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Whitecap Records Record Funds Flow Amid Price Surge
1 Aug
Summary
- Whitecap reported record second-quarter funds flow of C$1.4 billion.
- Free funds flow reached a record C$925 million, driven by oil prices.
- Petroleum and natural gas revenue surged 93% to C$2.6 billion.
Whitecap Resources announced record-breaking financial results for the second quarter, significantly exceeding expectations. The company reported funds flow of C$1.4 billion, equating to C$1.11 per share. Free funds flow also reached an all-time high of C$925 million, underscoring a period of exceptional financial health.
These impressive figures were primarily attributed to a substantial increase in crude oil and condensate prices, which saw an operating netback of C$43.84 per barrel of oil equivalent, a 48% rise from the previous year. Disruptions in Middle East supply tightened global availability of light barrels, increasing demand for North American light oil and condensate.
Total petroleum and natural gas revenue experienced a dramatic 93% year-over-year increase, amounting to C$2.6 billion. This growth was fueled by higher commodity prices and the full integration of the Veren assets' production. Despite weaker natural gas prices, Whitecap's strategic price-diversification approach ensured its realized natural gas price remained above the benchmark AECO average.
