CALGARY, AB – 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, 2020.
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, 2020 which are available at www.sedar.com and on our website at www.wcap.ca.
FINANCIAL AND OPERATING HIGHLIGHTS
Three months ended December 31 | Twelve months ended December 31 | |||
Financial ($000s except per share amounts) | 2020 | 2019 | 2020 | 2019 |
Petroleum and natural gas revenues | 238,489 | 369,190 | 901,556 | 1,418,476 |
Net income (loss) | 331,951 | (203,946) | (1,844,973) | (155,873) |
Basic ($/share) | 0.81 | (0.50) | (4.52) | (0.38) |
Diluted ($/share) | 0.81 | (0.50) | (4.52) | (0.38) |
Funds flow | 104,650 | 184,546 | 433,881 | 675,610 |
Basic ($/share) | 0.26 | 0.45 | 1.06 | 1.64 |
Diluted ($/share) | 0.25 | 0.45 | 1.06 | 1.63 |
Dividends paid or declared | 17,468 | 35,018 | 87,276 | 138,341 |
Per share | 0.04 | 0.09 | 0.21 | 0.34 |
Expenditures on property, plant and equipment | 21,713 | 98,762 | 195,886 | 403,977 |
Total payout ratio (%) (1) | 37 | 72 | 65 | 80 |
Property acquisitions | 26 | 410 | 5,381 | 4,016 |
Property dispositions | – | (266) | – | (978) |
Corporate acquisition | – | – | 18,417 | – |
Net debt | 1,083,029 | 1,193,267 | 1,083,029 | 1,193,267 |
Operating | ||||
Average daily production | ||||
Crude oil (bbls/d) | 48,527 | 58,044 | 52,656 | 55,413 |
NGLs (bbls/d) | 4,874 | 4,805 | 4,982 | 4,503 |
Natural gas (Mcf/d) | 62,289 | 70,811 | 66,146 | 66,801 |
Total (boe/d) (2) | 63,783 | 74,651 | 68,662 | 71,050 |
Average realized price (3) | ||||
Crude oil ($/bbl) | 47.52 | 64.42 | 42.19 | 66.11 |
NGLs ($/bbl) | 22.48 | 17.56 | 16.75 | 20.58 |
Natural gas ($/Mcf) | 2.84 | 2.68 | 2.39 | 1.95 |
Total ($/boe) | 40.64 | 53.76 | 35.88 | 54.70 |
Netbacks ($/boe) | ||||
Petroleum and natural gas revenues | 40.64 | 53.76 | 35.88 | 54.70 |
Tariffs | (0.54) | (0.42) | (0.48) | (0.48) |
Processing & other income | 0.73 | 0.50 | 0.74 | 0.69 |
Marketing revenue | 0.95 | 1.05 | 0.94 | 1.17 |
Petroleum and natural gas sales | 41.78 | 54.89 | 37.08 | 56.08 |
Realized hedging gain (loss) | 1.81 | (0.37) | 3.62 | (0.78) |
Royalties | (5.89) | (8.88) | (4.82) | (9.79) |
Operating expenses | (11.96) | (11.85) | (11.84) | (12.38) |
Transportation expenses | (2.27) | (2.40) | (2.36) | (2.26) |
Marketing expenses | (0.97) | (1.05) | (0.94) | (1.14) |
Operating netbacks (1) | 22.50 | 30.34 | 20.74 | 29.73 |
Share information (000s) | ||||
Common shares outstanding, end of period | 409,234 | 409,619 | 409,234 | 409,619 |
Weighted average basic shares outstanding | 408,468 | 409,579 | 408,371 | 412,000 |
Weighted average diluted shares outstanding | 411,807 | 412,026 | 410,880 | 414,072 |
Notes: | |
(1) | Total payout ratio and operating netbacks do not have a standardized meaning under GAAP. Refer to non-GAAP 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
2020 was a year of significant uncertainty that brought many challenges to the energy sector. In response to changing market conditions including the sharp decline in global crude oil prices, Whitecap took decisive actions in early 2020 to protect our balance sheet, preserve liquidity and retain long term value for our shareholders. Our proactive decisions in the first quarter of the year allowed us to maintain our balance sheet strength, deliver strong financial results and positioned Whitecap for the strategic consolidation opportunities we executed on later in the year.
