RE:RE:RE:April 28th 2022- Q1 earnings report
This is the news release from Whitecaps web site :WHITECAP RESOURCES INC. CONTINUES RETURN OF CAPITAL STRATEGY AND PROVIDES NEW ENERGY UPDATE CALGARY, ALBERTA Whitecap Resources Inc. ("Whitecap" or the "Company") (TSX: WCP) is pleased to announce that as part of a 19.1 million share transaction at a price of $10.34 per share, Whitecap has repurchased 10.0 million shares for cancellation by way of a block trade using its normal course issuer bid (NCIB) and other institutional shareholders have purchased the remaining shares. For the 10.0 million shares that were repurchased by Whitecap using its NCIB the total consideration is $103.4 million. We now have 26.1 million shares remaining on our current NCIB and intend to renew the NCIB for another year when it expires on May 20, 2022. Since announcing our return of capital strategy in late 2021, we have repurchased 29.2 million common shares which has decreased our future annual dividend obligation by $10.5 million and, therefore, increased the long-term sustainability and growth potential of our dividend. We remain committed to allocating 50% of our 2022 funds flow after capital and dividends towards return of capital to shareholders, while the remaining amount will be allocated towards our balance sheet to maintain financial flexibility. Based on actual to-date and forward prices, we anticipate achieving our net debt1 target of $800 million or lower by June 30, 2022. This would result in a net debt to funds flow ratio1 of 1.0 times at US$45/bbl WTI and 0.4 times based on forecasted second quarter annualized funds flow. Maintaining low leverage has been a significant competitive advantage for Whitecap, and we plan to retain the financial flexibility to further advance the long-term sustainability of our business.