November 01, 2017
Whitecap Resources Inc. Announces Third Quarter 2017 Results, 2018 Per Share Growth and 5% Dividend Increase Within Funds Flow
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, 2017.
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 ($000s except per share amounts) | 2017 | 2016 | 2017 | 2016 | |
| Petroleum and natural gas sales | 232,882 | 178,498 | 716,334 | 426,157 | |
| Net income (loss) | 3,689 | 6,350 | 107,761 | (20,356) | |
| Basic ($/share) | 0.01 | 0.02 | 0.29 | (0.06) | |
| Diluted ($/share) | 0.01 | 0.02 | 0.29 | (0.06) | |
| Funds flow (1) | 118,979 | 106,326 | 365,084 | 266,933 | |
| Basic ($/share) (1) | 0.32 | 0.29 | 0.99 | 0.81 | |
| Diluted ($/share) (1) | 0.32 | 0.29 | 0.98 | 0.80 | |
| Dividends paid or declared | 25,851 | 25,698 | 77,450 | 90,776 | |
| Per share | 0.07 | 0.07 | 0.21 | 0.28 | |
| Total payout ratio (%) (1) | 97 | 55 | 98 | 69 | |
| Development capital (1) | 89,903 | 32,945 | 281,618 | 94,342 | |
| Property acquisitions | 24,962 | 987 | 31,868 | 618,522 | |
| Property dispositions | - | (281) | (5,821) | (144,414) | |
| Net debt (1) | 842,897 | 821,731 | 842,897 | 821,731 | |
| Operating | |||||
| Average daily production | |||||
| Crude oil (bbls/d) | 44,001 | 36,094 | 43,216 | 30,828 | |
| NGLs (bbls/d) | 3,503 | 2,991 | 3,341 | 3,142 | |
| Natural gas (Mcf/d) | 62,362 | 60,994 | 60,800 | 61,616 | |
| Total (boe/d) | 57,898 | 49,251 | 56,690 | 44,239 | |
| Average realized price (2) | |||||
| Crude oil ($/bbl) | 52.77 | 48.14 | 55.08 | 45.03 | |
| NGLs ($/bbl) | 28.31 | 17.47 | 27.96 | 15.13 | |
| Natural gas ($/Mcf) | 1.77 | 2.47 | 2.47 | 1.94 | |
| Total ($/boe) | 43.72 | 39.39 | 46.29 | 35.16 | |
| Netbacks ($/boe) | |||||
| Petroleum and natural gas sales (before tariffs) (1) | 44.90 | 41.42 | 47.81 | 37.27 | |
| Tariffs (1) | (1.18) | (2.03) | (1.52) | (2.11) | |
| Realized hedging gain (loss) | 0.08 | 3.27 | (0.78) | 5.51 | |
| Royalties | (5.89) | (5.99) | (6.71) | (4.85) | |
| Operating expenses | (10.61) | (9.12) | (10.51) | (9.29) | |
| Transportation expenses | (1.85) | (0.76) | (1.53) | (0.84) | |
| Operating netbacks (1) | 25.45 | 26.79 | 26.76 | 25.69 | |
| General and administrative expenses | (1.30) | (1.34) | (1.31) | (1.35) | |
| Interest and financing expenses | (1.66) | (1.93) | (1.73) | (2.23) | |
| Transaction costs | - | - | - | (0.03) | |
| Settlement of decommissioning liabilities | (0.15) | (0.05) | (0.11) | (0.05) | |
| Funds flow netbacks (1) | 22.34 | 23.47 | 23.61 | 22.03 | |
| Share information (000s) | |||||
| Common shares outstanding, end of period | 369,818 | 367,655 | 369,818 | 367,655 | |
| Weighted average basic shares outstanding | 369,840 | 367,623 | 369,333 | 330,121 | |
| Weighted average diluted shares outstanding | 371,995 | 370,227 | 371,536 | 332,452 | |
Notes:
(1) Funds flow, funds flow per share, total payout ratio, development capital, net debt, petroleum and natural gas sales (before tariffs), tariffs, operating netbacks 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.
