CALGARY, AB, Feb. 24, 2022 /CNW/ - Whitecap Resources Inc.
("Whitecap" or the "Company") (TSX: WCP) is pleased to report its
operating and audited financial results for the quarter and year
ended December 31, 2021.
Selected financial and operating information is outlined below
and should be read with Whitecap's audited annual consolidated
financial statements and related management's discussion and
analysis for the three and twelve months ended December 31, 2021 which are available at
www.sedar.com and on our website at www.wcap.ca.
FINANCIAL AND OPERATING HIGHLIGHTS
Financial
($000s except per share amounts)
|
2021
|
2020
|
2021
|
2020
|
Petroleum and natural
gas revenues
|
785,795
|
238,489
|
2,526,322
|
901,556
|
Net income
(loss)
|
223,841
|
331,951
|
1,776,667
|
(1,844,973)
|
Basic ($/share)
|
0.36
|
0.81
|
2.97
|
(4.52)
|
Diluted ($/share)
|
0.35
|
0.81
|
2.95
|
(4.52)
|
Funds flow
(1)
|
350,559
|
104,650
|
1,098,631
|
433,881
|
Basic ($/share) (1)
|
0.56
|
0.26
|
1.84
|
1.06
|
Diluted ($/share) (1)
|
0.55
|
0.25
|
1.82
|
1.06
|
Dividends paid or
declared
|
42,298
|
17,468
|
126,070
|
87,276
|
Per share
|
0.07
|
0.04
|
0.21
|
0.21
|
Expenditures on
property, plant and equipment
|
134,922
|
21,713
|
428,408
|
195,886
|
Total payout ratio
(%) (1)
|
51
|
37
|
50
|
65
|
Net debt
(1)
|
1,154,637
|
1,083,029
|
1,154,637
|
1,083,029
|
Operating
|
|
|
|
|
Average daily
production
|
|
|
|
|
Crude oil (bbls/d)
|
79,315
|
48,527
|
75,387
|
52,656
|
NGLs (bbls/d)
|
10,568
|
4,874
|
10,418
|
4,982
|
Natural gas (Mcf/d)
|
180,820
|
62,289
|
158,501
|
66,146
|
Total (boe/d)
(2)
|
120,020
|
63,783
|
112,222
|
68,662
|
Average realized
price (3)
|
|
|
|
|
Crude oil ($/bbl)
|
89.40
|
47.52
|
77.90
|
42.19
|
NGLs ($/bbl)
|
52.24
|
22.48
|
41.16
|
16.75
|
Natural gas ($/Mcf)
|
4.97
|
2.84
|
3.91
|
2.39
|
Total
($/boe)
|
71.17
|
40.64
|
61.68
|
35.88
|
Netbacks
($/boe)
|
|
|
|
|
Petroleum and natural gas revenues
|
71.17
|
40.64
|
61.68
|
35.88
|
Tariffs
|
(0.48)
|
(0.54)
|
(0.43)
|
(0.48)
|
Processing & other income
|
0.68
|
0.73
|
0.74
|
0.74
|
Marketing revenue
|
4.33
|
0.95
|
3.78
|
0.94
|
Petroleum and natural gas sales
|
75.70
|
41.78
|
65.77
|
37.08
|
Realized hedging gain (loss)
|
(8.13)
|
1.81
|
(5.94)
|
3.62
|
Royalties
|
(13.09)
|
(5.89)
|
(10.15)
|
(4.82)
|
Operating expenses
|
(13.49)
|
(11.96)
|
(13.58)
|
(11.84)
|
Transportation expenses
|
(2.12)
|
(2.27)
|
(2.20)
|
(2.36)
|
Marketing expenses
|
(4.34)
|
(0.97)
|
(3.80)
|
(0.94)
|
Operating netbacks (1)
|
34.53
|
22.50
|
30.10
|
20.74
|
Share information
(000s)
|
|
|
|
|
Common shares
outstanding, end of period
|
615,824
|
409,234
|
615,824
|
409,234
|
Weighted average
basic shares outstanding
|
627,831
|
408,468
|
598,601
|
408,371
|
Weighted average
diluted shares outstanding
|
634,183
|
411,807
|
603,094
|
410,880
|
|
Notes:
|
(1)
|
Total payout ratio
and operating netbacks do not have a standardized meaning under
GAAP. Funds flow and net debt are capital management measures.
