Whitecap Resources Inc (WCP)

WHITECAP RESOURCES INC. ANNOUNCES EXECUTIVE APPOINTMENT, CONFIRMS MONTHLY DIVIDEND FOR JULY OF $0.0608 PER SHARE AND ANNOUNCES SECOND QUARTER 2026 RESULTS CONFERENCE CALL / WEBCASTJuly 2, 2026 8:00 AM
PR Newswire (Canada) CALGARY, AB, July 2, 2026 /CNW/ - Whitecap Resources Inc. ("Whitecap") is pleased to announce the appointment of Rebecca Schulz as Vice President, Regulatory and External Affairs. Ms. Schulz's primary responsibilities will include being the principal liaison on regulatory affairs and providing strategic alignment between policy development and corporate strategy.Ms. Schulz is a public affairs and policy leader with extensive experience across government, business, energy, environment and economic development. Most recently, Ms. Schulz was Alberta's Minister of Environment and Protected Areas as a Member of the Legislative Assembly for Calgary Shaw, with key projects focused on energy, emissions policy, land planning and water management. Ms. Schulz holds a Master's Degree in Communication from Johns Hopkins University and an Honours Bachelor of Arts in English from the University of Saskatchewan.Monthly DividendWhitecap also confirms that a cash dividend of Cdn. $0.0608 per common share in respect of July operations will be paid on August 17, 2026 to shareholders of record on July 31, 2026.  This dividend is an eligible dividend for the purposes of the Income Tax Act (Canada).Second Quarter Results Conference CallIn addition, Whitecap announces that it intends to release its second quarter 2026 results after market close on Wednesday, July 29, 2026 and has scheduled a conference call and webcast to begin promptly at 9:00 am MT (11:00 am ET) on Thursday, July 30, 2026.The conference call dial-in number is:  1-888-510-2154 or (403) 910-0389 or (437) 900-0527A live audio webcast of the conference call will be accessible on Whitecap's website at wcap.ca by selecting "Investors", then "Presentations & Events".  Shortly after the live webcast, an archived version will be available.About Whitecap
Whitecap Resources Inc. is a leading Canadian energy company committed to delivering reliable returns to shareholders through the responsible development of oil and natural gas assets in the Western Canadian Sedimentary Basin. With a strong track record of profitable growth and a sustainable dividend, Whitecap delivers long-term value to investors, supported by investment-grade financial strength. SOURCE Whitecap Resources Inc. Original: WHITECAP RESOURCES INC. ANNOUNCES EXECUTIVE APPOINTMENT, CONFIRMS MONTHLY DIVIDEND FOR JULY OF $0.0608 PER SHARE AND ANNOUNCES SECOND QUARTER 2026 RESULTS CONFERENCE CALL / WEBCAST

WHITECAP RESOURCES INC. CONFIRMS MONTHLY DIVIDEND FOR JUNE 2026 OF $0.0608 PER SHAREJune 15, 2026 5:00 PM
PR Newswire (Canada) CALGARY, AB, June 15, 2026 /CNW/ - Whitecap Resources Inc. ("Whitecap") (TSX: WCP) confirms that a cash dividend of Cdn. $0.0608 per common share in respect of June operations will be paid on July 15, 2026 to shareholders of record on June 30, 2026.  This dividend is an eligible dividend for the purposes of the Income Tax Act (Canada).About Whitecap
Whitecap Resources Inc. is a leading Canadian energy company committed to delivering reliable returns to shareholders through the responsible development of oil and natural gas assets in the Western Canadian Sedimentary Basin. With a strong track record of profitable growth and a sustainable dividend, Whitecap delivers long-term value to investors, supported by investment-grade financial strength.SOURCE Whitecap Resources Inc. Original: WHITECAP RESOURCES INC. CONFIRMS MONTHLY DIVIDEND FOR JUNE 2026 OF $0.0608 PER SHARE

