whitecap resources inc. announces third quarter 2015 results and 2016 budget

November 10, 2015

WHITECAP RESOURCES INC. ANNOUNCES THIRD QUARTER 2015 RESULTS AND 2016 BUDGET 

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 nine months ended September 30, 2015.

Selected financial and operating information is outlined below and should be read with Whitecap’s unaudited interim consolidated financial statements and related Management’s Discussion and Analysis (“MD&A”) which are available 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)

2015

2014

2015

2014

Petroleum and natural gas sales

155,238

226,728

474,055

620,695

Funds flow (1)

116,080

129,350

370,716

347,686

Basic ($/share)

0.39

0.53

1.33

1.55

Diluted ($/share)

0.38

0.52

1.31

1.53

Net income (loss) (2)

(375,640)

87,440

(413,626)

287,025

Basic ($/share)

(1.26)

0.36

(1.48)

1.28

Diluted ($/share)

(1.26)

0.35

(1.48)

1.26

Dividends paid or declared

56,014

46,066

156,736

122,069

    Per share

0.19

0.19

0.56

0.54

Total payout ratio (%) (1)

 92

108

 89

114

Development capital expenditures

50,573

93,347

172,456

275,692

Property acquisitions

 86,474

14,673

 157,881

815,069

Property dispositions

 (12,856)

(51,059)

 (26,324)

(169,291)

Corporate acquisitions

 -  

-

 579,906

397,482

Net debt outstanding (1)

842,234

676,000

842,234

676,000

Operating

 

 

 

 

Average daily production

 

 

 

 

Crude oil (bbls/d)

 28,653

22,160

 27,575

19,463

NGLs (bbls/d)

 3,204

2,863

 2,921

2,467

Natural gas (Mcf/d)

 59,781

59,498

 60,485

52,648

Total (boe/d)

 41,821

34,940

 40,577

30,705

Average realized price (3)

 

 

 

 

Crude oil ($/bbl)

 51.97

93.58

 55.34

96.87

NGLs ($/bbl)

 11.52

47.94

 15.21

51.83

Natural gas ($/Mcf)

 2.70

4.26

 2.74

4.95

Total ($/boe)

 40.35

70.53

 42.79

74.05

Netback ($/boe)

 

 

 

 

    Petroleum and natural gas sales

 40.35

70.53

 42.79

74.05

    Realized hedging gain (loss)

9.69

(3.02)

11.58

(6.25)

    Royalties

(5.17)

(9.79)

(5.60)

(9.92)

    Operating expenses

(9.53)

(11.77)

(9.91)

(11.01)

    Transportation expenses

(1.50)

(1.70)

(1.57)

(1.56)

Operating netbacks (1)

33.84

44.25

37.29

45.31

    General & administrative

(1.41)

(1.50)

(1.46)

(1.50)

    Interest & financing

(2.27)

(2.51)

(2.38)

(2.33)

Cash netbacks (1)

30.16

40.24

33.45

41.48

Share information (000s)

 

 

 

 

Common shares outstanding, end of period

298,866

245,751

298,866

245,751

Weighted average basic shares outstanding

298,685

245,642

278,713

224,639

Weighted average diluted shares outstanding

302,344

248,288

281,914

226,991

Notes:
(1)      Funds flow, 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)    Net loss includes a non-cash impairment charge of $482.3 million due to lower than forecasted commodity prices at September 30, 2015.
(3)      Prior to the impact of hedging activities.

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