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WEC - Western Engineered Containment
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WEC - Western Engineered Containment

Whitecap Resources posts higher first-quarter earnings on record oil and gas output

CALGARY — Whitecap Resources Inc. says record production and rising oil and gas prices drove strong first quarter earnings as it closed two major corporate acquisitions.

The Calgary-based company says it produced an average of 95,828 barrels of oil equivalent per day in the first quarter, up 30 per cent over 73,452 boe/d in the same period of 2020 or three per cent per share.

During the three months ended March 31, it completed the purchase of rival producers NAL Resources Ltd. and TORC Oil & Gas Ltd. in return for shares.

In early April, it struck a $300-million cash-and-shares deal to buy private Kicking Horse Oil & Gas Ltd., for 34.5 million Whitecap common shares and $56 million in cash.

Whitecap is reporting first-quarter net income of $19.6 million, compared with a net loss of $2.1 billion in the same period of 2020 when it recorded a $2.9-billion non-cash writedown in the value of its assets due to low oil prices.

It says its average realized crude oil price in the recent quarter was C$65.11 per barrel, versus $47.48 a year ago, while natural gas liquids prices were C$35.50 per barrel, up from $12.30 and natural gas sold for $3.34 per thousand cubic feet, up from $2.18.

This report by The Canadian Press was first published April 29, 2021.

Companies in this story: (TSX:WCP)

The Canadian Press

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