whitecap resources inc. announces fourth quarter and year end 2015 results and provides operational update

March 2, 2016

WHITECAP RESOURCES INC. ANNOUNCES FOURTH QUARTER AND YEAR END 2015 RESULTS AND PROVIDES OPERATIONAL UPDATE 

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, 2015.

Selected financial and operating information is outlined below and should be read with Whitecap’s audited consolidated financial statements and related Management’s Discussion and Analysis (“MD&A”) and Annual Information Form (“AIF”) which 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)

2015

2014

2015

2014

Petroleum and natural gas sales

148,225

194,994

622,280

815,689

Funds flow (1)

  111,970

139,089

482,686

486,775

Basic ($/share)

 0.37

0.55

 1.70

2.10

Diluted ($/share)

 0.37

0.54

 1.68

2.08

Net income (loss) (2)

(87,087)

166,116

(500,713)

453,141

Basic ($/share)

(0.29)

0.66

(1.76)

1.95

Diluted ($/share)

(0.29)

0.65

(1.76)

1.94

Dividends paid or declared

56,162

47,525

212,898

169,594

    Per share

0.19

0.19

0.75

0.73

Total payout ratio (%) (1)

 106

69

93

101

Development capital expenditures

62,322

48,144

234,778

323,836

Property acquisitions

94,397

135,787

252,278

950,856

Property dispositions

 (268)

(104,256)

 (26,592)

(273,547)

Corporate acquisitions

 -  

205,209

 579,906

602,691

Net debt outstanding (1)

939,787

798,290

939,787

798,290

Operating

 

 

 

 

Average daily production

 

 

 

 

Crude oil (bbls/d)

29,092

24,752

 27,958

20,796

NGLs (bbls/d)

 3,130

2,979

 2,974

2,596

Natural gas (Mcf/d)

59,069

59,580

 60,128

54,395

Total (boe/d)

 42,067

37,661

 40,953

32,458

Average realized price (3)

 

 

 

 

Crude oil ($/bbl)

49.05

72.45

 53.69

89.54

NGLs ($/bbl)

 15.60

34.17

 15.31

 46.73

Natural gas ($/Mcf)

2.29

3.77

 2.63

 4.62

Total ($/boe)

  38.30

56.28

 41.63

68.85

Netback ($/boe)

 

 

 

 

    Petroleum and natural gas sales

 38.30

56.28

41.63

68.85

    Realized hedging gain (loss)

10.84

7.29

11.39

(2.29)

    Royalties

(5.36)

(7.42)

(5.53)

(9.19)

    Operating expenses

(9.53)

(10.79)

 (9.81)

(10.95)

    Transportation expenses

(1.57)

(1.25)

 (1.57)

(1.47)

Operating netbacks (1)

32.68

44.11

36.11

44.95

    General & administrative

(1.38)

(1.48)

(1.44)

(1.49)

    Interest & financing

(2.37)

(2.49)

(2.37)

(2.37)

Cash netbacks (1)

28.93

40.14

32.30

41.09

Share information (000s)

 

 

 

 

Common shares outstanding, end of period

300,613

253,476

300,613

253,476

Weighted average basic shares outstanding

298,973

253,360

283,889

231,879

Weighted average diluted shares outstanding

302,578

255,501

287,011

234,130

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 for the twelve months ended December 31, 2015 includes a non-cash impairment charge of $506.2 million due to lower than forecasted commodity prices at December 31, 2015.
(3)      Prior to the impact of hedging activities.

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