November 10, 2015
whitecap resources inc. announces third quarter 2015 results and 2016 budget
November 10, 2015
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 nine months ended September 30, 2015.
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 September 30 | Nine months ended September 30 | |||
|---|---|---|---|---|
| Financial ($000s except per share amounts) |
2015 |
2014 |
2015 |
2014 |
| Petroleum and natural gas sales |
155,238 |
226,728 |
474,055 |
620,695 |
| Funds flow (1) |
116,080 |
129,350 |
370,716 |
347,686 |
| Basic ($/share) |
0.39 |
0.53 |
1.33 |
1.55 |
| Diluted ($/share) |
0.38 |
0.52 |
1.31 |
1.53 |
| Net income (loss) (2) |
(375,640) |
87,440 |
(413,626) |
287,025 |
| Basic ($/share) |
(1.26) |
0.36 |
(1.48) |
1.28 |
| Diluted ($/share) |
(1.26) |
0.35 |
(1.48) |
1.26 |
| Dividends paid or declared |
56,014 |
46,066 |
156,736 |
122,069 |
| Per share |
0.19 |
0.19 |
0.56 |
0.54 |
| Total payout ratio (%) (1) |
92 |
108 |
89 |
114 |
| Development capital expenditures |
50,573 |
93,347 |
172,456 |
275,692 |
| Property acquisitions |
86,474 |
14,673 |
157,881 |
815,069 |
| Property dispositions |
(12,856) |
(51,059) |
(26,324) |
(169,291) |
| Corporate acquisitions |
- |
- |
579,906 |
397,482 |
| Net debt outstanding (1) |
842,234 |
676,000 |
842,234 |
676,000 |
| Operating |
|
|
|
|
| Average daily production |
|
|
|
|
| Crude oil (bbls/d) |
28,653 |
22,160 |
27,575 |
19,463 |
| NGLs (bbls/d) |
3,204 |
2,863 |
2,921 |
2,467 |
| Natural gas (Mcf/d) |
59,781 |
59,498 |
60,485 |
52,648 |
| Total (boe/d) |
41,821 |
34,940 |
40,577 |
30,705 |
| Average realized price (3) |
|
|
|
|
| Crude oil ($/bbl) |
51.97 |
93.58 |
55.34 |
96.87 |
| NGLs ($/bbl) |
11.52 |
47.94 |
15.21 |
51.83 |
| Natural gas ($/Mcf) |
2.70 |
4.26 |
2.74 |
4.95 |
| Total ($/boe) |
40.35 |
70.53 |
42.79 |
74.05 |
| Netback ($/boe) |
|
|
|
|
| Petroleum and natural gas sales |
40.35 |
70.53 |
42.79 |
74.05 |
| Realized hedging gain (loss) |
9.69 |
(3.02) |
11.58 |
(6.25) |
| Royalties |
(5.17) |
(9.79) |
(5.60) |
(9.92) |
| Operating expenses |
(9.53) |
(11.77) |
(9.91) |
(11.01) |
| Transportation expenses |
(1.50) |
(1.70) |
(1.57) |
(1.56) |
| Operating netbacks (1) |
33.84 |
44.25 |
37.29 |
45.31 |
| General & administrative |
(1.41) |
(1.50) |
(1.46) |
(1.50) |
| Interest & financing |
(2.27) |
(2.51) |
(2.38) |
(2.33) |
| Cash netbacks (1) |
30.16 |
40.24 |
33.45 |
41.48 |
| Share information (000s) |
|
|
|
|
| Common shares outstanding, end of period |
298,866 |
245,751 |
298,866 |
245,751 |
| Weighted average basic shares outstanding |
298,685 |
245,642 |
278,713 |
224,639 |
| Weighted average diluted shares outstanding |
302,344 |
248,288 |
281,914 |
226,991 |
Notes:
(1) Funds flow, 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) Net loss includes a non-cash impairment charge of $482.3 million due to lower than forecasted commodity prices at September 30, 2015.
(3) Prior to the impact of hedging activities.
