2019 News

February 28, 2019

WHITECAP RESOURCES INC. ANNOUNCES FOURTH QUARTER, YEAR END 2018 RESULTS AND 2018 RESERVES EVALUATION

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, 2018.

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 31

Twelve months ended December 31

Financial ($000s except per share amounts)

2018

2017

2018

2017

Petroleum and natural gas revenues

272,397

291,376

1,519,845

1,031,240

Net income (loss)

6,966

(231,729)

65,128

(123,968)

 Basic ($/share)

(0.02)

 (0.61)

0.16

 (0.33)

 Diluted ($/share)

(0.02)

 (0.61)

0.15

 (0.33)

Funds flow

138,810

143,543

704,420

508,627

 Basic ($/share)

0.33

 0.38

 1.69

 1.37

 Diluted ($/share)

0.33

 0.38

 1.67

 1.36

Dividends paid or declared

33,611

27,476

132,295

104,926

 Per share

0.08

0.07

0.32

0.28

Total payout ratio (%) (1)

79

59

81

87

Expenditures on PP&E

76,485

57,698

440,499

339,761

Property acquisitions

15,157

939,015

35,249

970,883

Property dispositions

(205)

(8,777)

(11,681)

 (14,598)

Corporate acquisition

-

-

53,916

-

Net debt

1,300,410

1,295,906

1,300,410

1,295,906

Operating

       
Average daily production

       
 Crude oil (bbls/d)

57,072

44,699

58,511

 43,589

 NGLs (bbls/d)

4,656

3,634

4,397

 3,415

 Natural gas (Mcf/d)

68,739

 68,244

69,042

 62,676

 Total (boe/d)

73,185

59,707

74,415

57,450

Average realized price (2)

       
 Crude oil ($/bbl)

47.22

64.54

66.46

58.61

 NGLs ($/bbl)

29.52

37.45

35.90

 30.57

 Natural gas ($/Mcf)

1.87

2.14

1.70

2.65

 Total ($/boe)

40.46

53.04

55.96

49.18

Netbacks ($/boe)

       
 Petroleum and natural gas revenues

40.46

53.04

55.96

49.18

 Tariffs

(0.60)

(1.15)

(0.72)

(1.43)

 Processing income

0.44

0.56

0.45

0.46

 Blending revenue

1.13

-

0.47

-

 Petroleum and natural gas sales

41.43

52.45

56.16

48.21

 Realized hedging gain (loss)

4.77

(2.19)

(2.36)

(1.15)

 Royalties

(6.77)

(7.41)

(9.87)

(6.89)

 Operating expenses

(12.28)

 (11.44)

(12.05)

 (11.07)

 Transportation expenses

(2.20)

(1.93)

(2.17)

(1.63)

 Blending expenses

(0.92)

-

(0.38)

-

Operating netbacks (1)

24.03

29.48

29.33

27.47

Share information (000s)

       
Common shares outstanding, end of period

414,063

418,029

414,063

418,029

Weighted average basic shares outstanding

415,714

379,326

417,061

371,848

Weighted average diluted shares outstanding

418,784

381,574

420,587

373,944

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.

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.

Learn More

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