14 Awesome Easter Bunny Coloring Pages Just about every major news flash store from CNN to CBS News is definitely confirming about the older dyes phenomenon. Precisely what was formerly an action that retained so many of us kept amused because little ones, is now ablation to be a tendency grown ups usually are arriving at love. Restorative factors mothers and fathers sought to maintain their youngsters quiet or perhaps kept entertained just before meal, are increasingly being put on grownups, to help you sidetrack them from the each day stresses associated with life.
Colour books aren't only for little ones, it is really great for older people too. The research behind them is actually incredible. Men and women are using all of them intended for mindfulness as well as visualization. Modern day customer is usually a friend, Brianna Greenspan. Briana has to conquer the particular real issues being blessed using a continual undetectable illness. She's been using only favourable affirmation within the past 10 years. By spine brackets, surgeries and numerous doctor visits to help competing the woman's very first 10k, climbing 50 percent Dome Yosemite Country's Recreation area, Brianna will be an income substantiation of which the effectiveness of favourable affirmation can prevail over whatever that is certainly stopping you from proceeding! Brianna introduced the theory to incorporate a powerful affirmations by This Miracle Early morning E book to a colouring book.
@on this DIY with action. I adore taking outside spare-time activities a pace further more by simply turning these individuals within exciting crafts. These kinds of DIY coated eyeglasses are attractive, very easy to create, giftable, and… made from older color pages.
First issues primary — print your required graphic through the computer. In the event the snapshot just isn't non colored documents, we recommend people print out the black and white version. Put simply to be able to trace. Expert Idea: Opt for an image by using easy models, one where color variation in addition to eye shadows will not be precisely what is this photo. Because this becomes any collection sketching, gradients as well as refined variations via eye shadows will likely be lost.
Make your very own shading guide pages intended for watercolor, colored pencils, paintball guns, crayons, etc. Within this swift course you will discover how to design and style your very own colouring guide webpage in different fashion you want. When you are caught up on the amount to draw in, consider fretting hand letters a message in addition to drawing doodled patterns all over this!


text:
In reading Kant, Lacan and Zupančič engage in moderately disingenuous renderings of the Categorical Imperative. Zupančič, at least, is quite up front about this and indeed accomplishes a great deal in her front-loaded critique of Kant's failures in reasoning. She outlines this in argument in Ethics of the Real: Kant and Lacan (2000). Zupančič criticizes Kant due to the fundamental error in his ethics which, according to Zupančič, are supposed to exist only on the level of the Categorical Imperative. That is to say, all the content of morality is determined by the maxim followed for no reason other than duty. Zupančič writes of Kant's ethics, "a sharp break, a 'paradigm shift', is required to move from the logical to the ethical" (Zupančič 10). And yet Zupančič accuses Kant of failing to achieve this sharp break that his ethics require. Zupančič points to Kant's unwillingness, first elucidated by Lacan, to admit to the possibility of the perverse subject motivated by jouissance to fuck the object of his or her lust and then submit themselves to death immediately afterwards. In Kant's view, surely this is absurd. No one would exchange their life for one sexual act, a momentary pleasure. But jouissance and the death drive suggest precisely the opposite, there is nothing to preclude this potential and nothing to suggest it is an impossibility other than the regulatory forms of ideology in the Athusserian sense or civilization in the Freudian sense. Zupančič, again, takes Kant to task for his discomfort with the violent execution of a king. To narrate it briefly, Zupančič says:
"'diabolical evil' inevitably coincides with 'the highest good', which is precisely why, in his discussion of the formal execution of the monarch, Kant is forced to describe it in the same terms as he would describe a pure ethical act." (Zupančič 91)
Zupančič goes on to say:
"diabolical evil, the highest evil, is indistinguishable from the highest good, and that they are nothing other than the definitions of an accomplished (ethical) act. In other words, at the level of the structure of the ethical act, the difference between good and evil does not exist. At this level, evil is formally indistinguishable from good." (Zupančič 92)
Zupančič, still, falls short of saying precisely what the issue Kant encounters is. There should be no ethical framework beyond the categorical imperative, and yet there is: ideology. Or, if you like, civilization. Zupančič posits (quite powerfully and productively) that Kant's Categorical Imperative offers a radical freedom if, as she says, Kant's ethics are only those that require the space of form (in this case, duty) expand into the space of content (in this case, ethics). This is a zero-degree ethical moment in which the structure of ethics can be formulated in relation to any such maxim that can be discharged for no reason other than duty (eliminating the pathological). This is ethics outside of ideology, ethics that produces ideology insofar as ethics is an inherently relational system. But, for Kant, the Categorical Imperative is not the zero-degree ethical moment. Kant's trepidation about the execution of the monarch, his denial of jouissance, his inability to conceive of the perverse subject, Kant's Categorical Imperative is already oriented in the direction of propagating ideology and/or civilization. For Kant, "diabolical evil" can never be the source of a maxim that is ethically permissible because such a maxim would threaten ideology. An example might be, "one must always lie." Such a notion would be generalizable and thus a maxim which is morally permissible. To lie, however, to always lie and never for even an instant speak the truth, this is certainly threatening to the fabric of an ideology or civilization. Another example that Zupančič actually cites is that of Sade. Sade's maxim, "that anyone can do what they wish to my body, and I can thus do anything I wish to any other body" is also generalizable in the same way but even more striking in its threat toward relationality and what I have described as ideological fabric, a description to which I am indebted to metaphor and colloquialism.
What makes Kant shudder in the face of these maxims when his own ethics establishes a space for them to be the source of morally good action? It is, as I have said, ideology. Zupančič's immeasurable value, then, is her desire to extricate Kantian ethics from ideology and raise them to the full value that is promised by their potential. The only ethics worth following is the one that is completely free. The ethics of the lie or the ethics of Sade, where the potential space for radical freedom opens up in the form of an incalculable number of maxims and moralities.
On Regulating a Movement or; "You're so vain, I'll bet you think this song is about you"
Carly Simon isn't happy. She isn't happy because of Gamergate, and neither am I. Thought the conflict between the various parties involved is unequivocally an ideological one, the argument has been derailed and perverted into a... Continue →

redpajama_set_name: RedPajamaCommonCrawl


Happy New Year! I hope all of you had an excellent holiday season and a restful break. The start of a new year is a great time to reflect about your previous experiences and a great time to charts new courses and make plans for growth. And for students, a new semester symbolizes a fresh start and an opportunity to academically excel in all classes.
With that in mind, at South East High School we expect all students and staff members to continually strive for academic excellence, and we expect students and staff members to push themselves to meet the challenges of our Vision and Mission.
Vision: South East High School is committed to providing a rigorous curriculum to educate and inspire students to explore higher education and expand career opportunities.
Mission: Through our core values (Collaboration, Reading and Research, 21st Century Teaching and Learning, and Coaching, Reflection, and Feedback) and thematic small schools, students will achieve personal and academic goals for success in the future.
As such, we expect parents and guardians to help their students become successful learners. Parents and guardians are expected to hold their students accountable for completing homework, projects, and daily reading. In addition, parents and guardians are expected to dialogue with their students to help them offer support and to help them stay connected with the demands of a high school student.
One way to accomplish this is to study the Habits of Mind. These habits are simply behaviors that lead to success. The more our students exemplify these habits, the more likely they are to succeed! Please take the time to review the Habits of Mind, that are listed on the chart on the right, with your students. An article on the back page provides further information about Habits of Mind. Please encourage your students to attend school every day and encourage them to persevere as they encounter new learning opportunities.
As the Spring Semester progresses, students will have to apply what they have learned. Tenth graders will take the science portion of the California Standards Test (CST). All 11th grade students will take the Smarter Balanced assessments starting in April to measure how well they have learned the Common Core State Standards (CCSS). I'm confident that our students will meet the challenges of the assessments and make South East High School proud of their accomplishments.
You should have received final grades for your child's 1st semester classes. Do you know where your child stands in making progress towards graduation? Our counselors are available Monday –Friday from 7:30 a.m. to 2:30 p.m. to review your child's academic progress with you. To recognize those students who have excelled in their academics and in their small schools, there will be a Fall Academic Awards Ceremony on February 5th (9th and 10th grade) and February 12th (11th and 12th grade) at 1:30 PM. It is always wonderful to see proud parents in the audience.
On a final note, if you have not completed the School Experience Survey that was sent home with most students, then please do so immediately and send it to our school with your child. The survey gives us important information that lets us know how we are doing in terms of meeting the needs of our students and parents.


text:
Фаддей Филимонович Дубонос ( — ?) — член II Государственной думы от Подольской губернии, крестьянин.

Биография

Православный, крестьянин села Бондуровка Ольгопольского уезда.

Окончил начальную церковно-приходскую школу. Занимался земледелием (2½ десятины).

В феврале 1907 года был избран в II Государственную думу от Подольской губернии. Входил в Трудовую группу, фракцию Крестьянского союза и Украинскую фракцию.

Дальнейшая судьба неизвестна.

Литература
 Боиович М. М. Члены Государственной думы (Портреты и биографии). Второй созыв. М, 1907. С. 248.
 Государственная дума Российской империи: 1906—1917. — Москва: РОССПЭН, 2008.

Трудовая группа
Члены Государственной думы Российской империи II созыва

redpajama_set_name: RedPajamaWikipedia


text:
Q: SQL Server 2005 - Find Which Stored Procs Run To A Particular Table
*

*Is there a quick way that I can find
which stored procedures run to a
particular table in my database?

