2019 News

May 1, 2019

WHITECAP RESOURCES INC. ANNOUNCES FIRST QUARTER 2019 RESULTS AND 5.6% 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, 2019.

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)

    2019

2018

Petroleum and natural gas revenues

    343,239

368,050

Net loss

    (52,561)

(7,755)

   Basic ($/share)

    (0.13)

(0.02)

   Diluted ($/share)

    (0.13)

(0.02)

Funds flow

    161,221

164,799

   Basic ($/share)

    0.39

 0.39

   Diluted ($/share)

    0.39

 0.39

Dividends paid or declared

    33,466

32,187

   Per share

    0.08

0.08

Total payout ratio (%) (1)

    98

130

Expenditures on PP&E

    124,904

182,615

Property acquisitions

    1,390

615

Property dispositions

    (667)

(127)

Corporate acquisition

    -

53,166

Net debt

    1,297,412

1,414,606

Operating

       
Average daily production

       
   Crude oil (bbls/d)

    55,199

 57,976

   NGLs (bbls/d)

    4,386

4,002

   Natural gas (Mcf/d)

    66,486

66,852

 Total (boe/d)

    70,666

73,120

Average realized price (2)

       
   Crude oil ($/bbl)

    63.60

65.29

   NGLs ($/bbl)

    27.90

36.02

   Natural gas ($/Mcf)

    2.72

2.40

 Total ($/boe)

    53.97

55.93

Netbacks ($/boe)

       
   Petroleum and natural gas revenues

    53.97

55.93

   Tariffs

    (0.56)

(1.05)

   Processing income

    0.51

0.51

   Blending revenue

    1.87

-

 Petroleum and natural gas sales

    55.79

55.39

 Realized hedging loss

    (0.48)

(2.34)

 Royalties

    (9.32)

(10.39)

 Operating expenses

    (12.68)

(12.16)

 Transportation expenses

    (2.20)

(1.90)

 Blending expenses

    (1.79)

-

Operating netbacks (1)

    29.32

28.60

Share information (000s)

       
Common shares outstanding, end of period

    413,158

417,255

Weighted average basic shares outstanding

    413,458

417,751

Weighted average diluted shares outstanding

    415,933

419,953

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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