Refer to Specified Financial measures in this press release for
additional disclosure and assumptions.
|
(2)
|
Disclosure of
production on a per boe basis in this press release consists of the
constituent product types and their respective quantities disclosed
in this table.
|
(3)
|
Prior to the impact
of hedging activities and tariffs.
|
MESSAGE TO SHAREHOLDERS
2021 was a transformational year for Whitecap, with the
successful execution and integration of approximately $2.0 billion of strategic acquisitions during the
cyclical lows of the recent commodity price cycle which have now
significantly improved the profitability and sustainability of our
business. This combined with the efficient execution of our
$428 million development capital
program resulted in record annual production of 112,222 boe/d (76%
liquids) and production in the fourth quarter of 120,020 boe/d (75%
liquids), driving record annual funds flow of $1.1 billion or $1.82 per share, an increase from the prior year
of 153% and 72% respectively.
In 2021, free funds flow1 after capital totaled
$670 million or $1.11 per share, an increase from the prior year
of 182% and 92% respectively. This allowed us to increase our
dividend by 58% in 2021 and repurchase over 24 million common
shares for total capital returned to shareholders1 of
$290 million compared to $98 million in the prior year, an increase of
196%.
Whitecap's balance sheet is in excellent condition with debt to
earnings before interest, taxes, depreciation and amortization
("EBITDA") ratio1 of 0.9x in 2021. We have significant
financial flexibility and liquidity with year end net debt of
$1.2 billion on total capacity of
$2 billion. All our remaining debt
has been termed out and the average cost of borrowing is low at
3.25%.
We highlight the following 2021 financial and operating
results:
- Transformational Acquisitions. Successfully completed
and integrated four corporate acquisitions and two asset
acquisitions, resulting in record annual production of 112,222
boe/d compared to 68,662 boe/d in the prior year, an increase of
63% and 11% per share. The acquisitions consolidated our core
areas, increasing working interests and providing for financial and
operational synergies to increase profitability.
- Free Funds Flow Generation. In 2021, Whitecap generated
$544 million of discretionary funds
flow1 after development capital of $428 million and dividends of $126 million. The combination of low decline
assets that reduce maintenance capital requirements and high impact
assets that generate quick capital payouts will allow Whitecap's
balanced portfolio to drive continued profitability into the
future.
- Return of Capital Strategy. Whitecap increased its base
dividend three times in 2021, from $0.171 per share annually up to $0.27 per share annually. The top priority for
our return of capital strategy is a sustainable and growing base
dividend in combination with the targeted use of our normal course
issuer bid ("NCIB"). In 2021, we repurchased 24.3 million shares at
an average share price of $6.75 for a
total investment of $164.2 million.
We intend to renew the NCIB for another year upon expiry on
May 20, 2022.
- Balance Sheet Strength. Whitecap's year end debt to
EBITDA ratio was 0.9x and EBIDTA to interest ratio was 26.1x well
within our bank covenants of not greater than 4.0x and not less
than 3.5x respectively. Year end net debt of $1.2 billion on total capacity of $2.0 billion provides significant financial
flexibility.
- Significant Focus on Asset Retirement Obligations.
Whitecap is a strong steward of the environment and with an ongoing
focus on reducing our environmental footprint we are pleased to
report that we abandoned a total of 369 wells in 2021, an increase
of 344% from the prior year.