*The database is very large with lots of tables and SPROCS....

A: If you want to restrict the search to stored procedures then you can do this:
SELECT name
FROM sys.objects
WHERE type = 'P'
    AND OBJECT_DEFINITION(object_id) LIKE '%name_of_your_table%'
ORDER BY name

If you wanted to include other SQL modules -- for examples, functions, triggers, views etc -- then  you could alter the query to do WHERE type IN ('P', 'FN', 'IF', 'TF', 'V') etc, or use the alternative given in Martin's answer.

A: A Combination of looking at dependencies and looking at the text of your objects should do it.
select * from sys.sql_modules
where
definition like '%tableName%'
/*AND objectproperty(object_id,'isprocedure')=1 to just look at procedures*/

exec sp_depends 'tableName'

redpajama_set_name: RedPajamaStackExchange


Receding gums along with swelling and bleeding gums can be a sign of more than just gum sensitivity. If you have noticed swollen gums and receding gums along with gums that bleed easily, you may have a gum infection called periodontal disease. Periodontal disease, or gum disease, has one primary cause and course of treatment. Below we will discuss what periodontal disease is, how it causes swollen or receding gums and treatment options.
Periodontal disease, or gum disease, is a gum infection. Most patients with periodontal disease first have gingivitis. Gingivitis is a treatable condition in which your gums may be sensitive and bleed easier than healthy gums. Swollen gums or inflammation of the gums with gingivitis is typically mild. Gingivitis treatment consists of having regular professional cleanings as well as meticulous home care including brushing twice a day, flossing daily, and using an ADA approved mouthwash.
Gingivitis progresses to gum disease when plaque and bacteria are allowed to sit on the teeth and gums and harden into what is known as calculus. Only a professional cleaning can remove calculus from your teeth. If you do not get your teeth professionally cleaned at regular intervals, calculus builds up and periodontal disease will develop.
Your gums support your teeth from the outside while your bone supports the roots of your teeth beneath the surface. If you have periodontal disease, it may seem like you have receding gums as the gums begin to pull away from your teeth. This creates what is known as a periodontal pocket. Once these pockets have formed, they trap even more plaque. At this point, you will not be able to clean deep enough on your own to prevent build up so it will turn into calculus where bacteria and infection will also develop.
The longer your teeth stay in this condition, the more damage it does not only to your gum tissue but the bone supporting your teeth beneath the gum line. Your bone will start to disintegrate as periodontal disease progresses which will cause your teeth to become loose. With both support structures loosening around your teeth, if periodontal disease is not stopped, your teeth can begin to fall out.
Periodontal Disease Treatment: How is it done?
Periodontal disease can be treated by one of our dental hygienists, or in severe cases you may be referred to a dentist who specializes in periodontal procedures (otherwise known as a periodontist). Scaling and root planning, also known as a deep cleaning, is the procedure used for gum disease treatment.
Scaling and root planing is performed in two separate appointments. One of Lincoln's best dental hygienists will perform scaling and root planning on one side of your mouth at the first appointment. Then the same process will take place on the second side of your mouth at the second appointment. Once the gentle anesthesia has been given, we will wait until you are comfortable and numb before proceeding with the procedure.
Dental tools will be used to scale the calculus off of your teeth and from beneath the gum line, then the root surface will be planned (smoothed) to help prevent plaque and bacteria from reattaching. Once scaling and root planing is complete, your receding gums will begin to tighten back up to your teeth. The pockets will then close preventing plaque and bacteria from re-entering.
How do you keep periodontal/gum disease from coming back after treatment?
Brush your teeth at least two times a day.
Floss or use soft picks every day to clean between teeth.
Use an ADA approved fluoride rinse like ACT or Listerine daily.
Visit your dentist every 3-4 months for periodontal maintenance cleanings to prevent further build up and monitor the disease.
If you have diabetes, make sure you keep it under control. Studies show that for diabetic patients, periodontal disease may progress faster and be more severe. Likewise, periodontal disease can have an adverse effect on your diabetes.
Why can't I have a "regular" cleaning (prophylaxis)?
Receding gums and gum infection caused by periodontal disease cannot be treated with a regular dental cleaning. Unfortunately, most insurances don't cover a deep cleaning at 100% because it's not considered preventative like a regular cleaning. Because of this, many patients request a regular routine cleaning instead of scaling and root planing.
When a regular cleaning is performed, it causes the gums to tighten back up around the teeth. A regular cleaning does not consist of cleaning deep below the gum line. Therefore, if this type of cleaning is performed on a patient with periodontal disease, not all of the calculus and bacteria will be cleaned out. When the gums tighten back to the tooth, the calculus and bacteria will become trapped. Trapped calculus and bacteria can cause serious complications for your oral and overall health.
If not treated properly, periodontal disease will lead to tooth loss. The important thing to remember when considering your treatment options is that your treatment plan will never be as cheap or conservative as it is at this moment.
Have professional periodontal maintenance cleanings every 3-4 months to control the bacterial growth.
Along with maintaining excellent home care and following our tips for improving overall health, it is important to have professional periodontal maintenance cleanings every three to four months to remove the plaque buildup from the below gum line. Working together with a dental professional can help to keep the periodontal disease in remission and the tissue and bone around the teeth healthy and stable.
It is important to note that most insurance plans will cover a portion but not 100 % of this necessary step in keeping periodontal disease in remission.
Since periodontal disease is an inflammatory condition that impacts a patient's overall health, it is important to consider lifestyle choices that can help the body work as efficiently as possible to keep it in remission.
Eat a diet rich in omega-3 fatty acids, the kinds found in fatty fish (herring, salmon, sardines, trout, tuna,) or fish oil and flaxseed.
Refrain from drinking soda or energy drinks.
Take probiotics with multiple strains of beneficial bacteria.
Take Vitamin C and D daily.
Exercise regularly — it's a natural anti-inflammatory.
Reduce stress by practicing deep relaxation like yoga, deep breathing, biofeedback, or massage.
Sleep at least 7 – 8 hours each night.
Drink at least 64 oz water daily.
The human GI tract is home to multiple strains of bacteria which create a unique flora to every person's specific body chemistry. Probiotics are a normal and friendly part of a healthy intestinal flora. They help our bodies digest food and vitamins and help maintain a healthy balance in the gut. Probiotics line the walls of the small intestine and colon, strengthening the GI tract and preventing an overgrowth of harmful bacteria.
The human mouth is filled with various kinds of bacteria. While some bacteria is harmless or even beneficial, other types of bacteria can cause dental diseases like cavities, as well as more serious problems like gingivitis and periodontal disease. In these dental diseases, harmful bacteria grows and spreads throughout the space in our mouths. If probiotics are present, they can occupy the space normally used by other bacteria. Thus, probiotics play an important role in the prevention of cavities, gingivitis, and periodontal disease.
Probiotics in a powdered, refrigerated form have been shown to be more effective than those in capsule form.
Look for a high CFU count and probiotic-containing multiple strains of bacteria.
Many probiotic supplements only contain one type of bacteria. It is important to find a probiotic that contains a variety of bacterial strains. These types of probiotics are more effective at fighting off disease-causing bacteria. Look for supplements with at least nine probiotic strains.


Last week, on ABC's Shark Tank, Kelly Chaney was turned down by the wealthy investors whom she hoped would invest in her product, Puppy Cake, a cake mix made especially for dogs. The "Sharks" were so against the idea because they thought there was not a large enough market and that Kelly's one line of "Puppy Cake" was not diverse enough. Kevin O'Leary and Damon John made some fairly ignorant comments about pet ownership and really discounted Kelly's vision.
I, however, think it's a very neat idea and I know many fellow dog lovers would agree that the market for pampering pooch products is overwhelming! In an effort to "show the Sharks they missed out", Kelly is offering her customers a great deal and free shipping on 3 boxes of Puppy Cake using the promo code SHARKTANK. I want to see Kelly succeed so I already ordered mine! I'll leave the decision to support her up to you: ORDER NOW and Let's Show The Sharks They Missed Out!
You can also check out the Puppy Cake sales pitch below if you haven't already seen it!


