Whitecap Resources Inc. · TSX:WCP
Whitecap Resources — Investor Presentation (October 2026)
43 slides from Whitecap Resources's investor presentation, Oct 28, 2026
Slide 1: Corporate Presentation
CORPORATE PRESENTATION Generating Strong Returns Through Commodity Price Cycles October 2026
Slide 2: Corporate Overview
2 CORPORATE OVERVIEW 5th Largest Canadian Oil & Condensate Producer1 ~$25 Billion ~$27 Billion Market Capitalization Enterprise Value 405,000 boe/d $4.1 Billion 2027 Production Guidance 2027 Funds Flow 5th Largest Canadian Natural Gas Producer2 $2.5 Billion $2.1 Billion 2027 Capital Budget Sep. 30th
Slide 3: 2026 Highlights
3 2026 HIGHLIGHTS 2026 Average Production 2026 Free Funds Flow 392,000 boe/d $0.9 billion ✓ 3 production guidance Dividends increases to-date (adding 19,500 boe/d) $2.5 ✓ Capital efficiency improvements driving 372,500 boe/d Billion quicker cycle times and increased profitability $1.6 billion Balanc
Slide 4: Production & Capital Guidance
4 PRODUCTION & CAPITAL GUIDANCE Delivering 5% corporate growth to Q4/27 Average 2026 Production Average 2027 Production 392,000 405,000 boe/d boe/d 61% Liquids 60% Liquids Crude Oil & Condensate NGLs Natural Gas Crude Oil & Condensate NGLs Natural Gas ~$2.2 Billion 397,500 boe/d 5% Growth 417,500 bo
Slide 5: 2027 Capital Budget Details
5 2027 CAPITAL BUDGET DETAILS Divisional strength boosting corporate growth Unconventional 2027 Capital Budget 127 Wells 25% 77 Montney and 50 Duvernay $2.5 Conventional Billion 8% Growth 75% Growth to 265,000 boe/d from Lator and Kaybob capacity adds Unconventional Conventional 205 Wells 2027 Opera
Slide 6: 2027 Funds Flow Sensitivity
6 2027 FUNDS FLOW $4.6 B SENSITIVITY $4.1 B Funds Flow $3.7 B Significant free funds flow generated to increase long term returns to shareholders Free Funds Flow US$70/bbl US$80/bbl US$90/bbl Capital Free Funds Flow 2027 avg. 405,000 boe/d, and $2.00/GJ AECO Refer to Slide Notes and Advisories
Slide 7: Lator Phase 1 – On Production
7 LATOR PHASE 1 – ON PRODUCTION 04-13 infrastructure build-out supporting liquids rich growth Facility Start Up – October 2026 35,000 – 40,000 boe/d (40 – 50% liquids) Facility design capacity On Budget & On Time First development pad now on production >30 years Inventory life at design capacity Q3
Slide 8: Kaybob Duvernay
8 KAYBOB DUVERNAY Increasing productive capacity to add condensate rich growth +25,000 boe/d Kaybob Duvernay Production & Capacity (boe/d) Production increase since mid-2025 Production Capacity 140,000 130,000 boe/d (~50% liquids) 120,000 Increased Duvernay capacity 100,000 80,000 60,000 $800 – $950
Slide 9: Delivering on Condensate Growth
9 DELIVERING ON CONDENSATE GROWTH Significant Montney & Duvernay inventory to meet increase in condensate demand 70% 4th Largest Canadian Condensate Producer Liquids Rich Oil/Condensate 10-15% ~70,000 bbl/d Growth in 2027 ~4,700 Montney & Duvernay Locations 30% Lean Gas Refer to Slide Notes and Advi
Slide 10: Asset Potential
10 ASSET POTENTIAL +340,000 boe/d Future upside potential from: • Secondary & Tertiary expansion opportunities Near-term and future • Increased recovery factor of productive capacity provides current EOR assets flexibility to respond to market +75,000 boe/d • Technology enhancements in open hole mul
Slide 11: Growth Optionality
