Newswire summaryWhitecap Resources Swings to Q1 Net Income, Achieves Record Production
08:56 AM EDT, 04/29/2021 (MT Newswires) -- Whitecap Resources Inc. (WCP.TO) on Thursday reported a first-quarter net income of $19.6 million, or $0.04 per share, swinging from last year's loss of $2.11 billion, or a loss of $5.17 per share.
Revenue increased to $448.9 million from $264.3 million while average daily production rose 30% to a record 95,828 boe/d, 5% higher than its original forecast of 90,000 to 92,000 boe/d. Average production in the second quarter is expected at 112,000 boe/d.
Whitecap increased its dividend by 6% to $0.181 per share annually. Total dividends of $24.2 million paid to shareholders in the quarter resulted in a conservative basic payout ratio of 13%.
The company said it is on track to deliver its previously outlined $200 million debt reduction target by generating over $200 million of discretionary funds flow in the first half of the year at US$60/bbl WTI and $2.50/GJ AECO.
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