WHITECAP RESOURCES INC. RECEIVES TSX APPROVAL FOR RENEWED NORMAL COURSE ISSUER BIDMay 20, 2026 5:00 PM
PR Newswire (Canada) CALGARY, AB, May 20, 2026 /CNW/ - Whitecap Resources Inc. ("Whitecap") (TSX: WCP) is pleased to announce that the Toronto Stock Exchange (the "TSX") has accepted Whitecap's notice of intention to commence a normal course issuer bid (the "NCIB"). The NCIB allows Whitecap to purchase up to 120,706,244 common shares (representing 10% of Whitecap's public float, as defined by the TSX, as of May 11, 2026) over a period of twelve months commencing on May 25, 2026. On May 11, 2026, Whitecap had 1,215,468,037 common shares outstanding and 1,207,062,444 common shares in its public float. The NCIB will expire no later than May 24, 2027.Under the NCIB, common shares may be repurchased on the open market through the facilities of the TSX and/or alternative Canadian trading systems and in accordance with the rules of the TSX governing normal course issuer bids. The total number of common shares Whitecap is permitted to purchase is subject to a daily purchase limit of 1,528,668 common shares, representing 25% of the average daily trading volume of 6,114,672 common shares on the TSX calculated for the six-month period ended April 30, 2026, however, Whitecap may make one block purchase per calendar week which exceeds such daily repurchase restrictions. Any common shares that are purchased under the NCIB will be cancelled upon their purchase by Whitecap.Whitecap is permitted to repurchase 122,135,462 common shares under its current normal course issuer bid that runs from May 23, 2025 to May 22, 2026.  As at May 11, 2026, Whitecap had repurchased an aggregate of 18,910,168 common shares within the past 12 months under normal course issuer bids on the open market at a volume weighted average price per share of $9.94. Whitecap believes that, at times, the prevailing share price does not reflect the underlying value of the common shares and the repurchase of its common shares for cancellation represents an attractive opportunity to enhance Whitecap's per share metrics and thereby increase the underlying value of Whitecap's common shares to its shareholders. The NCIB will be used as another tool to enhance total long-term shareholder returns and will be used in conjunction with management's disciplined free funds flow capital allocation strategy.About Whitecap
Whitecap Resources Inc. is a leading Canadian energy company committed to delivering reliable returns to shareholders through the responsible development of oil and natural gas assets in the Western Canadian Sedimentary Basin. With a strong track record of profitable growth and a sustainable dividend, Whitecap delivers long-term value to investors, supported by investment-grade financial strength. For further information about Whitecap, please visit our website at wcap.ca.SOURCE Whitecap Resources Inc. Original: WHITECAP RESOURCES INC. RECEIVES TSX APPROVAL FOR RENEWED NORMAL COURSE ISSUER BID

WHITECAP RESOURCES INC. CONFIRMS MONTHLY DIVIDEND FOR MAY 2026 OF $0.0608 PER SHAREMay 14, 2026 5:00 PM
PR Newswire (Canada) CALGARY, AB, May 14, 2026 /CNW/ - Whitecap Resources Inc. ("Whitecap") (TSX: WCP) confirms that a cash dividend of Cdn. $0.0608 per common share in respect of May operations will be paid on June 15, 2026 to shareholders of record on May 31, 2026.  This dividend is an eligible dividend for the purposes of the Income Tax Act (Canada).About Whitecap
Whitecap Resources Inc. is a leading Canadian energy company committed to delivering reliable returns to shareholders through the responsible development of oil and natural gas assets in the Western Canadian Sedimentary Basin. With a strong track record of profitable growth and a sustainable dividend, Whitecap delivers long-term value to investors, supported by investment-grade financial strength.SOURCE Whitecap Resources Inc. Original: WHITECAP RESOURCES INC. CONFIRMS MONTHLY DIVIDEND FOR MAY 2026 OF $0.0608 PER SHARE

