August 01, 2019
Whitecap Resources Inc. Announces Second Quarter 2019 Results And Appointment Of Director
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, 2019.
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 ($000s except per share amounts) |
2019 |
2018 |
2019 |
2018 |
|
Petroleum and natural gas revenues |
374,730 |
433,380 |
717,969 |
801,430 |
|
Net income (loss) |
58,357 |
(3,615) |
5,796 |
(11,370) |
|
Basic ($/share) |
0.14 |
(0.01) |
0.01 |
(0.03) |
|
Diluted ($/share) |
0.14 |
(0.01) |
0.01 |
(0.03) |
|
Funds flow |
175,537 |
195,816 |
336,758 |
360,615 |
|
Basic ($/share) |
0.42 |
0.47 |
0.81 |
0.86 |
|
Diluted ($/share) |
0.42 |
0.47 |
0.81 |
0.86 |
|
Dividends paid or declared |
34,686 |
32,719 |
68,152 |
64,906 |
|
Per share |
0.08 |
0.08 |
0.17 |
0.16 |
|
Expenditures on PP&E |
26,463 |
66,444 |
151,367 |
249,059 |
|
Total payout ratio (%) (1) |
35 |
51 |
65 |
87 |
|
Property acquisitions |
196 |
1,108 |
1,586 |
1,723 |
|
Property dispositions |
44 |
(1,585) |
(623) |
(1,712) |
|
Corporate acquisition |
- |
- |
- |
53,166 |
|
Net debt |
1,189,750 |
1,323,093 |
1,189,750 |
1,323,093 |
|
Operating |
|||||
Average daily production |
|||||
Crude oil (bbls/d) |
55,155 |
59,786 |
55,177 |
58,886 |
|
NGLs (bbls/d) |
4,417 |
4,461 |
4,402 |
4,233 |
|
Natural gas (Mcf/d) |
66,231 |
69,393 |
66,358 |
68,129 |
|
Total (boe/d) |
70,611 |
75,813 |
70,639 |
74,474 |
|
Average realized price (2) |
|||||
Crude oil ($/bbl) |
71.40 |
75.36 |
67.52 |
70.43 |
|
NGLs ($/bbl) |
22.50 |
38.33 |
25.18 |
37.24 |
|
Natural gas ($/Mcf) |
1.22 |
1.24 |
1.97 |
1.80 |
|
Total ($/boe) |
58.32 |
62.82 |
56.15 |
59.45 |
|
Netbacks ($/boe) |
|||||
Petroleum and natural gas revenues |
58.32 |
62.82 |
56.15 |
59.45 |
|
Tariffs |
(0.43) |
(0.60) |
(0.50) |
(0.82) |
|
Processing income |
0.54 |
0.50 |
0.53 |
0.51 |
|
Blending revenue |
0.61 |
0.51 |
1.24 |
0.26 |
|
Petroleum and natural gas sales |
59.04 |
63.23 |
57.42 |
59.40 |
|
Realized hedging loss |
(1.81) |
(5.97) |
(1.15) |
(4.20) |
|
Royalties |
(10.96) |
(10.99) |
(10.14) |
(10.70) |
|
Operating expenses |
(12.45) |
(11.79) |
(12.56) |
(11.97) |
|
Transportation expenses |
(2.20) |
(2.38) |
(2.20) |
(2.15) |
|
Blending expenses |
(0.62) |
(0.35) |
(1.20) |
(0.18) |
|
Operating netbacks (1) |
31.00 |
31.75 |
30.17 |
30.20 |
|
Share information (000s) |
|||||
Common shares outstanding, end of period |
412,907 |
417,485 |
412,907 |
417,485 |
|
Weighted average basic shares outstanding |
413,192 |
417,456 |
413,324 |
417,603 |
|
Weighted average diluted shares outstanding |
416,626 |
420,281 |
416,081 |
419,998 |
|
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.
For further information:
Grant Fagerheim, President & CEO or Thanh Kang, CFO
Whitecap Resources Inc.
3800, 525 – 8th Avenue SW
Calgary, AB T2P 1G1
Phone: (403) 266-0767
