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 and six months ended
Financial ($ millions except for share amounts and percentages) | Three months ended | Six months ended | ||
2023 | 2022 | 2023 | 2022 | |
Petroleum and natural gas revenues | 797.9 | 1,262.0 | 1,681.6 | 2,265.9 |
Net income | 175.4 | 380.7 | 438.0 | 1,033.0 |
Basic ($/share) | 0.29 | 0.62 | 0.72 | 1.66 |
Diluted ($/share) | 0.29 | 0.61 | 0.72 | 1.65 |
Funds flow 1 | 415.1 | 676.6 | 863.1 | 1,182.3 |
Basic ($/share) 1 | 0.69 | 1.09 | 1.43 | 1.90 |
Diluted ($/share) 1 | 0.68 | 1.08 | 1.41 | 1.88 |
Dividends declared | 87.7 | 55.6 | 175.4 | 102.8 |
Per share | 0.15 | 0.09 | 0.29 | 0.17 |
Expenditures on property, plant and equipment 2 | 217.8 | 87.9 | 471.4 | 299.4 |
Total payout ratio (%) 1 | 74 | 21 | 75 | 34 |
Net Debt 1 | 1,361.2 | 673.8 | 1,361.2 | 673.8 |
Operating | ||||
Average daily production | ||||
Crude oil (bbls/d) | 82,649 | 85,657 | 84,452 | 84,326 |
NGLs (bbls/d) | 15,448 | 13,465 | 16,048 | 14,025 |
Natural gas (Mcf/d) | 294,412 | 199,026 | 303,734 | 204,841 |
Total (boe/d) 3 | 147,166 | 132,293 | 151,122 | 132,491 |
Average realized Price 1,4 | ||||
Crude oil ($/bbl) | 90.59 | 133.57 | 91.17 | 122.98 |
NGLs ($/bbl) | 33.58 | 66.38 | 40.76 | 60.31 |
Natural gas ($/Mcf) | 2.59 | 7.70 | 3.08 | 6.36 |
Petroleum and natural gas revenues ($/boe) 1 | 59.58 | 104.83 | 61.48 | 94.49 |
Operating Netback ($/boe) 1 | ||||
Petroleum and natural gas revenues | 59.58 | 104.83 | 61.48 | 94.49 |
Tariffs 1 | (0.50) | (0.43) | (0.52) | (0.47) |
Processing & other income 1 | 1.08 | 0.61 | 0.96 | 0.59 |
Marketing revenues 1 | 5.06 | 7.09 | 4.84 | 6.01 |
Petroleum and natural gas sales 1 | 65.22 | 112.10 | 66.76 | 100.62 |
Realized gain/(loss) on commodity contracts 1 | 0.89 | (9.66) | 0.77 | (8.09) |
Royalties 1 | (9.57) | (20.08) | (10.56) | (18.31) |
Operating expenses 1 | (15.16) | (15.50) | (14.55) | (14.63) |
Transportation expenses 1 | (2.23) | (2.25) | (2.18) | (2.16) |
Marketing expenses 1 | (5.08) | (7.02) | (4.83) | (5.95) |
Operating netbacks | 34.07 | 57.59 | 35.41 | 51.48 |
Share information (millions) | ||||
Common shares outstanding, end of period | 605.8 | 618.6 | 605.8 | 618.6 |
Weighted average basic shares outstanding | 605.2 | 618.4 | 605.6 | 621.8 |
Weighted average diluted shares outstanding | 609.2 | 625.1 | 610.1 | 627.5 |
MESSAGE TO SHAREHOLDERS
Whitecap benefitted from strong crude oil prices in the second quarter with our high quality oil-weighted assets, generating
Return of capital to shareholders consisted of
Second quarter production of 147,166 boe/d included 98,097 bbls/d of total liquids production (oil, condensate and NGLs) and 294,412 mcf/d of natural gas production. Production per share5 increased 14% compared to the same quarter in 2022. The Alberta wildfires impacted production and operations during the quarter, resulting in assets being shut-in at various times throughout the month of May and into June. There was no significant damage to our assets and all production impacted by the wildfires is now back online. We would like to acknowledge our field personnel and their families as well as the first responders and emergency response agencies for their efforts in the affected communities over the past several months.
