Whitecap has cut its monthly dividend by 40% to $0.0375 per share ($0.45 annually), implying a new current yield of 7.0%. The 2016e capital program has been revised to $70 mm, 53% lower than the revised guidance issued on December 15th. Balance sheet flexibility further garnered by the $70 mm sale of facilities in Alberta and Saskatchewan. Based on the forward strip, proforma 2016e cash use to cash flow ratio improves dramatically to 94% (was 137%) and D/CF falls to 3.4x. However, with lower pro ....
20 Jan 2016
Whitecap Cuts Dividend/2016e Capital Program to Maintain Financial Flexibility
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Whitecap Cuts Dividend/2016e Capital Program to Maintain Financial Flexibility
Whitecap Resources Inc. (WCP:TSE) | 0 0 (-1.0%) | Mkt Cap: 3,323m
- Published:
20 Jan 2016 -
Author:
Cody R. Kwong -
Pages:
7
Whitecap has cut its monthly dividend by 40% to $0.0375 per share ($0.45 annually), implying a new current yield of 7.0%. The 2016e capital program has been revised to $70 mm, 53% lower than the revised guidance issued on December 15th. Balance sheet flexibility further garnered by the $70 mm sale of facilities in Alberta and Saskatchewan. Based on the forward strip, proforma 2016e cash use to cash flow ratio improves dramatically to 94% (was 137%) and D/CF falls to 3.4x. However, with lower pro ....