WHITECAP RESOURCES INC. REPORTS STRONG SECOND QUARTER RESULTS AND RECORD FUNDS FLOW PER SHARE

CALGARY, AB, July 28, 2022 /CNW/ - Whitecap Resources Inc. ("Whitecap" or the "Company") (TSX: WCP) is pleased to report its operating and unaudited consolidated financial results for the three and six months ended June 30, 2022.

Selected financial and operating information is outlined below and should be read with Whitecap's unaudited interim consolidated financial statements and related Management's Discussion and Analysis for the three and six months ended June 30, 2022 which are available at www.sedar.com and on our website at www.wcap.ca.

FINANCIAL AND OPERATING HIGHLIGHTS

		Three months ended June 30				Six months ended June 30
Financial ($000s except per share amounts)		2022		2021		2022		2021
Petroleum and natural gas revenues		1,261,989		613,520		2,265,866		1,062,412
Net income		380,661		18,558		1,032,990		38,193
Basic ($/share)		0.62		0.03		1.66		0.07
Diluted ($/share)		0.61		0.03		1.65		0.07
Funds flow ^1		676,642		266,564		1,182,333		454,331
Basic ($/share) ^1		1.09		0.43		1.90		0.80
Diluted ($/share) ^1		1.08		0.43		1.88		0.79
Dividends paid or declared		55,634		28,784		102,759		52,965
Per share		0.09		0.05		0.17		0.09
Expenditures on property, plant and equipment ^2		87,991		39,420		299,525		158,282
Total payout ratio (%) ^1		21		26		34		46
Net Debt ^1		673,785		1,389,320		673,785		1,389,320
Operating
Average daily production
Crude oil (bbls/d)		85,657		80,071		84,326		72,475
NGLs (bbls/d)		13,465		11,308		14,025		10,413
Natural gas (Mcf/d)		199,026		152,521		204,841		140,901
Total (boe/d) ^3		132,293		116,799		132,491		106,372
Average realized Price ^4
Crude oil ($/bbl) ^5		133.57		73.57		122.98		69.81
NGLs ($/bbl) ^5		66.38		31.29		60.31		33.20
Natural gas ($/Mcf) ^5		7.70		3.26		6.36		3.30
Petroleum and natural gas revenues ($/boe) ^5		104.83		57.72		94.49		55.18
Operating Netback ($/boe) ^1
Petroleum and natural gas revenues		104.83		57.72		94.49		55.18
Tariffs ^5		(0.43)		(0.36)		(0.47)		(0.40)
Processing & other income ^5		0.61		0.61		0.59		0.73
Marketing revenue ^5		7.09		3.97		6.01		3.18
Petroleum and natural gas sales ^5		112.10		61.94		100.62		58.69
Realized loss on commodity contracts ^5		(9.66)		(4.83)		(8.09)		(4.19)
Royalties ^5		(20.08)		(9.13)		(18.31)		(8.43)
Operating expenses ^5		(15.50)		(13.73)		(14.63)		(13.56)
Transportation expenses ^5		(2.25)		(2.32)		(2.16)		(2.20)
Marketing expenses ^5		(7.02)		(4.02)		(5.95)		(3.21)
Operating netbacks		57.59		27.91		51.48		27.10
Share information (000s)
Common shares outstanding, end of period		618,645		631,304		618,645		631,304
Weighted average basic shares outstanding		618,449		615,398		621,808		566,716
Weighted average diluted shares outstanding		625,063		621,234		627,494		571,863

MESSAGE TO SHAREHOLDERS

Whitecap's financial and operating results for the second quarter were once again ahead of expectations as the Company maintained operational momentum from the first quarter drilling program resulting in production of 132,293 boe/d and record funds flow of $677 million or $1.08 per share. After capital expenditures of only $88 million, the Company generated $589 million of free funds flow⁶ in the second quarter, of which over $175 million was returned to shareholders through our base dividend ($56 million) and our normal course issuer bid ("NCIB") ($121 million). Net debt of $674 million at the end of the second quarter was approximately $125 million lower than our targeted $800 million of quarter end net debt.