We spud a total of 43 (41.6 net) wells during the second quarter, 34 (32.6 net) wells in our East Division (formerly the
We continue to fortify the balance sheet, further reducing net debt by
We provide the following second quarter 2023 financial and operating highlights:
- Funds Flow. Whitecap's second quarter funds flow of
$415 million , or$0.68 per share, continued to benefit from stronger liquids production than internally forecasted. Second quarter WTI prices in Canadian dollars averaged almost$100 per barrel, with differentials on our sour and medium grades of crude oil production narrowing towards historical averages and contributing to our crude oil realized price of over$90 per barrel. - Strong Liquids Production. Production of 147,166 boe/d was higher than internal expectations, after giving effect to the wildfire impact, with higher liquids production contributing to the strong second quarter funds flow. Our
Southeast Saskatchewan conventional and Central Alberta Glauconite assets were the main drivers of the liquids outperformance during the quarter. - Return of Capital Focus. Whitecap's second quarter dividends of
$0.15 per share ($0.58 per share annualized) totalled$88 million , with year-to-date dividends plus share repurchases under our normal course issuer bid ("NCIB") equating to$208 million , or$0.34 per share. During the second quarter, we renewed our NCIB which allows for the purchase of up to 59.7 million shares, or 10% of the public float, toMay 22, 2024 . - Balance Sheet Strength. Quarter end net debt of
$1.36 billion equated to a debt to EBITDA ratio of 0.6 times and an EBITDA to interest expense ratio6 of 28.8 times, both well within our debt covenants of not greater than 4.0 times and not less than 3.5 times, respectively. Over 60% of our long-term debt is not exposed to interest rate fluctuations, keeping our interest and financing costs low at just over$1.00 per boe in the second quarter.
OUTLOOK
Our 2023 capital budget of
Whitecap has an extensive inventory of high quality unconventional drilling opportunities in the liquids-rich
Since entering the Montney resource play at Kakwa in mid-2021, we have drilled 24 wells of which 17 wells have more than 3 months of production history. Of these 17 wells, 82% have achieved or are expected to achieve capital payout in less than 12 months. The economics of this play continue to rank top quartile within Whitecap's portfolio and, in addition, we have identified multiple opportunities to further enhance our capital efficiencies in this play. For the second half of 2023, we plan to spud 15 (15.0 net) Montney wells and bring 8 (8.0 net) wells on production prior to the end of the year.
Commencement of our
As a result of the operational and financial impacts of the Alberta wildfires, we now expect to reach our
On behalf of our employees, management team and Board of Directors, we would like to thank our shareholders for their support and look forward to updating you on our progress throughout the remainder of the year.
NOTES
1 | Funds flow, funds flow basic ($/share), funds flow diluted ($/share) and net debt are capital management measures. Total payout ratio, average realized price and per boe disclosure figures are supplementary financial measures. Operating netback and free funds flow are non-GAAP financial measures. Operating netbacks ($/boe) is a non-GAAP ratio. Refer to the Specified Financial Measures section in this press release for additional disclosure and assumptions. |
2 | Also referred to herein as "capital expenditures" and "capital spending". |
3 | Disclosure of production on a per boe basis in this press release consists of the constituent product types and their respective quantities disclosed herein. Refer to Barrel of Oil Equivalency and Production and Product Type Information in this press release for additional disclosure. |
4 | Prior to the impact of risk management activities and tariffs. |
5 | Production per share is the Company's total crude oil, NGL and natural gas production volumes for the applicable period divided by the weighted average number of diluted shares outstanding for the applicable period. Production per share growth is determined in comparison to the applicable comparative period. |
6 | Debt to EBITDA ratio and EBITDA to interest expense ratio are specified financial measures that are calculated in accordance with the financial covenants in our credit agreement. |
7 | Disclosure of drilling locations in this press release consists of proved, probable, and unbooked locations and their respective quantities on a gross and net basis as disclosed herein. Refer to Drilling Locations in this press release for additional disclosure. |
8 | Based on the following strip commodity pricing and exchange rate assumptions for the second half of 2023: |
CONFERENCE CALL AND WEBCAST
Whitecap has scheduled a conference call and webcast to begin promptly at
The conference call dial-in number is: 1-888-390-0605 or (587) 880-2175 or (416) 764-8609
A live webcast of the conference call will be accessible on Whitecap's website at www.wcap.ca by selecting "Investors", then "Presentations & Events". Shortly after the live webcast, an archived version will be available for approximately 14 days.
