Financial Highlights


First Quarter Highlights

  • Production in the first quarter of 2015 was consistent with plan, averaging 94,905 boe per day compared to 111,461 boe per day in the first quarter of 2014. The decrease in production is primarily due to asset disposition activity in 2014 as the Company continued to increase its financial flexibility.

  • Development capital expenditures were $191 million during the first quarter of 2015 (2014 – $195 million) with activities focused in the Cardium and Viking plays.

  • Netbacks were $14.16 per boe compared to $35.52 per boe in the first quarter of 2014. The decrease is mainly due to a significant reduction in commodity prices.

  • Funds flow for the first quarter of 2015 was $112 million compared to $269 million in the comparative period in 2014. The decrease in funds flow is mainly due to a weaker commodity price environment and lower production volumes due to asset dispositions. This was partially offset by lower operating and general and administration expenses as a result of implementing successful cost reduction initiatives and proceeds from the monetization of certain hedges.

  • Net loss was $248 million in the first quarter of 2015 compared to a net loss of $89 million in the first quarter of 2014. The net loss in 2015 was due to a reduction in revenues primarily related to a lower commodity price environment and unrealized foreign exchange losses as the US dollar strengthened against the Canadian dollar.

 

  Three months ended March 31
                  2015       2014 % change
Financial (millions, except per share amounts)
Gross revenues (1)(2)  
$384
$673
(43)
Funds flow (2)  
$112
$269
(58)
Basic per share (2)  
$0.22
$0.55
(60)
Diluted per share (2)  
$0.22
$0.55
(60)
Net loss  
($248)
($89)
>(100)
Basic per share  
($0.49)
($0.18)
>(100)
Diluted per share  
($0.49)
($0.18)
>(100)
Development capital expenditures (3)  
$191
$195
(2)
Long term debt at period-end                  
$2,426
$2,353
3
Dividends (millions)
Dividends paid (4)        
$70
$68
3
DRIP  
($10)
($14)
(29)
Dividends paid in cash  
$60
$54
11
Operations
Daily production (average)
Light oil and NGL (bbls/d)      
52,448
58,520
(10)
Heavy oil (bbls/d)  
12,895
13,119
(2)
Natural gas (mmcf/d)  
177
239
(26)
Total production (boe/d) (5)  
94,905
111,461
(15)
Average sales price
Light oil and NGL (per bbl)        
$46.11
$92.69
(50)
Heavy oil (per bbl)  
$30.20
$69.38
(56)
Natural gas (per mcf)  
$3.08
$5.75
(46)
Netback per boe
Sales price  
$35.34
$69.16
(49)
Risk management gain (loss)    
$3.44
($1.98)
>100
Net sales price  
$38.78
$67.18
(42)
Royalties  
($4.30)
($10.12)
(58)
Operating expenses  
($18.97)
($20.35)
(7)
Transportation  
($1.35)
($1.19)
13
Netback (2)  
$14.16
$35.52
(60)

 

(1) Gross revenues include realized gains and losses on commodity contracts.

(2) The terms "gross revenues", “funds flow”, “funds flow per share-basic”, “funds flow per share-diluted” and “netback” are non-GAAP measures. Please refer to the "Calculation of FundsFlow" and "Non-GAAP Measures Advisory" in the press release or quarter report for information.

(3) Includes capital carried by partners.

(4) Includes dividends paid prior to amounts reinvested in shares under the dividend reinvestment plan, which is currently suspended.

(5) Please refer to the “Oil and Gas Information Advisory” in the press release or quarter report for information regarding the term “boe”.