11 Stay Flat 3% Annual Growth 5% Annual Growth 490,000 boe/d GROWTH 455,000 boe/d OPTIONALITY Illustrative outcomes under 405,000 boe/d different capital allocation scenarios and commodity price environments 2027 2031 Flexible approach to annual capital allocation will provide 5 Year Free Funds Flow
Slide 12: Why Own Whitecap
12 WHY OWN WHITECAP Total Shareholder Return Target of 10% – 15% Annually LARGE RESOURCE PREMIUM PORTFOLIO SIZE & SCALE BALANCE SHEET STRENGTH Only 30% ~10,500 5th Largest 0.4x Of inventory booked in 2P reserves Drilling locations Cdn oil & condensate producer Net debt / funds flow • 16.1 year 2P re
Slide 13: Capital Allocation Toolkit
13 CAPITAL ALLOCATION TOOLKIT Production Growth Balance Sheet • 3% – 5% per share per annum • Target Net Debt / Funds Flow of 1.0x or less Capital Allocation Considerations Share Repurchases Base Dividend • Permanent improvement to capital structure • Meaningful return of capital mechanism Refer to
Slide 14: Counter Cyclical Approach
14 COUNTER CYCLICAL APPROACH Low leverage, long inventory life, & scale allows counter-cyclical investing through commodity cycles Balance Sheet Focus • Target moderate production growth • Prioritize balance sheet to capture Balanced Approach future opportunities • Production growth + share Annual F
Slide 15: Operational Initiatives: Efficiency & Scale
15 OPERATIONAL INITIATIVES: EFFICIENCY & SCALE Cutting cycle times and costs, improving accuracy and securing long-term supply Cycle-time compression through Infrastructure optimization through Data-driven execution improving design optimization, dual rigs & fracs and targeted debottlenecking and hi
Slide 16: Asset Overview
16 ASSET OVERVIEW AB SK ✓ Premier multi-basin portfolio UNCONVENTIONAL Liquids rich, deep inventory ✓ Diversified commodity mix optimizes returns ✓ Scale enhances operating profits ✓ Deep inventory of premium locations CONVENTIONAL High netback, low decline ➢ 2027: 332 wells 55% Conventional ~10,500
Slide 17: Unconventional Asset Overview
17 UNCONVENTIONAL Unconventional Land Base ASSET OVERVIEW Duvernay Lands Gold Creek 1,500,000 acres Montney Lands of Montney & Duvernay rights Leveraging our deep Karr 200 km (125 miles) Musreau technical expertise and 4,700 historical success to drive Montney & Duvernay locations in improved econom
Slide 18: Alberta Montney Driving Future Growth
18 Township (6 miles x 6 miles) ALBERTA MONTNEY DRIVING FUTURE GROWTH 33% Lean Gas 38% ~4,000 Oil/Condensate Inventory Locations T55 29% R21W5 Liquids Rich Largest landholder in the Alberta Montney with ~1,000,000 acres Refer to Slide Notes and Advisories
Slide 19: Optimizing Duvernay Development
19 OPTIMIZING DUVERNAY DEVELOPMENT 14% Lean Gas 40% Oil/Condensate ~700 Inventory Locations Township (6 miles x 6 miles) T56 46% R15W5 Liquids Rich ~500,000 acres in the heart of the Duvernay at Kaybob Refer to Slide Notes and Advisories
Slide 20: Unconventional Inventory
20 UNCONVENTIONAL INVENTORY ADDITIONAL INVENTORY Oil/Cond. Liquids Rich Lean Gas Future upside locations sensitive to natural gas prices Musreau / Gold Lator / Kakwa / Resthaven 2,100 Creek / Kaybob Kaybob DCE&T Costs ($mm) $10.0 $11.7 $12.3 (boe/d) 800 – 1,550 1,000 – 2,000 1,500 – 2,500 IP90 PREMI
Slide 21: Conventional Assets
21 CONVENTIONAL ASSETS 2nd largest conventional light Alberta Saskatchewan >3,000,000 acres Significant landholder across oil producer in Canada Cardium multiple, highly economic plays Charlie Lake Conv Montney Largest light oil producer in Saskatchewan 5,800 locations Cardium Light oil development