In the fourth quarter of 2020, our production was 5% higher than we forecasted. This allowed us to achieve average production in 2020 of 68,662 boe/d which generated funds flow of $434 million, invested $196 million in capital expenditures and returned $87 million to shareholders through cash dividends. Despite the extremely challenging environment, discretionary funds flow was $151 million which we used to improve our balance sheet strength by approximately $110 million resulting in year end net debt of $1.1 billion on total credit capacity of $1.77 billion.
Capital investment in 2020 decreased 52% to $195.9 million compared to $404.0 million in the prior year as we paused our drilling program at the end of March 2020, given the sharp decline in crude oil prices that had a severely negative impact on our expected return on capital employed. As a result of the limited capital program, our proved developed producing (“PDP”) reserves decreased 7%, however, we were able to maintain total proved (“TP”) and total proved plus probable (“TPP”) reserves at levels comparable to the prior year.
We highlight the following 2020 financial and operating results:
- Focus on sustainability. Funds flow of $433.9 million ($1.06 per share) and capital investment of $195.9 million resulted in free funds flow of $238.0 million. Free funds flow significantly exceeded dividend payments of $87.3 million in the year.
- Balance sheet strength. Reduced net debt by $110.2 million to $1.08 billion on total credit capacity of $1.77 billion. The Company’s credit facilities have two financial covenants being debt to earnings before interest, taxes, depreciation and amortization (“EBITDA”) not exceeding 4.0 times and EBITDA to interest not less than 3.5 times. As at December 31, 2020, Whitecap’s debt to EBITDA ratio was 2.2 times and its EBITDA to interest ratio was 11.2 times. For additional details refer to Note 11(a) “Bank Debt” in the audited annual consolidated financial statements for the year ended December 31, 2020.
- Reduce and manage cost structure. Operating expenses per boe decreased 4% to $11.84/boe and general & administrative expenses per boe decreased 15% to $0.82/boe.
- Capital discipline and operational excellence. Achieved average production of 68,662 boe/d compared to 71,050 boe/d in the prior year, a decrease of 3% on a significantly reduced capital program. Capital spending decreased 52% to $195.9 million compared to $404.0 million in the prior year.
- Solid asset performance. Total proved finding, development and acquisition (“FD&A”) costs decreased 18% to $14.74/boe compared to $17.95/boe in the prior year and total proved reserve additions replaced 101% of production. Total proved plus probable FD&A costs decreased 41% to $12.51/boe compared to $21.06 in the prior year and total proved plus probable reserve additions replaced 100% of production.
- Prudent risk management. Realized commodity hedging gains of $10.6 million in the fourth quarter and $90.9 million for the year ended December 31, 2020.
In 2020, we also enhanced our ability to provide stronger shareholder returns through the announced strategic combinations with NAL Resources Limited (“NAL”) and TORC Oil & Gas Ltd. (“TORC”). We closed the NAL acquisition on January 4, 2021 and closed the combination with TORC on February 24, 2021. Whitecap issued 58.3 million Whitecap common shares in exchange for all the issued and outstanding NAL shares and issued approximately 129.8 million Whitecap common shares in exchange for all the issued and outstanding TORC shares and assumed TORC’s debt.
As a continuation of Whitecap’s commitment to strong environment, social and corporate governance (“ESG”) performance, we are also pleased to announce that Mary-Jo Case has been appointed to the Whitecap Board of Directors effective February 24, 2021 and will serve as a member of the Audit Committee and the Corporate Governance & Compensation Committee.
Ms. Case is an independent businesswoman with over 34 years of experience in the oil and gas industry. Prior to her retirement in 2015, Ms. Case was a member of the Senior Management Committee as Senior Vice President Land and Human Resources at Canadian Natural Resources Limited. Ms. Case has a depth of experience in the areas of mergers, acquisitions and dispositions, negotiations, contracts, land administration and land systems.
Ms. Case is a member of the Canadian Association of Petroleum Landmen, a member of the Institute of Corporate Directors, a member of the Women’s Executive Network and a member of Board Ready Women. Ms. Case holds a Diploma in Legal Office Administration from Fanshawe College and holds the ICD.D designation from the Institute of Corporate Directors, Rotman School of Management.
Outlook
We had a solid finish to 2020 which positioned us well heading into 2021. This year is starting off strong with the closing of both NAL and TORC, a very active first quarter drilling program with Whitecap operating six rigs and upward momentum in crude oil and natural gas prices. Our Board of Directors has approved a 2021 capital expenditure budget of $280 to $300 million which will generate average production of approximately 100,000 boe/d (78% oil and NGLs) during the year. With the recent surge in both crude oil and natural gas prices, we now anticipate generating funds flow of $810 million with free funds flow of $520 million and a total payout ratio of 49% based on commodity prices of US$60/bbl WTI and C$2.50/GJ AECO. We will remain disciplined in our approach to capital allocation with a focus on balance sheet strength and generating the strongest economic returns on our capital program while retaining the option to accelerate production per share growth and/or increase return of capital to shareholders in the latter part of the year while being opportunistic with respect to future business opportunities.
