2018 News

May 2, 2018

WHITECAP RESOURCES INC. ANNOUNCES FIRST QUARTER 2018 RESULTS AND 5% DIVIDEND INCREASE

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, 2018.

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)

    2018

2017

Petroleum and natural gas revenues

    361,116

240,175

Net income (loss)

    (7,755)

59,531

 Basic ($/share)

    (0.02)

 0.16

 Diluted ($/share)

    (0.02)

 0.16

Funds flow (1)

    166,477

124,641

 Basic ($/share) (1)

     0.40

 0.34

 Diluted ($/share) (1)

     0.40

 0.34

Dividends paid or declared

    32,187

25,779

 Per share

    0.08

0.07

Total payout ratio (%) (1)

    129

120

Development capital (1)

    182,371

124,061

Property acquisitions

    615

7,829

Property dispositions

    (127)

 (3,323)

Corporate acquisition

    53,166

-

Net debt (1)

    1,414,606

848,228

Operating

       
Average daily production

       
 Crude oil (bbls/d)

    57,976

 42,425

 NGLs (bbls/d)

    4,002

 3,185

 Natural gas (Mcf/d)

    66,852

 61,657

 Total (boe/d)

    73,120

 55,886

Average realized price (2)

       
 Crude oil ($/bbl)

    64.47

56.58

 NGLs ($/bbl)

    35.92

 29.47

 Natural gas ($/Mcf)

    1.96

 2.83

 Total ($/boe)

    54.87

 47.75

Netbacks ($/boe)

       
 Petroleum and natural gas revenues before tariffs (1)

    55.93

49.57

 Tariffs (1)

    (1.06)

(1.82)

 Realized hedging loss

    (2.34)

(1.19)

 Royalties

    (10.39)

(7.12)

 Net operating expenses (1)

    (11.64)

 (10.28)

 Transportation expenses

    (1.90)

 (1.23)

Operating netbacks (1)

    28.60

27.93

 General and administrative expenses

    (1.25)

(1.33)

 Interest and financing expenses

    (2.05)

(1.82)

Funds flow netbacks (1)

    25.30

24.78

Share information (000s)

       
Common shares outstanding, end of period

    417,255

369,045

Weighted average basic shares outstanding

    417,751

368,734

Weighted average diluted shares outstanding

    419,953

371,460

Notes:

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