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WHITECAP RESOURCES INC NEWS RELEASE April 29 , 2021 WHITECAP RESOURCES INC . EXCEEDS GUIDANCE , ACHIEVES RECORD PRODUCTION AND GENERATES SIGNIFICANT FREE FUNDS FLOW CALGARY , ALBERTA - Whitecap Resources Inc. ( " Whitecap " or the " Company " ) ( TSX : WCP ) is pleased to report its operating and unaudited consolidated financial results for the three months ended March 31 , 2021 . 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 months ended March 31 , 2021 which are available at www.sedar.com and on our website at www.wcap.ca. FINANCIAL AND OPERATING HIGHLIGHTS Financial ( $ 000s except per share amounts ) Petroleum and natural gas revenues Net income ( loss ) Basic ( $ / share ) Diluted ( $ / share ) Funds flow Three months ended March 31 2020 2021 448,892 19,635 264,317 ( 2,111,474 ) 0.04 ( 5.17 ) 0.04 ( 5.17 ) 187,767 131,777 Basic ( $ / share ) 0.36 0.32 Diluted ( $ / share ) 0.36 0.32 Dividends paid or declared 24,181 34,906 Per share 0.04 0.09 Expenditures on property , plant and equipment 118,862 138,797 Total payout ratio ( % ) ( 1 ) 76 132 Property acquisitions 72,178 76 Property dispositions Corporate acquisitions Net debt Operating Average daily production Crude oil ( bbls / d ) NGLS ( bbls / d ) Natural gas ( Mcf / d ) Total ( boe / d ) ( 2 ) Average realized price ( 3 ) ( 20 ) 1,407,382 1,451,841 18,149 1,271,014 64,795 56,631 9,508 5,077 129,151 70,466 95,828 73,452 Crude oil ( $ / bbl ) 65.11 47.48 NGLS ( $ / bbl ) 35.50 12.30 Natural gas ( $ / Mcf ) 3.34 2.18 Total ( $ / boe ) 52.05 39.54 Netbacks ( $ / boe ) Petroleum and natural gas revenues 52.05 39.54 Tariffs ( 0.45 ) ( 0.46 ) Processing & other income 0.89 0.33 Marketing revenue 2.20 1.30 Petroleum and natural gas sales 54.69 40.71 Realized hedging gain ( loss ) Royalties Transportation expenses ( 3.39 ) 2.96 ( 7.56 ) ( 5.84 ) Operating expenses Marketing expenses Operating netbacks ( 1 ) Share information ( 000s ) Common shares outstanding , end of period Weighted average basic shares outstanding Weighted average diluted shares outstanding Notes : ( 1 ) Total payout ratio and operating netbacks do not have a standardized meaning under GAAP . Refer to non - GAAP measures in this press release for additional disclosure and assumptions . ( 2 ) Disclosure of production on a per boe basis in this press release consists of the constituent product types and their respective quantities disclosed in this table . ( 13.36 ) ( 12.20 ) ( 2.05 ) ( 2.33 ) ( 2.21 ) ( 1.19 ) 26.12 22.11 597,332 408,000 517,492 408,622 523,222 414,182 ( 3 ) Prior to the impact of hedging activities and tariffs .