Advancing forward, we have created a New Energy team to leverage Whitecap’s technology and expertise to significantly advance business opportunities associated with carbon capture and storage. This team is tasked with advancing the regulatory and business framework for low carbon solutions, the evaluation of low carbon hydrogen and other new energy opportunities, with the objective of creating additional sustainable revenue streams for our shareholders in the future.
Whitecap remains well positioned to deliver strong shareholder returns in 2021 and beyond with many competitive advantages, including the following:
- Top tier balance sheet. Whitecap has a secured covenant-based credit facility that is not subject to annual redeterminations. Discretionary funds flow of approximately $415 million will result in net debt of $1.0 billion and a debt to EBITDA ratio of 1.1x at US$60/bbl WTI and C$2.50/CJ AECO. Concurrent with the TORC closing, we increased our credit capacity by $230 million to $2 billion providing us with ample liquidity to continue to manage commodity price volatility.
- Significant free funds flow profile. Our premium assets are characterized by high netback, low base production declines and strong capital efficiencies. In 2021, Whitecap is expected to generate approximately $520 million of free funds flow, supported by a peer leading base production decline rate of approximately 17%.
- Sustainable cash dividends. Monthly dividend increased 6% from $0.01425 per share to $0.01508 per share ($0.181 per share annualized) effective with the March 2021 dividend payable in April 2021. The 2021 annual dividend of $105 million is covered approximately five times by free funds flow.
- Robust drilling inventory. 5,265 (4,108.0 net) drilling locations for organic growth and value creation. Corporate production over 100,000 boe/d allows us to drive down costs and improve capital efficiencies by eliminating redundancies, streamlining processes and negotiating preferential rates through size and economies of scale.
- Leader in sustainability. Whitecap remains committed to best-in-class ESG practices and continuously improving its ESG standards. Whitecap is the majority owner and operator of the Weyburn Unit, one of the largest carbon capture, utilization and storage projects in the world, currently sequestering more than 2 million tonnes of CO2 annually and providing the Company with its net negative emitter status.
2021 BUDGET DETAILS
As referenced earlier, in 2021 we expect to deploy capital expenditures of approximately $280 – $300 million to generate average production of approximately 100,000 boe/d. The capital program comprises of drilling 100 (81.6 net) horizontal wells including 53 (47.2 net) extended reach horizontal (“ERH”) wells and 8 (5.9 net) horizontal injection wells. In addition to our drill, complete, equip and tie-in costs, we will be investing approximately $67 million on enhanced oil recovery (“EOR”) operations and optimizations as well as health, safety, and environmental initiatives throughout the year. This continued focus on enhancing our base assets through EOR capital will allow us to maintain, and potentially improve upon, our low base production decline rate of approximately 17% for 2021.
Eastern Saskatchewan
This business unit includes our Weyburn property in addition to the TORC and NAL southeast Saskatchewan assets where we anticipate spending 30% of our capital budget which includes drilling 16 (11.0 net) wells.
At Weyburn, we will be following up on our very successful northeast CO2 flood pilot expansion by drilling 6 (3.9 net) wells in the second half of 2021. This includes two CO2 water-alternating-gas (“WAG”) injectors and $29 million for CO2 purchases. The TORC acquisition has increased our working interest in the Weyburn Unit CO2 flood by 3.2% to 65.3%.
In southeast Saskatchewan, we anticipate drilling 10 (7.1 net) wells in the second half of the year, including 5 (2.1 net) non-operated wells. The operated activity is focused on assets where we can optimize economic returns by using our extensive experience with fracture stimulation design, extended reach horizontal drilling and EOR schemes.
Prior to closing, the TORC team completed a very active and successful January and February capital program where they drilled 25 (23.2 net) wells. On average, early well results are significantly exceeding our budget expectations.
Western Saskatchewan
This business unit includes our light oil Viking assets, as well as our southwest Saskatchewan properties, where we anticipate spending 28% of our capital budget drilling a total of 61 (52.5 net) wells.