text:
Call Me Irresponsible (Standard Edition)
Michael Steven Bublé (born 9 September 1975 in Burnaby, British Columbia) is a Canadian singer and actor. He has won several awards, including three Grammy Awards and multiple Juno Awards. His first album reached the top ten in the United Kingdom and his home country of Canada. He found worldwide commercial success with his 2005 album It's Time, and his 2007 album Call Me Irresponsible was an even bigger success, reaching number one on the Canadian Albums Chart, the U. Read Full BioMichael Steven Bublé (born 9 September 1975 in Burnaby, British Columbia) is a Canadian singer and actor. He has won several awards, including three Grammy Awards and multiple Juno Awards. His first album reached the top ten in the United Kingdom and his home country of Canada. He found worldwide commercial success with his 2005 album It's Time, and his 2007 album Call Me Irresponsible was an even bigger success, reaching number one on the Canadian Albums Chart, the U.S. Billboard 200 chart, the Australian ARIA Albums Chart and the European charts. Bublé's fifth studio album, Christmas, was released on October 24, 2011 in the United Kingdom] and October 25, 2011 in the United States. The Cold December Night Songfacts states it was produced by David Foster, Bob Rock and Humberto Gatica. The album was recorded primarily at Capitol Recording Studios in Hollywood and The Warehouse Studios in Vancouver during July.
Michael Bublé's introduction to the music of the swing era came to him through his grandfather, who filled his grandson's ears with the sounds of The Mills Brothers, Ella Fitzgerald, Frank Sinatra, and others. As Bublé eagerly absorbed the recordings, he began to realize that he wanted to be a singer and that this style of music, virtually foreign to his own generation, was what he wanted to perform.
With his grandfather's assistance, Bublé soon learned a whole catalog of tunes and gained experience and exposure by singing as a guest with several local bands. While still in his teen years, he won the Canadian Youth Talent Search, released several independent albums, and performed in a musical review titled Swing that traveled across the U.S. It wasn't long before Bublé was introduced to Grammy-winning producer David Foster during a famous Canadian wedding of Brian Mulroney's daughter Caroline Mulroney. He later signed his first major recording contract with Reprise Records after that encounter.
The two Canadians began work on a debut album that would incorporate Bublé's aptitude for pop standards into songs that spanned several decades. His self-titled debut disc was released in early 2003, and featured jazzy takes on old standards like "Fever" and "The Way You Look Tonight" as well as newer classics like "Moondance" and "How Can You Mend A Broken Heart".
He finished off 2003 with an EP of holiday material, Let It Snow, and began 2004 with the live CD/DVD set Come Fly With Me. In 2005, It's Time was a number one hit in Canada, Japan, Italy, and Australia, and made the top ten of both the UK and US. Later that year he released the live album Caught in the Act. More recently, Michael received a 2010 Grammy Award for 'Best Traditional Pop Vocal Album' for 'Michael Bublé Meets Madison Square Garden.
Michael Bublé »
Sammy Davis, Jr.
Call Me IrresponsibleMichael Bublé
It's TimeMichael Bublé
Crazy LoveMichael Bublé
ChristmasMichael Bublé
Caught in the ActMichael Bublé
Michael BubléMichael Bublé
Christmas (Deluxe Special Edition)Michael Bublé
Michael Bublé (Christmas Limited Edition)Michael Bublé
To Be LovedMichael Bublé
BaBaluMichael Bublé
EverythingMichael Bublé
Come Fly With MeMichael Bublé
Call Me Irresponsible (Standard Edition)Michael Bublé
Crazy Love (Hollywood Edition)Michael Bublé
First DanceMichael Bublé
Let It SnowMichael Bublé
DreamMichael Bublé
Michael Bublé meets Madison Square GardenMichael Bublé
Michael Bublé (US Version)Michael Bublé
Nobody But MeMichael Bublé
Nobody But Me (Deluxe Version)Michael Bublé
Special DeliveryMichael Bublé
Totally BubleMichael Bublé
It's A Beautiful DayMichael Bublé
01The Best Is Yet To Come3:05Michael Bublé
02It Had Better Be Tonight (Meglio Stasera)3:06Michael Bublé
03Me and Mrs. Jones4:33Michael Bublé
04I'm Your Man4:59Michael Bublé
05Comin' Home Baby (Duet With Boyz II Men)3:25Michael Bublé
06Lost3:40Michael Bublé
07Call Me Irresponsible3:03Michael Bublé
08Wonderful Tonight - Duet With Ivan Lins4:12Michael Bublé
09Everything3:33Michael Bublé
10I've Got the World on a String2:47Michael Bublé
11Always on My Mind4:30Michael Bublé
12That's Life3:06Michael Bublé
13Dream5:06Michael Bublé
The Best Is Yet To Come 0:00 / 3:06
Michael Bublé Track 1/13
Source: The Best Is yet to Come
by Michael Bublé
Out of the tree of life I just picked me a plum
You came along and everything started to hum
Still, it's a real good bet the best is yet to come
The best is yet to come, and babe won't it be fine
You think you've seen the sun, but you ain't seen it shine
Wait till the warm-up's underway
Wait till our lips have met
Wait till you see that sunshine day
You ain't seen nothin' yet
The best is yet to come, come the day you're mine
Come the day you're mine
Oh, come the day you're mine
I'm gonna teach you to fly
We've only tasted the wine
We're gonna drain that cup dry
Wait till your charms are right, for the arms to surround
You think you've flown before, but you ain't left the ground
Wait till you're locked in my embrace
Wait till I draw you near
Wait till you see that sunshine place
There ain't nothin' like it here
I've got plans for you, baby
And, baby, you're gonna fly
Lyrics © Sony/ATV Music Publishing LLC, WORDS & MUSIC A DIV OF BIG DEAL MUSIC LLC
Written by: Carolyn Leigh, Cy Coleman
Michael Buble - The Best Is Yet To Come (with lyrics on screen)
The Best Is Yet To Come - Michael Buble
Michael Buble - The Best is yet to come (Lyrics)
Michael Buble The Best Is Yet To Come
THE BEST IS YET TO COME - Sinatra/Buble Mashup
Michael Buble and Blake Shelton - Home ( Live 2008 ) HD
Michael Bublé - Such A Night [Official Visual]
Michael Bublé - It's A Beautiful Day [Official Music Video]
Michael Bublé - The Best Is Yet To Come (HQ Music)
Michael Bublé - Feeling Good [Official Music Video]
Michael Buble - Quando Quando (Feat. Nelly Furtado) HD
Michael Buble - The Best Is Yet To Come
Michael Buble sings " I Just Haven't Met You Yet". Live in Concert HD 1080p
Michael Bublé - Love You Anymore [Official Music Video]
Michael Bublé - I Believe in You [OFFICIAL MUSIC VIDEO]
"The Best is Yet to Come" Michael Buble
The way you look tonight-Michael Buble
Michael Buble- Best Is Yet To Come
Jackson Lindley sings the Michael Buble version of The Best Is Yet To Come
Michael Buble-The Best is yet to Come
The Best Is Yet To Come - Michael Bublé
Michael Buble - Haven't Met You Yet (lyrics)
Best is Yet to Come - Michael Bublé
Michael Buble - Feeling Good (Live 2005) HD
Michael Bublé - Home (Lyrics)
Michael Bublé - Home [Official Music Video]
Best of me Michael Bublé subtitulada en español
THE BEST IS YET TO COME Michael Bublé
The Best Is Yet To Come (Michael Buble/Tony Bennett/Frank Sinatra) cover
Carly & Taylor - Music by Michael Buble' "The Best Is Yet To Come"
Abhi singing "Best is yet to come" by Michael Buble
'The Best Is Yet To Come' (Michael Bublé Cover) - Arthur Geldard Music
Giles singing The Best Is Yet To Come, Michael Buble cover
Martini Vermouth Bleach Shirt [ Michael Buble - The Best Is Yet to Come ]
Michael Bublé - My Funny Valentine [Official Audio]
Michael Buble LIVE, Haven't Met You Yet, Oct. 2018


What has Big Bird ever done to Mitt Romney?! Did a young Mitt try to meet Big Bird and Big Bird snubbed him? Did Big Bird in essence give Mitt "the bird'? Or was Romney just channeling his inner Oscar the Grouch?
Romney is right. Big Bird, or actually Sesame Workshop, needs a taxpayer subsidy like Oprah needs to have us buy her a couch. A quick look at their 2009 form 990 that they filed with the IRS(the most recent I found) shows total revenue of $130,606,413. It lists $7,968,918 of that revenue as coming from government grants.
In addition, the form states that at the end of 2009 Sesame Workshop had net assets of $351,131,137. That's right, $351 million dollars.
I don't care that Sesame Workshop's president, Gary Knell, made almost $750,000 in 2009. I don't care that writer Joseph Mazzarino made over $650,000 or another dozen or so employees made well north of $200,000.
But they can do that without a goddamned taxpayer subsidy.
What's misleading is to say that Romney or anyone else who matters is out to "kill Big Bird." Make all the money you want, Sesame Workshop. Live long and prosper, Big Bird. Just do it without public money.
Or to put it in a way that even Westin can understand, "It's the subsidy, stupid."