Whitecap drilled 8 (5.4 net) wells during the second quarter which included 5 (3.4 net) Montney wells at Kakwa and 3 (2.0 net) Frobisher wells in Southeast Saskatchewan. We will be increasing our activity levels in the third quarter and will reach our peak utilization of eleven rigs by the end of August. We expect activity levels to modestly decrease through the fourth quarter and then ramp back up to approximately eleven rigs in the first quarter of 2023 until breakup, which will be adequate for efficient execution of our capital program including the expanded capital on the XTO Energy Canada ("XTO") lands.

Since our initial Montney joint venture in 2019 and the subsequent consolidation of additional Montney lands in 2021, we have continued to advance our drilling and completion design and have modified our well spacing assumptions to achieve strong results to date in the Montney.

Our most recent four well (2.6 net) 12-33 Montney pad at Kakwa that is jointly held with XTO was brought on production late in the second quarter and has produced at an average rate of 2,150 boe/d per well (45% liquids) in the first 30 days of production. The wells are continuing to clean up with the pad producing at an average rate of over 10,000 boe/d (40% liquids) over the last seven days prior to being tied into permanent facilities. Further, our three well (2.4 net) 14-13 pad has now been producing for 180 days at an average rate of 1,832 boe/d per well (33% liquids) which is similar to the average rate over its first 90 days on production.

These results further validate our assessment of the quality of the XTO Montney acreage we are acquiring, and we look forward to deploying our refined drilling and completion design on these assets.

We highlight the following second quarter 2022 financial and operating results:

• Production Outperformance. Second quarter production of 132,293 boe/d was higher than our internal forecast of 128,000 – 130,000 boe/d and increased 13% per share compared to Q2/21. Continued production optimization along with organic drilling success contributed to results being above our internal forecast.
• Record Funds Flow. Second quarter funds flow of $677 million or $1.08 per share was up 35% as compared to the prior quarter and 151% as compared to Q2/21. Strong operating netbacks of $57.59 per boe were driven by favourable commodity prices and strong operational execution.
• Continued Return of Capital. Dividends paid during the second quarter were $56 million or $0.09 per share, which were 20% and 94% higher on a per share basis than Q1/22 and Q2/21, respectively. Including $121 million of share repurchases under our NCIB, total capital returned to shareholders of over $175 million during the quarter matches our previous quarterly high from Q4/21. We recently increased our annual dividend by 22% to $0.44 per share.
• Balance Sheet Strength. Quarter end net debt of $674 million was lower than our targeted net debt of $800 million. Quarter end debt to EBITDA ratio⁷ was 0.5x and EBITDA to interest expense ratio⁷ was 43.7x, well within our covenant limits of not greater than 4.0x and not less than 3.5x, respectively.

OUTLOOK

Our current asset mix has provided us with long-term operational success, and we are excited to be adding the XTO assets to our portfolio. We expect to continue to provide exceptional returns on capital deployed in each of our core business units.

The XTO acquisition is on track to close before the end of the third quarter and we continue to forecast average production and capital expenditures for 2022 of 138,000 – 140,000 boe/d and $610 - $630 million, respectively. Our preliminary 2023 forecast is for production to average 168,000 – 174,000 boe/d and capital expenditures of $900 million to $1.1 billion.

Our ability to acquire a world class asset with no dilution to shareholders is a testament to our balance sheet strength and our ability to generate significant free funds flow. We remain committed to increasing return of capital to our shareholders by linking future dividend increases to our net debt milestones and stress testing our sustainability down to US$50/bbl WTI and C$4.00/GJ AECO.

On behalf of our employees, management team and Board of Directors, we would like to thank our shareholders for their support and look forward to updating you on our progress through the remainder of the year.

CONFERENCE CALL AND WEBCAST

Whitecap has scheduled a conference call and webcast to begin promptly at 9:00 am MT (11:00 am ET) on Thursday, July 28, 2022.

The conference call dial-in number is: 1-888-390-0605 or [phone] or [phone]

A live audio webcast of the conference call will be accessible on Whitecap's website at www.wcap.ca by selecting "Investors", then "Presentations & Events". Shortly after the live webcast, an archived version will be available.

NOTES

¹ Funds flow, funds flow basic ($/share), funds flow diluted ($/share) and net debt are capital management measures. Total payout ratio is a supplementary financial measure. Operating Netback is a non-GAAP financial measure and operating netbacks ($/boe) is a non-GAAP ratio. Refer to the Specified Financial Measures section in this press release for additional disclosure and assumptions.

² Also referred to herein as "capital expenditures".