In the first quarter, we will be drilling 38 (33.0 net) wells including 26 (22.5 net) Viking wells, 6 (5.6 net) Atlas wells and 4 (4.0 net) Lower Shaunavon horizontal oil wells. Capital efficiencies in our lower Shaunavon drilling program have been exceptional with average drill times down 30% and costs down 15%. Most of the gains can be attributed to a new wellbore design that has improved our meters per day drilled significantly.
Our second half 2021 program includes 23 (19.5 net) drills with 12 (9.5 net) wells in southwest Saskatchewan and 11 (10.0 net) Viking ERH oil wells. The 2021 southwest Saskatchewan program includes the drilling 3 (2.0 net) horizontal water injectors to mitigate production declines and increase resource recovery.
Central Alberta
This business unit consists primarily of the combined Whitecap, NAL and TORC Cardium light oil assets in Alberta and the liquids rich Ellerslie asset where we anticipate spending 15% of our capital budget drilling 13 (11.0 net) wells.
We will have drilled 6 (4.8 net) wells in Central Alberta by the end of the first quarter, all of which are expected to be on production prior to break-up. This includes 4 (3.7 net) Cardium oil producers, 1 (0.9 net) horizontal injector in West Pembina and 1 (0.2 net) non-operated Ellerslie liquids rich gas well.
The second half capital program of 7 (6.2 net) wells includes 2 (1.7 net) ERH Cardium wells with two-mile laterals in our new Kaybob/Rosevear area. This area has suitable characteristics to apply ERH wellbores in combination with our optimized fracture stimulation design and placement which has proven successful in enhancing the economics in many analogous areas. The remaining drills will be 2 (2.0 net) 2-mile ERH Cardium oil wells in Olds and Garrington, 1 (0.8 net) horizontal liquids rich Ellerslie gas well and 2 (1.7 net) ERH wells in West Pembina, one of which will be a waterflood injector.
Capital allocation to the acquired assets from TORC and NAL is focused on accelerating the evaluation of the potential for enhancement of the existing inventory by utilizing methods and technology that Whitecap has repeatedly applied with success in analogous areas.
Northern Alberta & British Columbia
This business unit consists of our Boundary Lake, Deep Basin, Peace River Arch and Sturgeon assets where we expect to spend 23% of our capital budget drilling 10 (7.1 net) wells.
We will have an active first quarter in the area drilling 9 (6.1 net) wells including 6 (3.6 net) Cardium wells in Wapiti and 3 (2.5 net) Charlie Lake wells in our Valhalla area of which 6 (5.5 net) are ERH wells ranging from 1.5 to 2.0 miles in lateral length.
In the Wapiti program, we realized a step change in our drilling times and costs, decreasing both by approximately 20%. The gains were primarily through drilling design optimization and the benefits of multi well pad efficiencies. We anticipate these savings to be carried forward to future programs.
In addition to the drilling program, we participated in the completion of 1 (0.50 net) non-operated Montney oil well which was drilled in the fourth quarter of 2020. This well, along with the 1 (0.65 net) operated well which was completed in the fourth quarter of 2020, are in the process of being tied in and are expected to be on production by early April 2021. Production test results from both wells have been very encouraging.
2020 RESERVES REVIEW (WHITECAP PRIOR TO COMBINATIONS)
Our 2020 year end reserves were evaluated by independent reserves evaluator McDaniel & Associates Consultants Ltd. (“McDaniel”) in accordance with the definitions, standards and procedures contained in the Canadian Oil and Gas Evaluation Handbook (“COGE Handbook”) and National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities (“NI 51-101”) as of December 31, 2020. The reserves evaluation was based on the average forecast pricing of McDaniel, GLJ Petroleum Consultants (“GLJ”) and Sproule Associates Limited (“Sproule”) and foreign exchange rates at January 1, 2021 which is available on McDaniel’s website at www.mcdan.com.
Reserves included are Company share reserves which are the Company’s total working interest reserves before the deduction of any royalties and including any royalty interests payable to the Company. Additional reserve information as required under NI 51-101 will be included in our Annual Information Form which will be filed on SEDAR on or before March 30, 2021. The numbers in the tables below may not add due to rounding.