Dividend Increase
We have successfully integrated our strategic acquisitions and
with both strong operational execution to date and commodity prices
higher than forecast, Whitecap is well positioned to deliver
significant free funds flow in 2022 and beyond. We forecast
generating $2.0 billion of funds flow
based on current strip prices which translates to approximately
$1.5 billion of free funds flow in
2022.
Given our priority to return capital to shareholders, our Board
of Directors has approved a 33% increase to our monthly dividend to
$0.03 per share, from $0.0225 per share previously, which equates to
$0.36 per share on an annual basis.
The increase will take effect beginning with the March dividend,
payable in April 2022. Inclusive of
the dividend increase, Whitecap expects to fully fund its go
forward capital programs and the increased dividend with funds flow
down to US$45/bbl WTI. The annualized
dividend of $226 million represents
only 11% of forecasted 2022 funds flow.
New Energy
Whitecap advanced many initiatives related to our involvement in
the energy transition during 2021, most notably signing two
memorandums of understanding with large industrial parties in the
Regina/Belle Plaine area for transportation and
permanent sequestration of captured CO2. Potential
captured emissions from these two sources are estimated at 0.8 –
1.5 million tonnes of CO2 per year which will support
our plans to build a carbon/hydrogen hub in this area to further
assist decarbonization efforts at other large industrial sites.
Whitecap's experience and technical expertise with permanently
sequestering 38 million tonnes of CO2 at the
Weyburn project make us a natural
and trustworthy fit for carbon sequestration.
We continue to advance several new initiatives towards
commercialization and ultimately new revenue sources for the
Company. Recent developments include:
- Joffre CO2 Credit Generation. During the
first quarter of 2022, we successfully applied for our Joffre
CO2 EOR project to be included in Alberta's Technology Innovation and Emissions
Reduction ("TIER") program as well as extended our contract with
our CO2 supply source. Our CO2 cost is linked
to WTI and beginning in 2023 we expect to fully offset the cost of
CO2 with credits generated under the TIER program at a
crude oil price of approximately US$80/bbl or lower.
- Saskatchewan Carbon Hub Update. We now have in place
three signed memorandums of understanding for our carbon hub in the
Regina/Belle Plaine area. Aggregate potential
CO2 emissions from the three sources range from 0.9 to
1.6 million tonnes of CO2 per year.
- Alberta Carbon Hub Announcement. Wolf Midstream
("Wolf"), Whitecap, First Nation Capital Investment Partnership
(consisting of Alexander First
Nation, Alexis Nakota Sioux Nation, Enoch Cree Nation and Paul First Nation) and Heart Lake First Nation
recently announced a proposal to manage a saline aquifer carbon
sequestration hub which would serve all industrial facilities in
the Alberta Industrial Heartland region. We believe that our
experience with carbon sequestration, along with Wolf's experience
operating the Alberta Carbon Trunk Line, and our collective ability
to provide a timely, low cost decarbonization solution will be an
attractive option for area facilities, including the industrial
parties such as Air Products, that have already offered support to
the project.
Sustainability Linked Loan
We are also pleased to announce that we are transitioning to a
Sustainability Linked Loan ("SLL") on our credit facility with our
bank syndicate that includes pricing adjustments related to two key
emission reduction performance targets. There is no change to our
existing pricing grid and covenants. The SLL has a cumulative
pricing adjustment of 5 basis points to the applicable margin, as
well as a pricing adjustment of up to 1 basis point to the standby
fee that can result in price increases or decreases depending on
performance. Whitecap's Key Performance Indicators ("KPIs") for
this loan are a 15% reduction to its scope 1 and 2 greenhouse gas
emissions intensity by 2025, and a 30% reduction to its methane
emissions intensity by 2025. Both KPIs utilize 2020 emissions
intensity as the baseline. This SLL is a continuation of our
commitment towards environment, social and governance best
practices and by linking sustainability performance targets to our
credit facility there is a direct financial benefit to meeting our
emission reduction goals.
