (SU) to indicate a long-term suspension in rating and/or
target price, and/or coverage due to applicable regulations or Stifel policies. SUSPENDED indicates the analyst is
unable to determine a reasonable basis for rating/target price or estimates due to lack of publicly available information
or the inability to quantify the publicly available information provided by the company and it is unknown when the
outlook will be clarified. SUSPENDED may also be used when an analyst has left the firm.
Of the securities we rate, 47% are rated Buy, 43% are rated Hold, 4% are rated Sell and 6% are rated Suspended.
Within the last 12 months, Stifel or an affiliate has provided investment banking services for 15%, 7%, 0% and 10% of

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Whiting Petroleum Corporation (WLL) November 30, 2016

the companies whose shares are rated Buy, Hold, Sell and Suspended, respectively.

Additional Disclosures
Please visit the Research Page at www.stifel.com for the current research disclosures and respective target price
methodology applicable to the companies mentioned in this publication that are within Stifel's coverage universe. For a
discussion of risks to target price please see our stand-alone company reports and notes for all stocks.
The information contained herein has been prepared from sources believed to be reliable but is not guaranteed by us
and is not a complete summary or statement of all available data, nor is it considered an offer to buy or sell any
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may, at times, release written or oral commentary, technical analysis or trading strategies that differ from the opinions
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Whiting Petroleum Corporation (WLL) November 30, 2016

engaged in only with Relevant Persons.

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The recommendation contained in this report was produced at 30 November 2016 23:31EST and disseminated at 30
November 2016 23:31EST

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