2018 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, 2017.

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 are 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)

2017

2016

2017

2016

Petroleum and natural gas sales

285,009

209,149

1,001,343

635,306

Net income (loss)

(231,729)

191,104

(123,968)

170,748

  Basic ($/share)

(0.61)

0.52

(0.33)

0.50

  Diluted ($/share)

(0.61)

0.51

(0.33)

0.50

Funds flow (1)

143,543

117,792

508,627

384,725

  Basic ($/share) (1)

 0.38

 0.32

 1.37

 1.13

  Diluted ($/share) (1)

 0.38

 0.32

 1.36

 1.13

Dividends paid or declared

27,476

25,745

104,926

116,521

  Per share

0.07

0.07

0.28

0.35

Total payout ratio (%) (1)

59

 89

87

76

Development capital (1)

57,162

79,651

338,780

173,993

Property acquisitions

939,015

12,043

970,883

630,565

Property dispositions

(8,777)

 35

(14,598)

 (144,379)

Net debt (1)

1,295,906

818,580

1,295,906

818,580

Operating

Average daily production

 

 

 

 

  Crude oil (bbls/d)

44,699

37,072

43,589

 32,398

  NGLs (bbls/d)

3,634

 3,247

3,415

 3,168

  Natural gas (Mcf/d)

68,244

61,756

62,676

 61,651

  Total (boe/d)

59,707

 50,612

57,450

 45,841

Average realized price (2)

 

 

 

 

  Crude oil ($/bbl)

63.60

53.88

57.28

 47.58

  NGLs ($/bbl)

37.22

 23.60

30.44

 17.31

  Natural gas ($/Mcf)

1.75

3.23

2.27

 2.26

  Total ($/boe)

51.89

  44.92

47.75

 37.87

Netbacks ($/boe)

 

 

 

 

  Petroleum and natural gas sales before tariffs (1)

53.04

46.81

49.18

39.92

  Tariffs (1)

(1.15)

(1.89)

(1.43)

(2.05)

  Realized hedging gain (loss)

(2.19)

1.65

(1.15)

4.44

  Royalties

(7.41)

(6.89)

(6.89)

(5.42)

  Operating expenses

(10.88)

(10.18)

(10.61)

 (9.54)

  Transportation expenses

(1.93)

(1.00)

(1.63)

 (0.89)

Operating netbacks (1)

29.48

28.50

27.47

26.46

  General and administrative expenses

(1.29)

(1.15)

(1.31)

(1.29)

  Interest and financing expenses

(1.87)

(1.91)

(1.77)

(2.14)

  Transaction costs

(0.02)

-

-

(0.02)

  Settlement of decommissioning liabilities

(0.16)

(0.14)

(0.13)

(0.07)

Funds flow netbacks (1)

26.14

25.30

24.26

22.94

Share information (000s)

Common shares outstanding, end of period

418,029

368,351

418,029

368,351

Weighted average basic shares outstanding

379,326

368,272

371,848

339,735

Weighted average diluted shares outstanding

381,574

371,193

373,944

341,893

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.

Click here to view the full press release.

Profitable Per Share 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.

Learn More

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