CALGARY — Whitecap Sources Inc. says report manufacturing and rising oil and gasoline costs drove robust first quarter earnings because it closed two main company acquisitions.
The Calgary-based firm says it produced a mean of 95,828 barrels of oil equal per day within the first quarter, up 30 per cent over 73,452 boe/d in the identical interval of 2020 or three per cent per share.
Throughout the three months ended March 31, it accomplished the acquisition of rival producers NAL Sources Ltd. and TORC Oil & Gasoline Ltd. in return for shares.
In early April, it struck a $300-million cash-and-shares deal to purchase non-public Kicking Horse Oil & Gasoline Ltd., for 34.5 million Whitecap frequent shares and $56 million in money.
Whitecap is reporting first-quarter internet revenue of $19.6 million, in contrast with a internet lack of $2.1 billion in the identical interval of 2020 when it recorded a $2.9-billion non-cash writedown within the worth of its property attributable to low oil costs.
It says its common realized crude oil value within the current quarter was C$65.11 per barrel, versus $47.48 a 12 months in the past, whereas pure gasoline liquids costs had been C$35.50 per barrel, up from $12.30 and pure gasoline bought for $3.34 per thousand cubic toes, up from $2.18.
This report by The Canadian Press was first revealed April 29, 2021.
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The Canadian Press