whitecap resources inc. announces first quarter 2017 results

May 3, 2017

WHITECAP RESOURCES INC. ANNOUNCES FIRST QUARTER 2017 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, 2017.

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)

 

 

2017

2016

Petroleum and natural gas sales

 

 

240,175

112,106

Net income

 

 

59,531

1,605

   Basic ($/share)

 

 

 0.16

 0.01

   Diluted ($/share)

 

 

 0.16

 0.01

Funds flow (1)

 

 

124,235

 67,679

   Basic ($/share) (1)

 

 

 0.34

 0.22

   Diluted ($/share) (1)

 

 

 0.33

 0.22

Dividends paid or declared

 

 

25,779

41,854

   Per share

 

 

0.07

0.14

Total payout ratio (%) (1)

 

 

121

129

Development capital (1)

 

 

124,061

45,238

Property acquisitions

 

 

7,829

21,291

Property dispositions

 

 

 (3,323)

 (101,635)

Net debt (1)

 

 

848,228

800,302

Operating

 

 

 

 

Average daily production

 

 

 

 

   Crude oil (bbls/d)

 

 

 42,425

 29,561

   NGLs (bbls/d)

 

 

 3,185

 3,205

   Natural gas (Mcf/d)

 

 

 61,657

61,547

   Total (boe/d)

 

 

 55,886

43,024

Average realized price (2)

 

 

 

 

   Crude oil ($/bbl)

 

 

56.58

36.54

   NGLs ($/bbl)

 

 

 29.47

10.69

   Natural gas ($/Mcf)

 

 

 2.83

1.91

   Total ($/boe)

 

 

 47.75

28.63

Netbacks ($/boe)

 

 

 

 

   Petroleum and natural gas sales

 

 

47.75

28.63

   Realized hedging gain (loss)

 

 

(1.19)

6.25

   Royalties

 

 

(7.12)

(3.75)

   Operating expenses

 

 

 (10.28)

(9.08)

   Transportation expenses

 

 

 (1.23)

(0.89)

Operating netbacks (1)

 

 

27.93

21.16

   General and administrative

 

 

(1.33)

(1.35)

   Interest and financing

 

 

(1.82)

(2.45)

   Transaction costs

 

 

-

(0.03)

   Settlement of decommissioning liabilities

 

 

(0.08)

(0.06)

Funds flow netbacks (1)

 

 

24.70

17.27

Share information (000s)

 

 

 

 

Common shares outstanding, end of period

 

 

369,045

314,403

Weighted average basic shares outstanding

 

 

368,734

303,205

Weighted average diluted shares outstanding

 

 

371,460

305,551

Notes:
 (1)      Funds flow, funds flow per share, total payout ratio, development 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.

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