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements and forward-looking information (collectively "forward-looking information") within the meaning of applicable securities laws relating to the Company's plans and other aspects of our anticipated future operations, management focus, strategies, financial, operating and production results and business opportunities. Forward-looking information typically uses words such as "anticipate", "believe", "continue", "trend", "sustain", "project", "expect", "forecast", "budget", "goal", "guidance", "plan", "objective", "strategy", "target", "intend", "estimate", "potential", or similar words suggesting future outcomes, statements that actions, events or conditions "may", "would", "could" or "will" be taken or occur in the future, including statements about our strategy, plans, focus, objectives, priorities and position.
In particular, and without limiting the generality of the foregoing, this press release contains forward-looking information with respect to: our forecasts for average daily production (including by product type) and capital expenditures for 2023; our belief that we have a deep inventory of high-quality unconventional drilling opportunities supplemented by oil weighted conventional opportunities; our expectation to drill 187 (160.0 net) wells in our East Division in 2023; our belief that we have 3,562 (2,974 net) wells in inventory in our East Division; our expectation to drill 32 (28.9 net) wells in our West Division in 2023; our belief that we have 3,022 (2,701 net) wells in inventory in our West Division; our belief that our drilling opportunities allow us to generate significant free funds flow while growing sustainably at 3% to 8% production per share; the number of Montney wells at Kakwa that are expected to achieve capital payout in less than 12 months; our belief that the economics of the Montney play at Kakwa ranks top quartile within Whitecap's portfolio; our expectation to spud 15 (15.0 net) Montney wells in the second half of 2023 and bring 8 (8.0 net) Montney wells on production prior to the end of the year; our expectation that the first
The forward-looking information is based on certain key expectations and assumptions made by our management, including: that we will continue to conduct our operations in a manner consistent with past operations except as specifically noted herein (and for greater certainty, the forward-looking information contained herein excludes the potential impact of any acquisitions or dispositions that we may complete in the future); the general continuance or improvement in current industry conditions; the continuance of existing (and in certain circumstances, the implementation of proposed) tax, royalty and regulatory regimes; expectations and assumptions concerning prevailing and forecast commodity prices, exchange rates, interest rates, inflation rates, applicable royalty rates and tax laws, including the assumptions specifically set forth herein; that going forward the COVID-19 pandemic will not have a material impact on (i) the demand for crude oil, NGLs and natural gas, (ii) our supply chain, including our ability to obtain the equipment and services we require, and (iii) our ability to produce, transport and/or sell our crude oil, NGLs and natural gas; the ability of OPEC+ nations and other major producers of crude oil to adjust crude oil production levels and thereby manage world crude oil prices; the impact (and the duration thereof) of the ongoing military actions between
Although we believe that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Whitecap can give no assurance that they will prove to be correct. Since forward-looking information addresses future events and conditions, and by its very nature it involves inherent risks and uncertainties. These include, but are not limited to: the risk that the funds that we ultimately return to shareholders through dividends and/or share repurchases is less than currently anticipated and/or is delayed, whether due to the risks identified herein or otherwise; the risk that any of our material assumptions prove to be materially inaccurate, including our 2023 forecasts (including for commodity prices and exchange rates); the risks associated with the oil and gas industry in general such as operational risks in development, exploration and production, including the risk that weather events such as wildfires, flooding or extreme hot or cold temperatures forces us to shut-in production or otherwise adversely affects our operations; pandemics and epidemics; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of estimates and projections relating to reserves, production, costs and expenses; risks associated with increasing costs, whether due to high inflation rates, high interest rates, supply chain disruptions or other factors; health, safety and environmental risks; commodity price and exchange rate fluctuations; interest rate fluctuations; inflation rate fluctuations; marketing and transportation; loss of markets; environmental risks; competition; incorrect assessment of the value of acquisitions; failure to complete or realize the anticipated benefits of acquisitions or dispositions; ability to access sufficient capital from internal and external sources on acceptable terms or at all; failure to obtain required regulatory and other approvals; reliance on third parties and pipeline systems; changes in legislation, including but not limited to tax laws, production curtailment, royalties and environmental regulations; the risk that we do not successfully defend against previously disclosed and ongoing reassessments received from the
Readers are cautioned that the foregoing lists of factors are not exhaustive. Additional information on these and other factors that could affect our operations or financial results are included in reports on file with applicable securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com).
