CALGARY,
AB, Sept. 27, 2022 /CNW/ - Whitecap Resources
Inc. ("Whitecap" or the "Company") (TSX: WCP) is pleased to
announce its 2023 capital investment budget of $900 - $950 million
and average production guidance of 170,000 – 172,000
boe/d1 (64% liquids), resulting in significant free
funds flow for elevated shareholder returns in 2023.
We plan to drill 253 (214.2 net) wells across our three business
units (Central Alberta,
Northern Alberta & B.C., and
Saskatchewan), which is expected
to drive annual production per share growth of 21%. The
Northern Alberta & B.C.
business unit will be the main source of production growth, in
particular the Montney assets from
the recent XTO acquisition, where extremely efficient production
additions are enhanced by strong netbacks at current commodity
prices. The projected growth is underpinned by our current
portfolio of light oil and natural gas projects and our enhanced
oil recovery ("EOR") assets which are characterized by low
production declines and stable cash flows representing 21% of total
corporate production.
The 2023 budget has average production at the mid-point and
capital investment at the low end of our preliminary guidance which
is expected to result in increased free funds flow and returns to
shareholders. At current strip prices we anticipate reaching our
first net debt2 milestone of $1.8
billion prior to year-end 20223, which is
expected to trigger a 25% - 30% dividend increase and upon our
final net debt milestone of $1.3
billion being reached, we expect to return 75% of free funds
flow back to shareholders. This includes an anticipated
$0.73 per share annual base dividend
that is 66% higher than our current annual dividend of $0.44 per share.
With the closing of the XTO acquisition as press released on
August 31, 2022, our funds
flow2 forecast has increased meaningfully to average
$550 million per quarter in 2023
which is significantly more than our forecast average capital
requirement of $230 million per
quarter in 2023. The significant free funds flow generated allows
us to achieve our debt milestones at an accelerated pace.
Our balance sheet remains in excellent shape with current net
debt of approximately $2.2 billion on
total capacity of $3.1 billion
equating to a debt to EBITDA ratio4 of 0.9 times. Our
balance sheet continues to significantly strengthen once we reach
our net debt milestone of $1.3
billion resulting in $1.8
billion of liquidity and a debt to EBITDA ratio of 0.6
times.
Highlights of the 2023 budget include:
- Significant Free Funds Flow. At US$80/bbl WTI crude oil and C$5.00/GJ AECO natural gas prices, we forecast
funds flow of approximately $2.2
billion, or $3.47 per
share2, resulting in free funds flow2 of
$1.2 billion, or $1.98 per share2. Every US$5.00/bbl change in WTI impacts our free funds
flow by $110 million and every
$0.50/GJ change in AECO impacts our
free funds flow by $45 million.
- Elevated Shareholder Returns. We are committed to our
return of capital framework and upon achieving our net debt
milestone of $1.3 billion in
mid-2023, we expect that our base dividend will be increased to
$0.73 per share which represents a
yield of approximately 9% based on our current share price. With
75% of free funds flow being returned to shareholders, we have the
flexibility to further supplement the targeted $0.73 per share dividend with share repurchases
and/or special dividends.
- 21% Production per Share Growth. 2023 is expected
to represent our third consecutive year of double-digit production
per share growth while maintaining a responsible level of debt. Our
ability over the last three years to identify, execute and extract
value on accretive acquisitions results in annual production growth
that is higher than our targeted organic growth range of 3% - 5%
per share.
2023 BUDGET DETAILS
Our capital program of $900 -
$950 million is comprised of drilling
253 (214.2 net) wells across our three business units and includes
approximately $130 million being
allocated to infrastructure investments, $150 million to EOR projects and $10 million to advance our New Energy
initiatives.
Our 2023 production guidance includes 91,000 – 92,000 bbl/d of
oil, 18,000 – 19,000 bbl/d of NGLs, and 360,000 – 370,000 Mcf/d of
natural gas, which allows us to capture upside across the various
commodities. Our natural gas portfolio has increased six-fold from
approximately 60,000 Mcf/d in Q4/2020 and is currently exposed to
AECO pricing with approximately 60% of physical volumes under
contract to end users. Although we are confident that upcoming
expansions on the NGTL5 system will help to alleviate
price volatility, we are actively pursuing natural gas price
diversification strategies to mitigate future natural gas pricing
risk.
