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Whitecap Resources Inc. Q3-2019 Earnings, Price Target Update

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Whitecap Resources Inc. (WCP) 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 forecast at 517M boe as of Dec-31-2019 and annual production at 27M boe. Oil sales contribute 95% of revenues and 80% of production. 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 four times since, most recently to $0.342. Dividends were increased to $0.29 per share in Dec-2017 and then to $0.31 per share in Jan-2018 and $0.32 per share in Jun-2018 and $0.342 in May-2019.

Financial

Forecast 12 month revenues per boe are $57, costs are $47 per boe leaving $10 to fund dividends of $5.40 per boe. This represents a 50% payout ratio. This includes annual forecast production of 27M boe, dividends at $0.342 per share, 412M of average shares outstanding.

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