February 28, 2018
Whitecap Resources Inc. Announces Fourth Quarter, Year End 2017 Results, 2017 Reserves Evaluation and the Appointment of Ken Stickland as Board Chairman
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, 2017.
Selected financial and operating information is outlined below and should be read with Whitecap’s audited annual consolidated financial statements and related Management’s Discussion and Analysis (“MD&A”) and Annual Information Form (“AIF”) which are 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 ($000s except per share amounts) |
2017 |
2016 |
2017 |
2016 |
| Petroleum and natural gas sales |
285,009 |
209,149 |
1,001,343 |
635,306 |
| Net income (loss) |
(231,729) |
191,104 |
(123,968) |
170,748 |
| Basic ($/share) |
(0.61) |
0.52 |
(0.33) |
0.50 |
| Diluted ($/share) |
(0.61) |
0.51 |
(0.33) |
0.50 |
| Funds flow (1) |
143,543 |
117,792 |
508,627 |
384,725 |
| Basic ($/share) (1) |
0.38 |
0.32 |
1.37 |
1.13 |
| Diluted ($/share) (1) |
0.38 |
0.32 |
1.36 |
1.13 |
| Dividends paid or declared |
27,476 |
25,745 |
104,926 |
116,521 |
| Per share |
0.07 |
0.07 |
0.28 |
0.35 |
| Total payout ratio (%) (1) |
59 |
89 |
87 |
76 |
| Development capital (1) |
57,162 |
79,651 |
338,780 |
173,993 |
| Property acquisitions |
939,015 |
12,043 |
970,883 |
630,565 |
| Property dispositions |
(8,777) |
35 |
(14,598) |
(144,379) |
| Net debt (1) |
1,295,906 |
818,580 |
1,295,906 |
818,580 |
Operating |
||||
| Average daily production |
|
|
|
|
| Crude oil (bbls/d) |
44,699 |
37,072 |
43,589 |
32,398 |
| NGLs (bbls/d) |
3,634 |
3,247 |
3,415 |
3,168 |
| Natural gas (Mcf/d) |
68,244 |
61,756 |
62,676 |
61,651 |
| Total (boe/d) |
59,707 |
50,612 |
57,450 |
45,841 |
| Average realized price (2) |
|
|
|
|
| Crude oil ($/bbl) |
63.60 |
53.88 |
57.28 |
47.58 |
| NGLs ($/bbl) |
37.22 |
23.60 |
30.44 |
17.31 |
| Natural gas ($/Mcf) |
1.75 |
3.23 |
2.27 |
2.26 |
| Total ($/boe) |
51.89 |
44.92 |
47.75 |
37.87 |
| Netbacks ($/boe) |
|
|
|
|
| Petroleum and natural gas sales before tariffs (1) |
53.04 |
46.81 |
49.18 |
39.92 |
| Tariffs (1) |
(1.15) |
(1.89) |
(1.43) |
(2.05) |
| Realized hedging gain (loss) |
(2.19) |
1.65 |
(1.15) |
4.44 |
| Royalties |
(7.41) |
(6.89) |
(6.89) |
(5.42) |
| Operating expenses |
(10.88) |
(10.18) |
(10.61) |
(9.54) |
| Transportation expenses |
(1.93) |
(1.00) |
(1.63) |
(0.89) |
| Operating netbacks (1) |
29.48 |
28.50 |
27.47 |
26.46 |
| General and administrative expenses |
(1.29) |
(1.15) |
(1.31) |
(1.29) |
| Interest and financing expenses |
(1.87) |
(1.91) |
(1.77) |
(2.14) |
| Transaction costs |
(0.02) |
- |
- |
(0.02) |
| Settlement of decommissioning liabilities |
(0.16) |
(0.14) |
(0.13) |
(0.07) |
| Funds flow netbacks (1) |
26.14 |
25.30 |
24.26 |
22.94 |
Share information (000s) |
||||
| Common shares outstanding, end of period |
418,029 |
368,351 |
418,029 |
368,351 |
| Weighted average basic shares outstanding |
379,326 |
368,272 |
371,848 |
339,735 |
| Weighted average diluted shares outstanding |
381,574 |
371,193 |
373,944 |
341,893 |
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.