Further budget details are as follows:
- Northern Alberta &
B.C. We plan to invest approximately $420 million to drill 40 (36.0 net) wells,
including 23 (21.5 net) Montney
wells in the Kakwa region, 8 (5.6 net) Charlie Lake wells in the Peace River Arch and
3 (3.0 net) Duvernay wells at
Kaybob. We also plan to incur approximately $63 million of facility and optimization capital
for our Montney development, which
includes water disposal facilities at Kakwa and infrastructure
buildout. The infrastructure capital will provide for continued
growth opportunities and improve profitability in the area through
operational efficiencies as well as operating and completion cost
reductions. We plan to run two drilling rigs for the balance of
2023 across the business unit with a third rig being added in the
third quarter of 2023.
- Saskatchewan. We plan
to invest approximately $330 million
to drill 180 (153.0 net) wells, including 54 (49.5 net)
conventional Mississippian wells in southeast Saskatchewan, 44 (30.1 net) wells in southwest
Saskatchewan, 20 (13.9 net) of
which are conventional targets, 53 (51.9 net) Viking wells in west
central Saskatchewan, and 19 (14.0
net) wells at Weyburn, comprised
of 9 (7.6 net) producers and 10 (6.4 net) injectors. The
Saskatchewan business unit is
expected to generate significant free funds flow for the Company in
2023, with our current development plans focused on a more moderate
growth profile which will further improve free funds flow and
long-term sustainability. We plan to run between five and six
drilling rigs across Saskatchewan
in 2023, excluding the spring breakup time period.
- Central Alberta. We
plan to invest approximately $153
million to drill 33 (25.2 net) wells, including 11 (9.9 net)
Glauconite wells and 21 (14.3 net) Cardium wells. The Central Alberta business unit has achieved
recent success through refined development plans, including ERH
("extended reach horizontal") wells, along with production
optimization through owned facilities. A total of 29 (21.9 net) ERH
wells are planned for 2023 with the business unit planning to run
between two and three drilling rigs.
- New Energy. We plan to invest approximately $10 million on pre-FID ("final investment
decision") work for our proposed Alberta and Saskatchewan Carbon Hubs in 2023.
Spending on our Alberta Hub will consist of the remaining portion
of our evaluation well that will be spud this December along with
3D seismic and other field development planning. Spending on our
Saskatchewan Hub will consist of an evaluation well planned for the
first quarter and pre-FID work. First CO2 injection is
planned for late-2024 for both carbon sequestration hubs.
OUTLOOK
Our 2023 budget takes a balanced approach to near-term free
funds flow generation and increasing returns to shareholders along
with the continued focus on maximizing profitability and
shareholder returns over the long term. Our balance sheet is
strong and will be further enhanced over the course of 2023 to
ensure the Company maintains the financial flexibility to further
improve our long-term profitability and sustainability. Once our
$1.3 billion net debt milestone is
reached, we expect to return 75% of free funds flow to shareholders
in the form of additional dividends along with share buybacks.
Including the base dividend in 2023, this is expected to equate to
approximately $2.0 billion
($3.30/share)6 over the
next three years3.
Our 2023 budget also reinforces our commitment to being a strong
corporate citizen with total royalties and income taxes being paid
to Provincial and Federal governments forecasted at over
$1.1 billion. This is in addition to
the various initiatives and programs that Whitecap and our
employees support each and every year in the communities that we
operate in.
We remain constructive on the outlook for commodity prices given
years of underinvestment in energy and the ongoing geopolitical
issues but remain disciplined in our approach to organic production
growth and committed to responsible use of leverage to increase
returns for our shareholders.
Conference Call and Webcast
Whitecap has scheduled a conference call and webcast to begin
promptly at 8:00 am MT (10:00 am ET) on Wednesday,
September 28, 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.