Your functions within XMLShop.com are incredibly simple: first of all, you are responsible to provide the products descriptions with the preferred price included, then to collect the pre-paid orders and ensure they are shipped to the correct address.
All the occurring processes between these two operations do not require any involvement from you or your funds. The retailing system within XMLShop.com is supported by several unrelated tasks accomplished by you and your individual partners' work. Unlike you, they perform at their own risk and their income is guaranteed only in the case they have successfully completed their function.
The above jobs division provides the highest level possible of the operational performance. In other words, you are neither required to hold any professional knowledge in the field of creating websites nor you are faced with the following problems: to fill your e-commerce store with in-demand merchandise, attract traffic and deal with advertising companies. Your performance covers only the tasks you are actually experienced and professional in, such as shipping of the merchandise while receiving well-deserved income and experiencing factual profitability of the XMLShop system.
Any type of commerce requires investments, and electronic one is not an exception. Once you have decided on trying to sell your merchandise over the Internet, you begin to consider a website creation. In other words, it brings the necessary payments for the design and programming required in addition to the services of professionals who guarantee a steady traffic stream. Please note, this situation means the money has been spent without the actual sales to happen. The website begins to receive a steady traffic and there is no guarantee yet that hits would deliver the customers. The unlikely result can appear when your new shop design and interface are less than a stellar. Truth be told, you are not an expert in these fields to solve the problem with your own capabilities only.
It requires the time and investment to find and fix the problem while absence of success guarantee remains: you are neither designer nor programmer; therefore it is difficult for you to predict the final result.
XMLShop.com is a commerce system which provides you with a possibility to enter the marketplace without the above described interruptions: creation, promotion and profitability of the website are under entire liability of webmasters. Only webmaster will pay out of his own pocket for poor quality of his website. Meanwhile, you still receive the fixed percent via additional sales channel and it does not damage your main business by any means.
Commerce is the type of business requiring a regular growth of clientele and renewal of the merchandise; even if the retail process moves in a smooth way, you should continuously work to develop your business and move forwards. However, usually the pivotal point of the process turns to be the fear of losing assets which have been gained already.
Perhaps, the easiest decision on winning more customers would seem to invest in advertising campaigns. Would it be the ideal decision, though?
Alike to usual shop opening, it requires dealing with the specialists who hold no responsibility over the final result of their performance. Unfortunately, the paid advertising campaign does not always guarantee the following successful sales. In some cases unprofessional advertisement seriously spoils and even destroys the image of your shop.
However, in the case of investing in e-commerce project your business neither suffers a loss in income nor it damages your business reputation.
What is success secret of this decision? XMLShop.com offers a perspective and risk-free way to expand your commerce and it is completely unrelated to the already well-operating and developed sales channels. The modern technological capabilities of XMLShop permit you to become part of its system with the minimal effort.
Without any unessential ventures, you are only required to deliver the already paid-for merchandise. In addition, the ability of stocking not only your shop, but also new ones within the ranks of XMLShop, offers you the opportunity to expand the volume of ordered merchandise. This feature provides you with the pleasant right to ask the manufacturer for discounts.
XMLShop supports the Application Programming Interface (API) which allows for the automation of all the processes related to e-commerce. Particularly, when talking about the connecting two computer systems with the minimal effort. When you are already in the possession of a well-formed database, its integration within XMLShop does not present any problems. The same automated system is used to forward the placed orders so to meet your operational requirements.
Besides, API provides for the accession of quality voice connection, which creates a modern alternative to a phone-based connection. This convenient feature allows you to take or forward incoming calls through the single click of a mouse.
The retailing within the XMLShop system requires from you to perform on the following simple operations: keeping track of orders and providing order-specific commentary. The above performance does not require any additional spending from your side. In the case you have not been committed to the retailing processes recently and have chosen to forego any specialized components within your workplace, XMLShop mission is to ensure that you are provided with a completely automated system with all the essential features included. However, you are still free to use your own one when finding it more convenient and habitual. The richness of the interface indirectly leads to another important effect, such as a huge diversity between the shops.
XMLshop.com is the center of many internet-shops, which are created and managed by different people residing in different countries oftentimes. This unique feature builds up an opportunity of creating a genuine variety of the shops.
Today it is especially important due to the competitive nature of the modern market: the consumer is presented with a wide selection of choices, resulting in higher expectations towards a chosen vendor.
Especially since finding a rival shop takes nothing more than a single click of the mouse. The background color, font size, and pictures placement are the intricacies of an interface and it is impossible for these details to act in accordance with the preferences of each buyer. Therefore, e-commerce businesses traditionally lose a certain percent of potential customers when begin to operate.
The XMLShop system combines a huge variety of the design related ideas and the providing services since every webmaster is entirely interested in bringing the most attraction into his resources. The above conditions ensure that you are provided with marketplaces adhering to the most constituent taste. When the creation of quality shops requires vast and properly-orientated, investment, the expected income could easily fall short of your expectations, while the losses are always fixed in place.
Everyone who operates within the sphere of commerce strives to be absolutely self-reliable and independent. That is a completely understandable fact. However, the practice proves that organizing independent retail is not an easy process. Misleading advertisement costs, unpredictable behavior of competing businesses, the risk of profit to be less than initial investments and other reasons make it almost impossible to predict on your potential losses.
In this situation, electronic commerce would not be an exception. Being fair on the shop owners, their independence is even more unsubstantial within the confines of Internet. For instance, if the competitor agrees to pay more for the hosting, you do not have a choice, except of accommodating the fact. Once a banner has been put up on your page, it is actually difficult to make an accurate prediction on future profit or loss it can bring into your pocket.
Retailing within the confines of XMLshop.com provides not only accurate predictions on the possible losses, but every involved person also aware of the exact amount of money to be received through the sale of a particular product before actual beginning of selling process. In this way, your income is directly related to the volume of merchandise you sell eventually. Your orders flow can be found in the general orders statistics. Your success is also determined by the ambition of the webmasters. To our pleasure, the XMLShop system is proud on partnering with some of the most goal-oriented and talented professionals.
XMLShop.com is not considered to be a traditional affiliate program due to the fact the presented system is nothing more but an efficient teamwork of independent businessmen. They take the advantages of unique opportunity of furthering their brands and bring their ideas into the life. Without surprise this type of system always attracts webmasters who are set on the success.
When the traditional affiliate programs often acquire the vendors to become the victims of ill-morals or mistakes on the part of their partners, XMLShop.com holds the absolute responsibility for any possible errors on the webmasters' side. Your website does not occur in any spam-lists, if a given webmaster suddenly decides on resorting to illegal e-mail marketing nor your image suffers from a careless advertising campaign. Thus, XMLShop.com never becomes the home for random people who look for getting a quick profit and do not have any second thoughts about abandoning their work in the case of problems experience.
From the vendor's point of view every shop is the source of income, which amount is obviously evident to the both, him and the webmaster. The number of orders processed is equal to the amount of buys which is directly related to the income volume.
George -a programmer by trade; is now the owner of the e-commerce store Ms. Piercing. Partnering with XMLshop has brought great growth to his business while giving him the opportunity to work as a contractor in his chosen field. He prefers complete self-reliability in relation to XMLshop.
System integration took less than a week - personal professional knowledge was enough to perform these tasks solo, without additional spending. George prefers working through API, by himself and using his own software.
DENAQ - a primarily manufacturing company, assembles its wares in China and uses dropshipping as its main way of retailing. Currently considers XMLshop its most prominent supplier of clientele.
Integration was done over the span of a week and a half by the specialists over at XMLshop, who created specific software adapted to the unique workload performed at the DENAQ warehouse. This company takes full advantage of the services provided by API.


text:
Understanding the dangers along American roadways
Paul McDonnold
America's roadways are getting safer. In 2010, U.S. traffic deaths fell to their lowest level ever, down 3 percent from the previous year. But still, nearly 32,800 traffic deaths in one year is hardly good news. Given those numbers, how can drivers protect themselves?
One way is through a better understanding of roadway dangers. One of the general characteristics of accident risk is that rural roadways experience the most traffic deaths, says Russ Rader, a spokesman for the Insurance Institute for Highway Safety. "But the more mundane, everyday fender-benders are more likely to happen in urban settings," he says.
Parking lots are common places for such fender-benders. But even these can involve serious expense and injury. One strategy AAA recommends is parking away from a building entrance during busy times, when drivers may be aggressively jockeying for parking spots near the front door.
In 2008, more than three-fourths of U.S. car crashes happened in urban settings. Almost half of those occurred at intersections, where opposing paths of travel can magnify the force of impact, raising the potential for injury and damage.
Types of fatal crashes
Chuck Veppert, president of the National Association of Professional Accident Reconstruction Specialists, divides fatal car wrecks into three categories:
Single-vehicle crashes.
Two-vehicle crashes.
Multivehicle crashes.
Single-vehicle fatal crashes are most common on more modern, higher-speed roadways. Two-vehicle crashes, on the other hand, are a particular problem on county roads, where speeds may be high but lanes can be narrow, with nothing separating opposing traffic but a line of paint and steady nerves. For multivehicle crashes, the most common setting moves back to more traveled roads such as state highways; this type of fatal crash also is more likely to occur in an urban setting.
The number of fatal accidents, it turns out, is about the same during the day and night. But it's also the case that roads are busier during the day, with some three times as many miles being driven. However, drinking and driving is common at night, which boosts the risk of a fatal crash after sundown.
As for weather, wet, slushy or icy conditions are involved in about 16 percent of fatal accidents, so most fatal crashes occur on dry roads.
Rounding the curve
While the majority of fatal accidents occur on straight roads, a much higher percentage of single-vehicle crashes happen on curved roads (34 percent) than is the case with either two-vehicle or multivehicle crashes, lending some credence to the "dead man's curve" legend.


Creamy-white, drop-shaped pearls—both South Sea and Tahitian—comprise a considerable portion of my pearl collections.
But there is one pair of all my beloved babies I may treasure the most: these perfectly egg-shaped pearls, topped with my petal cap. I actually handmade the model for this piece: back in the day, the petal cap setting came back from the caster unfinished at the top, so each piece was individually filed and smoothed to a point, and the jump ring soldered on, to attach to the earwire.
This pair is truly one of a kind. The pearls are large, lustrous and rich, 15.8mm x11.9mm, with some natural markings on the back.
A classically elegant piece from a time in my business when only I drilled the pearls—and when Kathleen Turner, much to my delight, graced the pages of Vanity Fair wearing this earring. Her beauty and the earrings' simple grace complementing each other perfectly.
One of a kind, handmade pearl-drop earrings with 18-karat petal setting: $2,275.
Wearing a piece of Gabrielle Sanchez Designs history: $priceless.


text:
Q: Azure function proxy response body cannot include values within curly braces I have configured an Azure function app and added a proxy function to mock an API endpoint.
The response body of this mocked endpoint includes regular expressions however the quantifiers in the regular expressions are being removed as the proxy function expects values within curly braces {} to be variables.
This is example of the response body that I have configured for the proxy function on the Azure portal:
{ "RegularExpression":"RegExpThenQuantifer{1,4}" }
However when I hit the endpoint this is what I get back:
{"RegularExpression":"RegExpThenQuantifer"}
Notice the {1,4} has been removed as it thinks it is null. Does anyone know a way to escape curly braces and let me return the quantifiers as they are?