³ Disclosure of production on a per boe basis in this press release consists of the constituent product types and their respective quantities disclosed herein. Refer to Barrel of Oil Equivalency and Production, Initial Production Rates and Product Type Information in this press release for additional disclosure.

⁴ Prior to the impact of risk management activities and tariffs.

⁵ Supplementary financial measure. Refer to the "Supplementary Financial Measures" section of the Company's MD&A for the three and six months ended June 30, 2022, which is incorporated herein by reference, and available on SEDAR at www.sedar.com.

⁶ Free funds flow is a non-GAAP financial measure. Refer to the Specified Financial Measures section in this press release for additional disclosure and assumptions.

⁷ Debt to EBITDA ratio and EBITDA to interest expense ratio are specified financial measures that are calculated in accordance with the financial covenants in our credit agreement.

NOTE REGARDING FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements and forward-looking information (collectively "forward-looking information") within the meaning of applicable securities laws relating to the Company's plans and other aspects of our anticipated future operations, management focus, strategies, financial, operating and production results and business opportunities, including relating to the XTO acquisition and the Company after completing the XTO acquisition. Forward-looking information typically uses words such as "anticipate", "believe", "continue", "trend", "sustain", "project", "expect", "forecast", "budget", "goal", "guidance", "plan", "objective", "strategy", "target", "intend", "estimate", "potential", or similar words suggesting future outcomes, statements that actions, events or conditions "may", "would", "could" or "will" be taken or occur in the future, including statements about our strategy, plans, focus, objectives, priorities and position.

In particular, and without limiting the generality of the foregoing, this press release contains forward-looking information with respect to: that we will be increasing our activity levels in the third quarter; that we will reach a peak of eleven rigs by the end of August; that activity levels will modestly decrease through the fourth quarter and then ramp back up to approximately eleven rigs in the first quarter of 2023 until breakup, which will be sufficient for efficient execution of our capital program including the expanded capital on the XTO lands; our assessment of the quality of the XTO Montney acreage; that we will deploy our refined drilling and completion designs on the XTO Montney acreage; that we expect to continue to provide exceptional returns on capital deployed in each of our core business units; that the XTO acquisition is expected to close before the end of the third quarter; our average production and capital expenditure forecasts for 2022 and 2023; and, that we remain committed to increasing return of capital to our shareholders, including by linking future dividend increases to our net debt milestones and stress testing our sustainability.

The forward-looking information is based on certain key expectations and assumptions made by our management, including: that the parties will be able to satisfy all conditions precedent to closing the XTO acquisition, including the receipt of all applicable regulatory approvals, and that the XTO acquisition will be completed on the terms and timing contemplated herein that we will continue to conduct our operations in a manner consistent with past operations, except as specifically noted herein; the general continuance or improvement in current industry conditions; the continuance of existing (and in certain circumstances, the implementation of proposed) tax, royalty and regulatory regimes; expectations and assumptions concerning prevailing and forecast commodity prices, exchange rates, interest rates, inflation rates, applicable royalty rates and tax laws, including the assumptions specifically set forth herein; the impact (and the duration thereof) that the COVID-19 pandemic will have on (i) the demand for crude oil, NGLs and natural gas, (ii) our supply chain, including our ability to obtain the equipment and services we require, and (iii) our ability to produce, transport and/or sell our crude oil, NGLs and natural gas; the ability of OPEC+ nations and other major producers of crude oil to adjust crude oil production levels and thereby manage world crude oil prices; the impact (and the duration thereof) of the ongoing military actions between Russia and Ukraine and related sanctions on crude oil, NGLs and natural gas prices; the impact of rising inflation rates and interest rates on the North American and world economies and the corresponding impact on our costs, our profitability, and on crude oil, NGLs and natural gas prices; future production rates and estimates of operating costs and development capital, including as specifically set forth herein; performance of existing and future wells; anticipated timing and results of capital expenditures / development capital, including as specifically set forth herein; the success obtained in drilling new wells; the sufficiency of budgeted capital expenditures in carrying out planned activities; the timing, location and extent of future drilling operations; the state of the economy and the exploration and production business; results of operations; performance; business prospects and opportunities; the availability and cost of financing, labour and services; future dividend levels; the impact of increasing competition; ability to efficiently integrate assets and employees acquired through acquisitions, including the XTO acquisition; ability to market oil and natural gas successfully; our ability to access capital and the cost and terms thereof, including as specifically contemplated herein.