NOTES
1
|
Disclosure of
production on a per boe basis in this press release consists of the
constituent product types and their respective quantities disclosed
herein. Refer to Barrel of Oil Equivalency and Production and
Product Type Information in this press release for additional
disclosure.
|
2
|
Funds flow, funds flow
per share (diluted), and net debt are capital management measures.
Free funds flow is a non-GAAP financial measure and free funds flow
per share (diluted) is a non-GAAP ratio. Refer to the Specified
Financial Measures section in this press release for additional
disclosure and assumptions.
|
3
|
See Note Regarding
Forward Looking Statements for underlying commodity price and
exchange rate assumptions.
|
4
|
Debt to EBITDA ratio is
a specified financial measure that is calculated in accordance with
the financial covenants in our credit agreements.
|
5
|
TC Energy's Nova Gas
Transmission Line.
|
6
|
Assumes 618.8 million
fully diluted shares outstanding.
|
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 capital expenditure (including the allocation
thereof), well count (gross and net) and average daily production
volume (including by product type) forecasts for 2023; that our
expected 2023 capital spending and production will result in
significant free funds flow for elevated shareholder returns in
2023; our plans to drill 253 (214.2 net) wells across our three
business units and the resulting annual production per share
growth; that the Northern Alberta
& B.C. business unit will be the main source of our production
growth in 2023, in particular the Montney assets from the recent XTO
acquisition; that the 2023 budget has average production at the
mid-point and capital investment at the lower end of our
preliminary guidance resulting in increased free funds flow and
returns to shareholders; our expectation to reach our net debt
milestone of $1.8 billion prior to
year end based on current strip pricing, which will trigger a
25%-30% dividend increase; we will return 75% of free funds flow
back to shareholders once our $1.3
billion net debt milestone is reached in mid-2023, which
will include a $0.73 per share annual
dividend; our forecast average funds flow and capital requirement
by quarter in 2023; that the free funds flow generated allows us to
achieve our debt milestones at an accelerated pace; our expected
debt to EBITDA ratio based on reaching our $1.3 billion net debt milestone and resulting
liquidity; our funds flow, funds flow per share, free funds flow
and free funds flow per share forecast for 2023 at US$80/bbl WTI and C$5.00/GJ AECO; the impact to our 2023 free funds
flow forecast of a US$5/bbl change in
WTI and C$0.50/GJ change in AECO;
that with 75% of free funds flow being returned to shareholders, we
could further supplement the targeted $0.73 per share annual dividend with share
repurchases and/or special dividends; that we will have
double-digit production per share growth in 2023 while maintaining
a responsible level of debt; our targeted organic production growth
range per share; our 2023 capital expenditure forecast for
infrastructure investments, EOR projects and New Energy
initiatives; our intention to actively pursue natural gas price
diversification strategies to mitigate future natural gas pricing
risk; our capital expenditure and well count (gross and net)
forecasts for 2023 by business unit and by certain areas and the
details of our 2023 capital expenditure program; our confidence
that upcoming expansions on the NGTL system will help to alleviate
price volatility; that we will incur approximately $63 million for facility and optimization capital
for our Montney development; that
the infrastructure capital will provide for continued growth
opportunities and improve profitability at Kakwa; our expectations
for deployment of drilling rigs across each business unit and the
timing thereof; that the Saskatchewan business unit will generate
significant free funds flow for the Company in 2023; the timing of
first CO2 injection for each of our Alberta and Saskatchewan Carbon Hubs; that our
balance sheet will be further enhanced over the course of 2023 to
ensure the Company maintains the financial flexibility to further
improve our long-term profitability and sustainability; that once
our $1.3 billion net debt milestone
is reached, we will return 75% of free funds flow to
shareholders in the form of additional dividends along with share
buybacks, which equates to approximately $2.0 billion ($3.30
per share) over the next three years; and that total royalties and
income taxes being paid to Provincial and Federal governments is
forecasted at over $1.1 billion in
2023.
