Whiting Petroleum

May 2021

Positioned to Succeed

2NYSE: WLL

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 Section21E 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” orthe negative thereof or variations thereon or similar terminology are generally intended to identify forward-looking statements. Such forward-looking statements are subjectto 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 debtcovenants, periodic redeterminations of the borrowing base under Whiting’s credit agreement and Whiting’s ability to generate sufficient cash flows from operations toservice Whiting’s indebtedness; Whiting’s ability to generate sufficient cash flows from operations to meet the internally funded portion of Whiting’s capital expendituresbudget; Whiting’s ability to obtain external capital to finance exploration and development operations; negative impacts from outbreaks of communicable diseases, includingthe 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 resultin the inability to transport oil on the Dakota Access Pipeline; negative impacts from litigation and legal proceedings, including ongoing claims in connection with the chapter11 bankruptcy; the impact of negative shifts in investor sentiment towards the oil and gas industry; impacts resulting from the allocation of resources among Whiting’sstrategic opportunities; the geographic concentration of Whiting’s operations; impacts to financial statements as a result of impairment write-downs and other cash andnoncash charges; federal and state initiatives relating to the regulation of hydraulic fracturing and air emissions; revisions to reserve estimates as a result of changes incommodity prices, regulation and other factors; inaccuracies of Whiting’s reserve estimates or Whiting’s assumptions underlying them; the timing of Whiting’s explorationand development expenditures; risks relating to decreases in Whiting’s credit rating; market availability of, and risks associated with, transport of oil and gas; Whiting’sability 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 Whitingreceives 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 conditionsthat 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 regulationsgoverning 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 localregulations, climate change issues, negative public perception of Whiting’s industry and corporate governance standards; Whiting’s ability to replace Whiting’s oil andnatural gas reserves; unforeseen underperformance of or liabilities associated with acquired properties or other strategic partnerships or investments; competition in the oiland gas industry; any loss of Whiting’s senior management or technical personnel; cybersecurity attacks or failures of Whiting’s telecommunication and other informationtechnology 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 December31, 2020. Whiting assumes no obligation, and disclaim any duty, to update the forward-looking statements in this presentation.

Forward-Looking Statements

3NYSE: WLL (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

Positioned for Today’s E&P Business Environment

Ticker (NYSE) WLL

Share Price (1) $40.07

Shares Outstanding (1)(2) 39.1 million

Market Cap $1.6 billion

Debt (3) $245 million

DJ BasinWeld

Corporate HQDenver

Williston BasinNorth Dakota / Montana

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-weighted commodity mix positions company for pricing recovery

