Our shareholders are now participating in the full integration and advancement of development opportunities on the acquired assets in addition to strengthening commodity prices. Whitecap has significantly increased its production by 74% to 115,935 boe/d in the third quarter compared to 66,681 boe/d in the prior year quarter through our strategic acquisitions which closed in 2021. The credit facility, when combined with $595 million of private placement notes outstanding, results in total credit capacity of $2.2 billion which provides Whitecap with significant financial flexibility. Subsequent to the quarter end, Whitecap extended the maturity date on its credit facility to and with strong support from its banking syndicate, has increased the credit facility to $1.6 billion. Whitecap's credit facility is a secured, covenant-based credit facility with an extendible four-year term and not subject to annual redeterminations.
Whitecap's balance sheet remains in excellent shape with a debt to EBITDA ratio of 1.2x at the end of the third quarter and is expected to be 0.9x by the end of the year, based on strip prices. Based on current strip prices, annual run rate operating income on the acquisition is $32 million. The acquisition adds approximately 1,600 boe/d (94% light oil) and 23 net sections of land (99% working interest) in the Weir Hill area. Whitecap closed the acquisition of a private company in Southeast Saskatchewan for $67 million. Since the beginning of the year, Whitecap has increased its monthly dividend by 58% to $0.0225 per share. Year to date, Whitecap has paid $83.8 million ( $0.14 per share) in dividends and repurchased 5.1 million shares under its NCIB at a weighted average price of $5.98 per share. Whitecap paid $31 million ( $0.05 per share) in dividends during the third quarter along with repurchasing 3.1 million shares under its normal course issuer bid ("NCIB").
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Record funds flow of $294 million ( $0.46 per share) was 59% higher on a per share basis than the prior year quarter and resulted in free funds flow of $159 million in the third quarter. Third quarter production of 115,935 boe/d (75% liquids) was 12% higher on a per share basis than the prior year quarter and slightly lower than the second quarter due to previously announced downtime at Weyburn, impacting third quarter production by approximately 1,600 boe/d (net to Whitecap). We highlight the following third quarter financial and operating results: Net income of $1.5 billion includes an after-tax impairment reversal of $1.4 billion due to increases in forward benchmark commodity prices. Record quarterly funds flow of $294 million ( $0.46 per share) resulted in discretionary funds flow of $128 million after capital investments of $135 million and dividends paid to shareholders of $31 million. We remain disciplined on capital investments with only $135 million invested in the third quarter compared to our forecast of $165 million. We achieved average production in the third quarter of 115,935 boe/d which was 1,935 boe/d higher than our forecast of 114,000 boe/d as both our base production and new well results continue to outperform our expectations.
Whitecap is pleased to report another exceptional quarter of operating and financial performance. Prior to the impact of hedging activities and tariffs. Refer to oil and gas advisories in this press release for additional disclosure. Refer to non-GAAP measures in this press release for additional disclosure and assumptions.ĭisclosure of production on a per boe basis in this press release consists of the constituent product types and their respective quantities disclosed in this table. Total payout ratio and operating netbacks do not have a standardized meaning under GAAP. Weighted average diluted shares outstanding Weighted average basic shares outstanding Financial ($000s except per share amounts)Įxpenditures on property, plant and equipment ("PP&E")
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