whitecap resources inc. announces fourth quarter and year end 2016 results

March 7, 2017

WHITECAP RESOURCES INC. ANNOUNCES FOURTH QUARTER AND YEAR END 2016 RESULTS 

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, 2016.

Selected financial and operating information is outlined below and should be read with Whitecap’s audited annual 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)

2016

2015

2016

2015

Petroleum and natural gas sales

209,149

148,225

635,306

622,280

Net income (loss)

191,104

(87,087)

170,748

(500,713)

    Basic ($/share)

0.52

(0.29)

0.50

(1.76)

    Diluted ($/share)

0.51

(0.29)

0.50

(1.76)

Funds flow (1)

117,792

  111,537

384,725

481,178

Basic ($/share) (1)

 0.32

 0.37

 1.13

 1.69

Diluted ($/share) (1)

 0.32

 0.37

 1.13

 1.68

Dividends paid or declared

25,745

56,162

116,521

212,898

    Per share

0.07

0.19

0.35

0.75

Total payout ratio (%) (1)

 89

 106

76

93

Field capital (1)

79,651

62,322

173,993

234,778

Property acquisitions

12,043

94,397

630,565

252,278

Property dispositions

 35

 (268)

 (144,379)

 (26,592)

Corporate acquisitions

 -  

 -  

 -

 579,906

Net debt (1)

818,580

939,787

818,580

939,787

Operating

 

 

 

 

Average daily production

 

 

 

 

Crude oil (bbls/d)

37,072

29,092

 32,398

 27,958

NGLs (bbls/d)

 3,247

 3,130

 3,168

 2,974

Natural gas (Mcf/d)

61,756

59,069

 61,651

 60,128

Total (boe/d)

 50,612

 42,067

 45,841

 40,953

Average realized price (2)

 

 

 

 

Crude oil ($/bbl)

53.88

49.05

 47.58

 53.69

NGLs ($/bbl)

 23.60

 15.60

 17.31

 15.31

Natural gas ($/Mcf)

3.23

2.29

 2.26

 2.63

Total ($/boe)

  44.92

  38.30

 37.87

 41.63

Netbacks ($/boe)

 

 

 

 

    Petroleum and natural gas sales

44.92

 38.30

37.87

41.63

    Realized hedging gain

1.65

10.84

4.44

11.39

    Royalties

(6.89)

(5.36)

(5.42)

(5.53)

    Operating expenses

(10.18)

(9.53)

 (9.54)

 (9.81)

    Transportation expenses

(1.00)

(1.57)

 (0.89)

 (1.57)

Operating netbacks (1)

28.50

32.68

26.46

36.11

    General and administrative

(1.15)

(1.38)

(1.29)

(1.44)

    Interest and financing

(1.91)

(2.37)

(2.14)

(2.37)

    Transaction costs

(0.00)

(0.01)

(0.02)

(0.02)

    Settlement of decommissioning liabilities

(0.14)

(0.10)

(0.07)

(0.08)

Funds flow netbacks (1)

25.30

28.82

22.94

32.20

Share information (000s)

 

 

 

 

Common shares outstanding, end of period

368,351

300,613

368,351

300,613

Weighted average basic shares outstanding

368,272

298,973

339,735

283,889

Weighted average diluted shares outstanding

371,193

302,578

341,893

287,011

Notes:
(1)      Funds flow, funds flow per share, total payout ratio, field capital, net debt, operating netbacks and funds flow 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.