A: Azure function host is based on .net framework(v1)/.net standard(v2), so just use double curly braces to escape itself which is universal in C#/.NET environment.
For example { "RegularExpression":"RegExpThenQuantifer{{1,4}}" } will return you { "RegularExpression":"RegExpThenQuantifer{1,4}" } as expected.
Just in case you might be curious, Azure function doesn't support RegExp match on API endpoint yet.


text:
Q: SUMIF Function Assistance How would I go about adding the payments that do qualify with separating the ones that don't?

A: You can try:
=SUMIF(range,"criteria")

Replace range with cell range and criteria with a criteria like greater or smaller than x or comparing with another. An example to add values when they are greater than 10:
=SUMIF(range,">10")

A: Let's say the data from A1 to C23.

If you want to get the sum of "Monthly Payment", where the corresponding cells of "Quality For Payments" is "Yes", please try the formula below.
=SUMIF(A2:A23,"=Yes",B2:B23)

If you want to get the sum of "Monthly Payment", where the corresponding cells of "Quality For Payments" is "No", please try the formula below.
=SUMIF(A2:A23,"No",B2:B23)


text:
(852)2391-9713, (86)147149-16231, (852) 5531-1001, LitzUSA_HK | Rm 1601-03,655 Nathan Rd, Mongkok Exit E1 next to HSBC
Back to Mobile Version
中文	ENG
LITZ USA
About Litz
STUDY USA
Plans & Choices
Students' cases
Academic Ranking
Choosing Major & School
USA University
USA Community College
USA High School
Litz USA Facebook Albums
COURSES & TESTS
Home > Schools > USA University > Princeton University 普林斯頓大學 (新澤西州 NJ)
Princeton University 普林斯頓大學 (新澤西州 NJ)
Princeton University is a vibrant community of scholarship and learning that stands in the nation's service and in the service of all nations. Princeton is the fourth-oldest college in the United States.Princeton is an independent, coeducational, nondenominational institution that provides undergraduate and graduate instruction in the humanities, social sciences, natural sciences and engineering.
As a world-renowned research university,Princeton seeks to achieve the highest levels of distinction in the discovery and transmission of knowledge and understanding. At the same time,Princeton is distinctive among research universities in its commitment to undergraduate teaching.
Setting easy access to New York City and Philadelphia
School Type Private University
Tuition US$37,000 - $38,000
Current Weather http://www.theweathernetwork.com/weather/usnj0427
Facebook http://www.facebook.com/PrincetonU
Youtube http://www.youtube.com/profile?user=princetonuniversity
Wikipedia http://en.wikipedia.org/wiki/Princeton_University
School Website http://www.princeton.edu/main/
State New Jersey (NJ)
Location Princeton
Nearest City New York City, Philadelphia
Environment suburban
Campus Size 500 acres
Admission Req.m HK F.3
Academic Calendar Fall
Level Offered Bachelor's, master's, doctoral, and first professional
Enrollment Approximately 7,800 students
International 11%
Student-to-Teacher 6:1
ESL Yes
American Studies, Applications of Computing, Architecture and Engineering, East Asian Studies, Environmental Studies, Finance, Gender and Sexuality Studies, Language and Culture, Linguistics, Neuroscience, Robotics and Intelligent Systems, South Asian Studies, Teacher Preparation, Translation and Intercultural Communication, Urban Studies etc.
http://www.princeton.edu/main/academics/departments/certificate/
Dillon Gym (Group Fitness Room, Multi-Purpose Room, Stephens Fitness Center, Martial Arts Room, Spinning Room, Dance Studio, Dillon Pool, Dillon Squash Courts),
Jadwin Gymnasium (Recreation Use Indoor Track & Tennis Courts), DeNunzio Pool, Stephens Fitness Center etc.
http://www.princeton.edu/campusrec/dillon-gym/description-of-facilities/
Students Life:
Men's Team: Basketball, Baseball, Cross Country, Fencing, Football, Golf, Hockey, Lacrosse, Soccer, Squash, Swimming & Diving, Tennis, Track, Volleyball, Water Polo, Wrestling.
Women's Team: Basketball, Cross Country, Fencing, Field Hockey, Golf, Hockey, Lacrosse, Soccer, Softball, Squash, Swimming & Diving, Tennis, Track, Volleyball, Water Polo etc.
US News:
http://colleges.usnews.rankingsandreviews.com/best-colleges/princeton-university-2627
Princeton University Wikipedia:
http://en.wikipedia.org/wiki/Princeton_University
Princeton University School website:
http://www.princeton.edu/main/
About Litz Study USA Schools Courses & Tests Seminars Contact Us Disclaimer
Copyright © 2020 Litz USA Student Service. All Rights Reserved.


