2019 News

August 1, 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.

Click here to view the full press release.

Sustainable 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.

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