![]() ![]() The use of natural gas as a transition fuel for industries such as power generation and for Western Canadian prices, specifically, it is encouraging to hear the commentary from Shell last week that the second phase of LNG Canada is progressing. ![]() We remain bullish on long-term North American natural gas prices with the continued build-out of LNG export capacity. We continue to be an oral weighted upstream producer with 64% of our production being oil and natural gas liquids and 36% natural gas.Īlthough, 36% of our production is natural gas, it only represents 14% of our revenues, and therefore, the recent decrease in natural gas prices is not as impactful as to cash flows as one might have expected. We anticipate reaching our net debt target of $1.3 billion over the next several months and increasing our dividend to $0.73 per share on a per annum basis.Ĭash returns to shareholders have been and continue to be a core priority for us. After resetting our dividend early in 2020, we had an internal target to get our dividend back to 2014 levels through strategic acquisitions and free cash flow growth. In addition to growing our asset base and future drilling inventory, we continue to focus on cash returns to shareholders. Producing reserves over that time period have increased by 23% on a per share basis, while the total proved reserves per share have increased by 49%, with a before tax proved net present value at 10% discount rate of $19 per share based on our independent reserve evaluation. This transformation of our company over the past couple of years has been remarkable, increasing our production based from 64,000 BOE per day in the fourth quarter of 2020, up to 166,000 BOE per day in the fourth quarter of 2022. A multi-decade unconventional inventory that we added in the Montney and the Duvernay complements our no decline, high netback oil-weighted assets and sets us up for long-term sustainable profitable growth. Our all-in $1.7 billion acquisition of XTO that closed at the end of August last year, was made possible through prudent management of our balance sheet and an extremely thorough technical evaluation of assets. Our contra cyclical acquisition strategy added significant per share value for our shareholders and resulted in a much stronger and more resilient business with scale. This past year was also the combination of our consolidation strategy that started with a collapse in the crude oil prices in 2020. Resulting in record funds flow, free funds flow and an extremely strong year-end independent reserves evaluation strong operational and financial execution resulted in continuous outperformance on our base assets despite the various headwinds the industry has faced such as supply chain issues and inflationary pressures. Whitecap had a very successful 2022 across all aspects of our business. Our Senior Vice President and CFO, Thanh Kang our Senior Vice President, Production and Operations, Joel Armstrong our Senior Vice President, Engineering, Darin Dunlop as well as Dave Mombourquette, Senior Vice President, Business Development and Information Technology.īefore we get started today, I would like to remind everybody that all statements made by the company during this call are subject to the same forward-looking disclaimer and advisory that we set forth in our news release issued yesterday afternoon. ![]() Here with me are four members of our senior management team. Thanks, Sylvie, and good morning, everyone, and thank you for joining us here today. Īnd I would like to turn to conference over to Whitecap's President and CEO, Mr. After the speakers' remarks, there will be a question-and-answer session. All lines have been placed on mute to prevent any background noise. At this time, I would like to welcome everyone to Whitecap Resources Q4 2022 Results Conference Call. My name is Sylvie, and I will be your conference operator today. ![]() Thanh Kang - Senior Vice President & Chief Financial Officer Joel Armstrong - Senior Vice President, Production & Operationsĭarin Dunlop - Senior Vice President of Engineering Grant Fagerheim - President & Chief Executive Officer ( OTCPK:SPGYF) Q4 2022 Earnings Conference Call Febru11:00 AM ET ![]()
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