text:
Whitecap Resources Inc. announces strong 2020 results, completes transformation to a leading light oil producer and provides 2021 budget
February 24, 2021 3:30 PM PR Newswire
CALGARY, AB – Whitecap Resources Inc. ("Whitecap" or the "Company") (TSX: WCP) is pleased to report its operating and audited financial results for the quarter and year ended December 31, 2020.
Selected financial and operating information is outlined below and should be read with Whitecap's audited annual consolidated financial statements and related management's discussion and analysis for the three and twelve months ended December 31, 2020 which are available at www.sedar.com and on our website at www.wcap.ca.
FINANCIAL AND OPERATING HIGHLIGHTS
Three months ended December 31 Twelve months ended December 31
Financial ($000s except per share amounts) 2020 2019 2020 2019
Petroleum and natural gas revenues 238,489 369,190 901,556 1,418,476
Net income (loss) 331,951 (203,946) (1,844,973) (155,873)
Basic ($/share) 0.81 (0.50) (4.52) (0.38)
Diluted ($/share) 0.81 (0.50) (4.52) (0.38)
Funds flow 104,650 184,546 433,881 675,610
Basic ($/share) 0.26 0.45 1.06 1.64
Diluted ($/share) 0.25 0.45 1.06 1.63
Dividends paid or declared 17,468 35,018 87,276 138,341
Per share 0.04 0.09 0.21 0.34
Expenditures on property, plant and equipment 21,713 98,762 195,886 403,977
Total payout ratio (%) (1) 37 72 65 80
Property acquisitions 26 410 5,381 4,016
Property dispositions – (266) – (978)
Corporate acquisition – – 18,417 –
Net debt 1,083,029 1,193,267 1,083,029 1,193,267
Average daily production
Crude oil (bbls/d) 48,527 58,044 52,656 55,413
NGLs (bbls/d) 4,874 4,805 4,982 4,503
Natural gas (Mcf/d) 62,289 70,811 66,146 66,801
Total (boe/d) (2) 63,783 74,651 68,662 71,050
Average realized price (3)
Crude oil ($/bbl) 47.52 64.42 42.19 66.11
NGLs ($/bbl) 22.48 17.56 16.75 20.58
Natural gas ($/Mcf) 2.84 2.68 2.39 1.95
Total ($/boe) 40.64 53.76 35.88 54.70
Netbacks ($/boe)
Petroleum and natural gas revenues 40.64 53.76 35.88 54.70
Tariffs (0.54) (0.42) (0.48) (0.48)
Processing & other income 0.73 0.50 0.74 0.69
Marketing revenue 0.95 1.05 0.94 1.17
Petroleum and natural gas sales 41.78 54.89 37.08 56.08
Realized hedging gain (loss) 1.81 (0.37) 3.62 (0.78)
Royalties (5.89) (8.88) (4.82) (9.79)
Operating expenses (11.96) (11.85) (11.84) (12.38)
Transportation expenses (2.27) (2.40) (2.36) (2.26)
Marketing expenses (0.97) (1.05) (0.94) (1.14)
Operating netbacks (1) 22.50 30.34 20.74 29.73
Share information (000s)
Common shares outstanding, end of period 409,234 409,619 409,234 409,619
Weighted average basic shares outstanding 408,468 409,579 408,371 412,000
Weighted average diluted shares outstanding 411,807 412,026 410,880 414,072
(1) Total payout ratio and operating netbacks do not have a standardized meaning under GAAP. Refer to non-GAAP measures in this press release for additional disclosure and assumptions.
(2) Disclosure 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.
(3) Prior to the impact of hedging activities and tariffs.
MESSAGE TO SHAREHOLDERS
2020 was a year of significant uncertainty that brought many challenges to the energy sector. In response to changing market conditions including the sharp decline in global crude oil prices, Whitecap took decisive actions in early 2020 to protect our balance sheet, preserve liquidity and retain long term value for our shareholders. Our proactive decisions in the first quarter of the year allowed us to maintain our balance sheet strength, deliver strong financial results and positioned Whitecap for the strategic consolidation opportunities we executed on later in the year.
In the fourth quarter of 2020, our production was 5% higher than we forecasted. This allowed us to achieve average production in 2020 of 68,662 boe/d which generated funds flow of $434 million, invested $196 million in capital expenditures and returned $87 million to shareholders through cash dividends. Despite the extremely challenging environment, discretionary funds flow was $151 million which we used to improve our balance sheet strength by approximately $110 million resulting in year end net debt of $1.1 billion on total credit capacity of $1.77 billion.
Capital investment in 2020 decreased 52% to $195.9 million compared to $404.0 million in the prior year as we paused our drilling program at the end of March 2020, given the sharp decline in crude oil prices that had a severely negative impact on our expected return on capital employed. As a result of the limited capital program, our proved developed producing ("PDP") reserves decreased 7%, however, we were able to maintain total proved ("TP") and total proved plus probable ("TPP") reserves at levels comparable to the prior year.
We highlight the following 2020 financial and operating results:
Focus on sustainability. Funds flow of $433.9 million ($1.06 per share) and capital investment of $195.9 million resulted in free funds flow of $238.0 million. Free funds flow significantly exceeded dividend payments of $87.3 million in the year.
Balance sheet strength. Reduced net debt by $110.2 million to $1.08 billion on total credit capacity of $1.77 billion. The Company's credit facilities have two financial covenants being debt to earnings before interest, taxes, depreciation and amortization ("EBITDA") not exceeding 4.0 times and EBITDA to interest not less than 3.5 times. As at December 31, 2020, Whitecap's debt to EBITDA ratio was 2.2 times and its EBITDA to interest ratio was 11.2 times. For additional details refer to Note 11(a) "Bank Debt" in the audited annual consolidated financial statements for the year ended December 31, 2020.
Reduce and manage cost structure. Operating expenses per boe decreased 4% to $11.84/boe and general & administrative expenses per boe decreased 15% to $0.82/boe.
Capital discipline and operational excellence. Achieved average production of 68,662 boe/d compared to 71,050 boe/d in the prior year, a decrease of 3% on a significantly reduced capital program. Capital spending decreased 52% to $195.9 million compared to $404.0 million in the prior year.
Solid asset performance. Total proved finding, development and acquisition ("FD&A") costs decreased 18% to $14.74/boe compared to $17.95/boe in the prior year and total proved reserve additions replaced 101% of production. Total proved plus probable FD&A costs decreased 41% to $12.51/boe compared to $21.06 in the prior year and total proved plus probable reserve additions replaced 100% of production.
Prudent risk management. Realized commodity hedging gains of $10.6 million in the fourth quarter and $90.9 million for the year ended December 31, 2020.
In 2020, we also enhanced our ability to provide stronger shareholder returns through the announced strategic combinations with NAL Resources Limited ("NAL") and TORC Oil & Gas Ltd. ("TORC"). We closed the NAL acquisition on January 4, 2021 and closed the combination with TORC on February 24, 2021. Whitecap issued 58.3 million Whitecap common shares in exchange for all the issued and outstanding NAL shares and issued approximately 129.8 million Whitecap common shares in exchange for all the issued and outstanding TORC shares and assumed TORC's debt.
As a continuation of Whitecap's commitment to strong environment, social and corporate governance ("ESG") performance, we are also pleased to announce that Mary-Jo Case has been appointed to the Whitecap Board of Directors effective February 24, 2021 and will serve as a member of the Audit Committee and the Corporate Governance & Compensation Committee.
Ms. Case is an independent businesswoman with over 34 years of experience in the oil and gas industry. Prior to her retirement in 2015, Ms. Case was a member of the Senior Management Committee as Senior Vice President Land and Human Resources at Canadian Natural Resources Limited. Ms. Case has a depth of experience in the areas of mergers, acquisitions and dispositions, negotiations, contracts, land administration and land systems.
Ms. Case is a member of the Canadian Association of Petroleum Landmen, a member of the Institute of Corporate Directors, a member of the Women's Executive Network and a member of Board Ready Women. Ms. Case holds a Diploma in Legal Office Administration from Fanshawe College and holds the ICD.D designation from the Institute of Corporate Directors, Rotman School of Management.
We had a solid finish to 2020 which positioned us well heading into 2021. This year is starting off strong with the closing of both NAL and TORC, a very active first quarter drilling program with Whitecap operating six rigs and upward momentum in crude oil and natural gas prices. Our Board of Directors has approved a 2021 capital expenditure budget of $280 to $300 million which will generate average production of approximately 100,000 boe/d (78% oil and NGLs) during the year. With the recent surge in both crude oil and natural gas prices, we now anticipate generating funds flow of $810 million with free funds flow of $520 million and a total payout ratio of 49% based on commodity prices of US$60/bbl WTI and C$2.50/GJ AECO. We will remain disciplined in our approach to capital allocation with a focus on balance sheet strength and generating the strongest economic returns on our capital program while retaining the option to accelerate production per share growth and/or increase return of capital to shareholders in the latter part of the year while being opportunistic with respect to future business opportunities.
Advancing forward, we have created a New Energy team to leverage Whitecap's technology and expertise to significantly advance business opportunities associated with carbon capture and storage. This team is tasked with advancing the regulatory and business framework for low carbon solutions, the evaluation of low carbon hydrogen and other new energy opportunities, with the objective of creating additional sustainable revenue streams for our shareholders in the future.
Whitecap remains well positioned to deliver strong shareholder returns in 2021 and beyond with many competitive advantages, including the following:
Top tier balance sheet. Whitecap has a secured covenant-based credit facility that is not subject to annual redeterminations. Discretionary funds flow of approximately $415 million will result in net debt of $1.0 billion and a debt to EBITDA ratio of 1.1x at US$60/bbl WTI and C$2.50/CJ AECO. Concurrent with the TORC closing, we increased our credit capacity by $230 million to $2 billion providing us with ample liquidity to continue to manage commodity price volatility.
Significant free funds flow profile. Our premium assets are characterized by high netback, low base production declines and strong capital efficiencies. In 2021, Whitecap is expected to generate approximately $520 million of free funds flow, supported by a peer leading base production decline rate of approximately 17%.
Sustainable cash dividends. Monthly dividend increased 6% from $0.01425 per share to $0.01508 per share ($0.181 per share annualized) effective with the March 2021 dividend payable in April 2021. The 2021 annual dividend of $105 million is covered approximately five times by free funds flow.
Robust drilling inventory. 5,265 (4,108.0 net) drilling locations for organic growth and value creation. Corporate production over 100,000 boe/d allows us to drive down costs and improve capital efficiencies by eliminating redundancies, streamlining processes and negotiating preferential rates through size and economies of scale.
Leader in sustainability. Whitecap remains committed to best-in-class ESG practices and continuously improving its ESG standards. Whitecap is the majority owner and operator of the Weyburn Unit, one of the largest carbon capture, utilization and storage projects in the world, currently sequestering more than 2 million tonnes of CO2 annually and providing the Company with its net negative emitter status.
2021 BUDGET DETAILS
As referenced earlier, in 2021 we expect to deploy capital expenditures of approximately $280 – $300 million to generate average production of approximately 100,000 boe/d. The capital program comprises of drilling 100 (81.6 net) horizontal wells including 53 (47.2 net) extended reach horizontal ("ERH") wells and 8 (5.9 net) horizontal injection wells. In addition to our drill, complete, equip and tie-in costs, we will be investing approximately $67 million on enhanced oil recovery ("EOR") operations and optimizations as well as health, safety, and environmental initiatives throughout the year. This continued focus on enhancing our base assets through EOR capital will allow us to maintain, and potentially improve upon, our low base production decline rate of approximately 17% for 2021.