WHITECAP RESOURCES INC. ANNOUNCES EXECUTIVE APPOINTMENTS AND RESULTS OF SHAREHOLDERS' MEETINGMay 13, 2026 2:11 PM
PR Newswire (Canada) CALGARY, AB, May 13, 2026 /CNW/ - Whitecap Resources Inc. ("Whitecap" or the "Company") (TSX: WCP) is pleased to announce the appointment of Joseph (Joey) Wong as President, reflecting the Company's continued focus on leadership development and long-term succession planning. Joey has been with Whitecap for the past twelve years and is currently our Vice President, Unconventional and responsible for the development of our Montney and Duvernay assets. In this new role, Mr. Wong will assume expanded responsibility for the Company's day-to-day operations and execution of our strategic priorities, working closely with our CEO Grant Fagerheim.The Company also announced the appointment of Travis Tweit as Chief Operating Officer, further enhancing operational leadership and supporting continued growth and scale. Mr. Tweit has been with the Company since 2010 and is currently our Vice President, Operations. Jeffrey Mazurak, who has been with Whitecap since 2021 will be promoted to Vice President, Operations from his current role of Director, Unconventional Operations.All three individuals have played a critical role in advancing our strategy and strengthening our performance. These appointments reflect both their significant contributions to date and the important leadership roles they will continue to play as we position the Company for the future.RESULTS OF SHAREHOLDERS' MEETINGWhitecap is also pleased to announce that all matters presented for approval at the annual meeting of shareholders held today have been fully authorized and approved. A total of 532,284,407 common shares representing 43.85% of Whitecap's issued and outstanding common shares were voted in connection with the meeting.At the meeting, by ordinary resolution, the number of directors to be elected at the meeting was fixed at eleven. The results of the ballot were as follows:Votes For (Percentage)
529,087,396 (99.42%)At the meeting, all of the nominees proposed as directors were duly elected as directors of Whitecap with a majority of votes cast by the shareholders present or represented at the meeting as follows:Name of NomineeVotes For (Percentage)Scott D. Althen513,872,950 (99.36 %)Grant B. Fagerheim512,925,953 (99.17 %)Jodi J. Jenson Labrie508,179,412 (98.26 %)Vineeta Maguire513,234,859 (99.23 %)Glenn A. McNamara316,786,150 (61.25 %)Barbara E. Munroe506,899,396 (98.01 %)Stephen C. Nikiforuk483,181,316 (93.42 %)Myron M. Stadnyk514,414,481 (99.46 %)Kenneth S. Stickland468,660,500 (90.62 %)Bradley J. Wall462,876,785 (89.50 %)Grant A. Zawalsky477,397,190 (92.31 %)PricewaterhouseCoopers LLP was appointed as auditors of Whitecap to hold office until the next annual meeting, and the directors were authorized to fix their remuneration. The results of the ballot were as follows:Votes For (Percentage)
503,281,776 (94.57%)In addition, a non-binding advisory resolution concerning Whitecap's approach to executive compensation was approved. The results of the ballot were as follows:Votes For (Percentage)
486,256,623 (94.02%)About Whitecap
Whitecap Resources Inc. is a leading Canadian energy company committed to delivering reliable returns to shareholders through the responsible development of oil and natural gas assets in the Western Canadian Sedimentary Basin. With a strong track record of profitable growth and a sustainable dividend, Whitecap delivers long-term value to investors, supported by investment-grade financial strength. For further information about Whitecap, please visit our website at wcap.ca.SOURCE Whitecap Resources Inc. Original: WHITECAP RESOURCES INC. ANNOUNCES EXECUTIVE APPOINTMENTS AND RESULTS OF SHAREHOLDERS' MEETING

National Banks of Canada's outlook....................

