October 31, 2019
Whitecap Resources Inc. Announces Third Quarter 2019 Results And 2020 Budget
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, 2019.
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.
| Three months ended September 30 | Nine months ended September 30 | |||
|---|---|---|---|---|
Financial ($000s except per share amounts) |
2019 |
2018 |
2019 |
2018 |
Petroleum and natural gas revenues |
331,317 |
446,018 |
1,049,286 |
1,247,448 |
Net income (loss) |
42,277 |
69,532 |
48,073 |
58,162 |
Basic ($/share) |
0.10 |
0.17 |
0.12 |
0.14 |
Diluted ($/share) |
0.10 |
0.17 |
0.12 |
0.14 |
Funds flow |
154,306 |
204,995 |
491,064 |
565,610 |
Basic ($/share) |
0.37 |
0.49 |
1.19 |
1.35 |
Diluted ($/share) |
0.37 |
0.49 |
1.18 |
1.35 |
Dividends paid or declared |
35,171 |
33,778 |
103,323 |
98,684 |
Per share |
0.09 |
0.08 |
0.25 |
0.24 |
Expenditures on PP&E |
153,848 |
114,955 |
305,215 |
364,014 |
Total payout ratio (%) (1) |
122 |
73 |
83 |
82 |
Property acquisitions |
2,020 |
18,369 |
3,606 |
20,092 |
Property dispositions |
(89) |
(9,764) |
(712) |
(11,476) |
Corporate acquisition |
- |
750 |
- |
53,916 |
Net debt |
1,241,579 |
1,288,259 |
1,241,579 |
1,288,259 |
Operating |
||||
Average daily production |
||||
Crude oil (bbls/d) |
53,245 |
59,212 |
54,526 |
58,996 |
NGLs (bbls/d) |
4,399 |
4,460 |
4,401 |
4,309 |
Natural gas (Mcf/d) |
63,663 |
71,141 |
65,450 |
69,144 |
Total (boe/d) |
68,255 |
75,529 |
69,835 |
74,829 |
Average realized price (2) |
||||
Crude oil ($/bbl) |
65.07 |
77.24 |
66.71 |
72.73 |
NGLs ($/bbl) |
14.85 |
40.07 |
21.70 |
38.23 |
Natural gas ($/Mcf) |
1.12 |
1.35 |
1.69 |
1.64 |
Total ($/boe) |
52.76 |
64.19 |
55.04 |
61.06 |
Netbacks ($/boe) |
||||
Petroleum and natural gas revenues |
52.76 |
64.19 |
55.04 |
61.06 |
Tariffs |
(0.51) |
(0.64) |
(0.50) |
(0.76) |
Processing and other income |
1.22 |
0.35 |
0.76 |
0.45 |
Blending revenue |
1.16 |
0.24 |
1.21 |
0.25 |
Petroleum and natural gas sales |
54.63 |
64.14 |
56.51 |
61.00 |
Realized hedging loss |
(0.49) |
(5.69) |
(0.93) |
(4.71) |
Royalties |
(10.05) |
(11.27) |
(10.11) |
(10.89) |
Operating expenses |
(12.56) |
(11.97) |
(12.56) |
(11.97) |
Transportation expenses |
(2.23) |
(2.19) |
(2.21) |
(2.16) |
Blending expenses |
(1.13) |
(0.24) |
(1.18) |
(0.20) |
Operating netbacks (1) |
28.17 |
32.78 |
29.52 |
31.07 |
Share information (000s) |
||||
Common shares outstanding, end of period |
410,562 |
416,456 |
410,562 |
416,456 |
Weighted average basic shares outstanding |
411,815 |
417,341 |
412,816 |
417,515 |
Weighted average diluted shares outstanding |
414,464 |
420,055 |
415,360 |
419,842 |
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
For further information:
Grant Fagerheim, President & CEO or Thanh Kang, CFO
Whitecap Resources Inc.
3800, 525 – 8th Avenue SW
Calgary, AB T2P 1G1
Phone: (403) 266-0767
