whitecap resources inc. announces 2014 second quarter results

August 7, 2014

WHITECAP RESOURCES INC. ANNOUNCES 2014 SECOND QUARTER 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 consolidated financial statements and related Management’s Discussion and Analysis (“MD&A”) for the three and six months ended June 30, 2014. Selected financial and operational information is outlined below and should be read in conjunction with Whitecap's unaudited interim consolidated financial statements and related MD&A which are available for review at www.sedar.com and on our website at www.wcap.ca.

The financial and operating results from the acquisition of certain strategic light oil assets focused primarily in Whitecap’s Pembina Cardium / West Central core area, as well as at Boundary Lake in northeast B.C and the concurrent disposition of certain Nisku natural gas production and related facilities located in the Pembina area (“Acquisition”) are included from May 1, 2014 to June 30, 2014.

FINANCIAL AND OPERATING HIGHLIGHTS

Three months ended June 30

Six months ended June 30

Financial ($000s except per share amounts)

2014

2013

2014

2013

Petroleum and natural gas sales

219,560

105,320

400,585

205,560

Funds from operations(1)

117,429

65,676

218,336

129,831

Basic ($/share)

0.51

0.47

1.02

0.96

Diluted ($/share)

0.51

0.46

1.01

0.95

Net income (loss)

195,045

20,143

199,585

25,730

Basic ($/share)

0.85

0.14

0.93

0.19

Diluted ($/share)

0.84

0.14

0.92

0.19

Dividends paid or declared

41,993

21,644

76,003

41,155

    Per share

0.18

0.15

0.35

0.30

Basic payout ratio (%)(1)

36

33

35

32

Development capital expenditures

51,764

27,905

182,345

102,491

Property acquisitions (net)

678,056

116,585

682,164

118,723

Corporate acquisitions

-

66,450

397,482

66,450

Net debt outstanding(1)

752,882

357,974

752,882

357,974

Operating

 

 

 

 

Average daily production

 

 

 

 

Crude oil (bbls/d)

 19,516

10,912

 18,092

10,998

NGLs (bbls/d)

 2,328

1,500

 2,266

1,410

Natural gas (Mcf/d)

 52,384

32,983

 49,166

32,059

Total (boe/d)

 30,574

17,909

 28,552

17,752

Average realized price(2)

 

 

 

 

Crude oil ($/bbl)

104.02

88.87

100.71

86.81

NGLs ($/bbl)

47.80

41.13

54.23

45.94

Natural gas ($/Mcf)

5.14

3.79

5.43

3.59

Total ($/boe)

78.91

64.42

77.51

63.98

Netback ($/boe)

 

 

 

 

    Petroleum and natural gas sales

78.91

64.62

77.51

63.98

    Realized hedging gain (loss)

(8.34)

0.38

(8.26)

0.79

    Royalties

(10.18)

(8.14)

(10.01)

(7.62)

    Operating expenses

(11.35)

(10.07)

(10.54)

(10.42)

    Transportation expenses

(2.95)

(2.63)

(2.74)

(2.41)

Operating netbacks(1)

46.09

44.16

45.96

44.32

    General & administrative

(1.50)

(1.76)

(1.50)

(1.76)

    Interest & financing

(2.39)

(2.12)

(2.21)

(2.16)

Cash netbacks(1)

42.20

40.28

42.25

40.40

Share information (000s)

 

 

 

 

Common shares outstanding, end of period

245,316

149,073

245,316

149,073

Weighted average basic shares outstanding

229,680

140,239

213,964

134,987

Weighted average diluted shares outstanding

232,180

142,162

216,211

136,972

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.

(2)          Prior to the impact of hedging activities.

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