whitecap resources inc. announces 2014 third quarter results and 2015 budget

November 4, 2014

WHITECAP RESOURCES INC. ANNOUNCES 2014 THIRD QUARTER RESULTS AND 2015 BUDGET 

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 and nine months ended September 30, 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 September 30

Nine months ended September 30

Financial ($000s except per share amounts)

2014

2013

2014

2013

Petroleum and natural gas sales

231,000

139,350

631,585

344,910

Funds from operations(1)

129,350

82,332

347,686

212,162

Basic ($/share)

0.53

0.51

1.55

1.48

Diluted ($/share)

0.52

0.51

1.53

1.46

Net income (loss)

87,440

16,168

287,025

41,897

Basic ($/share)

0.36

0.10

1.28

0.29

Diluted ($/share)

0.35

0.10

1.26

0.29

Dividends paid or declared

46,066

24,977

122,069

66,131

    Per share

0.19

0.15

0.54

0.45

Basic payout ratio (%)(1)

36

30

35

31

Development capital expenditures

93,347

65,515

275,692

168,006

Property acquisitions (net)

(36,386)

199,279

645,778

318,001

Corporate acquisitions

-

-

397,482

66,450

Net debt outstanding(1)

676,000

398,578

676,000

398,578

Operating

 

 

 

 

Average daily production

 

 

 

 

Crude oil (bbls/d)

22,160

12,870

19,463

11,629

NGLs (bbls/d)

2,863

1,864

2,467

1,563

Natural gas (Mcf/d)

59,498

40,281

52,648

34,830

Total (boe/d)

34,940

21,448

30,705

18,997

Average realized price(2)

 

 

 

 

Crude oil ($/bbl)

95.25

102.26

98.62

92.57

NGLs ($/bbl)

47.78

49.70

51.70

47.49

Natural gas ($/Mcf)

4.30

2.60

5.00

3.20

Total ($/boe)

71.86

70.62

75.35

66.50

Netback ($/boe)

 

 

 

 

    Petroleum and natural gas sales

71.86

70.62

75.35

66.50

    Realized hedging gain (loss)

(3.02)

(4.82)

(6.25)

(1.34)

    Royalties

(9.79)

(9.17)

(9.92)

(8.21)

    Operating expenses

(11.77)

(9.13)

(11.01)

(9.93)

    Transportation expenses

(3.03)

(2.29)

(2.86)

(2.36)

Operating netbacks(1)

44.25

45.21

45.31

44.66

    General & administrative

(1.50)

(1.60)

(1.50)

(1.70)

    Interest & financing

(2.51)

(1.89)

(2.33)

(2.06)

Cash netbacks(1)

40.24

41.72

41.48

40.90

Share information (000s)

 

 

 

 

Common shares outstanding, end of period

245,751

166,635

245,751

166,635

Weighted average basic shares outstanding

245,642

160,657

224,639

143,638

Weighted average diluted shares outstanding

248,288

162,235

226,991

145,444

Notes:

(1)         Funds from operations, basic 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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