Summary of Reserves
Reserves as at December 31, 2020
Company Share Reserves | ||||
Description | Oil (Mbbl) | Gas (MMcf) | NGL (Mbbl) | Total (Mboe) |
Proved producing | 168,516 | 167,172 | 12,362 | 208,740 |
Proved non-producing | 1,882 | 1,897 | 89 | 2,287 |
Proved undeveloped | 113,536 | 164,887 | 11,214 | 152,232 |
Total proved | 283,934 | 333,956 | 23,665 | 363,259 |
Probable | 102,298 | 173,483 | 12,816 | 144,028 |
Total proved plus probable | 386,233 | 507,439 | 36,481 | 507,287 |
Net Present Values
Summary of Before Tax Net Present Values (Forecast Pricing)
As at December 31, 2020
Before Tax Net Present Value ($MM) (1) | ||||||||||
Discount Rate | ||||||||||
Description | 0% | 5% | 10% | 15% | 20% | |||||
Proved producing | 2,680 | 2,472 | 2,013 | 1,679 | 1,444 | |||||
Proved non-producing | 57 | 39 | 29 | 23 | 18 | |||||
Undeveloped | 1,970 | 1,093 | 608 | 323 | 148 | |||||
Total proved | 4,707 | 3,603 | 2,649 | 2,025 | 1,610 | |||||
Probable | 4,271 | 2,196 | 1,359 | 937 | 693 | |||||
Total proved plus probable | 8,978 | 5,799 | 4,008 | 2,962 | 2,303 |
(1) | Includes abandonment and reclamation costs as defined in NI 51-101 for all of our facilities, pipelines and wells including those without reserves assigned. |
Future Development Costs (“FDC”)
FDC reflects the best estimate of the capital cost to develop and produce reserves. FDC associated with our TPP reserves at year end 2020 is $4.1 billion undiscounted ($2.6 billion discounted at 10%).
Also included in FDC are 1,307 (1,081.1 net) proved booked locations and 152 (106.6 net) probable booked locations.
($000s) | Total Proved | Total Proved plus Probable |
2021 | 309,595 | 322,155 |
2022 | 508,464 | 521,500 |
2023 | 626,859 | 679,849 |
2024 | 567,548 | 617,478 |
2025 | 531,465 | 633,810 |
Remainder | 1,020,576 | 1,295,107 |
Total FDC, Undiscounted | 3,564,507 | 4,069,900 |
Total FDC, Discounted at 10% | 2,301,218 | 2,614,045 |
Performance Measures (Including FDC)
The following table highlights our finding and development (“F&D”) and finding, development and acquisition (“FD&A”) costs and associated recycle ratios, including FDC, based on the evaluation of our petroleum and natural gas reserves prepared by McDaniel:
2020 | 2019 | 2018 | Three Year
Weighted Average |
|
Proved Developed Producing | ||||
F&D costs (1) | $21.87 | $14.33 | $13.06 | $16.46 |
F&D recycle ratio (2) | 0.9x | 2.1x | 2.2x | 1.7x |
FD&A costs (3) | $19.25 | $14.45 | $15.15 | $16.30 |
FD&A recycle ratio (2) | 1.1x | 2.1x | 1.9x | 1.7x |
Total Proved | ||||
F&D costs (1) | $3.61 | $17.87 | $22.70 | $14.63 |
F&D recycle ratio (2) | 5.7x | 1.7x | 1.3x | 2.9x |
FD&A costs (3) | $14.74 | $17.95 | $23.30 | $18.61 |
FD&A recycle ratio (2) | 1.4x | 1.7x | 1.3x | 1.5x |
Total Proved Plus Probable | ||||
F&D costs (1) | $19.16 | $21.00 | $24.83 | $21.63 |
F&D recycle ratio (2) | 1.1x | 1.4x | 1.2x | 1.2x |
FD&A costs (3) | $12.51 | $21.06 | $24.04 | $19.15 |
FD&A recycle ratio (2) | 1.7x | 1.4x | 1.2x | 1.4x |
(1) | F&D costs are calculated as the sum of development capital of $187.7 million plus the change in FDC for the period of -$50.6 million (PDP), -$167.9 million (TP) and -$333.1 million (TPP), divided by the change in reserves that are characterized as development for the period. |
(2) | Recycle ratio is calculated as operating netback divided by F&D or FD&A costs. Our operating netback in 2020 was $20.74/boe. |
(3) | FD&A costs are calculated as the sum of development capital of $187.7 million plus acquisition capital of $22.4 million plus the change in FDC for the period of -$45.5 million (PDP), $163.5 million (TP) and $103.3 million (TPP), divided by the change in total reserves, other than from production, for the period. |
Production Replacement and Reserve Life Index
The following table highlights our production replacement and reserve life index (“RLI”) based on the evaluation of our petroleum and natural gas reserves prepared by McDaniel:
2020 | 2019 | 2018 | Three Year
Weighted Average |
|
Proved Developed Producing | ||||
Production replacement (1) | 34% | 100% | 112% | 82% |
RLI (years) (2) | 9.0 | 8.3 | 8.4 | 8.6 |
Total Proved | ||||
Production replacement (1) | 101% | 133% | 128% | 121% |
RLI (years) (2) | 15.6 | 13.3 | 13.3 | 14.1 |
Total Proved Plus Probable | ||||
Production replacement (1) | 100% | 169% | 124% | 131% |
RLI (years) (2) | 21.8 | 18.6 | 18.3 | 19.6 |
(1) | Production replacement ratio is calculated as total reserve additions (including acquisitions net of dispositions) divided by annual production. Whitecap’s production averaged 68,662 boe/d in 2020. |
(2) | RLI is calculated as total Company share reserves divided by the annualized fourth quarter actual production of 63,783 boe/d. |
RESERVES EVALUATION (NAL & TORC)
The below tables reflect NAL’s 2020 year end reserves as evaluated by independent reserves evaluator McDaniel and TORC’s year end reserves as evaluated by independent reserves evaluator Sproule. All evaluated in accordance with the definitions, standards and procedures contained in the COGE Handbook and NI 51-101 as of December 31, 2020. The reserves evaluation was based on the average forecast pricing of McDaniel, GLJ and Sproule and foreign exchange rates at January 1, 2021 which is available on McDaniel’s website at www.mcdan.com.