WHITECAP REPORTS RECORD FIRST QUARTER 2026 PRODUCTION AND INCREASES 2026 PRODUCTION GUIDANCEApril 29, 2026 5:00 PM
PR Newswire (Canada)

CALGARY, AB, April 29, 2026 /CNW/ - Whitecap Resources Inc. ("Whitecap" or the "Company") (TSX: WCP) is pleased to report its operating and unaudited financial results for the three months ended March 31, 2026.Selected financial and operating information is outlined below and should be read with Whitecap's unaudited interim consolidated financial statements and related management's discussion and analysis for the three months ended March 31, 2026 which are available at sedarplus.ca and on our website at wcap.ca.Financial ($ millions except for share amounts)
Three months ended Mar. 31

20262025Petroleum and natural gas revenues

2,042.0942.2Net income

22.3162.6  Basic ($/share)

0.020.28  Diluted ($/share)

0.020.27Funds flow 1

1,025.3446.3  Basic ($/share) 1

0.840.76  Diluted ($/share) 1

0.840.75Dividends declared

221.3107.2  Per share

0.180.18Expenditures on property, plant and equipment 2

676.3398.1Free funds flow 1

349.048.2Net debt 1

3,249.4986.9Operating



Average daily production



  Crude oil and condensate (bbls/d)

201,18796,637  NGLs (bbls/d)

40,92019,295  Natural gas (Mcf/d)

895,854378,715Total (boe/d) 3

391,416179,051Average realized price 1,4



  Crude oil and condensate ($/bbl)

92.0693.05  NGLs ($/bbl)

32.3429.66  Natural gas ($/Mcf)

3.182.39Petroleum and natural gas revenues ($/boe) 1

57.9758.47Operating netback ($/boe) 1



  Petroleum and natural gas revenues1

57.9758.47  Tariffs 1

(0.20)(0.29)  Processing & other income 1

0.490.81  Marketing revenues 1

0.833.88Petroleum and natural gas sales 1

59.0962.87  Realized gain (loss) on commodity contracts 1

(0.58)0.85  Royalties 1

(6.94)(9.80)  Operating expenses 1

(12.02)(13.57)  Transportation expenses 1

(3.50)(2.35)  Marketing expenses 1

(0.82)(3.79)Operating netbacks

35.2334.21Share information (millions)



