whitecap resources inc. announces first quarter 2016 results

May 4, 2016

WHITECAP RESOURCES INC. ANNOUNCES FIRST QUARTER 2016 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, 2016.

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 March 31

Financial ($000s except per share amounts)

 

 

2016

2015

Petroleum and natural gas sales

 

 

112,106

132,639

Funds flow (1)

 

 

  67,997

109,933

Basic ($/share)

 

 

 0.22

0.43

Diluted ($/share)

 

 

 0.22

  0.43

Net income (loss)

 

 

1,605

(29,403)

Basic ($/share)

 

 

0.01

(0.12)

Diluted ($/share)

 

 

0.01

(0.12)

Dividends paid or declared

 

 

41,854

47,541

    Per share

 

 

0.14

0.19

Total payout ratio (%) (1)

 

 

128

112

Development capital expenditures

 

 

45,238

76,015

Property acquisitions

 

 

21,291

58,330

Property dispositions

 

 

 (101,635)

(2,663)

Net debt outstanding (1)

 

 

800,302

867,148

Operating

 

 

 

 

Average daily production

 

 

 

 

Crude oil (bbls/d)

 

 

 29,561

25,623

NGLs (bbls/d)

 

 

 3,205 

2,689

Natural gas (Mcf/d)

 

 

61,547

60,237

Total (boe/d)

 

 

43,024

38,351

Average realized price (2)

 

 

 

 

Crude oil ($/bbl)

 

 

36.54

48.74

NGLs ($/bbl)

 

 

10.69 

17.99

Natural gas ($/Mcf)

 

 

1.91

2.93

Total ($/boe)

 

 

28.63

38.43

Netback ($/boe)

 

 

 

 

    Petroleum and natural gas sales

 

 

28.63

38.43

    Realized hedging gain

 

 

6.25

14.59

    Royalties

 

 

(3.75)

(5.15)

    Operating expenses

 

 

(9.08)

(10.58)

    Transportation expenses

 

 

(0.89)

(1.49)

Operating netbacks (1)

 

 

21.16

35.80

    General and administrative

 

 

(1.35)

(1.49)

    Interest and financing

 

 

(2.45)

(2.46)

Cash netbacks (1)

 

 

17.36

31.85

Share information (000s)

 

 

 

 

Common shares outstanding, end of period

 

 

314,403

253,595

Weighted average basic shares outstanding

 

 

303,205

253,540

Weighted average diluted shares outstanding

 

 

305,551

256,597

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)      Prior to the impact of hedging activities.

Click here to view the full press release.