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whitecap resources GAAP EPS of $0.49 beats by $0.13, revenue of $914.1M; updates FY24 outl
- Whitecap resources press release (TSX:WCP:CA): Q4 GAAP EPS of $0.49 beats by $0.13.
- Revenue of $914.1M (-18.4% Y/Y).
- Average 2023 production of 156,501 boe/d, including 103,014 bbls/d of light oil and liquids and 320,922 mcf/d of natural gas, generated funds flow of $1.8 billion ($2.94 per share) and after capital expenditures of $954 million, resulted in free funds flow of $838 million ($1.38 per share).
- Full year and fourth quarter funds flow netbacks of $31.36 per boe and $30.16 per boe, respectively.
- Year end net debt of $1.4 billion equated to a debt to EBITDA ratio of 0.7 times and an EBITDA to interest expense ratio6 of 27.0 times.
- Outlook: “We have increased our 2024 average production guidance range to 165,000 – 170,000 boe/d (8% production per share growth).
- Our capital budget is now expected to be $900 million to $1.1 billion, which is $100 million lower than originally budgeted, providing another year of strong operational execution underpinned by the technical enhancements undertaken in 2023.
- We are forecasting 2024 funds flow of approximately $1.6 billion which results in free funds flow of $600 million, after capital investments.
- Our long term organic corporate growth outlook has been updated and increased to 210,000 boe/d by the end of 2028, which represents average organic growth of 5% on an annual basis.”
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