These forward-looking statements are made as of the date of this press release and we disclaim any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
This press release contains future-oriented financial information and financial outlook information (collectively, "FOFI") about our forecast 2023 capital expenditures, our forecast for reaching capital payout in less than 12 months on 82% of our Montney wells at Kakwa, our forecast for reaching our net debt milestone of
OIL AND GAS ADVISORIES
Barrel of Oil Equivalency
"Boe" means barrel of oil equivalent. All boe conversions in this press release are derived by converting gas to oil at the ratio of six thousand cubic feet ("Mcf") of natural gas to one barrel ("Bbl") of oil. Boe may be misleading, particularly if used in isolation. A Boe conversion rate of 1 Bbl : 6 Mcf is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio of oil compared to natural gas based on currently prevailing prices is significantly different than the energy equivalency ratio of 1 Bbl : 6 Mcf, utilizing a conversion ratio of 1 Bbl : 6 Mcf may be misleading as an indication of value.
Drilling Locations
This press release discloses drilling inventory in two categories: (i) booked locations (proved and probable); and (ii) unbooked locations. Booked locations represent the summation of proved and probable locations, which are derived from McDaniel's reserves evaluation effective
- Of the 3,562 (2,974 net) East Division drilling locations identified herein, 1,078 (917 net) are proved locations, 155 (123 net) are probable locations, and 2,329 (1,934 net) are unbooked locations.
- Of the 3,022 (2,701 net) West Division drilling locations identified herein, 362 (321 net) are proved locations, 154 (131 net) are probable locations, and 2,506 (2,249 net) are unbooked locations.
Unbooked locations consist of drilling locations that have been identified by management as an estimation of our multi-year drilling activities based on evaluation of applicable geologic, seismic, engineering, production and reserves information. There is no certainty that we will drill all of these drilling locations and if drilled there is no certainty that such locations will result in additional oil and gas reserves, resources or production. The drilling locations on which we drill wells will ultimately depend upon the availability of capital, regulatory approvals, seasonal restrictions, oil and natural gas prices, costs, actual drilling results, additional reservoir information that is obtained and other factors. While certain of the unbooked drilling locations have been de-risked by drilling existing wells in relative close proximity to such unbooked drilling locations, other unbooked drilling locations are farther away from existing wells where management has less information about the characteristics of the reservoir and therefore there is more uncertainty whether wells will be drilled in such locations and if drilled there is more uncertainty that such wells will result in additional oil and gas reserves, resources or production.
Production & Product Type Information
References to petroleum, crude oil, natural gas liquids ("NGLs"), natural gas and average daily production in this press release refer to the light and medium crude oil, tight crude oil, conventional natural gas, shale gas and NGLs product types, as applicable, as defined in National Instrument 51-101 ("NI 51-101"), except as noted below.
NI 51-101 includes condensate within the NGLs product type. The Company has disclosed condensate as combined with crude oil and separately from other NGLs since the price of condensate as compared to other NGLs is currently significantly higher and the Company believes that this crude oil and condensate presentation provides a more accurate description of its operations and results therefrom. Crude oil therefore refers to light oil, medium oil, tight oil and condensate. NGLs refers to ethane, propane, butane and pentane combined. Natural gas refers to conventional natural gas and shale gas combined.
