August 05, 2015

whitecap resources inc. announces second quarter 2015 results and increased production guidance

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, 2015.

Whitecap's unaudited interim consolidated financial statements and related Management's Discussion and Analysis ("MD&A") 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)
 
2015
 
2014
 
2015
 
2014
 
Petroleum and natural gas sales
 
186,178
 
215,850
 
318,817
 
393,967
 
Funds from operations (1)
 
144,703
 
117,429
 
254,636
 
218,336
 
Basic ($/share)
 
0.51
 
0.51
 
0.90
 
1.02
 
Diluted ($/share)
 
0.50
 
0.51
 
  0.89
 
1.01
 
Net income (loss)
 
(8,583)
 
195,045
 
(37,986)
 
199,585
 
Basic ($/share)
 
(0.03)
 
0.85
 
(0.13)
 
0.93
 
Diluted ($/share)
 
(0.03)
 
0.84
 
(0.13)
 
0.92
 
Dividends paid or declared
 
53,181
 
41,993
 
100,722
 
76,003
 
    Per share
 
0.19
 
0.18
 
0.38
 
0.35
 
Total payout ratio (%) (1)
 
68
 
80
 
87
 
118
 
Development capital expenditures
 
45,868
 
51,764
 
121,883
 
182,345
 
Property acquisitions
 
13,077
 
791,087
 
 71,407
 
800,396
 
Property dispositions
 
(10,805)
 
(113,031)
 
 (13,468)
 
(118,232)
 
Corporate acquisitions
 
579,906
 
-
 
 579,906
 
 397,482
 
Net debt outstanding (1)
 
774,825
 
752,882
 
774,825
 
752,882
 
Operating
 
 
 
 
 
 
 
 
 
Average daily production
 
 
 
 
 
 
 
 
 
Crude oil (bbls/d)
 
28,416
 
 19,516
 
27,027
 
 18,092
 
NGLs (bbls/d)
 
2,865
 
 2,328
 
2,777
 
 2,266
 
Natural gas (Mcf/d)
 
61,441
 
 52,384
 
60,843
 
 49,166
 
Total (boe/d)
 
41,521
 
 30,574
 
39,945
 
 28,552
 
Average realized price (2)
 
 
 
 
 
 
 
 
 
Crude oil ($/bbl)
 
64.67
 
102.19
 
57.16
 
98.92
 
NGLs ($/bbl)
 
16.79
 
47.90
 
17.37
 
54.32
 
Natural gas ($/Mcf)
 
2.61
 
5.08
 
2.77
 
5.37
 
Total ($/boe)
 
49.27
 
77.58
 
44.10
 
76.23
 
Netback ($/boe)
 
 
 
 
 
 
 
 
 
    Petroleum and natural gas sales
 
49.27
 
77.58
 
44.10
 
76.23
 
    Realized hedging gain (loss)
 
10.76
 
(8.34)
 
12.59
 
(8.26)
 
    Royalties
 
(6.44)
 
(10.18)
 
(5.82)
 
(10.01)
 
    Operating expenses
 
(9.67)
 
(11.35)
 
(10.11)
 
(10.54)
 
    Transportation expenses
 
(1.72)
 
(1.62)
 
(1.61)
 
(1.46)
 
Operating netbacks (1)
 
42.20
 
46.09
 
39.15
 
45.96
 
    General & administrative
 
(1.49)
 
(1.50)
 
(1.49)
 
(1.50)
 
    Interest & financing
 
(2.41)
 
(2.39)
 
(2.43)
 
(2.21)
 
Cash netbacks (1)
 
38.30
 
42.20
 
35.23
 
42.25
 
Share information (000s)
 
 
 
 
 
 
 
 
 
Common shares outstanding, end of period
 
298,599
 
245,316
 
298,599
 
245,316
 
Weighted average basic shares outstanding
 
283,198
 
229,680
 
283,609
 
213,964
 
Weighted average diluted shares outstanding
 
287,270
 
232,180
 
287,607
 
216,211
 

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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