Eastern Saskatchewan
This business unit includes our Weyburn property in addition to the TORC and NAL southeast Saskatchewan assets where we anticipate spending 30% of our capital budget which includes drilling 16 (11.0 net) wells.
At Weyburn, we will be following up on our very successful northeast CO2 flood pilot expansion by drilling 6 (3.9 net) wells in the second half of 2021. This includes two CO2 water-alternating-gas ("WAG") injectors and $29 million for CO2 purchases. The TORC acquisition has increased our working interest in the Weyburn Unit CO2 flood by 3.2% to 65.3%.
In southeast Saskatchewan, we anticipate drilling 10 (7.1 net) wells in the second half of the year, including 5 (2.1 net) non-operated wells. The operated activity is focused on assets where we can optimize economic returns by using our extensive experience with fracture stimulation design, extended reach horizontal drilling and EOR schemes.
Prior to closing, the TORC team completed a very active and successful January and February capital program where they drilled 25 (23.2 net) wells. On average, early well results are significantly exceeding our budget expectations.
Western Saskatchewan
This business unit includes our light oil Viking assets, as well as our southwest Saskatchewan properties, where we anticipate spending 28% of our capital budget drilling a total of 61 (52.5 net) wells.
In the first quarter, we will be drilling 38 (33.0 net) wells including 26 (22.5 net) Viking wells, 6 (5.6 net) Atlas wells and 4 (4.0 net) Lower Shaunavon horizontal oil wells. Capital efficiencies in our lower Shaunavon drilling program have been exceptional with average drill times down 30% and costs down 15%. Most of the gains can be attributed to a new wellbore design that has improved our meters per day drilled significantly.
Our second half 2021 program includes 23 (19.5 net) drills with 12 (9.5 net) wells in southwest Saskatchewan and 11 (10.0 net) Viking ERH oil wells. The 2021 southwest Saskatchewan program includes the drilling 3 (2.0 net) horizontal water injectors to mitigate production declines and increase resource recovery.
This business unit consists primarily of the combined Whitecap, NAL and TORC Cardium light oil assets in Alberta and the liquids rich Ellerslie asset where we anticipate spending 15% of our capital budget drilling 13 (11.0 net) wells.
We will have drilled 6 (4.8 net) wells in Central Alberta by the end of the first quarter, all of which are expected to be on production prior to break-up. This includes 4 (3.7 net) Cardium oil producers, 1 (0.9 net) horizontal injector in West Pembina and 1 (0.2 net) non-operated Ellerslie liquids rich gas well.
The second half capital program of 7 (6.2 net) wells includes 2 (1.7 net) ERH Cardium wells with two-mile laterals in our new Kaybob/Rosevear area. This area has suitable characteristics to apply ERH wellbores in combination with our optimized fracture stimulation design and placement which has proven successful in enhancing the economics in many analogous areas. The remaining drills will be 2 (2.0 net) 2-mile ERH Cardium oil wells in Olds and Garrington, 1 (0.8 net) horizontal liquids rich Ellerslie gas well and 2 (1.7 net) ERH wells in West Pembina, one of which will be a waterflood injector.
Capital allocation to the acquired assets from TORC and NAL is focused on accelerating the evaluation of the potential for enhancement of the existing inventory by utilizing methods and technology that Whitecap has repeatedly applied with success in analogous areas.
Northern Alberta & British Columbia
This business unit consists of our Boundary Lake, Deep Basin, Peace River Arch and Sturgeon assets where we expect to spend 23% of our capital budget drilling 10 (7.1 net) wells.
We will have an active first quarter in the area drilling 9 (6.1 net) wells including 6 (3.6 net) Cardium wells in Wapiti and 3 (2.5 net) Charlie Lake wells in our Valhalla area of which 6 (5.5 net) are ERH wells ranging from 1.5 to 2.0 miles in lateral length.
In the Wapiti program, we realized a step change in our drilling times and costs, decreasing both by approximately 20%. The gains were primarily through drilling design optimization and the benefits of multi well pad efficiencies. We anticipate these savings to be carried forward to future programs.
In addition to the drilling program, we participated in the completion of 1 (0.50 net) non-operated Montney oil well which was drilled in the fourth quarter of 2020. This well, along with the 1 (0.65 net) operated well which was completed in the fourth quarter of 2020, are in the process of being tied in and are expected to be on production by early April 2021. Production test results from both wells have been very encouraging.
2020 RESERVES REVIEW (WHITECAP PRIOR TO COMBINATIONS)
Our 2020 year end reserves were evaluated by independent reserves evaluator McDaniel & Associates Consultants Ltd. ("McDaniel") in accordance with the definitions, standards and procedures contained in the Canadian Oil and Gas Evaluation Handbook ("COGE Handbook") and National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities ("NI 51-101") as of December 31, 2020. The reserves evaluation was based on the average forecast pricing of McDaniel, GLJ Petroleum Consultants ("GLJ") and Sproule Associates Limited ("Sproule") and foreign exchange rates at January 1, 2021 which is available on McDaniel's website at www.mcdan.com.
Reserves included are Company share reserves which are the Company's total working interest reserves before the deduction of any royalties and including any royalty interests payable to the Company. Additional reserve information as required under NI 51-101 will be included in our Annual Information Form which will be filed on SEDAR on or before March 30, 2021. The numbers in the tables below may not add due to rounding.
Summary of Reserves
Reserves as at December 31, 2020
Company Share Reserves
Description Oil (Mbbl) Gas (MMcf) NGL (Mbbl) Total (Mboe)
Proved producing 168,516 167,172 12,362 208,740
Proved non-producing 1,882 1,897 89 2,287
Proved undeveloped 113,536 164,887 11,214 152,232
Total proved 283,934 333,956 23,665 363,259
Probable 102,298 173,483 12,816 144,028
Total proved plus probable 386,233 507,439 36,481 507,287
Net Present Values
Summary of Before Tax Net Present Values (Forecast Pricing)
Before Tax Net Present Value ($MM) (1)
Description 0% 5% 10% 15% 20%
Proved producing 2,680 2,472 2,013 1,679 1,444
Proved non-producing 57 39 29 23 18
Undeveloped 1,970 1,093 608 323 148
Total proved 4,707 3,603 2,649 2,025 1,610
Probable 4,271 2,196 1,359 937 693
Total proved plus probable 8,978 5,799 4,008 2,962 2,303
(1) Includes abandonment and reclamation costs as defined in NI 51-101 for all of our facilities, pipelines and wells including those without reserves assigned.
Future Development Costs ("FDC")
FDC reflects the best estimate of the capital cost to develop and produce reserves. FDC associated with our TPP reserves at year end 2020 is $4.1 billion undiscounted ($2.6 billion discounted at 10%).
Also included in FDC are 1,307 (1,081.1 net) proved booked locations and 152 (106.6 net) probable booked locations.
($000s) Total Proved Total Proved plus Probable
2021 309,595 322,155
Remainder 1,020,576 1,295,107
Total FDC, Undiscounted 3,564,507 4,069,900
Total FDC, Discounted at 10% 2,301,218 2,614,045
Performance Measures (Including FDC)
The following table highlights our finding and development ("F&D") and finding, development and acquisition ("FD&A") costs and associated recycle ratios, including FDC, based on the evaluation of our petroleum and natural gas reserves prepared by McDaniel:
2020 2019 2018 Three Year
Proved Developed Producing
F&D costs (1) $21.87 $14.33 $13.06 $16.46
F&D recycle ratio (2) 0.9x 2.1x 2.2x 1.7x
FD&A costs (3) $19.25 $14.45 $15.15 $16.30
FD&A recycle ratio (2) 1.1x 2.1x 1.9x 1.7x
Total Proved
F&D costs (1) $3.61 $17.87 $22.70 $14.63
Total Proved Plus Probable
(1) F&D costs are calculated as the sum of development capital of $187.7 million plus the change in FDC for the period of -$50.6 million (PDP), -$167.9 million (TP) and -$333.1 million (TPP), divided by the change in reserves that are characterized as development for the period.
(2) Recycle ratio is calculated as operating netback divided by F&D or FD&A costs. Our operating netback in 2020 was $20.74/boe.
(3) FD&A costs are calculated as the sum of development capital of $187.7 million plus acquisition capital of $22.4 million plus the change in FDC for the period of -$45.5 million (PDP), $163.5 million (TP) and $103.3 million (TPP), divided by the change in total reserves, other than from production, for the period.
Production Replacement and Reserve Life Index
The following table highlights our production replacement and reserve life index ("RLI") based on the evaluation of our petroleum and natural gas reserves prepared by McDaniel:
Production replacement (1) 34% 100% 112% 82%
RLI (years) (2) 9.0 8.3 8.4 8.6
Production replacement (1) 101% 133% 128% 121%
RLI (years) (2) 15.6 13.3 13.3 14.1
(1) Production replacement ratio is calculated as total reserve additions (including acquisitions net of dispositions) divided by annual production. Whitecap's production averaged 68,662 boe/d in 2020.
(2) RLI is calculated as total Company share reserves divided by the annualized fourth quarter actual production of 63,783 boe/d.
RESERVES EVALUATION (NAL & TORC)
The below tables reflect NAL's 2020 year end reserves as evaluated by independent reserves evaluator McDaniel and TORC's year end reserves as evaluated by independent reserves evaluator Sproule. All evaluated in accordance with the definitions, standards and procedures contained in the COGE Handbook and NI 51-101 as of December 31, 2020. The reserves evaluation was based on the average forecast pricing of McDaniel, GLJ and Sproule and foreign exchange rates at January 1, 2021 which is available on McDaniel's website at www.mcdan.com.
NAL Summary of Reserves
Proved producing 15,505 149,020 9,783 50,125
Proved non-producing – 3,655 80 690
Proved undeveloped 1,340 2,600 319 2,092
Total proved 16,844 155,275 10,182 52,906
Probable 4,697 39,435 2,493 13,762
Total proved plus probable 21,541 194,710 12,675 66,668
NAL Net Present Values
Proved producing 16 269 282 263 241
Proved non-producing 3 2 1 – –
Undeveloped 19 13 8 5 3
Total proved 39 283 291 268 244
Probable 235 151 107 82 66
Total proved plus probable 273 434 398 350 310
(1) Includes abandonment and reclamation costs as defined in NI 51-101 for all of the facilities, pipelines and wells including those without reserves assigned.
TORC Summary of Reserves
Proved producing 38,301 37,117 2,953 47,441
Proved non-producing 2,711 3,897 218 3,578
Proved undeveloped 22,563 30,670 1,929 29,604
Total proved 63,575 71,684 5,100 80,622
Probable 37,048 50,427 3,190 48,642
Total proved plus probable 100,623 122,112 8,290 129,265
TORC Net Present Values
Proved producing 426 550 508 453 407
Undeveloped 388 237 143 83 45
Total proved 883 840 692 570 480
Probable 1,122 685 460 331 250
Total proved plus probable 2,006 1,524 1,152 901 730
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 year.
Whitecap has scheduled a conference call and webcast to begin promptly at 8:00 am MT (10:00 am ET) on Thursday, February 25, 2021.
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.
Advisories & Contact
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; our budgeted 2021 capital expenditures and average production for 2021; our anticipated 2021 funds flow, free funds flow and payout ratio and the underlying assumptions; Whitecap's position to deliver strong shareholder returns in 2021 and beyond; our expected 2021 discretionary funds flow, net debt and debt to EBITDA ratio; our 2021 decline rate; our anticipated 2021 dividends; quantity of drilling locations in inventory; our ability to drive down costs and improve capital efficiencies by eliminating redundancies, streamlining processes and negotiating preferential rates through economies of scale; our 2021 capital program and the allocation thereof; the number of wells to be drilled in 2021 and the timing, location, and target thereof; EOR projects and anticipated benefits therefrom; capital efficiencies in our lower Shaunavon drilling program, including new wellbore design, and anticipated benefits therefrom; use of ERH technology in combination with our optimized fracture stimulation design and placement and anticipated benefits therefrom; timing of certain wells to be on production; our ability to significantly upgrade the existing inventory on the acquired assets from TORC and NAL; our Wapiti design optimization and multi well pad efficiencies and the anticipated benefits therefrom. Statements relating to "reserves" are also deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described exist in the quantities predicted or estimated and that the reserves can be profitably produced in the future.
