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Whitecap Resources returns to profit in Q2 despite lower production

Canada's Whitecap Resources Inc. reported Aug. 1 a net income of C$58.4 million, or 14 Canadian cents per share, for the second quarter, up from a loss of C$3.6 million, or 1 cent per share, a year ago.

Petroleum and natural gas revenue totaled C$374.7 million for the quarter, down from C$433.4 million in the prior-year period.

Production averaged 70,611 barrels of oil equivalent per day on limited capital expenditures of C$26.5 million, lower than 75,813 boe/d on capital expenditures of C$66.4 million a year earlier.

Whitecap plans to drill 174 wells and spend $300 million on capex in the second half, and raise average production to 77,000 boe/d in the fourth quarter.

The oil and gas producer also appointed former Saskatchewan premier Brad Wall to its board effective July 30. Wall will serve on the health and safety committee and the newly created sustainability and advocacy committee.