The Company's average daily production for the three and six months ended
Whitecap Corporate | Q2/2023 | Q2/2022 | 1H/2023 | 1H/2022 |
Light and medium oil (bbls/d) | 72,896 | 82,401 | 74,895 | 80,912 |
Tight oil (bbls/d) | 9,753 | 3,256 | 9,557 | 3,414 |
Crude oil (bbls/d) | 82,649 | 85,657 | 84,452 | 84,326 |
NGLs (bbls/d) | 15,448 | 13,465 | 16,048 | 14,025 |
Shale gas (Mcf/d) | 157,329 | 50,250 | 157,675 | 50,924 |
Conventional natural gas (Mcf/d) | 137,083 | 148,776 | 146,059 | 153,918 |
Natural gas (Mcf/d) | 294,412 | 199,026 | 303,734 | 204,841 |
Total (boe/d) | 147,166 | 132,293 | 151,122 | 132,491 |
Whitecap Corporate | 2023 Guidance (Previous – | 2023 Guidance (Mid-point) | ||
Light and medium oil (bbls/d) | 72,500 | 75,000 | ||
Tight oil (bbls/d) | 13,000 | 10,750 | ||
Crude oil (bbls/d) | 85,500 | 85,750 | ||
NGLs (bbls/d) | 17,000 | 17,250 | ||
Shale gas (Mcf/d) | 207,000 | 192,400 | ||
Conventional natural gas (Mcf/d) | 144,000 | 137,600 | ||
Natural gas (Mcf/d) | 351,000 | 330,000 | ||
Total (boe/d) | 161,000 | 158,000 |
SPECIFIED FINANCIAL MEASURES
This press release includes various specified financial measures, including non-GAAP financial measures, non-GAAP ratios, capital management measures and supplementary financial measures as further described herein. These financial measures are not standardized financial measures under International Financial Reporting Standards ("IFRS" or, alternatively, "GAAP") and, therefore, may not be comparable with the calculation of similar financial measures disclosed by other companies.
"Average realized prices" for crude oil, NGLs and natural gas are supplementary financial measures calculated by dividing each of these components of petroleum and natural gas revenues, disclosed in Note 15 "Revenue" to the Company's unaudited interim consolidated financial statements for the three and six months ended
"Free funds flow" is a non-GAAP financial measure calculated as funds flow less expenditures on property, plant and equipment ("PP&E"). Management believes that free funds flow provides a useful measure of Whitecap's ability to increase returns to shareholders and to grow the Company's business. Free funds flow is not a standardized financial measure under IFRS and, therefore, may not be comparable with the calculation of similar financial measures disclosed by other entities. The most directly comparable financial measure to free funds flow disclosed in the Company's primary financial statements is cash flow from operating activities. Refer to the "Cash Flow from Operating Activities, Funds Flow and Payout Ratios" section of our management's discussion and analysis for the three and six months ended
Three months ended | Six months ended | |||
($ millions) | 2023 | 2022 | 2023 | 2022 |
Cash flow from operating activities | 414.9 | 676.8 | 883.5 | 1,067.3 |
Net change in non-cash working capital items | 0.2 | (0.1) | (20.4) | 115.0 |
Funds flow | 415.1 | 676.6 | 863.1 | 1,182.3 |
Expenditures on PP&E | 217.8 | 87.9 | 471.4 | 299.4 |
Free funds flow | 197.3 | 588.7 | 391.7 | 882.9 |
Total payout ratio (%) | 74 | 21 | 75 | 34 |
Funds flow per share, basic | 0.69 | 1.09 | 1.43 | 1.90 |
Funds flow per share, diluted | 0.68 | 1.08 | 1.41 | 1.88 |
"Funds flow", "funds flow basic ($/share)" and "funds flow diluted ($/share)" are capital management measures and are key measures of operating performance as they demonstrate Whitecap's ability to generate the cash necessary to pay dividends, repay debt, make capital investments, and/or to repurchase common shares under the Company's normal course issuer bid. Management believes that by excluding the temporary impact of changes in non-cash operating working capital, funds flow, funds flow basic ($/share) and funds flow diluted ($/share) provide useful measures of Whitecap's ability to generate cash that are not subject to short-term movements in non-cash operating working capital. Whitecap reports funds flow in total and on a per share basis (basic and diluted), which is calculated by dividing funds flow by the weighted average number of basic shares and weighted average number of diluted shares outstanding for the relevant period. See Note 5(e)(ii) "Capital Management – Funds Flow" in the Company's unaudited interim consolidated financial statements for the three and six months ended June 30, 2023 for additional disclosures.