Outlook
Whitecap is well positioned to take advantage of the current
market environment, with a business plan that will generate
substantial returns to our shareholders while continuing to advance
our strategy to improve our long-term profitability and
sustainability, which also includes new energy initiatives as we
transition to a lower carbon business. Our guidance for 2022
average production of 130,000 – 132,000 boe/d (73% liquids) and
capital spending of $510 -
$530 million is unchanged. On behalf
of our employees, management team and Board of Directors, we would
like to thank our shareholders for their support and look forward
to updating you on our progress throughout the year.
1
|
Total capital
returned to shareholders, free funds flow and discretionary funds
flow do not have a standardized meaning under GAAP. Refer to
Specified Financial Measures in this press release for additional
disclosure and assumptions.
|
CONFERENCE CALL AND WEBCAST
Whitecap has scheduled a conference call and webcast to begin
promptly at 9:00 am MT (11:00 am ET) on Thursday,
February 24, 2022.
The conference call dial-in number is: 1-888-390-0605 or
(587) 880-2175 or (416) 764-8609
A live webcast of the conference call will be accessible on
Whitecap's website at www.wcap.ca by selecting
"Investors", then "Presentations & Events".
Shortly after the live webcast, an archived version will be
available for approximately 14 days.
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements and
forward-looking information (collectively "forward-looking
information") within the meaning of applicable securities laws
relating to the Company's plans and other aspects of our
anticipated future operations, management focus, strategies,
financial, operating and production results and business
opportunities. Forward-looking information typically uses words
such as "anticipate", "believe", "continue", "trend", "sustain",
"project", "expect", "forecast", "budget", "goal", "guidance",
"plan", "objective", "strategy", "target", "intend", "estimate",
"potential", or similar words suggesting future outcomes,
statements that actions, events or conditions "may", "would",
"could" or "will" be taken or occur in the future, including
statements about our strategy, plans, focus, objectives, priorities
and position.
In particular, and without limiting the generality of the
foregoing, this press release contains forward-looking information
with respect to: our expectations that the strategic acquisitions
completed during the year significantly improved the profitability
and sustainability of our business; our belief that we have
significant financial flexibility and liquidity; that the
acquisitions completed during the year increase our profitability;
that through the combination of low decline assets that reduce
maintenance capital requirements and high impact assets that
generate quick capital payouts, our balanced portfolio is expected
to drive continued profitability into the future; our return of
capital strategy and top priority to have a sustainable and growing
base dividend in combination with the targeted use of our NCIB;
that we will renew our NCIB in 2022; that we are well positioned to
deliver significant free funds flow in 2022 and beyond; our
forecast to generate almost $2.0
billion of funds flow at current strip prices and
approximately $1.5 billion of free
funds flow in 2022; our dividend policy; our expectation to fully
fund our go forward capital program and increased dividend with
funds flow down to US$45/bbl WTI;
that the annualized dividend will represent only 11% of forecasted
2022 funds flow; estimated captured emissions from large emitters
in the Regina/Belle Plaine area and our plans to build a
carbon/hydrogen hub in this area; our expectation to fully
offset the cost of CO2 with credits generated under the
TIER program at a price of approximately US$80/bbl WTI or lower; that we are well
positioned to take advantage of the current market environment;
that our business plan will generate substantial returns to
shareholders while continuing to advance our strategy to improve
our long-term profitability and sustainability; our new energy
initiatives and plans to transition to a lower carbon business; and
our forecast average daily production for 2022 by product type and
in total.