✓ Positioned for value enhancing consolidation

✓ New leadership with vision and compensation aligned with shareholders

MARKET STATISTICS

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

Ending Debt

4NYSE: WLL

Mission to Deliver Shareholder Value

BALANCE SHEET RESILIENCE ACROSS CYCLES

✓MAINTAIN CONSERVATIVE DEBT

METRICS

RETURNS-BASED BUSINESS MODEL

✓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

✓TRANSITION TOWARDS SUSTAINABLE

SHAREHOLDER RETURNS

✓IMPROVED MIDSTREAM CONTRACTS

POST-REORGANIZATION

✓PRUDENT CAPITAL DISCIPLINE WITH

FULL-CYCLE RETURN FOCUS

✓CONTINUE TO ENHANCE

LIQUIDITY✓ROBUST HEDGING PROGRAM

✓FOCUS ON ACHIEVING BEST-IN-

CLASS G&A

5NYSE: WLL

Leadership: Uniquely Experienced and Shareholder Focused

James HendersonChief Financial Officer

▪ EVP and CFO of SRC Energy from 2015 until 2020

▪ Prior to SRC Energy, served as CFO of Kodiak Oil & Gas

Lynn PetersonPresident & Chief Executive Officer

▪ CEO and Chairman of the Board for SRC Energy from 2015 until its acquisition

by PDC Energy in January 2020

▪ Co-founder, CEO and Chairman of Kodiak Oil & Gas, a Bakken E&P producer,

prior to SRC Energy

Chip RimerChief Operating Officer

▪ Whiting’s COO since November 2018

▪ Served as the SVP of US Onshore for Noble Energy after joining in 2002 and

serving in various operational roles

SENIOR MANAGEMENT

Vice Chairman, Kayne Anderson

Capital Advisors

36 years of energy investment

banking and principal investing

experience at Kayne Anderson,

UBS, PaineWebber and Dean

Witter

Kevin McCarthy

Chairman, Nominating &

Governance and Compensation

Committees

Janet Carrig

Nominating & Governance Chair,

ESG Committees

Lynn Peterson

CEO, ESG Committee

Susan Cunningham

ESG Chair, Audit Committees

Paul Korus

Audit Chair, Nominating &

Governance Committees

Daniel Rice

Audit and Compensation

Committees

Deep Sector Experience

Anne Taylor

Compensation Chair, ESG,

CommitteesCommittee Roles

BOARD OF DIRECTORS

Former Chief Executive Officer &

Chairman, SRC Energy

40 years of oil & gas industry and

management experience at

SRC Energy, Kodiak Energy

and CP Resources

Former Senior Vice President,

Legal, General Counsel, and

Corporate Secretary,

ConocoPhillips

37 years of oil & gas

industry and legal experience

at various corporations and

law firms

Founding Partner Rice

Investment Group

15 years of oil & gas

management and investment

experience at Rice Energy (CEO),

TPH & Co, and Transocean

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

Former Vice Chairman /

Managing Partner, Deloitte

31 years of experience at

Deloitte and current public

board experience at

Southwestern Energy

and Group 1 Automotive

Former Executive Vice

President, Environment,

Health, Safety & Regulatory &

New Frontiers, Noble Energy

37 years of oil & gas

experience including management,

operations and geology at Noble

Energy, Chevron, Equinor and

Amoco

6NYSE: WLL

Commitment to ESG and Safety Measures in Everything We Do

CONTINUED FOCUS ON SUSTAINABILITY

ENVIRONMENTAL SAFETY SOCIAL GOVERNANCE

✓ Committed to meeting gas capture requirements in North Dakota

✓ Implemented vehicle fleet management program, reducing emissions from Whiting vehicles

✓ Industry-leading Leak Detection and Repair program that exceeds regulations

✓ The safety of our employees, contractors and communities is our highest priority

✓ Created Workover Rig Taskforce to improve communication, safety and consistency on our locations

✓ Safety performance and company values as a component in vendor selection

✓ Continued focus on increasing employee and contractor diversity

✓ 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

✓ New Board of Directors consisting of independent, cross-functional and diverse members

✓ Reset executive compensation cash salary and bonus targets

✓ ESG Committee led by directors focused on environmental, safety and social responsibility issues and impacts

7NYSE: WLL

18 29 40 52 4965

96133 126

59

78 28

17

16

2557

2338

4761

77 82

112

158

161

Peer A Peer C Peer B Peer E Peer D Peer F Peer H Peer G

0.6x1.3x

2.3x 2.4x 2.4x2.8x

3.5x 3.7x 3.8x

Peer A Peer B Peer C Peer D Peer E Peer F Peer G Peer H

Dominant Williston Basin Independent Position

THE WHITING SCALE ADVANTAGE WILLISTON BASIN PEER NET LEVERAGE

NET DEBT + PREFERRED EQUITY / LTM EBITDAX

WILLISTON BASIN DAILY PRODUCTION (MBOEPD)

Source: Company filings and presentations, Enverus, Bloomberg.Note: LTM EBITDAX and production figures shown.Q4 2020 Peers include CLR, CPE, HES, LPI, MRO, NOG, OAS,OVV. Reflects book value of debt for latest filings. OAS shown as E&P only.Note: Williston Basin acreage shown Q4 2020Note: Production figures shown Q1 2021. Peers include CLR, DVN, ERF, HES, MRO, NOG, OAS, OVV Reflects book value of debt for latest filings. OAS shown as E&P only.

With one of the largest footprints in the Williston Basin, Whiting’s renewed focus on leveraging the benefits of scale to drive portfolio optimization and

free cash flow

✓ Transformed capital structure added strength relative to peers

✓ One of the largest producers in the Williston Basin among independent

operators

✓ Larger scale allows for operating flexibility to maximize margins and sustain

cycles

WILLISTON BASIN NET ACREAGE (000s)

Liquids

Natural Gas

70 85 95

183 255

402

490 530

787

Peer A Peer B Peer C Peer D Peer E Peer F WLL Peer G Peer H

8NYSE: WLL

Inventory Summary

WHITING INVENTORY >30% IRR (1)

(1) Assumes current cost structure and commodity differentials(2) As of Q1-2021

185

288

432

0

100

200

300

400

500

$45 $50 $55

Gro

ss L

oca

tio

ns

WTI

ACREAGE POSITIONS

Colorado85k net acres7.5 Mboepd(2)

North Dakota / Montana478k net acres82.2 Mboepd(2)

31 DUC locations(2)

9NYSE: WLL

Hedging Positions that Mitigate Cash Flow VariabilityAs of April 30, 2021

71% of forecasted crude

oil production and 75% of

natural gas production

hedged for Bal 2021

Note: Strike prices represent weighted averages

Note: Bal 2021 hedges include settlement periods of April through December 2021 for all products.

