March 07, 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.