The forward-looking information is based on certain key
expectations and assumptions made by our management, including:
that we will continue to conduct our operations in a manner
consistent with past operations; the general continuance or
improvement in current industry conditions; the continuance of
existing (and in certain circumstances, the implementation of
proposed) tax, royalty and regulatory regimes; expectations and
assumptions concerning prevailing commodity prices, exchange rates,
interest rates, applicable royalty rates and tax laws; the impact
(and the duration thereof) that the continuing COVID-19 pandemic
will have on (i) the demand for crude oil, NGLs and natural gas,
(ii) our supply chain, including our ability to obtain the
equipment, supplies and services we require, and (iii) our ability
to produce, transport and/or sell our crude oil, NGLs and natural
gas; future production rates and estimates of operating costs;
performance of existing and future wells; reserve volumes;
anticipated timing and results of capital expenditures; the success
obtained in drilling new wells; the sufficiency of budgeted capital
expenditures in carrying out planned activities; the timing,
location and extent of future drilling operations; the state of the
economy and the exploration and production business; results of
operations and performance; business prospects and opportunities;
the availability and cost of financing, labour and services; the
impact of increasing competition; ability to efficiently integrate
assets and employees acquired through acquisitions; ability to
market oil and natural gas successfully; and our ability to access
capital and the cost and terms thereof.
Although we believe that the expectations and assumptions on
which such forward-looking information is based are reasonable,
undue reliance should not be placed on the forward-looking
information because Whitecap can give no assurance that they will
prove to be correct. Since forward-looking information addresses
future events and conditions, by its very nature they involve
inherent risks and uncertainties. These include, but are not
limited to: the risks associated with the oil and gas industry in
general such as operational risks in development, exploration and
production; pandemics and epidemics; delays or changes in plans
with respect to exploration or development projects or capital
expenditures; the uncertainty of estimates and projections relating
to reserves, production, costs and expenses; health, safety and
environmental risks; commodity price and exchange rate
fluctuations; interest rate fluctuations; marketing and
transportation; loss of markets; environmental risks; competition;
incorrect assessment of the value of acquisitions; failure to
complete or realize the anticipated benefits of acquisitions or
dispositions; ability to access sufficient capital from internal
and external sources on acceptable terms or at all; failure to
obtain required regulatory and other approvals; reliance on third
parties and pipeline systems; and changes in legislation, including
but not limited to tax laws, royalties and environmental
regulations. Our actual results, performance or achievement could
differ materially from those expressed in, or implied by, the
forward-looking information and, accordingly, no assurance can be
given that any of the events anticipated by the forward-looking
information will transpire or occur, or if any of them do so, what
benefits that we will derive therefrom. Management has included the
above summary of assumptions and risks related to forward-looking
information provided in this press release in order to provide
security holders with a more complete perspective on our future
operations and such information may not be appropriate for other
purposes.
Readers are cautioned that the foregoing lists of factors are
not exhaustive. Additional information on these and other factors
that could affect our operations or financial results are included
in reports on file with applicable securities regulatory
authorities and may be accessed through the SEDAR website
(www.sedar.com).
These forward-looking statements are made as of the date of
this press release and we disclaim any intent or obligation to
update publicly any forward-looking information, whether as a
result of new information, future events or results or otherwise,
other than as required by applicable securities laws.
This press release contains future-oriented financial
information and financial outlook information (collectively,
"FOFI") about Whitecap's 2022 capital investments, funds flow and
free funds flow, all of which are subject to the same assumptions,
risk factors, limitations, and qualifications as set forth in the
above paragraphs. The actual results of operations of Whitecap and
the resulting financial results will likely vary from the amounts
set forth herein and such variation may be material. Whitecap and
its management believe that the FOFI has been prepared on a
reasonable basis, reflecting management's best estimates and
judgments. However, because this information is subjective and
subject to numerous risks, it should not be relied on as
necessarily indicative of future results. Except as required by
applicable securities laws, Whitecap undertakes no obligation to
update such FOFI. FOFI contained in this press release was made as
of the date of this press release and was provided for the purpose
of providing further information about Whitecap's anticipated
future business operations. Readers are cautioned that the FOFI
contained in this press release should not be used for purposes
other than for which it is disclosed herein.