"Net Debt" is a capital management measure that management considers to be key to assessing the Company's liquidity. See Note 5(e)(i) "Capital Management – Net Debt and Total Capitalization" in the Company's unaudited interim consolidated financial statements for the three and six months ended June 30, 2023 for additional disclosures. The following table reconciles the Company's long-term debt to net debt:
Net Debt ($ millions) | ||||
Long-term debt | 1,259.5 | 1,844.6 | ||
Accounts receivable | (357.5) | (480.2) | ||
Deposits and prepaid expenses | (28.1) | (22.7) | ||
Accounts payable and accrued liabilities | 458.1 | 549.1 | ||
Dividends payable | 29.2 | 22.3 | ||
Net Debt | 1,361.2 | 1,913.1 |
"Operating netback" is a non-GAAP financial measure determined by adding marketing revenues and processing & other income, deducting realized losses on commodity risk management contracts or adding realized gains on commodity risk management contracts and deducting tariffs, royalties, operating expenses, transportation expenses and marketing expenses from petroleum and natural gas revenues. The most directly comparable financial measure to operating netback disclosed in the Company's primary financial statements is petroleum and natural gas sales. Operating netback is a measure used in operational and capital allocation decisions. Operating netback is not a standardized financial measure under IFRS and, therefore, may not be comparable with the calculation of similar financial measures disclosed by other entities. For further information, refer to the "Operating Netbacks" section of our management's discussion and analysis for the three and six months ended
Three months ended | Six months ended | |||
Operating Netbacks ($ millions) | 2023 | 2022 | 2023 | 2022 |
Petroleum and natural gas revenues | 797.9 | 1,262.0 | 1,681.6 | 2,265.9 |
Tariffs | (6.7) | (5.1) | (14.3) | (11.4) |
Processing & other income | 14.4 | 7.4 | 26.2 | 14.2 |
Marketing revenues | 67.8 | 85.4 | 132.5 | 144.1 |
Petroleum and natural gas sales | 873.4 | 1,349.6 | 1,826.0 | 2,412.8 |
Realized gain (loss) on commodity contracts | 11.9 | (116.3) | 21.0 | (194.1) |
Royalties | (128.2) | (241.7) | (288.9) | (439.1) |
Operating expenses | (203.0) | (186.6) | (398.1) | (350.9) |
Transportation expenses | (29.8) | (27.0) | (59.6) | (51.9) |
Marketing expenses | (68.0) | (84.5) | (132.2) | (142.8) |
Operating netbacks | 456.3 | 693.6 | 968.2 | 1,234.0 |
"Operating netback ($/boe)" is a non-GAAP ratio calculated by dividing operating netbacks by the total production for the period. Operating netback is a non-GAAP financial measure component of operating netback per boe. Operating netback per boe is not a standardized financial measure under IFRS and, therefore may not be comparable with the calculation of similar financial measures disclosed by other entities. Presenting operating netback on a per boe basis allows management to better analyze performance against prior periods on a comparable basis.
"Petroleum and natural gas revenues ($/boe)", "Tariffs ($/boe)", "Processing and other income ($/boe)" and "Marketing revenues ($/boe)" are supplementary financial measures calculated by dividing each of these components of petroleum and natural gas sales, disclosed in Note 15 "Revenue" to the Company's unaudited interim consolidated financial statements for the three and six months ended
"Per boe" or "($/boe)" disclosures for petroleum and natural gas sales, royalties, operating expenses, transportation expenses, marketing expenses and interest and financing costs are supplementary financial measures that are calculated by dividing each of these respective GAAP measures by the Company's total production volumes for the period.
"Realized gain (loss) on commodity contracts ($/boe)" is a supplementary financial measure calculated by dividing realized gain (loss) on commodity contracts, disclosed in Note 5(d) "Financial Instruments and Risk Management – Market Risk" to the Company's unaudited interim consolidated financial statements for the three and six months ended
"Total payout ratio" is a supplementary financial measure calculated as dividends declared plus expenditures on PP&E, divided by funds flow. Management believes that total payout ratio provides a useful measure of Whitecap's capital reinvestment and dividend policy, as a percentage of the amount of funds flow.
Per Share Amounts
Per share amounts noted in this press release are based on fully diluted shares outstanding unless noted otherwise.
SOURCE
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