August 05, 2015
whitecap resources inc. announces second quarter 2015 results and increased production guidance
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, 2015.
Whitecap's unaudited interim consolidated financial statements and related Management's Discussion and Analysis ("MD&A") 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 ($000s except per share amounts) |
2015 |
2014 |
2015 |
2014 |
| Petroleum and natural gas sales |
186,178 |
215,850 |
318,817 |
393,967 |
| Funds from operations (1) |
144,703 |
117,429 |
254,636 |
218,336 |
| Basic ($/share) |
0.51 |
0.51 |
0.90 |
1.02 |
| Diluted ($/share) |
0.50 |
0.51 |
0.89 |
1.01 |
| Net income (loss) |
(8,583) |
195,045 |
(37,986) |
199,585 |
| Basic ($/share) |
(0.03) |
0.85 |
(0.13) |
0.93 |
| Diluted ($/share) |
(0.03) |
0.84 |
(0.13) |
0.92 |
| Dividends paid or declared |
53,181 |
41,993 |
100,722 |
76,003 |
| Per share |
0.19 |
0.18 |
0.38 |
0.35 |
| Total payout ratio (%) (1) |
68 |
80 |
87 |
118 |
| Development capital expenditures |
45,868 |
51,764 |
121,883 |
182,345 |
| Property acquisitions |
13,077 |
791,087 |
71,407 |
800,396 |
| Property dispositions |
(10,805) |
(113,031) |
(13,468) |
(118,232) |
| Corporate acquisitions |
579,906 |
- |
579,906 |
397,482 |
| Net debt outstanding (1) |
774,825 |
752,882 |
774,825 |
752,882 |
| Operating |
|
|
|
|
| Average daily production |
|
|
|
|
| Crude oil (bbls/d) |
28,416 |
19,516 |
27,027 |
18,092 |
| NGLs (bbls/d) |
2,865 |
2,328 |
2,777 |
2,266 |
| Natural gas (Mcf/d) |
61,441 |
52,384 |
60,843 |
49,166 |
| Total (boe/d) |
41,521 |
30,574 |
39,945 |
28,552 |
| Average realized price (2) |
|
|
|
|
| Crude oil ($/bbl) |
64.67 |
102.19 |
57.16 |
98.92 |
| NGLs ($/bbl) |
16.79 |
47.90 |
17.37 |
54.32 |
| Natural gas ($/Mcf) |
2.61 |
5.08 |
2.77 |
5.37 |
| Total ($/boe) |
49.27 |
77.58 |
44.10 |
76.23 |
| Netback ($/boe) |
|
|
|
|
| Petroleum and natural gas sales |
49.27 |
77.58 |
44.10 |
76.23 |
| Realized hedging gain (loss) |
10.76 |
(8.34) |
12.59 |
(8.26) |
| Royalties |
(6.44) |
(10.18) |
(5.82) |
(10.01) |
| Operating expenses |
(9.67) |
(11.35) |
(10.11) |
(10.54) |
| Transportation expenses |
(1.72) |
(1.62) |
(1.61) |
(1.46) |
| Operating netbacks (1) |
42.20 |
46.09 |
39.15 |
45.96 |
| General & administrative |
(1.49) |
(1.50) |
(1.49) |
(1.50) |
| Interest & financing |
(2.41) |
(2.39) |
(2.43) |
(2.21) |
| Cash netbacks (1) |
38.30 |
42.20 |
35.23 |
42.25 |
| Share information (000s) |
|
|
|
|
| Common shares outstanding, end of period |
298,599 |
245,316 |
298,599 |
245,316 |
| Weighted average basic shares outstanding |
283,198 |
229,680 |
283,609 |
213,964 |
| Weighted average diluted shares outstanding |
287,270 |
232,180 |
287,607 |
216,211 |
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.
