November 01, 2018

Whitecap Resources Inc. Announces Record Funds Flow And Third Quarter 2018 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 and nine months ended September 30, 2018.

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 ($000s except per share amounts) 2018 2017 2018 2017
Petroleum and natural gas revenues  446,018  239,170  1,247,448  739,864
Net income 69,532 3,689 58,162 107,761
 Basic ($/share) 0.17  0.01 0.14  0.29
 Diluted ($/share) 0.17  0.01 0.14  0.29
Funds flow 204,995 118,979 565,610 365,084
 Basic ($/share) 0.49  0.32  1.35  0.99
 Diluted ($/share) 0.49  0.32  1.35  0.98
Dividends paid or declared 33,778 25,851 98,684 77,450
 Per share 0.08 0.07 0.24 0.21
Total payout ratio (%) (1) 73 97 82 98
Expenditures on PP&E 114,955 90,033 364,014 282,063
Property acquisitions 18,369 24,962 20,092 31,868
Property dispositions (9,764) - (11,476)  (5,821)
Corporate acquisition 750 - 53,916 -
Net debt 1,288,259 842,897 1,288,259 842,897
Operating        
Average daily production        
 Crude oil (bbls/d) 59,212 44,001 58,996  43,216
 NGLs (bbls/d) 4,460 3,503 4,309  3,341
 Natural gas (Mcf/d) 71,141  62,362 69,144  60,800
 Total (boe/d) 75,529 57,898 74,829 56,690
Average realized price (2)        
 Crude oil ($/bbl) 77.24 53.85 72.73 56.54
 NGLs ($/bbl) 40.07 28.42 38.23  28.05
 Natural gas ($/Mcf) 1.35 2.09 1.64 2.85
 Total ($/boe) 64.19 44.90 61.06 47.81
Netbacks ($/boe)        
 Petroleum and natural gas revenues 64.19 44.90 61.06 47.81
 Tariffs (0.64) (1.18) (0.76) (1.52)
 Processing income 0.35 0.45 0.45 0.42
 Blending revenue 0.24 - 0.25 -
 Petroleum and natural gas sales 64.14 44.17 61.00 46.71
 Realized hedging gain (loss) (5.69) 0.08 (4.71) (0.78)
 Royalties (11.27) (5.89) (10.89) (6.71)
 Operating expenses (11.97)  (11.05) (11.97)  (10.93)
 Transportation expenses (2.19) (1.85) (2.16) (1.53)
 Blending expenses (0.24) - (0.20) -
Operating netbacks (1) 32.78 25.46 31.07 26.76
Share information (000s)        
Common shares outstanding, end of period 416,456 369,818 416,456 369,818
Weighted average basic shares outstanding 417,341 369,840 417,515 369,333
Weighted average diluted shares outstanding 420,055 371,995 419,842 371,536

Notes:

(1) Total payout ratio and operating 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 and tariffs.

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