August 01, 2018
Whitecap Resources Inc. Announces Record Levels of Production, Increased 2018 Production Guidance and Second Quarter 2018 Results
August 1, 2018
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 six months ended June 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 June 30 | Six months ended June 30 | ||||
|---|---|---|---|---|---|
| Financial ($000s except per share amounts)
|
2018 |
2017 |
2018 |
2017 |
|
| Petroleum and natural gas revenues
|
433,380 |
251,391 |
801,430 |
500,694 |
|
| Net income (loss)
|
(3,615)
|
44,541
|
(11,370)
|
104,072
|
|
|
Basic ($/share) |
(0.01)
|
0.12 |
(0.03)
|
0.28 |
|
|
Diluted ($/share) |
(0.01)
|
0.12 |
(0.03)
|
0.28 |
|
| Funds flow (1)
|
196,538
|
122,415
|
363,015
|
247,056
|
|
|
Basic ($/share) (1) |
0.47
|
0.33 |
0.87 |
0.67 |
|
|
Diluted ($/share) (1) |
0.47
|
0.33 |
0.86 |
0.67 |
|
| Dividends paid or declared
|
32,719
|
25,820
|
64,906
|
51,599
|
|
|
Per share (1) |
0.08
|
0.07
|
0.16
|
0.14
|
|
| Total payout ratio (%) (1)
|
50
|
76
|
86
|
98
|
|
| Development capital (1)
|
66,328
|
67,654
|
248,699
|
191,715
|
|
| Property acquisitions
|
1,108
|
(923)
|
1,723
|
6,906
|
|
| Property dispositions
|
(1,585)
|
(2,498) |
(1,712)
|
(5,821) |
|
| Corporate acquisition
|
-
|
-
|
53,166
|
-
|
|
| Net debt (1)
|
1,323,093
|
820,295
|
1,323,093
|
820,295
|
|
| Operating
|
|||||
| Average daily production
|
|||||
| Crude oil (bbls/d)
|
59,786
|
43,204 |
58,886
|
42,817 |
|
| NGLs (bbls/d)
|
4,461
|
3,333
|
4,233
|
3,259 |
|
| Natural gas (Mcf/d)
|
69,393
|
58,373 |
68,129
|
60,006 |
|
| Total (boe/d)
|
75,813
|
56,266
|
74,474
|
56,077
|
|
| Average realized price (2)
|
|||||
| Crude oil ($/bbl)
|
75.36
|
57.52
|
70.43
|
57.94
|
|
| NGLs ($/bbl)
|
38.33
|
26.22
|
37.24
|
27.85 |
|
| Natural gas ($/Mcf)
|
1.24
|
3.26
|
1.80
|
3.24
|
|
| Total ($/boe)
|
62.82
|
49.10
|
59.45
|
49.33
|
|
| Netbacks ($/boe)
|
|||||
| Petroleum and natural gas revenues
|
62.82
|
49.10
|
59.45 |
49.33
|
|
| Net blending revenue (1)
|
0.16
|
-
|
0.08 |
-
|
|
| Realized hedging loss
|
(5.97)
|
(1.28)
|
(4.20)
|
(1.24)
|
|
| Royalties
|
(10.99)
|
(7.16)
|
(10.70)
|
(7.14)
|
|
| Net operating expenses (1)
|
(11.29)
|
(10.64) |
(11.46)
|
(10.46) |
|
| Transportation expenses plus tariffs (1)
|
(2.98)
|
(3.07)
|
(2.96)
|
(3.06)
|
|
| Operating netbacks (1)
|
31.75
|
26.95
|
30.21
|
27.43
|
|
| General and administrative expenses
|
(1.27)
|
(1.31)
|
(1.26)
|
(1.32)
|
|
| Interest and financing expenses excluding unrealized gain on interest rate contracts (1)
|
(1.99) |
(1.73) |
(2.02) |
(1.77) |
|
| Funds flow netbacks (1)
|
28.49
|
23.91
|
26.93
|
24.34
|
|
| Share information (000s)
|
|
||||
| Common shares outstanding, end of period
|
417,485
|
369,797
|
417,485
|
369,797
|
|
| Weighted average basic shares outstanding
|
417,456
|
369,401
|
417,603
|
369,069
|
|
| Weighted average diluted shares outstanding
|
420,281
|
371,410
|
419,998
|
371,056
|
|
Notes:
(1) Funds flow, funds flow per share, dividends paid or declared per share, total payout ratio, development capital, net debt, net blending revenue, net operating expenses, transportation expenses plus tariffs, operating netbacks, interest and financing expenses excluding unrealized gain on interest rate contracts 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 and tariffs.
