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 nine months ended September 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 September 30Nine months ended September 30
Financial ($000s except per share amounts) 2017 2016 2017 2016
Petroleum and natural gas sales 232,882 178,498 716,334 426,157
Net income (loss) 3,689 6,350 107,761 (20,356)
  Basic ($/share) 0.01 0.02 0.29 (0.06)
  Diluted ($/share) 0.01 0.02 0.29 (0.06)
Funds flow (1) 118,979 106,326 365,084 266,933
  Basic ($/share) (1) 0.32 0.29 0.99 0.81
  Diluted ($/share) (1) 0.32 0.29 0.98 0.80
Dividends paid or declared 25,851 25,698 77,450 90,776
  Per share 0.07 0.07 0.21 0.28
Total payout ratio (%) (1) 97 55 98 69
Development capital (1) 89,903 32,945 281,618 94,342
Property acquisitions 24,962 987 31,868 618,522
Property dispositions - (281) (5,821) (144,414)
Net debt (1) 842,897 821,731 842,897 821,731
Operating        
Average daily production        
  Crude oil (bbls/d) 44,001 36,094 43,216 30,828
  NGLs (bbls/d) 3,503 2,991 3,341 3,142
  Natural gas (Mcf/d) 62,362 60,994 60,800 61,616
  Total (boe/d) 57,898 49,251 56,690 44,239
Average realized price (2)        
  Crude oil ($/bbl) 52.77 48.14 55.08 45.03
  NGLs ($/bbl) 28.31 17.47 27.96 15.13
  Natural gas ($/Mcf) 1.77 2.47 2.47 1.94
  Total ($/boe) 43.72 39.39 46.29 35.16
Netbacks ($/boe)        
  Petroleum and natural gas sales (before tariffs) (1) 44.90 41.42 47.81 37.27
  Tariffs (1) (1.18) (2.03) (1.52) (2.11)
  Realized hedging gain (loss) 0.08 3.27 (0.78) 5.51
  Royalties (5.89) (5.99) (6.71) (4.85)
  Operating expenses (10.61) (9.12) (10.51) (9.29)
  Transportation expenses (1.85) (0.76) (1.53) (0.84)
Operating netbacks (1) 25.45 26.79 26.76 25.69
  General and administrative expenses (1.30) (1.34) (1.31) (1.35)
  Interest and financing expenses (1.66) (1.93) (1.73) (2.23)
  Transaction costs - - - (0.03)
  Settlement of decommissioning liabilities (0.15) (0.05) (0.11) (0.05)
Funds flow netbacks (1) 22.34 23.47 23.61 22.03
Share information (000s)        
Common shares outstanding, end of period 369,818 367,655 369,818 367,655
Weighted average basic shares outstanding 369,840 367,623 369,333 330,121
Weighted average diluted shares outstanding 371,995 370,227 371,536 332,452

Notes:

(1) Funds flow, funds flow per share, total payout ratio, development capital, net debt, petroleum and natural gas sales (before tariffs), tariffs, operating netbacks and funds flow 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.

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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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