whitecap resources inc. announces second quarter 2015 results and increased production guidance

August 5, 2015

WHITECAP RESOURCES INC. ANNOUNCES SECOND QUARTER 2015 RESULTS AND INCREASED PRODUCTION GUIDANCE

CALGARY, ALBERTA – Whitecap Resources Inc. ("Whitecap" or the "Company") (TSX: WCP) is pleased to report its operating and unaudited financial results for the three and six months ended June 30, 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 June 30

Six months ended June 30

Financial ($000s except per share amounts)

2015

2014

2015

2014

Petroleum and natural gas sales

186,178

215,850

318,817

393,967

Funds from operations (1)

144,703

117,429

254,636

218,336

Basic ($/share)

0.51

0.51

0.90

1.02

Diluted ($/share)

0.50

0.51

  0.89

1.01

Net income (loss)

(8,583)

195,045

(37,986)

199,585

Basic ($/share)

(0.03)

0.85

(0.13)

0.93

Diluted ($/share)

(0.03)

0.84

(0.13)

0.92

Dividends paid or declared

53,181

41,993

100,722

76,003

    Per share

0.19

0.18

0.38

0.35

Total payout ratio (%) (1)

68

80

87

118

Development capital expenditures

45,868

51,764

121,883

182,345

Property acquisitions

13,077

791,087

 71,407

800,396

Property dispositions

(10,805)

(113,031)

 (13,468)

(118,232)

Corporate acquisitions

579,906

-

 579,906

 397,482

Net debt outstanding (1)

774,825

752,882

774,825

752,882

Operating

 

 

 

 

Average daily production

 

 

 

 

Crude oil (bbls/d)

28,416

 19,516

27,027

 18,092

NGLs (bbls/d)

2,865

 2,328

2,777

 2,266

Natural gas (Mcf/d)

61,441

 52,384

60,843

 49,166

Total (boe/d)

41,521

 30,574

39,945

 28,552

Average realized price (2)

 

 

 

 

Crude oil ($/bbl)

64.67

102.19

57.16

98.92

NGLs ($/bbl)

16.79

47.90

17.37

54.32

Natural gas ($/Mcf)

2.61

5.08

2.77

5.37

Total ($/boe)

49.27

77.58

44.10

76.23

Netback ($/boe)

 

 

 

 

    Petroleum and natural gas sales

49.27

77.58

44.10

76.23

    Realized hedging gain (loss)

10.76

(8.34)

12.59

(8.26)

    Royalties

(6.44)

(10.18)

(5.82)

(10.01)

    Operating expenses

(9.67)

(11.35)

(10.11)

(10.54)

    Transportation expenses

(1.72)

(1.62)

(1.61)

(1.46)

Operating netbacks (1)

42.20

46.09

39.15

45.96

    General & administrative

(1.49)

(1.50)

(1.49)

(1.50)

    Interest & financing

(2.41)

(2.39)

(2.43)

(2.21)

Cash netbacks (1)

38.30

42.20

35.23

42.25

Share information (000s)

 

 

 

 

Common shares outstanding, end of period

298,599

245,316

298,599

245,316

Weighted average basic shares outstanding

283,198

229,680

283,609

213,964

Weighted average diluted shares outstanding

287,270

232,180

287,607

216,211

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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