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 except as specifically noted herein
(and for greater certainty, the forward-looking information
contained herein excludes the potential impact of any acquisitions
or dispositions that we may complete in the future); 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 and forecast
commodity prices, exchange rates, interest rates, inflation rates,
applicable royalty rates and tax laws, including the assumptions
specifically set forth herein; the impact (and the duration
thereof) that the 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 and services we require, and
(iii) our ability to produce, transport and/or sell our crude oil,
NGLs and natural gas; the ability of OPEC+ nations and other major
producers of crude oil to adjust crude oil production levels and
thereby manage world crude oil prices; the impact (and the duration
thereof) of the ongoing military actions between Russia and Ukraine and related sanctions on crude oil,
NGLs and natural gas prices; the impact of rising and/or sustained
high inflation rates and interest rates on the North American and
world economies and the corresponding impact on our costs, our
profitability, and on crude oil, NGLs and natural gas prices;
future production rates and estimates of operating costs and
development capital, including as specifically set forth herein;
performance of existing and future wells; reserve volumes and net
present values thereof; anticipated timing and results of capital
expenditures / development capital, including as specifically set
forth herein; 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, including our assumptions regarding the number
of drilling locations obtained through the XTO acquisition; the
state of the economy and the exploration and production business;
results of operations; performance; business prospects and
opportunities; the availability and cost of financing, labour and
services; future dividend levels; the impact of increasing
competition; ability to efficiently integrate assets and employees
acquired through acquisitions; ability to market oil and natural
gas successfully; our ability to access capital and the cost and
terms thereof. In addition: (i) our expectation to reach our net
debt milestone of $1.8 billion prior
to year end is based on the following current strip pricing and
exchange rate: September 27 –
December 31, 2022 - WTI of
US$76.74/bbl, USD/CAD of $1.37 and AECO of C$5.26/GJ; (ii) our expectation for approximately
$1.9 billion of free funds flow to be
returned to shareholders in the form of dividends and share
buybacks over the next three years is based on the following
commodity pricing and exchange rates: 2023 WTI of US$80.00/bbl, USD/CAD of $1.35 and AECO of C$5.00/GJ; 2024/25 WTI of US$75.00/bbl, USD/CAD of $1.35 and AECO of C$4.00/GJ; and (iii) our expectation to reach our
net debt milestone of $1.3 billion in
mid-2023 is based on the foregoing commodity pricing and exchange
rate forecasts.
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 risk that we do not realize some or all of the
anticipated benefits of the recently completed XTO acquisition; the
risk that the funds that we ultimately return to shareholders
through dividends and/or share buybacks is less than currently
anticipated and/or is delayed, whether due to the risks identified
herein or otherwise; the risk that any of our material assumptions
prove to be materially inaccurate, including our 2022, 2023, 2024
and 2025 forecasts (including for commodity prices and exchange
rates); 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; risks associated with
increasing costs, whether due to high inflation rates, high
interest rates, supply chain disruptions or other factors; health,
safety and environmental risks; commodity price and exchange rate
fluctuations; interest rate fluctuations; inflation 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; changes
in legislation, including but not limited to tax laws, production
curtailment, royalties and environmental regulations; and the risk
that the amount of future cash dividends paid by us and/or shares
repurchased for cancellation by us, if any, will be subject to the
discretion of our Board of Directors and may vary depending on a
variety of factors and conditions existing from time to time,
including, among other things, fluctuations in commodity prices,
production levels, capital expenditure requirements, debt service
requirements, operating costs, royalty burdens, foreign exchange
rates, contractual restrictions contained in our debt agreements,
and the satisfaction of the liquidity and solvency tests imposed by
applicable corporate law for the declaration and payment of
dividends and/or the repurchase of shares – depending on these and
various other factors, many of which will be beyond our control,
our dividend policy and/or share buyback policy and, as a result,
future cash dividends and/or share buybacks, could be reduced or
suspended entirely. 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 our 2023 forecast capital spending (and allocation
thereof), production volumes, funds flow, funds flow per share,
free funds flow and free funds flow per share, our liquidity and
debt to EBITDA ratio on reaching our net debt milestone of
$1.3 billion, our planned dividend
increases and percent of free funds flow to be returned to
shareholders based on reaching our net debt milestones of
$1.8 billion and $1.3 billion and the timing thereof, our forecast
funds flow and capital spending by quarter in 2023, our free funds
flow sensitivity to a US$5.00/bbl
change in WTI and a C$0.50/GJ change
in AECO, our 2023 forecast capital spending by business unit and
certain details thereof, our forecast free funds flow over the next
three years and the portion thereof that will be returned to
shareholders, and total royalties and income taxes being paid to
Provincial and Federal governments are forecasted at over
$1.1 billion in 2023, 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
Barrel of Oil Equivalency
"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 and Product Type Information
References to petroleum, crude oil, natural gas liquids
("NGLs"), natural gas and average daily production in this press
release refer to the light and medium crude oil, tight crude oil,
conventional natural gas, shale gas and NGLs product types, as
applicable, as defined in National Instrument 51-101 ("NI
51-101").
