whitecap resources inc. announces third quarter 2017 results, 2018 per share growth and 5% dividend increase within funds flow

November 1, 2017

WHITECAP RESOURCES INC. ANNOUNCES THIRD QUARTER 2017 RESULTS, 2018 PER SHARE GROWTH AND 5% DIVIDEND INCREASE WITHIN FUNDS FLOW

CALGARY, ALBERTA – Whitecap Resources Inc. ("Whitecap" or the "Company") (TSX: WCP) is pleased to report its operating and unaudited financial results for the three and nine months ended September 30, 2017.

Selected financial and operating information is outlined below and should be read with Whitecap’s unaudited interim consolidated financial statements and related Management’s Discussion and Analysis (“MD&A”) which are available at www.sedar.com and on our website at www.wcap.ca.

FINANCIAL AND OPERATING HIGHLIGHTS

Three months ended September 30

Nine months ended September 30

Financial ($000s except per share amounts)

2017

2016

2017

2016

Petroleum and natural gas sales

232,882

178,498

716,334

426,157

Net income (loss)

3,689

6,350

107,761

(20,356)

  Basic ($/share)

0.01

0.02

0.29

(0.06)

  Diluted ($/share)

0.01

0.02

0.29

(0.06)

Funds flow (1)

118,979

106,326

365,084

266,933

  Basic ($/share) (1)

0.32

0.29

0.99

0.81

  Diluted ($/share) (1)

0.32

0.29

0.98

0.80

Dividends paid or declared

25,851

25,698

77,450

90,776

  Per share

0.07

0.07

0.21

0.28

Total payout ratio (%) (1)

97

55

98

69

Development capital (1)

89,903

32,945

281,618

94,342

Property acquisitions

24,962

987

31,868

618,522

Property dispositions

-

(281)

(5,821)

(144,414)

Net debt (1)

842,897

821,731

842,897

821,731

Operating

 

 

 

 

Average daily production

 

 

 

 

  Crude oil (bbls/d)

44,001

36,094

43,216

30,828

  NGLs (bbls/d)

3,503

2,991

3,341

3,142

  Natural gas (Mcf/d)

62,362

60,994

60,800

61,616

  Total (boe/d)

57,898

49,251

56,690

44,239

Average realized price (2)

 

 

 

 

  Crude oil ($/bbl)

52.77

48.14

55.08

45.03

  NGLs ($/bbl)

28.31

17.47

27.96

15.13

  Natural gas ($/Mcf)

1.77

2.47

2.47

1.94

  Total ($/boe)

43.72

39.39

46.29

35.16

Netbacks ($/boe)

 

 

 

 

  Petroleum and natural gas sales (before tariffs) (1)

44.90

41.42

47.81

37.27

  Tariffs (1)

(1.18)

(2.03)

(1.52)

(2.11)

  Realized hedging gain (loss)

0.08

3.27

(0.78)

5.51

  Royalties

(5.89)

(5.99)

(6.71)

(4.85)

  Operating expenses

(10.61)

(9.12)

(10.51)

(9.29)

  Transportation expenses

(1.85)

(0.76)

(1.53)

(0.84)

Operating netbacks (1)

25.45

26.79

26.76

25.69

  General and administrative expenses

(1.30)

(1.34)

(1.31)

(1.35)

  Interest and financing expenses

(1.66)

(1.93)

(1.73)

(2.23)

  Transaction costs

-

-

-

(0.03)

  Settlement of decommissioning liabilities

(0.15)

(0.05)

(0.11)

(0.05)

Funds flow netbacks (1)

22.34

23.47

23.61

22.03

Share information (000s)

 

 

 

 

Common shares outstanding, end of period

369,818

367,655

369,818

367,655

Weighted average basic shares outstanding

369,840

367,623

369,333

330,121

Weighted average diluted shares outstanding

371,995

370,227

371,536

332,452

Notes:
(1)      Funds flow, funds flow per share, total payout ratio, development capital, net debt, petroleum and natural gas sales (before tariffs), tariffs, operating netbacks and funds flow netbacks do not have a standardized meaning under GAAP. Refer to non-GAAP measures in this press release for additional disclosure and assumptions.
(2)       Prior to the impact of hedging activities.

Click here to view the full press release.