2019 News

October 31, 2019

WHITECAP RESOURCES INC. ANNOUNCES THIRD QUARTER 2019 RESULTS AND 2020 BUDGET

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, 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 September 30

Nine months ended September 30

Financial ($000s except per share amounts)

2019

2018

2019

2018

Petroleum and natural gas revenues

331,317

446,018

1,049,286

1,247,448

Net income (loss)

42,277

69,532

48,073

58,162

Basic ($/share)

0.10

0.17

0.12

0.14

Diluted ($/share)

0.10

0.17

0.12

0.14

Funds flow

154,306

204,995

491,064

565,610

Basic ($/share)

0.37

0.49

1.19

1.35

Diluted ($/share)

0.37

0.49

1.18

1.35

Dividends paid or declared

35,171

33,778

103,323

98,684

Per share

0.09

0.08

0.25

0.24

Expenditures on PP&E

153,848

114,955

305,215

364,014

Total payout ratio (%) (1)

122

73

83

82

Property acquisitions

2,020

18,369

3,606

20,092

Property dispositions

(89)

(9,764)

(712)

(11,476)

Corporate acquisition

-

750

-

53,916

Net debt

1,241,579

1,288,259

1,241,579

1,288,259

Operating

       

Average daily production

       

Crude oil (bbls/d)

53,245

59,212

54,526

58,996

NGLs (bbls/d)

4,399

4,460

4,401

4,309

Natural gas (Mcf/d)

63,663

71,141

65,450

69,144

Total (boe/d)

68,255

75,529

69,835

74,829

Average realized price (2)

       

Crude oil ($/bbl)

65.07

77.24

66.71

72.73

NGLs ($/bbl)

14.85

40.07

21.70

38.23

Natural gas ($/Mcf)

1.12

1.35

1.69

1.64

Total ($/boe)

52.76

64.19

55.04

61.06

Netbacks ($/boe)

       

Petroleum and natural gas revenues

52.76

64.19

55.04

61.06

Tariffs

(0.51)

(0.64)

(0.50)

(0.76)

Processing and other income

1.22

0.35

0.76

0.45

Blending revenue

1.16

0.24

1.21

0.25

Petroleum and natural gas sales

54.63

64.14

56.51

61.00

Realized hedging loss

(0.49)

(5.69)

(0.93)

(4.71)

Royalties

(10.05)

(11.27)

(10.11)

(10.89)

Operating expenses

(12.56)

(11.97)

(12.56)

(11.97)

Transportation expenses

(2.23)

(2.19)

(2.21)

(2.16)

Blending expenses

(1.13)

(0.24)

(1.18)

(0.20)

Operating netbacks (1)

28.17

32.78

29.52

31.07

Share information (000s)

       

Common shares outstanding, end of period

410,562

416,456

410,562

416,456

Weighted average basic shares outstanding

411,815

417,341

412,816

417,515

Weighted average diluted shares outstanding

414,464

420,055

415,360

419,842

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

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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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