Whitecap Resources Inc T.WCP

Alternate Symbol(s): SPGYF

Energy Oil & Gas E&P

Whitecap Resources Inc. is an oil-weighted growth company. The Company is engaged in the business of acquiring, developing and holding interests in petroleum and natural gas properties and assets. Its core areas include the West Division and East Division. Its West Division is comprised of three regions: Smoky, Kaybob and Peace River Arch (PRA). The properties in its Smoky region include Kakwa and Resthaven, all located in Northwest Alberta. The primary reservoir being developed is the Montney resource play, mainly comprised of condensate-rich natural gas. Kaybob is located in the Fox Creek region of Northwest Alberta. The primary reservoir being developed is the Duvernay resource play, mainly comprised of condensate-rich natural gas. The PRA is its original asset area. Its East Division is comprised of four regions: Central AB, West Sask, East Sask and Weyburn. Its Central Alberta region represents the bulk of its Cardium and liquids-rich Mannville assets.

TSX:WCP - Post by User

Whitecap Resources Inc

Bullboard Posts

Comment by BullishBaytixon May 04, 2016 4:15pm

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Post# 24841912

RE:Quarterly Highlights

Penny a share earnings. Nothing suprising jumps out at me looking over the numbers. Wouldnt want to see 3 or 4 quartes like that or the debt might be heading up.

Emailme wrote:

Quarterly Highlights

Increased average production by 12% to a record 43,024 boe/d in Q1/2016 compared to 38,351 boe/d in Q1/2015 and 2% higher than Q4/2015 production of 42,067 boe/d.

Generated strong operating netbacks of $21.16/boe and cash netbacks of $17.36/boe despite WTI averaging US$33.45/bbl in Q1/2016. This was achieved by an effective risk management program and our focus on reducing controllable costs.

Cost optimization and reduction initiatives have resulted in a 17% reduction to operating and transportation costs to $9.97/boe in Q1/2016 compared to $12.07/boe in Q1/2015.

General and administrative costs remain one of the lowest in our peer group at $1.35/boe allowing us to maintain our current staffing levels that will ensure we continue to improve upon our best in class capital efficiencies.

Funds flow of $68 million ($0.22/share) in Q1/2016 was down 38% compared to $109.9 million ($0.43/share) in Q1/2015. Higher production in Q1/2016 was more than offset by significantly lower crude oil and natural gas prices relative to Q1/2015.

Executed a very successful drilling program in Q1/2016 spending $45.2 million in the quarter drilling 24 (23.6 net) wells with a 100% success rate.

Further strengthened our balance sheet with the disposition of certain midstream facilities for $70 million and successfully closed a bought deal equity financing for net proceeds of $91.6 million.