Note: 2023 crude oil and natural gas hedges include settlement periods of January through June 2023.

Note: Whiting also has hedges in place for Ventura Basis, Clearbrook crude oil differentials and Propane not listed in the above tables.

CRUDE OIL HEDGES

NATURAL GAS HEDGES

Commodity

Settlement

Period Index

Derivative

Instrument

Total

Volumes Units

Swap

Price Floor Ceiling

Crude Oil Bal 2021 NYMEX WTI Fixed Price Swaps 4,724 MBbl $44.44 - -

Crude Oil Bal 2021 NYMEX WTI Two-way Collars 4,796 MBbl - $38.95 $47.05

Crude Oil 2022 NYMEX WTI Fixed Price Swaps 630 MBbl $54.30 - -

Crude Oil 2022 NYMEX WTI Two-way Collars 9,197 MBbl - $42.61 $52.87

Crude Oil 2023 NYMEX WTI Two-way Collars 2,706 MBbl - $46.82 $57.75

Total 22,053

Commodity

Settlement

Period Index

Derivative

Instrument

Total

Volumes Units

Swap

Price Floor Ceiling

Natural Gas Bal 2021 NYMEX Henry Hub Fixed Price Swaps 14,430 Bbtu $2.81 - -

Natural Gas Bal 2021 NYMEX Henry Hub Two-way Collars 8,250 Bbtu - $2.60 $2.79

Natural Gas 2022 NYMEX Henry Hub Fixed Price Swaps 4,895 Bbtu $2.67 - -

Natural Gas 2022 NYMEX Henry Hub Two-way Collars 10,720 Bbtu - $2.35 $2.85

Natural Gas 2023 NYMEX Henry Hub Two-way Collars 4,065 Bbtu - $2.42 $2.79

Total 42,360

10NYSE: WLL

2021 GuidanceAn operating plan designed to provide free cash flow and 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 (3) The range reflects the variable effects of possible transportation disruption

11NYSE: WLL

EBITDAX Reconciliation

Whiting Petroleum Corporation

Adjusted EBITDA and EBITDAX Reconciliation (IN THOUSANDS)

Q1 '21 Q4 '20 Q3 '20 Q2 '20 Q1 '20

3 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended

March 31, 2021 December 31, 2020 September 30, 2020 June 30, 2020 March 31, 2020

Net income (loss) $ (946) $ (1,197) $ 277,695 $ (574,315) $ (3,628,571)

Income tax expense (benefit) - 147 (67,531) (1,028) -

Interest expense 5,103 5,952 13,507 16,425 45,250

Interest income - (2) (145) - -

Depreciation, depletion and amortization 53,729 57,392 91,350 83,549 183,968

Amortization of deferred gain on sale - - (1,171) (1,908) (2,037)

EBITDA $ 57,886 $ 62,292 $ 313,705 $ (477,277) $ (3,401,390)

Adjustments:

Total measure of derivative (gain) loss reported under U.S. GAAP 146,693 55,308 12,531 6,632 (231,371)

Total cash settlements received (paid) on commodity derivatives

during the period, net of premiums/costs (39,294) (4,973) 300 14,393 31,821

Non-cash stock compensation 2,309 515 787 1,333 1,599

(Gain) loss on extinguishment of debt - - - - (25,883)

(Gain) loss on sale of properties - - 1,675 511 (864)

Impairment expense 1,441 3,234 7,516 409,277 3,745,092

Restructuring and other one-time charges - 3,025 15,337 10,771 16,113

Reorganization items, net - - (259,232) 41,813 -

Adjusted EBITDA $ 169,035 $ 119,401 $ 92,619 $ 7,453 $ 135,117

Exploration expense 1,181 425 6,908 11,879 8,365

Adjusted EBITDAX $ 170,216 $ 119,826 $ 99,527 $ 19,332 $ 143,482