Common shares outstanding, end of period

1,213.8587.5Weighted average basic shares outstanding

1,213.9587.5Weighted average diluted shares outstanding

1,220.2592.4MESSAGE TO SHAREHOLDERSWhitecap continues to deliver exceptionally strong results as evidenced in the first quarter, with average production of 391,416 boe/d (62% liquids), exceeding our original budget expectations by approximately 19,000 boe/d, driven by robust new well productivity, strong base production performance and improved cycle times that brought wells onstream ahead of plan.Since the first quarter of 2025, funds flow more than doubled to over $1.0 billion in the quarter, primarily reflecting the impact of the acquisition of Veren Inc. More importantly, funds flow per share increased 12%, demonstrating the realization of structural synergies despite weaker average realized commodity prices.This performance was supported by continued cost discipline, with operating costs decreasing 11% to $12.02/boe below our guidance range of $12.25/boe – $12.75/boe.Operational activity remained high, with peak utilization of 18 drilling rigs, resulting in the drilling of 31 (31.0 net) unconventional wells and 54 (47.3 net) conventional wells, while continuing to advance the construction of the Company's Lator phase 1 facility. These results reflect strong operational momentum carried forward from the fourth quarter of 2025 and consistent execution across the entire asset base.As a result, the Company is increasing its full year production guidance by 7,500 boe/d to 378,000 – 382,000 (61% liquids) while maintaining its capital expenditure budget of $2.0 – $2.1 billion, demonstrating improved capital efficiency and execution.The Company's balance sheet remains in exceptional shape, with net debt to annualized funds flow ratio1 of 0.8 times and $1.2 billion of unused credit capacity. During the quarter, the Company proactively reduced its bank credit facility from $3.0 billion to $2.5 billion, lowering standby charges and extended the maturity date to September 19, 2030, further enhancing financial flexibility.First Quarter 2026 HighlightsStrong first quarter funds flow: Generated funds flow of $1.0 billion ($0.84 per share), a 12% increase per share, driven by higher production, strong realized pricing and lower operating costs.Disciplined capital investment and free cash generation: Capital investments of $676 million resulted in free funds flow of $349 million for the quarter.Record production: Production averaged a record 391,416 boe/d, comprised of 242,107 bbls/d of liquids and 895,854 mcf/d of natural gas, an increase of 6% on a per share basis5 over the first quarter of 2025.Shareholder returns and balance sheet improvement: Returned $221 million in dividends during the quarter and reduced net debt to $3.2 billion, resulting in a net debt to annualized funds flow ratio of 0.8 times and $1.2 billion of undrawn credit capacity.OPERATIONS REVIEWOperational momentum carried over from 2025, with a continued focus on structural improvements being reflected in strong first quarter operating and production results. Continued well level outperformance is incorporated into our guidance increase, while ongoing cost discipline and solid execution are driving margin expansion and enhanced capital efficiency, all of which support increased profitability across the business.Unconventional HighlightsHalf of corporate outperformance in the quarter was driven by the Unconventional division, which was largely attributable to strong new well productivity. Initial production results across our Montney and Duvernay assets were approximately 10% above expectations.During the quarter, we completed two plug-and-perf ("P&P") pilot pads at Karr with strong execution across all seven (7.0 net) wells. The wells achieved greater than 95% stimulation effectiveness, and we estimate cost savings of approximately $2 million per well compared to area wells utilizing single-point entry completion technology. Early-time production rates are in line with expectations. Our pilot P&P pad in Gold Creek will spud later in 2026. Across our Montney development, well and completion design will continue to be optimized on area-specific performance, cost and risk considerations.Operational efficiency continues to improve across both drilling and completions key performance indicators. Ongoing well design enhancements and execution improvements, including the use of actively guided completions, have increased proppant pumped per day across our unconventional division by 12% relative to historical performance. In addition, drilling rates of penetration have improved by 27% on average across the division. These gains reflect continued focus on consistency, efficiency and the application of learnings across the portfolio.Conventional HighlightsThe Conventional division continued to generate outsized free funds flow, representing approximately 25% of total capital expenditures while contributing almost 60% of operating free funds flow in the first quarter. The Alberta and Saskatchewan conventional assets accounted for the remaining half of corporate outperformance in the quarter, where new well productivity and base production optimization exceeded expectations. We also benefited from access to previously unavailable third-party infrastructure capacity, which contributed approximately 3,000 boe/d to Glauconite production volumes during the quarter.Our open hole multi-lateral ("OHML") Bakken development continues to push technical and operational boundaries, highlighted by the recent drilling of a 10-leg, 3-mile OHML well. With over 43,000 metres drilled, this represents the longest well in Canada and underscores the strength of our technical and operational capabilities. The well was brought on production in April, and positive results are expected to enhance our inventory depth, improve long-term capital efficiency and further validate the applicability of OHML technology across our conventional asset base.Additional initiatives contributing to strong first quarter results include optimized development sequencing and lower drilling and