- Whitecap Resources Inc. (WCP) has shared a consolidated financial update for its second quarter
- It produced 132,293 barrels of oil equivalent per day, 13 per cent up year-over-year
- It also achieved record funds flow of $677 million and returned $175 million to shareholders
- Net debt was approximately $125 million lower than its targeted $800 million
- Eight wells were drilled and will increase to 11 next month
- Whitecap Resources Inc. (WCP) is down 0.32 per cent trading at $9.41 per share as of 1:39 p.m. ET
Whitecap Resources (WCP) has provided a consolidated financial update for its second quarter, which exceeded the company’s expectations.
The company stated its second quarter was, once again, ahead of expectations as it maintained operational momentum resulting in the production of 132,293 barrels of oil equivalent per day (13 per cent up year-over-year) and record funds flow of $677 million or $1.08 per share.
Whitecap stated it generated $589 million of free funds flow in the second quarter. Over $175 million of which was returned to shareholders through its base dividend and normal course issuer bid.
The company’s quarterly net debt was approximately $125 million lower than its targeted $800 million.
Whitecap stated it drilled eight wells including Montney wells at Kawka, and Frobisher wells in southeast Saskatchewan during the second quarter and will be increasing its activity next quarter with a peak utilization of 11 rigs by the end of August.
At the beginning of 2023, the company will use the 11 rigs to execute its capital program, including the expanded capital on the XTO Energy Canada lands.
The XTO acquisition is on track to close before the end of the third quarter with a forecasted average production and capital expenditures of 138,000 – 140,000 barrels of oil equivalent per day per well and $610 – $630 million.
According to Whitecap, its most recent four well 12-33 Montney pad at Kakwa, jointly held with XTO, was brought onto production, and produced at an average rate of 2,150 barrels of oil equivalent per day in the first month.
The company’s three well 14-13 pad has now been producing for 180 days at an average rate of 1,832 barrels of oil equivalent per day per well.
Whitecap Resources Inc. (WCP) is down 0.32 per cent trading at $9.41 per share as of 1:39 p.m. ET.