February 28, 2019
Whitecap Resources Inc. Announces Fourth Quarter, Year End 2018 Results And 2018 Reserves Evaluation
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, 2018.
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 are 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 ($000s except per share amounts) | 2018 | 2017 | 2018 | 2017 | ||
| Petroleum and natural gas revenues | 272,397 | 291,376 | 1,519,845 | 1,031,240 | ||
| Net income (loss) | 6,966 | (231,729) | 65,128 | (123,968) | ||
| Basic ($/share) | (0.02) | (0.61) | 0.16 | (0.33) | ||
| Diluted ($/share) | (0.02) | (0.61) | 0.15 | (0.33) | ||
| Funds flow | 138,810 | 143,543 | 704,420 | 508,627 | ||
| Basic ($/share) | 0.33 | 0.38 | 1.69 | 1.37 | ||
| Diluted ($/share) | 0.33 | 0.38 | 1.67 | 1.36 | ||
| Dividends paid or declared | 33,611 | 27,476 | 132,295 | 104,926 | ||
| Per share | 0.08 | 0.07 | 0.32 | 0.28 | ||
| Total payout ratio (%) (1) | 79 | 59 | 81 | 87 | ||
| Expenditures on PP&E | 76,485 | 57,698 | 440,499 | 339,761 | ||
| Property acquisitions | 15,157 | 939,015 | 35,249 | 970,883 | ||
| Property dispositions | (205) | (8,777) | (11,681) | (14,598) | ||
| Corporate acquisition | - | - | 53,916 | - | ||
| Net debt | 1,300,410 | 1,295,906 | 1,300,410 | 1,295,906 | ||
| Operating | ||||||
| Average daily production | ||||||
| Crude oil (bbls/d) | 57,072 | 44,699 | 58,511 | 43,589 | ||
| NGLs (bbls/d) | 4,656 | 3,634 | 4,397 | 3,415 | ||
| Natural gas (Mcf/d) | 68,739 | 68,244 | 69,042 | 62,676 | ||
| Total (boe/d) | 73,185 | 59,707 | 74,415 | 57,450 | ||
| Average realized price (2) | ||||||
| Crude oil ($/bbl) | 47.22 | 64.54 | 66.46 | 58.61 | ||
| NGLs ($/bbl) | 29.52 | 37.45 | 35.90 | 30.57 | ||
| Natural gas ($/Mcf) | 1.87 | 2.14 | 1.70 | 2.65 | ||
| Total ($/boe) | 40.46 | 53.04 | 55.96 | 49.18 | ||
| Netbacks ($/boe) | ||||||
| Petroleum and natural gas revenues | 40.46 | 53.04 | 55.96 | 49.18 | ||
| Tariffs | (0.60) | (1.15) | (0.72) | (1.43) | ||
| Processing income | 0.44 | 0.56 | 0.45 | 0.46 | ||
| Blending revenue | 1.13 | - | 0.47 | - | ||
| Petroleum and natural gas sales | 41.43 | 52.45 | 56.16 | 48.21 | ||
| Realized hedging gain (loss) | 4.77 | (2.19) | (2.36) | (1.15) | ||
| Royalties | (6.77) | (7.41) | (9.87) | (6.89) | ||
| Operating expenses | (12.28) | (11.44) | (12.05) | (11.07) | ||
| Transportation expenses | (2.20) | (1.93) | (2.17) | (1.63) | ||
| Blending expenses | (0.92) | - | (0.38) | - | ||
| Operating netbacks (1) | 24.03 | 29.48 | 29.33 | 27.47 | ||
| Share information (000s) | ||||||
| Common shares outstanding, end of period | 414,063 | 418,029 | 414,063 | 418,029 | ||
| Weighted average basic shares outstanding | 415,714 | 379,326 | 417,061 | 371,848 | ||
| Weighted average diluted shares outstanding | 418,784 | 381,574 | 420,587 | 373,944 | ||
Notes:
(1) Total payout ratio and operating 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 and tariffs.