The forward-looking information is based on certain key expectations and assumptions made by our management, including expectations and assumptions concerning prevailing commodity prices, exchange rates, interest rates, applicable royalty rates and tax laws; the impact (and the duration thereof) that the COVID-19 pandemic will have 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 reduce crude oil production and thereby arrest and reverse the steep decline in world crude oil prices; future production rates and estimates of operating costs; performance of existing and future wells; reserve volumes; anticipated timing and results of capital expenditures; the success obtained in drilling new wells; the sufficiency of budgeted capital expenditures in carrying out planned activities; the timing, location and extent of future drilling operations; the state of the economy and the exploration and production business; results of operations; performance; business prospects and opportunities; the availability and cost of financing, labour and services; the impact of increasing competition; ability to efficiently integrate assets and employees acquired through acquisitions, ability to market oil and natural gas successfully and our ability to access capital.
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, by its very nature they involve inherent risks and uncertainties. These include, but are not limited to: the risks associated with the oil and gas industry in general such as operational risks in development, exploration and production; 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; health, safety and environmental risks; commodity price and exchange rate fluctuations; interest 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; failure to obtain required regulatory and other approvals; reliance on third parties and pipeline systems; and changes in legislation, including but not limited to tax laws, production curtailment, royalties and environmental regulations. Our actual results, performance or achievement could differ materially from those expressed in, or implied by, the forward-looking information and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits that we will derive therefrom. Management has included the above summary of assumptions and risks related to forward-looking information provided in this press release in order to provide security holders with a more complete perspective on our future operations and such information may not be appropriate for other purposes.
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 Whitecap's budgeted 2021 capital investments, funds flow, free funds flow, discretionary funds flow, net debt, debt to EBITDA ratio and dividends, all of which are subject to the same assumptions, risk factors, limitations, and qualifications as set forth in the above paragraphs. The actual results of operations of Whitecap and the resulting financial results will likely vary from the amounts set forth in this presentation and such variation may be material. Whitecap and its management believe that the FOFI has been prepared on a reasonable basis, reflecting management's best estimates and judgments. However, because this information is subjective and subject to numerous risks, it should not be relied on as necessarily indicative of future results. Except as required by applicable securities laws, Whitecap undertakes no obligation to update such FOFI. FOFI contained in this press release was made as of the date of this press release and was provided for the purpose of providing further information about Whitecap's anticipated future business operations. Readers are cautioned that the FOFI contained in this press release should not be used for purposes other than for which it is disclosed herein.
OIL AND GAS ADVISORIES
All reserve references in this press release are "Company share reserves". Company share reserves are the applicable company's total working interest reserves before the deduction of any royalties and including any royalty interests payable to the company.
It should not be assumed that the present worth of estimated future amounts presented in the tables above represents the fair market value of the reserves. There is no assurance that the forecast prices and costs assumptions will be attained, and variances could be material. The recovery and reserve estimates of the crude oil, natural gas liquids and natural gas reserves provided herein are estimates only and there is no guarantee that the estimated reserves will be recovered. Actual crude oil, natural gas and natural gas liquids reserves may be greater than or less than the estimates provided herein.
References to crude oil or natural gas production in this press release refer to the light and medium crude oil and conventional natural gas, respectively, product types as defined in NI 51-101.
"Boe" means barrel of oil equivalent based on 6 mcf of natural gas to 1 bbl of oil. Boe's may be misleading, particularly if used in isolation. A boe conversion ratio of 6 mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. In addition, given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.
This press release contains metrics commonly used in the oil and natural gas industry which have been prepared by management, such as "acquisition capital", "development capital", "F&D costs", "FD&A costs", "operating netback", "production replacement ratio", "recycle ratio", and "reserve life index". These terms do not have a standardized meaning and may not be comparable to similar measures presented by other companies, and therefore should not be used to make such comparisons.
"Acquisition capital" includes net property acquisitions less any non-cash amounts and the announced purchase price of corporate acquisition including any estimated working capital deficit or surplus rather than the amounts allocated to property, plant and equipment for accounting purposes and the aggregate exploration and development capital spending within the year on reserves that are categorized as acquisitions less the disposition of certain processing facilities.
"Development capital" means the aggregate exploration and development costs incurred in the financial year on reserves that are categorized as development. Development capital excludes capitalized administration costs.
"F&D costs" are calculated as the sum of development capital plus the change in FDC for the period when appropriate, divided by the change in reserves that are characterized as development for the period.
"FD&A costs" are calculated as the sum of development capital plus acquisition capital plus the change in FDC for the period when appropriate, divided by the change in total reserves, other than from production, for the period.
"Operating netback" see "Non-GAAP Measures".
"Production replacement ratio" is calculated as total reserve additions (including acquisitions net of dispositions) divided by annual production.
"Recycle ratio" is measured by dividing operating netback by F&D or FD&A cost per boe for the year.
"Reserve life index" or "RLI" is calculated as total Company share reserves divided by annualized fourth quarter actual production.
Management uses these oil and gas metrics for its own performance measurements and to provide shareholders with measures to compare our operations over time. Readers are cautioned that the information provided by these metrics, or that can be derived from the metrics presented in this press release, should not be relied upon for investment or other purposes.
Drilling Locations
This press release discloses drilling inventory in three categories: (i) proved locations; (ii) probable locations; and (iii) unbooked locations. Proved locations and probable locations are derived from McDaniel's reserves evaluation effective December 31, 2020 and account for drilling locations that have associated proved and/or probable reserves, as applicable. Unbooked locations are internal estimates based on our prospective acreage and an assumption as to the number of wells that can be drilled per section based on industry practice and internal review. Unbooked locations do not have attributed reserves or resources.
Of the 5,265 (4,108.0 net) total drilling locations identified herein, 1,738 (1,441.1 net) are proved locations, 305 (234.2 net) are probable locations, and 3,222 (2,432.7 net) are unbooked locations.
Of the 1,459 (1,187.7 net) FDC drilling locations identified herein, 1,307 (1,081.1 net) are proved locations, and 152 (106.6 net) are probable locations.
Unbooked locations 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 unbooked 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.
The following table indicates our average daily production (including production from our major areas). Disclosure of production on a per boe basis in this press release consists of the constituent product types and their respective quantities as disclosed in the following table:
(bbls/d) NGLs
(bbls/d) Natural gas
(Mcf/d) Total
(boe/d)
Three months ended December 31, 2020
Northwest Alberta and British Columbia 9,571 2,190 27,965 16,421
Southeast Saskatchewan 13,920 501 2 14,422
Southwest Saskatchewan 12,901 2 2,114 13,255
West Central Alberta 6,380 1,968 26,111 12,700
West Central Saskatchewan 5,744 213 6,083 6,971
Other minor areas 11 – 14 14
Total 48,527 4,874 62,289 63,783
Northwest Alberta and British Columbia 10,132 2,055 30,289 17,235
Southeast Saskatchewan 13,815 429 29 14,249
West Central Saskatchewan 10,896 344 8,644 12,681
Other minor areas 11 1 15 15
Twelve months ended December 31, 2020
Other minor areas 21 – 5 21
West Central Saskatchewan 9,180 288 7,856 10,777
Other minor areas 14 (1) (22) 11
Disclosure of production on a per boe basis in this press release consists of the constituent product types and their respective quantities as disclosed in the following table:
2021 Budget 69,560 8,990 128,700 100,000
NON-GAAP MEASURES
This press release includes non-GAAP measures as further described herein. These non-GAAP measures do not have a standardized meaning prescribed by International Financial Reporting Standards ("IFRS" or, alternatively, "GAAP") and, therefore, may not be comparable with the calculation of similar measures by other companies. See the Company's Management's Discussion and Analysis of financial condition and results of operation for the period ended December 31, 2020 for a reconciliation of the non-GAAP measures.
"Discretionary funds flow" represents funds flow less expenditures on property, plant and equipment ("PP&E") and dividends. Management believes that discretionary 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" represents funds flow less expenditures on 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. Previously, Whitecap also deducted dividends paid or declared in the calculation of free funds flow. The Company believes the change in presentation better allows comparison with both dividend paying and non-dividend paying peers.
"Operating netbacks" are determined by adding marketing revenue and processing & other income, deducting realized hedging losses or adding realized hedging gains and deducting tariffs, royalties, operating expenses, transportation expenses and marketing expenses from petroleum and natural gas revenues. Operating netbacks are per boe measures used in operational and capital allocation decisions. Presenting operating netbacks on a per boe basis allows management to better analyze performance against prior periods on a comparative basis.
"Total payout ratio" is calculated as dividends paid or 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.29dk2902l
Canadian Natural Resources NAL Resources TORC Oil Whitecap Resources
Follow BOE Report
Sign up for the BOE Report Daily Digest E-mail
E-mail Address By subscribing, you agree to receive e-mails from BOEReport.com, in accordance with our Privacy Policy.
ExxonMobil Central Alberta Opportunities
Smart technology plays key role in critical downhole decisions
Fee Simple Title Offering: Countess of Sutherland Estate
Imperial announces fourth quarter 2022 financial and operating results
Alberta Gas
CAD/GJ