Although we believe that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Whitecap can give no assurance that they will prove to be correct. Since forward-looking information addresses future events and conditions, by its very nature they involve inherent risks and uncertainties. These include, but are not limited to: the risk that our anticipated dividend increases and return of capital framework is delayed or amended; the risk that any of our material assumptions prove to be materially inaccurate, including our 2022 and 2023 forecasts; the risks associated with the oil and gas industry in general such as operational risks in development, exploration and production; pandemics and epidemics; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of estimates and projections relating to reserves, production, costs and expenses; risks associated with increasing costs, whether due to high inflation rates, supply chain disruptions or other factors; health, safety and environmental risks; commodity price and exchange rate fluctuations; interest rate fluctuations; inflation rate fluctuations; marketing and transportation; loss of markets; environmental risks; competition; incorrect assessment of the value of acquisitions, including the XTO acquisition; failure to complete or realize the anticipated benefits of acquisitions or dispositions, including the XTO acquisition; ability to access sufficient capital from internal and external sources on acceptable terms or at all; failure to obtain required regulatory and other approvals; reliance on third parties and pipeline systems; and changes in legislation, including but not limited to tax laws, production curtailment, royalties and environmental regulations. Our actual results, performance or achievement could differ materially from those expressed in, or implied by, the forward-looking information and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits that we will derive therefrom. Management has included the above summary of assumptions and risks related to forward-looking information provided in this press release in order to provide security holders with a more complete perspective on our future operations and such information may not be appropriate for other purposes.

Readers are cautioned that the foregoing lists of factors are not exhaustive. Additional information on these and other factors that could affect our operations or financial results are included in reports on file with applicable securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com).

These forward-looking statements are made as of the date of this press release and we disclaim any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

This press release contains future-oriented financial information and financial outlook information (collectively, "FOFI") about Whitecap's 2022 and 2023 average daily production and capital expenditures all of which are subject to the same assumptions, risk factors, limitations, and qualifications as set forth in the above paragraphs. The actual results of operations of Whitecap and the resulting financial results will likely vary from the amounts set forth herein and such variation may be material. Whitecap and its management believe that the FOFI has been prepared on a reasonable basis, reflecting management's best estimates and judgments. However, because this information is subjective and subject to numerous risks, it should not be relied on as necessarily indicative of future results. Except as required by applicable securities laws, Whitecap undertakes no obligation to update such FOFI. FOFI contained in this press release was made as of the date of this press release and was provided for the purpose of providing further information about Whitecap's anticipated future business operations. Readers are cautioned that the FOFI contained in this press release should not be used for purposes other than for which it is disclosed herein.

OIL AND GAS ADVISORIES

Barrel of Oil Equivalency

"Boe" means barrel of oil equivalent. All boe conversions in this press release are derived by converting gas to oil at the ratio of six thousand cubic feet ("Mcf") of natural gas to one barrel ("Bbl") of oil. Boe may be misleading, particularly if used in isolation. A Boe conversion rate of 1 Bbl : 6 Mcf is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio of oil compared to natural gas based on currently prevailing prices is significantly different than the energy equivalency ratio of 1 Bbl : 6 Mcf, utilizing a conversion ratio of 1 Bbl : 6 Mcf may be misleading as an indication of value.

Production, Initial Production Rates and Product Type Information

References to petroleum, crude oil, natural gas liquids ("NGLs"), natural gas and average daily production in this press release refer to the light and medium crude oil, tight crude oil, conventional natural gas, shale gas and NGLs product types, as applicable, as defined in National Instrument 51-101 ("NI 51-101").

NI 51-101 includes condensate within the NGLs product type. The Company has disclosed condensate as combined with crude oil and separately from other NGLs since the price of condensate as compared to other NGLs is currently significantly higher, and the Company believes that this crude oil and condensate presentation provides a more accurate description of its operations and results therefrom. Crude oil therefore refers to light oil, medium oil, tight oil and condensate. NGLs refers to ethane, propane, butane and pentane combined. Natural gas refers to conventional natural gas and shale gas combined.

Any references in this news release to initial production rates (Current, IP(30), IP(60), IP(180)) are useful in confirming the presence of hydrocarbons, however, such rates are not determinative of the rates at which such wells will continue production and decline thereafter. While encouraging, readers are cautioned not to place reliance on such rates in calculating the aggregate production for Whitecap. 