Slide 22: Conventional Inventory
22 CONVENTIONAL INVENTORY ADDITIONAL INVENTORY Alberta Saskatchewan Future upside locations Glauconite / Cardium Frobisher / Bakken ~2,900 DCE&T Costs ($mm) $4.9 $2.0 (boe/d) 270 – 965 100 – 250 IP90 (% liquids) 50% – 90% 95% PREMIUM INVENTORY (mboe) 350 – 1,000 50 – 200 2P Reserves Primary developm
Slide 23: Diversified Portfolio Maximizes Returns
23 DIVERSIFIED PORTFOLIO MAXIMIZES RETURNS Allocating capital to the highest return projects depending on commodity prices 100% Unconventional Conventional IP90 Percentage Liquids 75% 50% 25% 0% Refer to Slide Notes and Advisories
Slide 24: Strong Credit Profile
24 Debt Composition STRONG CREDIT PROFILE $1.7 Billion Investment Grade $2.1 B $400 million Sr. Notes Net Debt Net Working Capital ✓ Investment-grade rating of BBB by DBRS ✓ Low effective cost of debt at 4.76% ✓ Target Net Debt / Funds Flow of 1.0x or less Maturity Schedule $950 MM 4.72% ✓ Ample liq
Slide 25: Prudent Balance Sheet Management
25 PRUDENT BALANCE SHEET MANAGEMENT Proven leverage discipline through commodity price cycles 2.5x Net Debt / Funds Flow Ratio 2.0x 1.5x Avg. Net Debt / Funds Flow = 1.5x 1.0x 0.5x 0.4x 0.0x 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026e WTI (US$/bbl) $97.97 $93.00 $48.80 $43
Slide 26: Risk Management
26 RISK MANAGEMENT Downside protection to support dividend and maintain production Oil Hedges Natural Gas Hedges (% of Production Hedged) (% of Production Hedged) Swaps Swaps Collars Collars 31% 24% 26% 15% 11% 5% Oct-Dec 2026 2027 2028 Oct-Dec 2026 2027 2028 Avg. Swap Price Avg. Swap Price (C$/bbl)
Slide 27: Natural Gas Price Exposure
27 NATURAL GAS West Coast LNG PRICE EXPOSURE AECO Empress/TEP Long term price diversification target to minimize market risk Dawn Recent long-term US West agreements add exposure to European TTF and Price Diversification US Midwest Henry Hub pricing 31% 50% 54% 25% 25% 15% Henry Hub/ 2027 Target Gul
Slide 28: Crude Oil & Condensate Markets
28 CRUDE OIL & Over 90% of production exposed to attractive light CONDENSATE Oil Sands oil and condensate prices MARKETS (Condensate) ~70,000 bbl/d Western Canada ~20,000 bbl/d PADD II & East Canada PADD IV & V ~90,000 bbl/d ~15,000 bbl/d Physical Market Diversification Across North America Refer to
Slide 29: Built to Provide Durable Returns Through the Price Cycles
29 BUILT TO PROVIDE DURABLE RETURNS THROUGH THE PRICE CYCLES Depth & Quality of Opportunity Premier multi-basin inventory providing scale, flexibility & long-term sustainability Technical Excellence & Top-Tier Operating Performance Integrated subsurface, drilling, completion & production optimizatio
Slide 30: Additional Information
30 ADDITIONAL INFORMATION
Slide 31: Funds Flow Sensitivity and 2027 Guidance
31 Annual Funds Flow Sensitivity 2027 Guidance Production Crude oil and condensate (bbls/d) 195,000 – 200,000 $60 NGLs (bbls/d) 46,000 – 48,000 $50 $50 MM $50 MM Natural gas (mcf/d) 954,000 – 972,000 Change in Funds Flow $40 Total production (boe/d) 400,000 – 410,000 $30 Capital Expenditures $2.4 –
Slide 32: Management Track Record of Execution
32 MANAGEMENT TRACK RECORD OF EXECUTION Organic growth enhanced by strategic acquisitions 12% CAGR per share 10% CAGR per share 11% CAGR per share Funds Flow Production 2P Reserves $5,000 450,000 2,500,000 $4,500 400,000 $4,000 350,000 2,000,000 $3,500 300,000 $3,000 1,500,000 Boe/d Mboe 250,000 $ m
