11:10 AM EST - Whitecap Resources Inc. : Reported its operating and unaudited consolidated financial results for the three months ended March 31, 2020. The company achieved average production of 73,452 boe/d which was higher than our forecast of 72,000 – 73,000 boe/d and capital expenditures were $138.8 million which was lower than its forecast of $140 - $150 million. Whitecap's operating netback in the first quarter remained robust at $22.11 per boe, generating funds flow of $131.8 million or $0.32 per share. Net income, however, for the first quarter was negatively impacted by the severe economic dislocation that has led to a significant decrease to current and forecasted crude oil prices. This resulted in a non-cash accounting charge of $2.9 billion to its net book value. Whitecap Resources Inc.
shares T.WCP are trading up $0.31 at $1.88.