NAL Summary of Reserves
Reserves as at December 31, 2020
Company Share Reserves | ||||
Description | Oil (Mbbl) | Gas (MMcf) | NGL (Mbbl) | Total (Mboe) |
Proved producing | 15,505 | 149,020 | 9,783 | 50,125 |
Proved non-producing | – | 3,655 | 80 | 690 |
Proved undeveloped | 1,340 | 2,600 | 319 | 2,092 |
Total proved | 16,844 | 155,275 | 10,182 | 52,906 |
Probable | 4,697 | 39,435 | 2,493 | 13,762 |
Total proved plus probable | 21,541 | 194,710 | 12,675 | 66,668 |
NAL Net Present Values
Summary of Before Tax Net Present Values (Forecast Pricing)
As at December 31, 2020
Before Tax Net Present Value ($MM) (1) | ||||||||||
Discount Rate | ||||||||||
Description | 0% | 5% | 10% | 15% | 20% | |||||
Proved producing | 16 | 269 | 282 | 263 | 241 | |||||
Proved non-producing | 3 | 2 | 1 | – | – | |||||
Undeveloped | 19 | 13 | 8 | 5 | 3 | |||||
Total proved | 39 | 283 | 291 | 268 | 244 | |||||
Probable | 235 | 151 | 107 | 82 | 66 | |||||
Total proved plus probable | 273 | 434 | 398 | 350 | 310 |
(1) | Includes abandonment and reclamation costs as defined in NI 51-101 for all of the facilities, pipelines and wells including those without reserves assigned. |
TORC Summary of Reserves
Reserves as at December 31, 2020
Company Share Reserves | ||||
Description | Oil (Mbbl) | Gas (MMcf) | NGL (Mbbl) | Total (Mboe) |
Proved producing | 38,301 | 37,117 | 2,953 | 47,441 |
Proved non-producing | 2,711 | 3,897 | 218 | 3,578 |
Proved undeveloped | 22,563 | 30,670 | 1,929 | 29,604 |
Total proved | 63,575 | 71,684 | 5,100 | 80,622 |
Probable | 37,048 | 50,427 | 3,190 | 48,642 |
Total proved plus probable | 100,623 | 122,112 | 8,290 | 129,265 |
TORC Net Present Values
Summary of Before Tax Net Present Values (Forecast Pricing)
As at December 31, 2020
Before Tax Net Present Value ($MM) (1) | ||||||||||
Discount Rate | ||||||||||
Description | 0% | 5% | 10% | 15% | 20% | |||||
Proved producing | 426 | 550 | 508 | 453 | 407 | |||||
Proved non-producing | 69 | 52 | 41 | 34 | 28 | |||||
Undeveloped | 388 | 237 | 143 | 83 | 45 | |||||
Total proved | 883 | 840 | 692 | 570 | 480 | |||||
Probable | 1,122 | 685 | 460 | 331 | 250 | |||||
Total proved plus probable | 2,006 | 1,524 | 1,152 | 901 | 730 |
(1) | Includes abandonment and reclamation costs as defined in NI 51-101 for all of the facilities, pipelines and wells including those without reserves assigned. |
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.
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 Thursday, February 25, 2021.
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.