March 02, 2016
whitecap resources inc. announces fourth quarter and year end 2015 results and provides operational update
March 2, 2016
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, 2015.
Selected financial and operating information is outlined below and should be read with Whitecap’s audited consolidated financial statements and related Management’s Discussion and Analysis ("MD&A") and Annual Information Form ("AIF") which 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 ($000s except per share amounts) |
2015 |
2014 |
2015 |
2014 |
| Petroleum and natural gas sales |
148,225 |
194,994 |
622,280 |
815,689 |
| Funds flow (1) |
111,970 |
139,089 |
482,686 |
486,775 |
| Basic ($/share) |
0.37 |
0.55 |
1.70 |
2.10 |
| Diluted ($/share) |
0.37 |
0.54 |
1.68 |
2.08 |
| Net income (loss) (2) |
(87,087) |
166,116 |
(500,713) |
453,141 |
| Basic ($/share) |
(0.29) |
0.66 |
(1.76) |
1.95 |
| Diluted ($/share) |
(0.29) |
0.65 |
(1.76) |
1.94 |
| Dividends paid or declared |
56,162 |
47,525 |
212,898 |
169,594 |
| Per share |
0.19 |
0.19 |
0.75 |
0.73 |
| Total payout ratio (%) (1) |
106 |
69 |
93 |
101 |
| Development capital expenditures |
62,322 |
48,144 |
234,778 |
323,836 |
| Property acquisitions |
94,397 |
135,787 |
252,278 |
950,856 |
| Property dispositions |
(268) |
(104,256) |
(26,592) |
(273,547) |
| Corporate acquisitions |
- |
205,209 |
579,906 |
602,691 |
| Net debt outstanding (1) |
939,787 |
798,290 |
939,787 |
798,290 |
| Operating |
|
|
|
|
| Average daily production |
|
|
|
|
| Crude oil (bbls/d) |
29,092 |
24,752 |
27,958 |
20,796 |
| NGLs (bbls/d) |
3,130 |
2,979 |
2,974 |
2,596 |
| Natural gas (Mcf/d) |
59,069 |
59,580 |
60,128 |
54,395 |
| Total (boe/d) |
42,067 |
37,661 |
40,953 |
32,458 |
| Average realized price (3) |
|
|
|
|
| Crude oil ($/bbl) |
49.05 |
72.45 |
53.69 |
89.54 |
| NGLs ($/bbl) |
15.60 |
34.17 |
15.31 |
46.73 |
| Natural gas ($/Mcf) |
2.29 |
3.77 |
2.63 |
4.62 |
| Total ($/boe) |
38.30 |
56.28 |
41.63 |
68.85 |
| Netback ($/boe) |
|
|
|
|
| Petroleum and natural gas sales |
38.30 |
56.28 |
41.63 |
68.85 |
| Realized hedging gain (loss) |
10.84 |
7.29 |
11.39 |
(2.29) |
| Royalties |
(5.36) |
(7.42) |
(5.53) |
(9.19) |
| Operating expenses |
(9.53) |
(10.79) |
(9.81) |
(10.95) |
| Transportation expenses |
(1.57) |
(1.25) |
(1.57) |
(1.47) |
| Operating netbacks (1) |
32.68 |
44.11 |
36.11 |
44.95 |
| General & administrative |
(1.38) |
(1.48) |
(1.44) |
(1.49) |
| Interest & financing |
(2.37) |
(2.49) |
(2.37) |
(2.37) |
| Cash netbacks (1) |
28.93 |
40.14 |
32.30 |
41.09 |
| Share information (000s) |
|
|
|
|
| Common shares outstanding, end of period |
300,613 |
253,476 |
300,613 |
253,476 |
| Weighted average basic shares outstanding |
298,973 |
253,360 |
283,889 |
231,879 |
| Weighted average diluted shares outstanding |
302,578 |
255,501 |
287,011 |
234,130 |
Notes:
(1) Funds flow, 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) Net loss for the twelve months ended December 31, 2015 includes a non-cash impairment charge of $506.2 million due to lower than forecasted commodity prices at December 31, 2015.
(3) Prior to the impact of hedging activities.
