whitecap resources inc. announces third quarter 2016 results and increases production and funds flow guidance for 2016

November 2, 2016

WHITECAP RESOURCES INC. ANNOUNCES THIRD QUARTER 2016 RESULTS AND INCREASES PRODUCTION AND FUNDS FLOW GUIDANCE FOR 2016

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, 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 September 30

Nine months ended September 30

Financial ($000s except per share amounts)

2016

2015

2016

2015

Petroleum and natural gas sales

178,498

155,238

426,157

474,055

Funds flow (1)

106,563

116,080

  267,890

370,716

Basic ($/share)

 0.29

0.39

 0.81

1.33

Diluted ($/share)

 0.29

0.38

 0.81

1.31

Net income (loss)

6,350

(375,640)

(20,356)

(413,626)

Basic ($/share)

0.02

(1.26)

(0.06)

(1.48)

Diluted ($/share)

0.02

(1.26)

(0.06)

(1.48)

Dividends paid or declared

25,698

56,014

90,776

156,736

    Per share

0.07

0.19

0.28

0.56

Total payout ratio (%) (1)

55

 92

69

 89

Development capital expenditures (1)

32,945

50,573

94,342

172,456

Property acquisitions

987

 86,474

618,522

 157,881

Property dispositions

(281)

 (12,856)

 (144,414)

 (26,324)

Corporate acquisitions

-

 -  

-

 579,906

Net debt outstanding (1)

821,731

842,234

821,731

842,234

Operating

 

 

 

 

Average daily production

 

 

 

 

Crude oil (bbls/d)

   36,094

 28,653

   30,828

 27,575

NGLs (bbls/d)

2,991

 3,204

3,142

 2,921

Natural gas (Mcf/d)

60,994

 59,781

61,616

 60,485

Total (boe/d)

49,251

 41,821

44,239

 40,577

Average realized price (2)

 

 

 

 

Crude oil ($/bbl)

48.14

 51.97

45.03

 55.34

NGLs ($/bbl)

17.47

 11.52

15.13

 15.21

Natural gas ($/Mcf)

2.47

 2.70

1.94

 2.74

Total ($/boe)

39.39

 40.35

35.16

 42.79

Netback ($/boe)

 

 

 

 

    Petroleum and natural gas sales

39.39

 40.35

35.16

 42.79

    Realized hedging gain

3.27

9.69

5.51

11.58

    Royalties

(5.99)

(5.17)

(4.85)

(5.60)

    Operating expenses

(9.12)

(9.53)

(9.29)

(9.91)

    Transportation expenses

(0.76)

(1.50)

(0.84)

(1.57)

Operating netbacks (1)

26.79

33.84

25.69

37.29

    General and administrative

(1.34)

(1.41)

(1.35)

(1.46)

    Interest and financing

(1.93)

(2.27)

(2.23)

(2.38)

Cash netbacks (1)

23.52

30.16

22.11

33.45

Share information (000s)

 

 

 

 

Common shares outstanding, end of period

367,655

298,866

367,655

298,866

Weighted average basic shares outstanding

367,623

298,685

330,121

278,713

Weighted average diluted shares outstanding

370,227

302,344

332,452

281,914

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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