2017 News

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 31Twelve 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.

Click here to view the full press release.

Sustainable Growth Within Funds Flow

Whitecap Resources Inc. is an oil-weighted growth company that pays a monthly cash dividend to its shareholders.

We are focused on providing sustainable dividends and profitable per share growth enhanced by value added acquisitions.

Whitecap's common shares are traded on the Toronto Stock Exchange under the symbol WCP.

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