The Company's average daily production for the three and six months ended June 30, 2022 and June 30, 2021, the average daily production rate per well for the 12-33 Montney pad at Kakwa IP(30), the aggregate average rate of production for the 12-33 Montney pad at Kakwa over the last seven days prior to being tied into permanent facilities, the average daily production rate per well for the 14-13 pad IP(180), and the forecast average daily production for the Company for the full year 2022 and 2023 disclosed in this press release consists of the following product types, as defined in NI 51-101 and using a conversion ratio of 1 Bbl : 6 Mcf where applicable:

Initial Production Rates	12-33 IP(30) per well	12-33 Seven Day Aggregate	14-13 IP(180) per well
Light and medium oil (bbls/d)	-	-	-
Tight oil/condensate (bbls/d)	855	3,555	474
Crude oil (bbls/d)	855	3,555	474
NGLs (bbls/d)	107	445	138
Shale gas (Mcf/d)	7,130	36,000	7,318
Conventional natural gas (Mcf/d)	-	-	-
Natural gas (Mcf/d)	7,130	36,000	7,318
Total (boe/d)	2,150	10,000	1,832

Whitecap Corporate	2022	2023
Light and medium oil (bbls/d)	78,280 - 79,420	80,750 – 81,750
Tight oil/condensate (bbls/d)	6,065 – 6,125	13,800 – 14,400
Crude oil (bbls/d)	84,345 – 85,545	94,550 – 96,150
NGLs (bbls/d)	12,465 – 12,765	15,400 – 15,960
Shale gas (Mcf/d)	96,060 – 96,940	195,400 – 210,440
Conventional natural gas (Mcf/d)	151,080 - 153,200	152,900 – 160,900
Natural gas (Mcf/d)	247,140 – 250,140	348,300 – 371,340
Total (boe/d)	138,000 – 140,000	168,000 – 174,000

	Three Months Ended June 30th		Six Months Ended June 30th
Whitecap Corporate	2022	2021	2022	2021
Light and medium oil (bbls/d)	85,364	79,214	84,001	72,000
Tight oil/condensate (bbls/d)	293	857	325	475
Crude oil (bbls/d)	85,657	80,071	84,326	72,475
NGLs (bbls/d)	13,465	11,308	14,025	10,413
Shale gas (Mcf/d)	50,250	11,489	50,923	5,925
Conventional natural gas (Mcf/d)	148,776	141,032	153,918	134,976
Natural gas (Mcf/d)	199,026	152,521	204,841	140,901
Total (boe/d)	132,293	116,799	132,491	106,372

SPECIFIED FINANCIAL MEASURES

This press release includes various specified financial measures, including non-GAAP financial measures, non-GAAP ratios, capital management measures and supplementary financial measures as further described herein. These financial measures are not standardized financial measures under International Financial Reporting Standards ("IFRS" or, alternatively, "GAAP") and, therefore, may not be comparable with the calculation of similar financial measures disclosed by other companies.

"Free funds flow" is a non-GAAP financial measure calculated as funds flow less expenditures on PP&E. Management believes that free funds flow provides a useful measure of Whitecap's ability to increase returns to shareholders and to grow the Company's business. Free funds flow is not a standardized financial measure under IFRS and, therefore, may not be comparable with the calculation of similar financial measures disclosed by other entities. The most directly comparable financial measure to free funds flow disclosed in the Company's primary financial statements is cash flow from operating activities. Refer to the "Cash Flow from Operating Activities, Funds Flow and Payout Ratios" section of our management's discussion and analysis for the three and six months ended June 30, 2022 which is incorporated herein by reference, and available on SEDAR at www.sedar.com.

"Funds flow", "funds flow basic ($/share)" and "funds flow diluted ($/share)" are capital management measures and are key measures of operating performance as they demonstrate Whitecap's ability to generate the cash necessary to pay dividends, repay debt, make capital investments, and/or to repurchase common shares under the Company's NCIB. Management believes that by excluding the temporary impact of changes in non-cash operating working capital, funds flow, funds flow basic ($/share) and funds flow diluted ($/share) provide useful measures of Whitecap's ability to generate cash that are not subject to short-term movements in non-cash operating working capital. Whitecap reports funds flow in total and on a per share basis (basic and diluted), which is calculated by dividing funds flow by the weighted average number of basic shares and weighted average number of diluted shares outstanding for the relevant period. See Note 5(e)(ii) "Capital Management – Funds Flow" in the Company's unaudited interim consolidated financial statements for the three and six months ended June 30, 2022 for additional disclosures.

