whitecap resources inc. announces first quarter 2015 results

May 6, 2015

WHITECAP RESOURCES INC. ANNOUNCES FIRST QUARTER 2015 RESULTS

CALGARY, ALBERTA – Whitecap Resources Inc. ("Whitecap" or the "Company") (TSX: WCP) is pleased to report its operating and unaudited financial results for the three months ended March 31, 2015. 

Whitecap’s unaudited interim consolidated financial statements and related Management’s Discussion and Analysis (“MD&A”) are available 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)

 

 

2015

2014

Petroleum and natural gas sales

 

 

132,639

178,117

Funds from operations (1)

 

 

109,933

100,907

Basic ($/share)

 

 

0.43

0.51

Diluted ($/share)

 

 

  0.43

0.50

Net income (loss)

 

 

(29,403)

4,540

Basic ($/share)

 

 

(0.12)

0.02

Diluted ($/share)

 

 

(0.12)

0.02

Dividends paid or declared

 

 

47,541

34,010

    Per share

 

 

0.19

0.17

Total payout ratio (%) (1)

 

 

112

163

Development capital expenditures

 

 

76,015

130,581

Property acquisitions

 

 

58,330

9,309

Property dispositions

 

 

(2,663)

(5,201)

Corporate acquisitions

 

 

-

397,482

Net debt outstanding (1)

 

 

867,148

470,794

Operating

 

 

 

 

Average daily production

 

 

 

 

Crude oil (bbls/d)

 

 

25,623

16,653

NGLs (bbls/d)

 

 

2,689

2,203

Natural gas (Mcf/d)

 

 

60,237

45,913

Total (boe/d)

 

 

38,351

26,508

Average realized price (2)

 

 

 

 

Crude oil ($/bbl)

 

 

48.74

95.03

NGLs ($/bbl)

 

 

17.99

61.19

Natural gas ($/Mcf)

 

 

2.93

5.70

Total ($/boe)

 

 

38.43

74.66

Netback ($/boe)

 

 

 

 

    Petroleum and natural gas sales

 

 

38.43

74.66

    Realized hedging gain (loss)

 

 

14.59

(8.16)

    Royalties

 

 

(5.15)

(9.81)

    Operating expenses

 

 

(10.58)

(9.60)

    Transportation expenses

 

 

(1.49)

(1.29)

Operating netbacks (1)

 

 

35.80

45.80

    General & administrative

 

 

(1.49)

(1.50)

    Interest & financing

 

 

(2.46)

(2.00)

Cash netbacks (1)

 

 

31.85

42.30

Share information (000s)

 

 

 

 

Common shares outstanding, end of period

 

 

253,595

199,970

Weighted average basic shares outstanding

 

 

253,540

198,074

Weighted average diluted shares outstanding

 

 

256,597

200,007

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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