whitecap resources inc. announces first quarter 2014 results

May 8, 2014

WHITECAP RESOURCES INC. ANNOUNCES FIRST QUARTER 2014 RESULTS

CALGARY, ALBERTA – Whitecap Resources Inc. ("Whitecap" or the "Company") (TSX: WCP) is pleased to announce that we have filed on SEDAR our unaudited interim financial statements and related Management’s Discussion and Analysis (“MD&A”) for the three months ended March 31, 2014. Selected financial and operational information is outlined below and should be read in conjunction with Whitecap's unaudited interim financial statements and related MD&A which are available for review at www.sedar.com and on our website at www.wcap.ca.

FINANCIAL AND OPERATING HIGHLIGHTS

 

Three months ended March 31

Financial ($000s except per share amounts)

 

2014

2013

Petroleum and natural gas sales

 

181,025

100,240

Funds from operations(1)

 

100,907

64,153

Basic ($/share)

 

0.51

0.49

Diluted ($/share)

 

0.50

0.49

Net income (loss)

 

4,540

5,586

Basic ($/share)

 

0.02

0.04

Diluted ($/share)

 

0.02

0.04

Dividends paid or declared

 

34,010

19,510

    Per share

 

0.17

0.15

Basic payout ratio (%)(1)

 

34

30

Development capital expenditures

 

130,581

74,586

Property acquisitions (net)

 

4,108

2,139

Corporate acquisitions

 

397,482

-

Net debt outstanding(1)

 

470,794

360,753

Operating

 

 

 

Average daily production

 

 

 

Crude oil (bbls/d)

 

16,653

11,085

NGLs (bbls/d)

 

2,203

1,319

Natural gas (Mcf/d)

 

45,913

31,126

Total (boe/d)

 

26,508

17,592

Average realized price

 

 

 

Crude oil ($/bbl)

 

96.79

84.77

NGLs ($/bbl)

 

61.09

51.60

Natural gas ($/Mcf)

 

5.75

3.38

Total ($/boe)

 

75.88

63.32

Netback ($/boe)

 

 

 

    Petroleum and natural gas sales

 

75.88

63.32

    Realized hedging gain (loss)

 

(8.16)

1.21

    Royalties

 

(9.81)

(7.09)

    Operating expenses

 

(9.60)

(10.78)

    Transportation expenses

 

(2.51)

(2.18)

Operating netbacks(1)

 

45.80

44.48

    General & administrative

 

(1.50)

(1.76)

    Interest & financing

 

(2.00)

(2.20)

Cash netbacks(1)

 

42.30

40.52

Share information (000’s)

 

 

 

Common shares outstanding, end of period

 

199,970

130,460

Weighted average basic shares outstanding

 

198,074

129,701

Weighted average diluted shares outstanding

 

200,007

131,695

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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