2018 News

November 1, 2018 

WHITECAP RESOURCES INC. ANNOUNCES RECORD FUNDS FLOW AND THIRD QUARTER 2018 RESULTS 

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, 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 September 30

Nine months ended September 30

Financial ($000s except per share amounts)

2018

2017

2018

2017

Petroleum and natural gas revenues

 446,018

 239,170

 1,247,448

 739,864

Net income

69,532

3,689

58,162

107,761

 Basic ($/share)

0.17

 0.01

0.14

 0.29

 Diluted ($/share)

0.17

 0.01

0.14

 0.29

Funds flow

204,995

118,979

565,610

365,084

 Basic ($/share)

0.49

 0.32

 1.35

 0.99

 Diluted ($/share)

0.49

 0.32

 1.35

 0.98

Dividends paid or declared

33,778

25,851

98,684

77,450

 Per share

0.08

0.07

0.24

0.21

Total payout ratio (%) (1)

73

97

82

98

Expenditures on PP&E

114,955

90,033

364,014

282,063

Property acquisitions

18,369

24,962

20,092

31,868

Property dispositions

(9,764)

-

(11,476)

 (5,821)

Corporate acquisition

750

-

53,916

-

Net debt

1,288,259

842,897

1,288,259

842,897

Operating

       
Average daily production

       
 Crude oil (bbls/d)

59,212

44,001

58,996

 43,216

 NGLs (bbls/d)

4,460

3,503

4,309

 3,341

 Natural gas (Mcf/d)

71,141

 62,362

69,144

 60,800

 Total (boe/d)

75,529

57,898

74,829

56,690

Average realized price (2)

       
 Crude oil ($/bbl)

77.24

53.85

72.73

56.54

 NGLs ($/bbl)

40.07

28.42

38.23

 28.05

 Natural gas ($/Mcf)

1.35

2.09

1.64

2.85

 Total ($/boe)

64.19

44.90

61.06

47.81

Netbacks ($/boe)

       
 Petroleum and natural gas revenues

64.19

44.90

61.06

47.81

 Tariffs

(0.64)

(1.18)

(0.76)

(1.52)

 Processing income

0.35

0.45

0.45

0.42

 Blending revenue

0.24

-

0.25

-

 Petroleum and natural gas sales

64.14

44.17

61.00

46.71

 Realized hedging gain (loss)

(5.69)

0.08

(4.71)

(0.78)

 Royalties

(11.27)

(5.89)

(10.89)

(6.71)

 Operating expenses

(11.97)

 (11.05)

(11.97)

 (10.93)

 Transportation expenses

(2.19)

(1.85)

(2.16)

(1.53)

 Blending expenses

(0.24)

-

(0.20)

-

Operating netbacks (1)

32.78

25.46

31.07

26.76

Share information (000s)

       
Common shares outstanding, end of period

416,456

369,818

416,456

369,818

Weighted average basic shares outstanding

417,341

369,840

417,515

369,333

Weighted average diluted shares outstanding

420,055

371,995

419,842

371,536

Notes:
(1)   Total payout ratio and operating 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 and tariffs.

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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