whitecap resources inc. announces second quarter 2016 results

August 4, 2016

WHITECAP RESOURCES INC. ANNOUNCES SECOND 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 and six months ended June 30, 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 June 30

Six months ended June 30

Financial ($000s except per share amounts)

2016

2015

2016

2015

Petroleum and natural gas sales

135,553

186,178

247,659

318,817

Funds flow (1)

93,330

144,703

  161,327

254,636

Basic ($/share)

 0.29

0.51

 0.52

0.90

Diluted ($/share)

 0.29

0.50

 0.51

  0.89

Net income (loss)

(28,311)

(8,583)

(26,706)

(37,986)

Basic ($/share)

(0.09)

(0.03)

(0.09)

(0.13)

Diluted ($/share)

(0.09)

(0.03)

(0.09)

(0.13)

Dividends paid or declared

23,224

53,181

65,078

100,722

    Per share

0.07

0.19

0.21

0.38

Total payout ratio (%) (1)

42

68

78

87

Development capital expenditures (1)

16,159

45,868

61,397

121,883

Property acquisitions

596,244

13,077

617,535

 71,407

Property dispositions

(42,498)

(10,805)

 (144,133)

 (13,468)

Corporate acquisitions

-

579,906

-

 579,906

Net debt outstanding (1)

869,231

774,825

869,231

774,825

Operating

 

 

 

 

Average daily production

 

 

 

 

Crude oil (bbls/d)

   26,771

28,416

   28,166

27,027

NGLs (bbls/d)

3,231

2,865

3,218

2,777

Natural gas (Mcf/d)

62,315

61,441

61,931

60,843

Total (boe/d)

40,388

41,521

41,706

39,945

Average realized price (2)

 

 

 

 

Crude oil ($/bbl)

50.18

64.67

43.02

57.16

NGLs ($/bbl)

17.33

16.79

14.02

17.37

Natural gas ($/Mcf)

1.45

2.61

1.68

2.77

Total ($/boe)

36.88

49.27

32.63

44.10

Netback ($/boe)

 

 

 

 

    Petroleum and natural gas sales

36.88

49.27

32.63

44.10

    Realized hedging gain

7.48

10.76

6.85

12.59

    Royalties

(4.61)

(6.44)

(4.17)

(5.82)

    Operating expenses

(9.73)

(9.67)

(9.40)

(10.11)

    Transportation expenses

(0.90)

(1.72)

(0.89)

(1.61)

Operating netbacks (1)

29.12

42.20

25.02

39.15

    General and administrative

(1.36)

(1.49)

(1.35)

(1.49)

    Interest and financing

(2.36)

(2.41)

(2.41)

(2.43)

Cash netbacks (1)

25.40

38.30

21.26

35.23

Share information (000s)

 

 

 

 

Common shares outstanding, end of period

367,574

298,599

367,574

298,599

Weighted average basic shares outstanding

319,533

283,198

311,369

283,609

Weighted average diluted shares outstanding

322,586

287,270

313,907

287,607

Notes:
(1)      Funds flow, total payout ratio, development capital, 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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