2018 News

August 1, 2018

WHITECAP RESOURCES INC. ANNOUNCES RECORD LEVELS OF PRODUCTION, INCREASED 2018 PRODUCTION GUIDANCE AND SECOND QUARTER 2018 RESULTS

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, 2018.

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)

2018

2017

2018

2017

Petroleum and natural gas revenues

 433,380

 251,391

 801,430

 500,694

Net income (loss)

(3,615)

44,541

(11,370)

104,072

 Basic ($/share)

(0.01)

 0.12

(0.03)

 0.28

 Diluted ($/share)

(0.01)

 0.12

(0.03)

 0.28

Funds flow (1)

196,538

122,415

363,015

247,056

 Basic ($/share) (1)

0.47

 0.33

 0.87

 0.67

 Diluted ($/share) (1)

0.47

 0.33

 0.86

 0.67

Dividends paid or declared

32,719

25,820

64,906

51,599

 Per share (1)

0.08

0.07

0.16

0.14

Total payout ratio (%) (1)

50

76

86

98

Development capital (1)

66,328

67,654

248,699

191,715

Property acquisitions

1,108

(923)

1,723

6,906

Property dispositions

(1,585)

 (2,498)

(1,712)

 (5,821)

Corporate acquisition

-

-

53,166

-

Net debt (1)

1,323,093

820,295

1,323,093

820,295

Operating

       
Average daily production

       
 Crude oil (bbls/d)

59,786

 43,204

58,886

 42,817

 NGLs (bbls/d)

4,461

3,333

4,233

 3,259

 Natural gas (Mcf/d)

69,393

 58,373

68,129

 60,006

 Total (boe/d)

75,813

56,266

74,474

56,077

Average realized price (2)

       
 Crude oil ($/bbl)

75.36

57.52

70.43

57.94

 NGLs ($/bbl)

38.33

26.22

37.24

 27.85

 Natural gas ($/Mcf)

1.24

3.26

1.80

3.24

 Total ($/boe)

62.82

49.10

59.45

49.33

Netbacks ($/boe)

       
 Petroleum and natural gas revenues

62.82

49.10

59.45

49.33

 Net blending revenue (1)

0.16

-

0.08

-

 Realized hedging loss

(5.97)

(1.28)

(4.20)

(1.24)

 Royalties

(10.99)

(7.16)

(10.70)

(7.14)

 Net operating expenses (1)

(11.29)

 (10.64)

(11.46)

 (10.46)

 Transportation expenses plus tariffs (1)

(2.98)

(3.07)

(2.96)

(3.06)

Operating netbacks (1)

31.75

26.95

30.21

27.43

 General and administrative expenses

(1.27)

(1.31)

(1.26)

(1.32)

Interest and financing expenses excluding unrealized gain on interest rate contracts (1)

(1.99)

(1.73)

(2.02)

(1.77)

Funds flow netbacks (1)

28.49

23.91

26.93

24.34

Share information (000s)

       
Common shares outstanding, end of period

417,485

369,797

417,485

369,797

Weighted average basic shares outstanding

417,456

369,401

417,603

369,069

Weighted average diluted shares outstanding

420,281

371,410

419,998

371,056

Notes:
(1)  Funds flow, funds flow per share, dividends paid or declared per share, total payout ratio, development capital, net debt, net blending revenue, net operating expenses, transportation expenses plus tariffs, operating netbacks, interest and financing expenses excluding unrealized gain on interest rate contracts 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 and tariffs.

Click here to view the full press release.

Profitable Per Share Growth Within Funds Flow

Whitecap Resources Inc. is an oil-weighted growth company that pays a monthly cash dividend to its shareholders.

We are focused on providing sustainable dividends and profitable per share growth enhanced by value added acquisitions.

Whitecap's common shares are traded on the Toronto Stock Exchange under the symbol WCP.

Learn More

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