Slide 33: Disciplined Return of Capital to Shareholders
33 DISCIPLINED RETURN OF CAPITAL TO SHAREHOLDERS $9.00 $8.28 $8.00 $3.6 billion $935 million $7.00 $6.00 Total dividends paid ($6.79/share) Share repurchases completed $/share (Jan. 2013 – Sep. 2026) (May 2017 – Sep. 2026) $5.00 $4.00 $3.00 $2.00 $1.00 $0.61 $0.00 2013 2014 2015 2016 2017 2018 2019
Slide 34: TSX: WCP wcap.ca [email protected]
TSX: WCP wcap.ca [email protected] October 28, 2026
Slide 35: Slide Notes
35 SLIDE NOTES Slide 2 Slide 7 1. Market Capitalization and Enterprise Value calculated based on fully diluted common shares outstanding as at September 1. Inventory life based on year end 2025 gross locations. 30, 2026, a share price of $20.00 and September 30, 2026 net debt of $2.1 billion. 2. See
Slide 36: Slide Notes
36 SLIDE NOTES Slide 13 Slide 22 1. Net debt and funds flow are capital management measures. See Specified Financial Measures in the Advisories. 1. See Oil and Gas Advisory in the Advisories for additional information on drilling locations, DCE&T costs, payout, profit to 2. Net debt to funds flow ar
Slide 37: Slide Notes
37 SLIDE NOTES Slide 27 1. Natural gas financial exposure based on forecast 2027 production volumes. 2. Other markets includes Chicago, Dawn, Henry Hub, Malin and power markets. Slide 28 1. Crude oil and condensate financial exposure based on current production volumes. 2. See Oil and Gas Advisory i
Slide 38: Advisories
38 ADVISORIES Special Note Regarding Forward-Looking Statements and Forward-Looking Information that Whitecap is the largest landholder in the Alberta Montney; the Alberta Montney will drive future growth; that we are the 2nd largest conventional light oil producer in Canada; our estimate of gross c
Slide 39: Advisories
39 ADVISORIES Our actual results, performance or achievement could differ materially from those expressed in, or implied by, the forward-looking Special Note Regarding Forward-Looking Statements and Forward-Looking Information (continued) information and, accordingly, no assurance can be given that
Slide 40: Advisories
40 ADVISORIES Oil and Gas Advisory Reserves "DCE&T costs" includes all direct, on-lease costs of a typical well under pad development, including drill, completion, equip and tie-in and All reserve references in this presentation are "Company share reserves". Company share reserves are our total work
Slide 41: Advisories
41 ADVISORIES Drilling Locations This presentation discloses drilling inventory in two categories: (i) booked locations (proved and probable); and (ii) unbooked NI 51-101 includes condensate and pentane within the NGLs product type. Whitecap has disclosed condensate and pentane as combined with crud
Slide 42: Advisories
42 ADVISORIES "NPV" (10% discount rate) is a supplementary financial measure comprised of the before tax NPV for 2P reserves, discounted at Specified Financial Measures 10%, as determined in accordance with NI 51-101. This presentation includes various specified financial measures, including non-GAA
Slide 43: Research Coverage
43 RESEARCH COVERAGE • ATB Capital Markets • National Bank Financial • BMO Capital Markets • Peters & Co. • Canaccord Genuity • Raymond James • Capital One Securities • RBC Capital Markets • CIBC World Markets • ROTH Canada • Desjardins Securities • Scotiabank Global • Haywood Securities • TD Securi
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