whitecap resources inc. announces fourth quarter and year end 2014 results

March 17, 2015

WHITECAP RESOURCES INC. ANNOUNCES FOURTH QUARTER AND YEAR END 2014 RESULTS

CALGARY, ALBERTA – Whitecap Resources Inc. ("Whitecap" or the "Company") (TSX: WCP) is pleased to report its operating and audited financial results for the year ended December 31, 2014. 

Whitecap’s audited consolidated financial statements and related Management’s Discussion and Analysis (“MD&A”) and Annual Information Form (“AIF”) will be available 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)

2014
2013
2014
2013
Petroleum and natural gas sales

194,994
119,970
815,689
459,110
Funds from operations (1)

139,089
66,640
486,775
278,801
Basic ($/share)

0.55
0.39
2.10
1.86
Diluted ($/share)

0.54
0.39
2.08
1.84
Net income (loss)

166,116
(1,469)
453,141
40,428
Basic ($/share)

0.66
(0.01)
1.95
0.27
Diluted ($/share)

0.65
(0.01)
1.94
0.27
Dividends paid or declared

47,525
26,847
169,594
92,978
    Per share

0.19

0.16

0.73

0.61

Total payout ratio (%) (1)

69

73

101

102

Development capital expenditures

48,144

21,988

323,836

189,994

Property acquisitions

135,788

88,011

950,856

407,422

Property dispositions

(104,257)

(34,194)

(273,547)

(35,602)

Corporate acquisitions

205,209

-

602,691

66,450

Net debt outstanding (1)

798,290

401,177

798,290

401,177

Operating

 

 

 

 

Average daily production

 

 

 

 

Crude oil (bbls/d)

24,752

12,585

20,796

11,870

NGLs (bbls/d)

2,979

2,159

2,596

1,713

Natural gas (Mcf/d)

59,580

43,902

54,395

37,117

Total (boe/d)

37,661

22,061

32,458

19,769

Average realized price (2)

 

 

 

 

Crude oil ($/bbl)

72.45

81.44

89.54

88.39

NGLs ($/bbl)

34.17

53.64

 46.73

49.51

Natural gas ($/Mcf)

3.77

3.72

 4.62

3.34

Total ($/boe)

56.28

59.11

68.85

63.63

Netback ($/boe)

 

 

 

 

    Petroleum and natural gas sales

56.28

59.11

68.85

63.63

    Realized hedging gain (loss)

7.29

(2.32)

(2.29)

(1.63)

    Royalties

(7.42)

(8.46)

(9.19)

(8.28)

    Operating expenses

(10.79)

(10.05)

(10.95)

(9.96)

    Transportation expenses

(1.25)

(1.40)

(1.47)

(1.30)

Operating netbacks (1)

44.11

36.88

44.95

42.46

    General & administrative

(1.48)

(1.61)

(1.49)

(1.67)

    Interest & financing

(2.49)

(2.44)

(2.37)

(2.15)

Cash netbacks (1)

40.14

32.83

41.09

38.64

Share information (000s)

 

 

 

 

Common shares outstanding, end of period

253,476

172,292

253,476

172,292

Weighted average basic shares outstanding

253,360

169,629

231,879

150,189

Weighted average diluted shares outstanding

255,501

171,533

234,130

151,914

Notes:
 (1)         Funds from operations, total 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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