March 17, 2015
whitecap resources inc. announces fourth quarter and year end 2014 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, 2014.
Whitecap's audited consolidated financial statements and related Management's Discussion and Analysis ("MD&A") and Annual Information Form ("AIF") 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 ($000s except per share amounts) |
2014
|
2013
|
2014
|
2013
|
| Petroleum and natural gas sales |
194,994
|
119,970
|
815,689
|
459,110
|
| Funds from operations (1) |
139,089
|
66,640
|
486,775
|
278,801
|
| Basic ($/share) |
0.55
|
0.39
|
2.10
|
1.86
|
| Diluted ($/share) |
0.54
|
0.39
|
2.08
|
1.84
|
| Net income (loss) |
166,116
|
(1,469)
|
453,141
|
40,428
|
| Basic ($/share) |
0.66
|
(0.01)
|
1.95
|
0.27
|
| Diluted ($/share) |
0.65
|
(0.01)
|
1.94
|
0.27
|
| Dividends paid or declared |
47,525
|
26,847
|
169,594
|
92,978
|
| Per share |
0.19 |
0.16 |
0.73 |
0.61 |
| Total payout ratio (%) (1) |
69 |
73 |
101 |
102 |
| Development capital expenditures |
48,144 |
21,988 |
323,836 |
189,994 |
| Property acquisitions |
135,788 |
88,011 |
950,856 |
407,422 |
| Property dispositions |
(104,257) |
(34,194) |
(273,547) |
(35,602) |
| Corporate acquisitions |
205,209 |
- |
602,691 |
66,450 |
| Net debt outstanding (1) |
798,290 |
401,177 |
798,290 |
401,177 |
| Operating |
|
|
|
|
| Average daily production |
|
|
|
|
| Crude oil (bbls/d) |
24,752 |
12,585 |
20,796 |
11,870 |
| NGLs (bbls/d) |
2,979 |
2,159 |
2,596 |
1,713 |
| Natural gas (Mcf/d) |
59,580 |
43,902 |
54,395 |
37,117 |
| Total (boe/d) |
37,661 |
22,061 |
32,458 |
19,769 |
| Average realized price (2) |
|
|
|
|
| Crude oil ($/bbl) |
72.45 |
81.44 |
89.54 |
88.39 |
| NGLs ($/bbl) |
34.17 |
53.64 |
46.73 |
49.51 |
| Natural gas ($/Mcf) |
3.77 |
3.72 |
4.62 |
3.34 |
| Total ($/boe) |
56.28 |
59.11 |
68.85 |
63.63 |
| Netback ($/boe) |
|
|
|
|
| Petroleum and natural gas sales |
56.28 |
59.11 |
68.85 |
63.63 |
| Realized hedging gain (loss) |
7.29 |
(2.32) |
(2.29) |
(1.63) |
| Royalties |
(7.42) |
(8.46) |
(9.19) |
(8.28) |
| Operating expenses |
(10.79) |
(10.05) |
(10.95) |
(9.96) |
| Transportation expenses |
(1.25) |
(1.40) |
(1.47) |
(1.30) |
| Operating netbacks (1) |
44.11 |
36.88 |
44.95 |
42.46 |
| General & administrative |
(1.48) |
(1.61) |
(1.49) |
(1.67) |
| Interest & financing |
(2.49) |
(2.44) |
(2.37) |
(2.15) |
| Cash netbacks (1) |
40.14 |
32.83 |
41.09 |
38.64 |
| Share information (000s) |
|
|
|
|
| Common shares outstanding, end of period |
253,476 |
172,292 |
253,476 |
172,292 |
| Weighted average basic shares outstanding |
253,360 |
169,629 |
231,879 |
150,189 |
| Weighted average diluted shares outstanding |
255,501 |
171,533 |
234,130 |
151,914 |
Notes:
(1) Funds from operations, total payout ratio, 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.
