November 10, 2015

whitecap resources inc. announces third quarter 2015 results and 2016 budget

November 10, 2015

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, 2015.

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)
 
2015
 
2014
 
2015
 
2014
 
Petroleum and natural gas sales
 
155,238
 
226,728
 
474,055
 
620,695
 
Funds flow (1)
 
116,080
 
129,350
 
370,716
 
347,686
 
Basic ($/share)
 
0.39
 
0.53
 
1.33
 
1.55
 
Diluted ($/share)
 
0.38
 
0.52
 
1.31
 
1.53
 
Net income (loss) (2)
 
(375,640)
 
87,440
 
(413,626)
 
287,025
 
Basic ($/share)
 
(1.26)
 
0.36
 
(1.48)
 
1.28
 
Diluted ($/share)
 
(1.26)
 
0.35
 
(1.48)
 
1.26
 
Dividends paid or declared
 
56,014
 
46,066
 
156,736
 
122,069
 
    Per share
 
0.19
 
0.19
 
0.56
 
0.54
 
Total payout ratio (%) (1)
 
 92
 
108
 
 89
 
114
 
Development capital expenditures
 
50,573
 
93,347
 
172,456
 
275,692
 
Property acquisitions
 
 86,474
 
14,673
 
 157,881
 
815,069
 
Property dispositions
 
 (12,856)
 
(51,059)
 
 (26,324)
 
(169,291)
 
Corporate acquisitions
 
 -  
 
-
 
 579,906
 
397,482
 
Net debt outstanding (1)
 
842,234
 
676,000
 
842,234
 
676,000
 
Operating
 
 
 
 
 
 
 
 
 
Average daily production
 
 
 
 
 
 
 
 
 
Crude oil (bbls/d)
 
 28,653
 
22,160
 
 27,575
 
19,463
 
NGLs (bbls/d)
 
 3,204
 
2,863
 
 2,921
 
2,467
 
Natural gas (Mcf/d)
 
 59,781
 
59,498
 
 60,485
 
52,648
 
Total (boe/d)
 
 41,821
 
34,940
 
 40,577
 
30,705
 
Average realized price (3)
 
 
 
 
 
 
 
 
 
Crude oil ($/bbl)
 
 51.97
 
93.58
 
 55.34
 
96.87
 
NGLs ($/bbl)
 
 11.52
 
47.94
 
 15.21
 
51.83
 
Natural gas ($/Mcf)
 
 2.70
 
4.26
 
 2.74
 
4.95
 
Total ($/boe)
 
 40.35
 
70.53
 
 42.79
 
74.05
 
Netback ($/boe)
 
 
 
 
 
 
 
 
 
    Petroleum and natural gas sales
 
 40.35
 
70.53
 
 42.79
 
74.05
 
    Realized hedging gain (loss)
 
9.69
 
(3.02)
 
11.58
 
(6.25)
 
    Royalties
 
(5.17)
 
(9.79)
 
(5.60)
 
(9.92)
 
    Operating expenses
 
(9.53)
 
(11.77)
 
(9.91)
 
(11.01)
 
    Transportation expenses
 
(1.50)
 
(1.70)
 
(1.57)
 
(1.56)
 
Operating netbacks (1)
 
33.84
 
44.25
 
37.29
 
45.31
 
    General & administrative
 
(1.41)
 
(1.50)
 
(1.46)
 
(1.50)
 
    Interest & financing
 
(2.27)
 
(2.51)
 
(2.38)
 
(2.33)
 
Cash netbacks (1)
 
30.16
 
40.24
 
33.45
 
41.48
 
Share information (000s)
 
 
 
 
 
 
 
 
 
Common shares outstanding, end of period
 
298,866
 
245,751
 
298,866
 
245,751
 
Weighted average basic shares outstanding
 
298,685
 
245,642
 
278,713
 
224,639
 
Weighted average diluted shares outstanding
 
302,344
 
248,288
 
281,914
 
226,991
 

Notes:
(1)      Funds flow, 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)    Net loss includes a non-cash impairment charge of $482.3 million due to lower than forecasted commodity prices at September 30, 2015.
(3)      Prior to the impact of hedging activities.

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