March 17, 2015

whitecap resources inc. announces fourth quarter and year end 2014 results

CALGARY, ALBERTA - Whitecap Resources Inc. ("Whitecap" or the "Company") (TSX: WCP) is pleased to report its operating and audited financial results for the year ended December 31, 2014. 

Whitecap's audited consolidated financial statements and related Management's Discussion and Analysis ("MD&A") and Annual Information Form ("AIF") will be available at www.sedar.com and on our website at www.wcap.ca.

FINANCIAL AND OPERATING HIGHLIGHTS

Three months ended December 31 Twelve months ended December 31
Financial ($000s except per share amounts)
 
2014
2013
2014
2013
Petroleum and natural gas sales
 
194,994
119,970
815,689
459,110
Funds from operations (1)
 
139,089
66,640
486,775
278,801
Basic ($/share)
 
0.55
0.39
2.10
1.86
Diluted ($/share)
 
0.54
0.39
2.08
1.84
Net income (loss)
 
166,116
(1,469)
453,141
40,428
Basic ($/share)
 
0.66
(0.01)
1.95
0.27
Diluted ($/share)
 
0.65
(0.01)
1.94
0.27
Dividends paid or declared
 
47,525
26,847
169,594
92,978
    Per share
 
0.19
 
0.16
 
0.73
 
0.61
 
Total payout ratio (%) (1)
 
69
 
73
 
101
 
102
 
Development capital expenditures
 
48,144
 
21,988
 
323,836
 
189,994
 
Property acquisitions
 
135,788
 
88,011
 
950,856
 
407,422
 
Property dispositions
 
(104,257)
 
(34,194)
 
(273,547)
 
(35,602)
 
Corporate acquisitions
 
205,209
 
-
 
602,691
 
66,450
 
Net debt outstanding (1)
 
798,290
 
401,177
 
798,290
 
401,177
 
Operating
 
 
 
 
 
 
 
 
 
Average daily production
 
 
 
 
 
 
 
 
 
Crude oil (bbls/d)
 
24,752
 
12,585
 
20,796
 
11,870
 
NGLs (bbls/d)
 
2,979
 
2,159
 
2,596
 
1,713
 
Natural gas (Mcf/d)
 
59,580
 
43,902
 
54,395
 
37,117
 
Total (boe/d)
 
37,661
 
22,061
 
32,458
 
19,769
 
Average realized price (2)
 
 
 
 
 
 
 
 
 
Crude oil ($/bbl)
 
72.45
 
81.44
 
89.54
 
88.39
 
NGLs ($/bbl)
 
34.17
 
53.64
 
 46.73
 
49.51
 
Natural gas ($/Mcf)
 
3.77
 
3.72
 
 4.62
 
3.34
 
Total ($/boe)
 
56.28
 
59.11
 
68.85
 
63.63
 
Netback ($/boe)
 
 
 
 
 
 
 
 
 
    Petroleum and natural gas sales
 
56.28
 
59.11
 
68.85
 
63.63
 
    Realized hedging gain (loss)
 
7.29
 
(2.32)
 
(2.29)
 
(1.63)
 
    Royalties
 
(7.42)
 
(8.46)
 
(9.19)
 
(8.28)
 
    Operating expenses
 
(10.79)
 
(10.05)
 
(10.95)
 
(9.96)
 
    Transportation expenses
 
(1.25)
 
(1.40)
 
(1.47)
 
(1.30)
 
Operating netbacks (1)
 
44.11
 
36.88
 
44.95
 
42.46
 
    General & administrative
 
(1.48)
 
(1.61)
 
(1.49)
 
(1.67)
 
    Interest & financing
 
(2.49)
 
(2.44)
 
(2.37)
 
(2.15)
 
Cash netbacks (1)
 
40.14
 
32.83
 
41.09
 
38.64
 
Share information (000s)
 
 
 
 
 
 
 
 
 
Common shares outstanding, end of period
 
253,476
 
172,292
 
253,476
 
172,292
 
Weighted average basic shares outstanding
 
253,360
 
169,629
 
231,879
 
150,189
 
Weighted average diluted shares outstanding
 
255,501
 
171,533
 
234,130
 
151,914
 

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.

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