whitecap resources inc. announces second quarter 2017 results

August 1, 2017

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

Six months ended June 30

Financial ($000s except per share amounts)

2017

2016

2017

2016

Petroleum and natural gas sales

243,277

135,553

483,452

247,659

Net income

44,541

(28,311)

104,072

(26,706)

   Basic ($/share)

 0.12

(0.09)

 0.28

 (0.09)

   Diluted ($/share)

 0.12

(0.09)

 0.28

 (0.09)

Funds flow (1)

121,870

92,928

246,105

 160,607

   Basic ($/share) (1)

 0.33

 0.29

 0.67

 0.52

   Diluted ($/share) (1)

 0.33

 0.29

 0.66

 0.51

Dividends paid or declared

25,820

23,224

51,599

65,078

   Per share

0.07

0.07

0.14

0.21

Total payout ratio (%) (1)

77

42

99

79

Development capital (1)

67,654

16,159

191,715

61,397

Property acquisitions

(923)

596,244

6,906

617,535

Property dispositions

 (2,498)

(42,498)

 (5,821)

 (144,133)

Net debt (1)

820,295

869,231

820,295

869,231

Operating

 

 

 

 

Average daily production

 

 

 

 

   Crude oil (bbls/d)

 43,204

   26,771

 42,817

   28,166

   NGLs (bbls/d)

3,333

3,231

 3,259

3,218

   Natural gas (Mcf/d)

 58,373

62,315

 60,006

61,931

   Total (boe/d)

56,266

40,388

56,077

41,706

Average realized price (2)

 

 

 

 

   Crude oil ($/bbl)

56.00

50.18

56.28

43.02

   NGLs ($/bbl)

26.15

17.33

 27.77

14.02

   Natural gas ($/Mcf)

2.86

1.45

 2.84

1.68

   Total ($/boe)

 47.51

36.88

 47.63

32.63

Netbacks ($/boe)

 

 

 

 

   Petroleum and natural gas sales

47.51

36.88

47.63

32.63

   Realized hedging gain (loss)

(1.28)

7.48

(1.24)

6.85

   Royalties

(7.16)

(4.61)

(7.14)

(4.17)

   Operating expenses

 (10.64)

(9.73)

 (10.46)

(9.40)

   Transportation expenses

 (1.48)

(0.90)

 (1.36)

(0.89)

Operating netbacks (1)

26.95

29.12

27.43

25.02

   General and administrative expenses

(1.31)

(1.36)

(1.32)

(1.35)

   Interest and financing expenses

(1.73)

(2.36)

(1.77)

(2.41)

   Transaction costs

-

(0.07)

-

(0.05)

   Settlement of decommissioning liabilities

(0.11)

(0.04)

(0.09)

(0.05)

Funds flow netbacks (1)

23.80

25.29

24.25

21.16

Share information (000s)

 

 

 

 

Common shares outstanding, end of period

369,797

367,574

369,797

367,574

Weighted average basic shares outstanding

369,401

319,533

369,069

311,369

Weighted average diluted shares outstanding

371,410

322,586

371,056

313,907

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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