whitecap resources inc. announces fourth quarter and year end 2013 results

March 20, 2014

WHITECAP RESOURCES INC. ANNOUNCES FOURTH QUARTER AND YEAR END 2013 RESULTS

CALGARY, ALBERTA – Whitecap Resources Inc. ("Whitecap" or the "Company") (TSX: WCP) is pleased to announce that we have filed on SEDAR our audited financial statements and related Management’s Discussion and Analysis (“MD&A”) for the year ended December 31, 2013. Selected financial and operational information is outlined below and should be read in conjunction with Whitecap's audited financial statements and related MD&A and Annual Information Form (“AIF”) which will be available for review at www.sedar.com and on our website at www.wcap.ca.

FINANCIAL AND OPERATING HIGHLIGHTS

 

                    Three months ended

                              December 31

                          Twelve months ended                   December 31

Financial ($000s except per share amounts)

 

2013

2012

2013

2012

Petroleum and natural gas sales

 

122,185

93,896

467,095

305,770

Funds from operations(1)

 

66,640

63,588

278,801

193,885

Basic ($/share)

 

0.39

0.50

1.86

1.71

Diluted ($/share)

 

0.39

0.49

1.84

1.68

Net income (loss)

 

(1,469)

7,579

40,428

52,471

Basic ($/share)

 

(0.01)

0.06

0.27

0.46

Diluted ($/share)

 

(0.01)

0.06

0.27

0.45

Dividends paid or declared

 

26,847

-

92,978

-

    Per share

 

0.16

-

0.61

-

Basic payout ratio (%)(1)

 

40

-

33

-

Development capital expenditures

 

21,988

67,563

189,994

245,726

Property acquisitions (net)

 

53,817

(4,977)

371,820

3,842

Corporate acquisitions

 

-

-

66,450

645,622

Net debt outstanding(1)

 

401,177

343,994

401,177

343,994

Operating

 

 

 

 

 

Average daily production

 

 

 

 

 

Crude oil (bbls/d)

 

12,585

10,520

11,870

8,612

NGLs (bbls/d)

 

2,159

1,274

1,713

998

Natural gas (Mcf/d)

 

43,902

31,341

37,117

26,650

Total (boe/d)

 

22,061

17,018

19,769

14,052

Average realized price

 

 

 

 

 

Crude oil ($/bbl)

 

83.32

81.31

90.09

83.22

NGLs ($/bbl)

 

53.57

46.01

49.42

48.76

Natural gas ($/Mcf)

 

3.74

3.37

3.36

2.58

Total ($/boe)

 

60.20

59.97

64.73

59.46

Netback ($/boe)

 

 

 

 

 

    Petroleum and natural gas sales

 

60.20

59.97

64.73

59.46

    Realized hedging gain (loss)

 

(2.32)

4.32

(1.63)

2.49

    Royalties

 

(8.46)

(7.04)

(8.28)

(6.82)

    Operating expenses

 

(10.05)

(9.95)

(9.96)

(10.97)

    Transportation expenses

 

(2.49)

(2.38)

(2.40)

(2.36)

Operating netbacks(1)

 

36.88

44.92

42.46

41.80

    General & administrative

 

(1.61)

(1.78)

(1.67)

(1.80)

    Interest & financing

 

(2.44)

(2.53)

(2.15)

(2.31)

Cash netbacks(1)

 

32.83

40.61

38.64

37.69

 

 

 

 

 

Share information (000’s)

 

2013

2012

2013

2012

Common shares outstanding, end of period

 

172,292

127,900

172,292

127,900

Weighted average basic shares outstanding

 

169,629

127,303

150,189

113,102

Weighted average diluted shares outstanding

 

171,533

129,806

151,914

115,484

Note:
(1)          Funds from operations, payout ratio, net debt, operating netbacks and cash netbacks do not have a standardized meaning under GAAP. Refer to non-GAAP measures in this press release.

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