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04:40 PM EST, 02/06/2023 (MT Newswires) -- Whitecap Resources (WCP.TO) on Monday said it closed the C$419-million sale of three non-core oil and gas properties, which included C$394 million in cash.
The Western Canadian oil and gas producer said proceeds from the properties are earmarked for debt-reduction, bringing its net debt to C$1.5 billion, closer to its debt target of C$1.3 billion, a level that will see it increase the amount of cash it returns to shareholders.
"Our plan is to return 75% of free funds flow to our shareholders, which includes our targeted $0.73 per share annual base dividend, once this $1.3 billion net debt milestone is achieved. The remaining 25% of free funds flow will be used to continue to reduce debt and strengthen our balance sheet," it said in a release.
The company also said it expects 2023 production to average around 161,000 barrels of oil equivalent per day, up from 144,000 boepd last year, with capital spending of between C$900 million and C$950 million.
Whitecap shares closed down C$0.01 to C$10.59 on the Toronto Stock Exchange.
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