2017 News

CALGARY, ALBERTA – Whitecap Resources Inc. ("Whitecap" or the "Company") (TSX: WCP) is pleased to report its operating and unaudited financial results for the three months ended March 31, 2017.

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 March 31
Financial ($000s except per share amounts) 2017 2016
Petroleum and natural gas sales 240,175 112,106
Net income 59,531 1,605
Basic ($/share) 0.16 0.01
Diluted ($/share) 0.16 0.01
Funds flow(1) 124,235 67,679
Basic ($/share)(1) 0.34 0.22
Diluted ($/share)(1) 0.33 0.22
Dividends paid or declared 25,779 41,854
Per share 0.07 0.14
Total payout ratio (%)(1) 121 129
Development capital(1) 124,061 45,238
Property acquisitions 7,829 21,291
Property dispositions (3,323) (101,635)
Net debt(1) 848,228 800,302
Operating    
Average daily production    
Crude oil (bbls/d) 42,425 29,561
NGLs (bbls/d) 3,185 3,205
Natural gas (Mcf/d) 61,657 61,547
Total (boe/d) 55,886 43,024
Average realized price(2)    
Crude oil ($/bbl) 56.58 36.54
NGLs ($/bbl) 29.47 10.69
Natural gas ($/Mcf) 2.83 1.91
Total ($/boe) 47.75 28.63
Netbacks ($/boe)    
Petroleum and natural gas sales 47.75 28.63
Realized hedging gain (loss) (1.19) 6.25
Royalties (7.12) (3.75)
Operating expenses (10.28) (9.08)
Transportation expenses (1.23) (0.89)
Operating netbacks(1) 27.93 21.16
General and administrative (1.33) (1.35)
Interest and financing (1.82) (2.45)
Transaction costs - (0.03)
Settlement of decommissioning liabilities (0.08) (0.06)
Funds flow netbacks(1) 24.70 17.27
Share information (000s)    
Common shares outstanding, end of period 369,045 314,403
Weighted average basic shares outstanding 368,734 303,205
Weighted average diluted shares outstanding 371,460 305,551

Notes:

(1)Funds flow, funds flow per share, total payout ratio, development 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.

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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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