May 06, 2015
whitecap resources inc. announces first quarter 2015 results
CALGARY, ALBERTA - Whitecap Resources Inc. ("Whitecap" or the "Company") (TSX: WCP) is pleased to report its operating and unaudited financial results for the three months ended March 31, 2015.
Whitecap's unaudited interim consolidated financial statements and related Management's Discussion and Analysis ("MD&A") are available at www.sedar.com and on our website at www.wcap.ca.
FINANCIAL AND OPERATING HIGHLIGHTS
| Three months ended March 31 | ||||
|---|---|---|---|---|
| Financial ($000s except per share amounts) |
|
|
2015 |
2014 |
| Petroleum and natural gas sales |
|
|
132,639 |
178,117 |
| Funds from operations (1) |
|
|
109,933 |
100,907 |
| Basic ($/share) |
|
|
0.43 |
0.51 |
| Diluted ($/share) |
|
|
0.43 |
0.50 |
| Net income (loss) |
|
|
(29,403) |
4,540 |
| Basic ($/share) |
|
|
(0.12) |
0.02 |
| Diluted ($/share) |
|
|
(0.12) |
0.02 |
| Dividends paid or declared |
|
|
47,541 |
34,010 |
| Per share |
|
|
0.19 |
0.17 |
| Total payout ratio (%) (1) |
|
|
112 |
163 |
| Development capital expenditures |
|
|
76,015 |
130,581 |
| Property acquisitions |
|
|
58,330 |
9,309 |
| Property dispositions |
|
|
(2,663) |
(5,201) |
| Corporate acquisitions |
|
|
- |
397,482 |
| Net debt outstanding (1) |
|
|
867,148 |
470,794 |
| Operating |
|
|
|
|
| Average daily production |
|
|
|
|
| Crude oil (bbls/d) |
|
|
25,623 |
16,653 |
| NGLs (bbls/d) |
|
|
2,689 |
2,203 |
| Natural gas (Mcf/d) |
|
|
60,237 |
45,913 |
| Total (boe/d) |
|
|
38,351 |
26,508 |
| Average realized price (2) |
|
|
|
|
| Crude oil ($/bbl) |
|
|
48.74 |
95.03 |
| NGLs ($/bbl) |
|
|
17.99 |
61.19 |
| Natural gas ($/Mcf) |
|
|
2.93 |
5.70 |
| Total ($/boe) |
|
|
38.43 |
74.66 |
| Netback ($/boe) |
|
|
|
|
| Petroleum and natural gas sales |
|
|
38.43 |
74.66 |
| Realized hedging gain (loss) |
|
|
14.59 |
(8.16) |
| Royalties |
|
|
(5.15) |
(9.81) |
| Operating expenses |
|
|
(10.58) |
(9.60) |
| Transportation expenses |
|
|
(1.49) |
(1.29) |
| Operating netbacks (1) |
|
|
35.80 |
45.80 |
| General & administrative |
|
|
(1.49) |
(1.50) |
| Interest & financing |
|
|
(2.46) |
(2.00) |
| Cash netbacks (1) |
|
|
31.85 |
42.30 |
| Share information (000s) |
|
|
|
|
| Common shares outstanding, end of period |
|
|
253,595 |
199,970 |
| Weighted average basic shares outstanding |
|
|
253,540 |
198,074 |
| Weighted average diluted shares outstanding |
|
|
256,597 |
200,007 |
Notes:
(1) Funds from operations, total payout ratio, net debt, operating netbacks and cash netbacks do not have a standardized meaning under GAAP. Refer to non-GAAP measures in this press release.
(2) Prior to the impact of hedging activities.
