November 02, 2016

whitecap resources inc. announces third quarter 2016 results and increases production and funds flow guidance for 2016

November 2, 2016

WHITECAP RESOURCES INC. ANNOUNCES THIRD QUARTER 2016 RESULTS AND INCREASES PRODUCTION AND FUNDS FLOW GUIDANCE FOR 2016

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, 2016.

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)
 
2016
 
2015
 
2016
 
2015
 
Petroleum and natural gas sales
 
178,498
 
155,238
 
426,157
 
474,055
 
Funds flow (1)
 
106,563
 
116,080
 
  267,890
 
370,716
 
Basic ($/share)
 
 0.29
 
0.39
 
 0.81
 
1.33
 
Diluted ($/share)
 
 0.29
 
0.38
 
 0.81
 
1.31
 
Net income (loss)
 
6,350
 
(375,640)
 
(20,356)
 
(413,626)
 
Basic ($/share)
 
0.02
 
(1.26)
 
(0.06)
 
(1.48)
 
Diluted ($/share)
 
0.02
 
(1.26)
 
(0.06)
 
(1.48)
 
Dividends paid or declared
 
25,698
 
56,014
 
90,776
 
156,736
 
    Per share
 
0.07
 
0.19
 
0.28
 
0.56
 
Total payout ratio (%) (1)
 
55
 
 92
 
69
 
 89
 
Development capital expenditures (1)
 
32,945
 
50,573
 
94,342
 
172,456
 
Property acquisitions
 
987
 
 86,474
 
618,522
 
 157,881
 
Property dispositions
 
(281)
 
 (12,856)
 
 (144,414)
 
 (26,324)
 
Corporate acquisitions
 
-
 
 -  
 
-
 
 579,906
 
Net debt outstanding (1)
 
821,731
 
842,234
 
821,731
 
842,234
 
Operating
 
 
 
 
 
 
 
 
 
Average daily production
 
 
 
 
 
 
 
 
 
Crude oil (bbls/d)
 
   36,094
 
 28,653
 
   30,828
 
 27,575
 
NGLs (bbls/d)
 
2,991
 
 3,204
 
3,142
 
 2,921
 
Natural gas (Mcf/d)
 
60,994
 
 59,781
 
61,616
 
 60,485
 
Total (boe/d)
 
49,251
 
 41,821
 
44,239
 
 40,577
 
Average realized price (2)
 
 
 
 
 
 
 
 
 
Crude oil ($/bbl)
 
48.14
 
 51.97
 
45.03
 
 55.34
 
NGLs ($/bbl)
 
17.47
 
 11.52
 
15.13
 
 15.21
 
Natural gas ($/Mcf)
 
2.47
 
 2.70
 
1.94
 
 2.74
 
Total ($/boe)
 
39.39
 
 40.35
 
35.16
 
 42.79
 
Netback ($/boe)
 
 
 
 
 
 
 
 
 
    Petroleum and natural gas sales
 
39.39
 
 40.35
 
35.16
 
 42.79
 
    Realized hedging gain
 
3.27
 
9.69
 
5.51
 
11.58
 
    Royalties
 
(5.99)
 
(5.17)
 
(4.85)
 
(5.60)
 
    Operating expenses
 
(9.12)
 
(9.53)
 
(9.29)
 
(9.91)
 
    Transportation expenses
 
(0.76)
 
(1.50)
 
(0.84)
 
(1.57)
 
Operating netbacks (1)
 
26.79
 
33.84
 
25.69
 
37.29
 
    General and administrative
 
(1.34)
 
(1.41)
 
(1.35)
 
(1.46)
 
    Interest and financing
 
(1.93)
 
(2.27)
 
(2.23)
 
(2.38)
 
Cash netbacks (1)
 
23.52
 
30.16
 
22.11
 
33.45
 
Share information (000s)
 
 
 
 
 
 
 
 
 
Common shares outstanding, end of period
 
367,655
 
298,866
 
367,655
 
298,866
 
Weighted average basic shares outstanding
 
367,623
 
298,685
 
330,121
 
278,713
 
Weighted average diluted shares outstanding
 
370,227
 
302,344
 
332,452
 
281,914
 

Notes:
(1)      Funds flow, total payout ratio, development capital, 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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