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 and six months ended June 30, 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 June 30Six months ended June 30
Financial ($000s except per share amounts) 2017 2016 2017 2016
Petroleum and natural gas sales 243,277 135,553 483,452 247,659
Net income 44,541 (28,311) 104,072 (26,706)
Basic ($/share)  0.12 (0.09)  0.28  (0.09)
Diluted ($/share)  0.12 (0.09)  0.28  (0.09)
Funds flow (1) 121,870 92,928 246,105  160,607
Basic ($/share) (1)  0.33  0.29  0.67  0.52
Diluted ($/share) (1)  0.33  0.29  0.66  0.51
Dividends paid or declared 25,820 23,224 51,599 65,078
Per share 0.07 0.07 0.14 0.21
Total payout ratio (%) (1) 77 42 99 79
Development capital (1) 67,654 16,159 191,715 61,397
Property acquisitions (923) 596,244 6,906 617,535
Property dispositions  (2,498) (42,498)  (5,821)  (144,133)
Net debt (1) 820,295 869,231 820,295 869,231
Operating    
Average daily production        
Crude oil (bbls/d)  43,204 26,771  42,817 28,166
NGLs (bbls/d) 3,333 3,231  3,259 3,218
Natural gas (Mcf/d)  58,373 62,315  60,006 61,931
Total (boe/d) 56,266 40,388 56,077 41,706
Average realized price (2)        
Crude oil ($/bbl) 56.00 50.18 56.28 43.02
NGLs ($/bbl) 26.15 17.33  27.77 14.02
Natural gas ($/Mcf) 2.86 1.45  2.84 1.68
Total ($/boe)  47.51 36.88  47.63 32.63
Netbacks ($/boe)        
Petroleum and natural gas sales 47.51 36.88 47.63 32.63
Realized hedging gain (loss) (1.28) 7.48 (1.24) 6.85
Royalties (7.16) (4.61) (7.14) (4.17)
Operating expenses  (10.64) (9.73)  (10.46) (9.40)
Transportation expenses  (1.48) (0.90)  (1.36) (0.89)
Operating netbacks (1) 26.95 29.12 27.43 25.02
General and administrative expenses (1.31) (1.36) (1.32) (1.35)
Interest and financing expenses (1.73) (2.36) (1.77) (2.41)
Transaction costs - (0.07) - (0.05)
Settlement of decommissioning liabilities (0.11) (0.04) (0.09) (0.05)
Funds flow netbacks (1) 23.80 25.29 24.25 21.16
Share information (000s)     
Common shares outstanding, end of period 369,797 367,574 369,797 367,574
Weighted average basic shares outstanding 369,401 319,533 369,069 311,369
Weighted average diluted shares outstanding 371,410 322,586 371,056 313,907

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.

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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