"Net Debt" is a capital management measure that management considers to be key to assessing the Company's liquidity. See Note 5(e)(i) "Capital Management – Net Debt and Total Capitalization" in the Company's unaudited interim consolidated financial statements for the three and six months ended June 30, 2022 for additional disclosures.

"Operating netback" is a non-GAAP financial measure determined by adding marketing revenues and processing & other income, deducting realized losses on commodity risk management contracts or adding realized gains on commodity risk management contracts and deducting tariffs, royalties, operating expenses, transportation expenses and marketing expenses from petroleum and natural gas revenues. The most directly comparable financial measure to operating netback disclosed in the Company's primary financial statements is petroleum and natural gas sales. Operating netback is a measure used in operational and capital allocation decisions. Operating netback is not a standardized financial measure under IFRS and, therefore, may not be comparable with the calculation of similar financial measures disclosed by other entities. For further information, refer to the "Operating Netbacks" sections of our management's discussion and analysis for the three and six months ended June 30, 2022 which is incorporated herein by reference, and available on SEDAR at www.sedar.com. A reconciliation of operating netback to petroleum and natural gas revenues is set out below:

	Three months ended June 30,		Six months ended June 30,
Operating Netbacks ($000s)	2022	2021	2022	2021
Petroleum and natural gas revenues	1,261,989	613,520	2,265,866	1,062,412
Tariffs	(5,136)	(3,792)	(11,386)	(7,714)
Processing & other income	7,396	6,441	14,231	14,126
Marketing revenues	85,372	42,217	144,043	61,211
Petroleum and natural gas sales	1,349,621	658,386	2,412,754	1,130,035
Realized loss on commodity contracts	(116,257)	(51,390)	(194,094)	(80,644)
Royalties	(241,732)	(97,013)	(439,085)	(162,227)
Operating expenses	(186,583)	(145,886)	(350,857)	(261,074)
Transportation expenses	(27,035)	(24,626)	(51,857)	(42,289)
Marketing expenses	(84,462)	(42,684)	(142,795)	(61,787)
Operating netbacks	693,552	296,787	1,234,066	522,014

"Operating netback per boe" is a non-GAAP ratio calculated by dividing operating netbacks by the total production for the period. Operating netback is a non-GAAP financial measure component of operating netback per boe. Operating netback per boe is not a standardized financial measure under IFRS and, therefore may not be comparable with the calculation of similar financial measures disclosed by other entities. Presenting operating netback on a per boe basis allows management to better analyze performance against prior periods on a comparable basis.

"Total payout ratio" is a supplementary financial measure calculated as dividends paid or declared plus expenditures on PP&E, divided by funds flow. Management believes that total payout ratio provides a useful measure of Whitecap's capital reinvestment and dividend policy, as a percentage of the amount of funds flow.

The following table reconciles cash flow from operating activities to funds flow and free funds flow:

	Three months ended June 30,		Six months ended June 30,
($000s)	2022	2021	2022	2021
Cash flow from operating activities	676,779	283,981	1,067,329	501,126
Net change in non-cash working capital items	(137)	(17,417)	115,004	(46,795)
Funds flow	676,642	266,564	1,182,333	454,331
Expenditures on PP&E	87,991	39,420	299,525	158,282
Free funds flow	588,651	227,144	882,808	296,049
Dividends paid or declared	55,634	28,784	102,759	52,965
Total payout ratio (%)	21	26	34	46
Funds flow per share, basic	1.09	0.43	1.90	0.80
Funds flow per share, diluted	1.08	0.43	1.88	0.79
Dividends paid or declared per share	0.09	0.05	0.17	0.09

Per Share Amounts

Per share amounts noted in this press release are based on fully diluted shares outstanding.

SOURCE Whitecap Resources Inc.

Grant Fagerheim, President & CEO, or Thanh Kang, Senior Vice President & CFO, Whitecap Resources Inc., 3800, 525 - 8th Avenue SW, Calgary, AB T2P 1G1, [phone], www.wcap.ca, [email protected]