Whitecap returns to Q4 profit forecasts 11% output rise in 2015

2015-03-18 03:52:51

(MENAFN- ProactiveInvestors) Whitecap Resources (TSE:WCP) advanced in today’s trading after the Canadian oil and natural gas producer swung to a fourth-quarter profit and said it will retain its current monthly dividend while forecasting 11 percent growth in 2015 output.

Shares rose 4.8 percent to C$14.00 at 1:39 p.m. in Toronto stretching this year’s gains to 22 percent.

Net income was C$166.1 million or C$0.65 per share in the October-to-December quarter compared with a net loss of C$1.5 million or $0.01 loss per diluted share in the year-earlier period the Calgary Alberta-based company said in a statement late yesterday.

Cash flow improved to C$139.1 million or C$0.54 per diluted share from C$66.6 million or C$0.39 per diluted share.

Average daily production grew to 37661 boe/d from 22061 boe/d a year earlier. The average realized price weakened to C$56.28 per boe from C$59.11 per boe.

Whitecap said it is projecting 11 percent production growth and plans to maintain its current monthly dividend of $0.0625 per share.

The company also said it has increased proved plus probable reserves by 66 percent year over year.

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