NI 51-101 includes condensate within the NGLs product type. The
Company has disclosed condensate as combined with crude oil and
separately from other NGLs since the price of condensate as
compared to other NGLs 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 oil, medium oil,
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 mid-point of the Company's forecast average daily production
for the full year 2023 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:
|
|
|
2023
(mid-point)
|
Light and medium oil
(bbls/d)
|
|
|
78,000
|
Tight oil/condensate
(bbls/d)
|
|
|
13,500
|
Crude oil
(bbls/d)
|
|
|
91,500
|
|
|
|
|
NGLs
(bbls/d)
|
|
|
18,500
|
|
|
|
|
Shale gas
(Mcf/d)
|
|
|
207,000
|
Conventional natural
gas (Mcf/d)
|
|
|
159,000
|
Natural gas
(Mcf/d)
|
|
|
366,000
|
|
|
|
|
Total
(boe/d)
|
|
|
171,000
|
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 financial measures are not
standardized financial measures under International Financial
Reporting Standards ("IFRS" or, alternatively, "GAAP") and,
therefore, may not be comparable with the calculation of similar
financial measures disclosed by other companies.
"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 financial measure under IFRS and, therefore, may
not be comparable with the calculation of similar financial
measures disclosed by other entities. The most directly comparable
financial measure to free funds flow disclosed in the Company's
primary financial statements is cash flow from operating
activities. Refer to the "Cash Flow from Operating Activities,
Funds Flow and Payout Ratios" sections of our management's
discussion and analysis for the three and six months ended
June 30, 2022 and the year ended
December 31, 2021, both of which are
incorporated herein by reference, and available on SEDAR at
www.sedar.com.
"Free funds flow per share" is a non-GAAP ratio. Free
funds flow per share is calculated by dividing free funds flow by
the weighted average number of shares outstanding for the relevant
period. Free funds flow per share is not a standardized financial
measure under IFRS and, therefore, may not be comparable with the
calculation of similar financial measures disclosed by other
entities. See "Free funds flow"
above.
"Funds flow" and "funds flow per share" are
capital management measures and are key measures of operating
performance as they demonstrate 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
normal course issuer bid. Management believes that by excluding the
temporary impact of changes in non-cash operating working capital,
funds flow and funds flow per share provide useful measures of
Whitecap's ability to generate cash that are not subject to
short-term movements in non-cash operating working capital.
Whitecap reports funds flow in total and on a per share basis
(basic and diluted), which is calculated by dividing funds flow by
the weighted average number of basic shares and weighted average
number of diluted shares outstanding for the relevant period. See
Note 5(e)(ii) "Capital Management – Funds Flow" in the Company's
unaudited interim consolidated financial statements for the three
and six months ended June 30, 2022
and in the Company's audited annual consolidated financial
statements for the year ended December 31,
2021 for additional disclosures.
"Net Debt" is a capital management measure that
management considers to be key to assessing the Company's
liquidity. See Note 5(e)(i) "Capital Management – Net Debt and
Total Capitalization" in the Company's unaudited interim
consolidated financial statements for the three and six months
ended June 30, 2022 and in the
Company's audited annual consolidated financial statements for the
year ended December 31, 2021 for
additional disclosures.
Per Share Amounts
Per share amounts noted in this press release are based on fully
diluted shares outstanding.
SOURCE Whitecap Resources Inc.