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Whitecap Readjusts Budget as Low Prices Continue
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In response to the dramatic drop in crude oil prices over the past six weeks, Whitecap’s Board of Directors and Management felt it prudent and necessary to revise our budget outlook for 2015.
Our capital program for 2015 will be reduced by 32% to $245 million from $360 million in order to maintain our financial flexibility and to provide continuous long term sustainability for our shareholders. The capital reduction will allow Whitecap to still grow production per share by 5% in 2015 and maintain the monthly dividend at $0.0625/share all within a total payout ratio of less than 100%.
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