WHITECAP RESOURCES INC. CONTINUES OPERATIONAL MOMENTUM AND ACHIEVES RECORD PRODUCTION

In This Article:

CALGARY, AB, July 24, 2024 /CNW/ - Whitecap Resources Inc. ("Whitecap" or the "Company") (TSX: WCP) is pleased to report its operating and unaudited financial results for the three and six months ended June 30, 2024.

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 for the three and six months ended June 30, 2024 which are available at www.sedarplus.ca and on our website at www.wcap.ca.

Financial ($ millions except for share amounts)

Three Months ended Jun. 30

Six Months ended Jun. 30

2024

2023

2024

2023

Petroleum and natural gas revenues

980.4

797.9

1,848.7

1,681.6

Net income

244.5

175.4

304.3

438.0

  Basic ($/share)

0.41

0.29

0.51

0.72

  Diluted ($/share)

0.41

0.29

0.51

0.72

Funds flow 1

426.4

415.1

810.4

863.1

  Basic ($/share) 1

0.71

0.69

1.35

1.43

  Diluted ($/share) 1

0.71

0.68

1.35

1.41

Dividends declared

109.2

87.7

218.3

175.4

  Per share

0.18

0.15

0.37

0.29

Expenditures on property, plant and equipment 2

203.8

217.8

597.0

471.4

Free funds flow 1

222.6

197.3

213.4

391.7

Net Debt 1

1,297.0

1,361.2

1,297.0

1,361.2

Operating





Average daily production





  Crude oil (bbls/d)

93,663

82,649

91,235

84,452

  NGLs (bbls/d)

20,701

15,448

20,052

16,048

  Natural gas (Mcf/d)

377,700

294,412

373,200

303,734

Total (boe/d) 3

177,314

147,166

173,487

151,122

Average realized Price 1,4





  Crude oil ($/bbl)

102.06

90.59

95.71

91.17

  NGLs ($/bbl)

34.88

33.58

34.83

40.76

  Natural gas ($/Mcf)

1.30

2.59

1.95

3.08

Petroleum and natural gas revenues ($/boe) 1

60.76

59.58

58.55

61.48

Operating Netback ($/boe) 1





  Petroleum and natural gas revenues1

60.76

59.58

58.55

61.48

  Tariffs 1

(0.42)

(0.50)

(0.43)

(0.52)

  Processing & other income 1

0.71

1.08

0.74

0.96

  Marketing revenues 1

3.95

5.06

3.91

4.84

Petroleum and natural gas sales 1

65.00

65.22

62.77

66.76

  Realized gain on commodity contracts 1

0.28

0.89

0.32

0.77

  Royalties 1

(10.09)

(9.57)

(9.77)

(10.56)

  Operating expenses 1

(13.49)

(15.16)

(13.87)

(14.55)

  Transportation expenses 1

(2.12)

(2.23)

(2.09)

(2.18)

  Marketing expenses 1

(3.91)

(5.08)

(3.88)

(4.83)

Operating netbacks

35.67

34.07

33.48

35.41

Share information (millions)





Common shares outstanding, end of period

599.4

605.8

599.4

605.8

Weighted average basic shares outstanding

598.8

605.2

598.4

605.6

Weighted average diluted shares outstanding

602.1

609.2

601.9

610.1

MESSAGE TO SHAREHOLDERS

Whitecap's operational momentum continued into the second quarter after an active first quarter drilling program and the start-up of our Musreau facility with record quarterly volumes of 177,314 boe/d, consisting of 114,364 bbls/d of oil and NGLs and 377,700 mcf/d of natural gas. Strong production results across our Montney and Duvernay assets as well as our conventional assets in Alberta and Saskatchewan contributed to production being higher than our internal forecast of 170,500 boe/d in the quarter.