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Whitecap Resources Inc. Q3-2018 Earnings Update

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Whitecap Resources Inc. is an oil weighted producer formed in Jul-2010 as a junior oil and natural gas exploration company. They have grown to become a large cap oil and natural gas producer with total reserves of 483M boe and annual production of 27.7M boe. Production is weighted 85% to oil. Areas of operation include the Peace River Arch in NE Alberta, the Pembina –Garrington area in central Alberta and the Whiteside – Lucky Hills area in west central Saskatchewan. They commenced paying a dividend in Jan-2013 at $0.60 per share which rose to $0.75 by May-2015. The decline in oil prices beginning in early 2014 resulted in dividends being reduced to $0.28 per share. Dividends have been increased three times since then, most recently to $0.324. Dividends were increased to $0.29 per share in Dec-2017 and then to $0.31per share in Jan-2018 and $0.32 per share in Jun-2018.

Financial

Forecast 12 month revenues per boe are $51 net of a $1.00 per boe realized commodity hedging loss. Forecast costs are $45 per boe leaving $6 to fund dividends of $5.00 per boe.

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