A total of nine (6.0 net) wells are expected to be brought on production at Kakwa in the second half of 2022. We are currently drilling the final well of a four-well pad at Kakwa with the wells expected to be brought on production during the third quarter. Over the first 90 days on production, the three wells have averaged 1,831 boe/d (36% condensate and NGLs) per well, which is more than 75% higher than our budget expectations of 1,026 boe/d (34% condensate and NGLs).
Our three well 14-13 pad was tied into permanent facilities during the first quarter with the wells quickly cleaning up and production stabilizing. Including the 44 (34.2 net) wells drilled in the fourth quarter, we have drilled a total of 115 (97.6 net) wells through the winter season up to the end of the first quarter of 2022 with the following highlights: Whitecap's operational performance through the winter drilling program was exceptional as the optimization and development enhancements applied to the acquired assets have continued to generate positive results. Quarter end debt to EBITDA ratio 7 was 0.7x and EBITDA to interest expense ratio 7 was 32.1x, well within our bank covenants of not greater than 4.0x and not less than 3.5x respectively. Whitecap retains significant financial flexibility with quarter end net debt of $1.1 billion on total credit capacity of $2.0 billion. We have 26.1 million shares remaining on our current NCIB and intend to renew the NCIB for another year when it expires on May 20, 2022.
As previously announced, our monthly dividend was increased by 33% to $0.03 per share with the March dividend, payable in April, representing an annual increase of $56 million and, subsequent to the first quarter, we repurchased 10.0 million common shares for $103.4 million under our NCIB. Whitecap returned $47 million in dividends to shareholders during the first quarter or $0.075 per share. Our strong netbacks, when combined with the accretive acquisitions completed over the past 18 months and the strategic use of our NCIB, resulted in a record funds flow of $506 million or $0.80 per share. First quarter operating netback 1 of $45.25/boe increased 73% from the first quarter of 2021 driven by continued strength in crude oil and natural gas prices during the quarter. Strong Operating Netback Drives Funds Flow.Accretive acquisitions, along with organic drilling success, contributed to the per share growth of 14% compared to the first quarter of 2021 and 11% compared to the fourth quarter of 2021. Average production of 132,691 boe/d (74% liquids) was up from 120,020 boe/d (75% liquids) in the fourth quarter of 2021 and 95,828 boe/d (78% liquids) in the first quarter of 2021. We highlight the following first quarter 2022 financial and operating results: The balance sheet remains in a strong, defensible position with total debt capacity of $2.0 billion and a debt to EBITDA ratio 7 of 0.7 times. In addition to total capital investments of $392 million and dividends to shareholders of $47 million in the first quarter, Whitecap was still able to strengthen its balance sheet by reducing net debt to $1.1 billion from $1.2 billion in the fourth quarter of 2021. We also repurchased for cancellation 10.0 million common shares subsequent to the quarter end under our normal course issuer bid ("NCIB"), all previously announced.
Whitecap industries free#
The significant free funds flow generated allowed us to enhance returns to shareholders through an accretive acquisition and a base dividend increase of 33% in the first quarter. Free funds flow 6 of $294 million was up from $69 million in the first quarter of 2021, resulting in a 253% increase per share. Strong operational execution and continued strength in commodity prices resulted in funds flow of $506 million, or $0.80 per share, up 122% per share compared to the first quarter of 2021 and 45% per share relative to the fourth quarter of 2021. We had a very active first quarter drilling program peaking at twelve rigs drilling 71 (63.4 net) wells across our four business units and invested $212 million of development capital expenditures in the quarter. Production increased 38% compared to the first quarter of 2021 and increased 10% compared to the fourth quarter of 2022. Whitecap's operational momentum continued in the first quarter of 2022 with record average production of 132,691 boe/d (74% liquids) which exceeded our expectation of 131,000 boe/d. Weighted average diluted shares outstanding Weighted average basic shares outstanding Petroleum and natural gas revenues ($/boe) 3 Financial ($000s except per share amounts)Įxpenditures on property, plant and equipment 2
0 kommentar(er)