OIL AND GAS ADVISORIES
References to petroleum, crude oil and natural gas in this press
release refer to the light and medium crude oil, tight crude oil,
conventional natural gas, shale gas and natural gas liquids product
types, as applicable, as defined in National Instrument 51-101 ("NI
51-101").
"Boe" means barrel of oil equivalent. All boe conversions
in this press release are derived by converting gas to oil at the
ratio of six thousand cubic feet ("Mcf") of natural gas to one
barrel ("Bbl") of oil. Boe may be misleading, particularly if used
in isolation. A Boe conversion rate of 1 Bbl : 6 Mcf is based on an
energy equivalency conversion method primarily applicable at the
burner tip and does not represent a value equivalency at the
wellhead. Given that the value ratio of oil compared to natural gas
based on currently prevailing prices is significantly different
than the energy equivalency ratio of 1 Bbl : 6 Mcf, utilizing a
conversion ratio of 1 Bbl : 6 Mcf may be misleading as an
indication of value.
Production & Product Type Information
This press release includes references to crude oil, NGLs,
natural gas and average daily production.
NI 51-101 includes condensate within the natural gas liquids
("NGLs") product type. The Company has disclosed condensate as
combined with crude oil and separately from other natural gas
liquids since the price of condensate as compared to other natural
gas liquids is currently significantly higher and the Company
believes that this crude oil and condensate presentation provides a
more accurate description of its operations and results therefrom.
Crude oil therefore refers to light, medium, tight oil and
condensate. NGLs refers to ethane, propane, butane and pentane
combined. Natural gas refers to conventional natural gas and shale
gas combined.
The Company's average daily production for the quarters and
years ended December 31, 2021 and
2020, and our forecast average daily production for 2022, disclosed
in this press release consists of the following product types, as
defined in NI 51-101 and using a conversion ratio of 1 Bbl : 6 Mcf
where applicable:
|
2022
|
2021
|
2020
|
Q4/21
|
Q4/20
|
Light and medium oil
(bbls/d)
|
78,280 -
79,420
|
74,863
|
52,559
|
78,814
|
48,424
|
Tight oil
(bbls/d)
|
4,290 -
4,350
|
524
|
97
|
501
|
103
|
Crude oil
(bbls/d)
|
82,570 -
83,770
|
75,387
|
52,656
|
79,315
|
48,527
|
|
|
|
|
|
|
NGLs
(bbls/d)
|
11,790 –
12,090
|
10,418
|
4,982
|
10,568
|
4,874
|
|
|
|
|
|
|
Shale gas
(Mcf/d)
|
62,760 -
63,640
|
20,402
|
335
|
42,993
|
341
|
Conventional natural
gas (Mcf/d)
|
151,080 -
153,200
|
138,099
|
65,811
|
137,827
|
61,948
|
Natural gas
(Mcf/d)
|
213,840 -
216,840
|
158,501
|
66,146
|
180,820
|
62,289
|
|
|
|
|
|
|
Total
(boe/d)
|
130,000 -
132,000
|
112,222
|
68,662
|
120,020
|
63,783
|
SPECIFIED FINANCIAL MEASURES
This press release includes various specified financial
measures, including non-GAAP financial measures, non-GAAP ratios,
capital management measures and supplementary financial measures as
further described herein. These measures do not have a standardized
meaning prescribed by International Financial Reporting Standards
("IFRS" or, alternatively, "GAAP") and, therefore, may not be
comparable with the calculation of similar measures by other
companies.
"Discretionary funds flow" is a non-GAAP financial
measure calculated as funds flow less expenditures on
PP&E and dividends. Management believes that discretionary
funds flow provides a useful measure of Whitecap's ability to
increase returns to shareholders and to grow the Company's
business. Discretionary funds flow is not a standardized measure
and, therefore, may not be comparable with the calculation of
similar measures by other entities.
