May 02, 2018

Whitecap Resources Inc. Announces First Quarter 2018 Results and 5% Dividend Increase

May 2, 2018

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, 2018.

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)
 		     2018
 		 2017
 
Petroleum and natural gas revenues
 		     361,116
 		 240,175
 
Net income (loss)
 		     (7,755)
 		 59,531
 
 Basic ($/share)
 		     (0.02)
 		  0.16
 
 Diluted ($/share)
 		     (0.02)
 		  0.16
 
Funds flow (1)
 		     166,477
 		 124,641
 
 Basic ($/share) (1)
 		      0.40
 		  0.34
 
 Diluted ($/share) (1)
 		      0.40
 		  0.34
 
Dividends paid or declared
 		     32,187
 		 25,779
 
 Per share
 		     0.08
 		 0.07
 
Total payout ratio (%) (1)
 		     129
 		 120
 
Development capital (1)
 		     182,371
 		 124,061
 
Property acquisitions
 		     615
 		 7,829
 
Property dispositions
 		     (127)
 		  (3,323)
 
Corporate acquisition
 		     53,166
 		 -
 
Net debt (1)
 		     1,414,606
 		 848,228
 
Operating
 		        
Average daily production
 		        
 Crude oil (bbls/d)
 		     57,976
 		  42,425
 
 NGLs (bbls/d)
 		     4,002
 		  3,185
 
 Natural gas (Mcf/d)
 		     66,852
 		  61,657
 
 Total (boe/d)
 		     73,120
 		  55,886
 
Average realized price (2)
 		        
 Crude oil ($/bbl)
 		     64.47
 		 56.58
 
 NGLs ($/bbl)
 		     35.92
 		  29.47
 
 Natural gas ($/Mcf)
 		     1.96
 		  2.83
 
 Total ($/boe)
 		     54.87
 		  47.75
 
Netbacks ($/boe)
 		        
 Petroleum and natural gas revenues before tariffs (1)
 		     55.93
 		 49.57
 
 Tariffs (1)
 		     (1.06)
 		 (1.82)
 
 Realized hedging loss
 		     (2.34)
 		 (1.19)
 
 Royalties
 		     (10.39)
 		 (7.12)
 
 Net operating expenses (1)
 		     (11.64)
 		  (10.28)
 
 Transportation expenses
 		     (1.90)
 		  (1.23)
 
Operating netbacks (1)
 		     28.60
 		 27.93
 
 General and administrative expenses
 		     (1.25)
 		 (1.33)
 
 Interest and financing expenses
 		     (2.05)
 		 (1.82)
 
Funds flow netbacks (1)
 		     25.30
 		 24.78
 
Share information (000s)
 		        
Common shares outstanding, end of period
 		     417,255
 		 369,045
 
Weighted average basic shares outstanding
 		     417,751
 		 368,734
 
Weighted average diluted shares outstanding
 		     419,953
 		 371,460
 

Notes:

(1)   Funds flow, funds flow per share, total payout ratio, development capital, net debt, petroleum and natural gas revenues before tariffs, tariffs, net operating expenses, operating netbacks and funds flow netbacks do not have a standardized meaning under GAAP. Refer to non-GAAP measures in this press release for additional disclosure and assumptions.

(2)   Prior to the impact of hedging activities.

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