"Free funds flow" is a non-GAAP financial
measure calculated as funds flow less expenditures on
PP&E. Management believes that free funds flow provides a
useful measure of Whitecap's ability to increase returns to
shareholders and to grow the Company's business. Free funds flow is
not a standardized measure and, therefore, may not be comparable
with the calculation of similar measures by other entities.
"Funds Flow" is a capital management measure and is a key
measure of operating performance as it demonstrates Whitecap's
ability to generate the cash necessary to pay dividends, repay
debt, make capital investments, and/or to repurchase common shares
under the Company's NCIB. Management believes that by excluding the
temporary impact of changes in non-cash operating working capital,
funds flow provides a useful measure of Whitecap's ability to
generate cash that is not subject to short-term movements in
non-cash operating working capital. Funds flow is not a
standardized measure and, therefore, may not be comparable with the
calculation of similar measures by other entities. Whitecap reports
funds flow in total and on a per share basis (basic and diluted)
using the weighted average basic shares and weighted average
diluted shares outstanding. See Note 5(e) (ii) "Capital Management"
in the Company's audited annual consolidated financial statements
for the year ended December 31, 2021
for a detailed calculation.
"Net Debt" is a capital management measure and is key to
assessing the Company's liquidity. See Note 5(e) "Capital
Management" in the Company's audited annual consolidated financial
statements for the year ended December 31,
2021 for a detailed calculation.
"Operating netback" is a non-GAAP ratio determined by
adding marketing revenue and processing & other income,
deducting realized hedging losses or adding realized hedging gains
and deducting tariffs, royalties, operating expenses,
transportation expenses and marketing expenses from petroleum and
natural gas revenues. Operating netback is a per boe measure used
in operational and capital allocation decisions. Operating netback
is not a standardized measure and, therefore, may not be comparable
with the calculation of similar measures by other entities.
Presenting operating netback on a per boe basis allows management
to better analyze performance against prior periods on a comparable
basis.
"Total capital returned to shareholders" is a
supplementary financial measure calculated as dividends paid or
declared, plus the summation of share repurchases under the
Company's NCIB. Management believes that total capital returned to
shareholders provides a useful measure of overall returns to
shareholders.
"Total payout ratio" is a supplementary financial measure
calculated as dividends paid or declared plus expenditures on
PP&E, divided by funds flow. Management believes that total
payout ratio provides a useful measure of Whitecap's capital
reinvestment and dividend policy, as a percentage of the amount of
funds flow.
The following table reconciles cash flow from operating
activities to funds flow, free funds flow and discretionary funds
flow:
|
Three Months
Ended
December 31
|
|
Year ended
December 31
|
($000s)
|
2021
|
2020
|
2021
|
2020
|
Cash flow from
operating activities
|
329,189
|
96,334
|
1,123,919
|
450,175
|
Changes in non-cash
working capital
|
21,370
|
8,316
|
(25,288)
|
(16,294)
|
Funds flow
(1)
|
350,559
|
104,650
|
1,098,631
|
433,881
|
Expenditures on
PP&E
|
134,922
|
21,713
|
428,408
|
195,886
|
Free funds
flow
|
215,637
|
82,937
|
670,223
|
237,995
|
Dividends paid or
declared
|
42,298
|
17,468
|
126,070
|
87,276
|
Discretionary funds
flow
|
173,339
|
65,469
|
544,153
|
150,719
|
Funds flow per share,
basic (1)
|
0.56
|
0.26
|
1.84
|
1.06
|
Funds flow per share,
diluted (1)
|
0.55
|
0.25
|
1.82
|
1.06
|
Dividends paid or
declared per share
|
0.07
|
0.04
|
0.21
|
0.21
|
|
Note:
|
(1)
|
Refer to Note 5(e)
(ii) "Capital Management" in the Company's audited annual
consolidated financial statements for the year ended December 31,
2021.
|
Per Share Amounts
Per share amounts noted in this press release are based on fully
diluted shares outstanding.
SOURCE Whitecap Resources Inc.