completion costs, resulting in shorter cycle times and enhanced capital efficiency. Our Frobisher assets were the most active assets during the quarter and drove the operational improvements with a 7% decrease in drilling costs per metre and a 15% decrease in equipping costs relative to historical performance.OUTLOOKThe ongoing conflict in the Middle East has introduced significant commodity price volatility, with WTI trading between US$70/bbl and US$115/bbl since the conflict started, while Edmonton light oil and condensate prices have strengthened to a premium to WTI. These dynamics have materially improved our cash flow outlook, although only one month of this benefit is reflected in our first quarter results. In this environment, we remain focused on disciplined execution and prioritizing the realization of these gains to maximize free funds flow optionality. The current geopolitical landscape continues to reinforce the importance of energy security, positioning Canada as a reliable supplier of both crude oil and natural gas to global markets.We remain committed to a disciplined capital program and a counter-cyclical approach to free funds flow allocation. Based on current strip pricing6, we expect to reduce our year end 2026 net debt by more than $1 billion compared to our year end 2025 net debt, which will result in a net debt to funds flow ratio of 0.5 times. This further strengthens our balance sheet and positions the Company to capture incremental opportunities in the future on behalf of shareholders. Our long-term target remains a net debt to funds flow ratio of less than 1.0 times through commodity cycles.In natural gas markets, AECO pricing remains weak and is expected to average below $2.00/GJ for the balance of the year, reflecting continued supply growth in Western Canada. This underscores the importance of price diversification, as demonstrated in the first quarter where we achieved an average realized price of $3.18/mcf compared to AECO of $2.01/mcf. We will continue to expand market diversification through long-term contracts, increasing exposure to international and U.S. markets. Our risk management strategy remains active, with approximately 28% of 2026 natural gas production hedged at an average swap price of over $4.00/mcf and 13% hedged at an average swap price of approximately $3.00/mcf in 2027.Given elevated oil prices, we have also prudently added to our hedge positions, with approximately 34% of 2026 crude oil production and 23% of 2027 production hedged. Despite the incremental uplift in funds flow, our strategy remains unchanged. We continue to target annual production growth of 3% to 5% while maintaining a counter-cyclical approach to capital allocation and prioritizing balance sheet strength.On behalf of our employees, management team and Board of Directors, we thank our shareholders for their continued support and confidence.NOTES1Funds flow, funds flow basic ($/share), funds flow diluted ($/share) and net debt are capital management measures. Average realized price, annualized funds flow, net debt to annualized funds flow ratio and per boe disclosure figures are supplementary financial measures. Operating netback and free funds flow are non-GAAP financial measures. Operating netbacks ($/boe) is a non-GAAP ratio. Refer to the Specified Financial Measures section in this press release for additional disclosure and assumptions.2Also referred to herein as "capital expenditures" and "capital investment".3Disclosure of production on a per boe basis in this press release consists of the constituent product types and their respective quantities disclosed herein. Refer to Barrel of Oil Equivalency and Production & Product Type Information in this press release for additional disclosure.4Prior to the impact of risk management activities and tariffs.5Production per share is the Company's total crude oil, NGL and natural gas production volumes for the applicable period divided by the weighted average number of diluted shares outstanding for the applicable period. Production per share growth is determined in comparison to the applicable comparative period.6Strip pricing as of April 28, 2026, with average WTI of ~US$87/bbl, AECO of ~$1.50/GJ and USD/CAD of $1.36 for the remainder of 2026.CONFERENCE CALL AND WEBCASTWhitecap has scheduled a conference call and webcast to begin promptly at 9:00 am MT (11:00 am ET) on Thursday, April 30, 2026.The conference call dial-in number is: 1-888-510-2154 or (403) 910-0389 or (437) 900-0527A live webcast of the conference call will be accessible on Whitecap's website at wcap.ca by selecting "Investors", then "Presentations & Events". Shortly after the live webcast, an archived version will be available for approximately 14 days.NOTE REGARDING FORWARD-LOOKING STATEMENTSThis press release contains forward-looking statements and forward-looking information (collectively "forward-looking information") within the meaning of applicable securities laws relating to the Company's plans and other aspects of our anticipated future operations, management focus, strategies, financial, operating and production results and business opportunities. Forward-looking information typically uses words such as "anticipate", "believe", "continue", "trend", "sustain", "project", "expect", "forecast", "budget", "goal", "guidance", "plan", "objective", "strategy", "target", "intend", "estimate", "potential", or similar words suggesting future outcomes, statements that actions, events or conditions "may", "would", "could" or "will" be taken or occur in the future, including statements about our strategy, plans, focus, objectives, priorities and position.In particular, and without limiting the generality of the foregoing, this press release contains forward-looking information with respect to: that the Company's balance sheet remains in exceptional shape, with net debt to annualized funds flow ratio of 0.8 times and $1.2 billion of unused credit capacity; our full year production guidance (including the product type breakdown); our belief that our updated guidance demonstrates improved capital efficiency and execution; that our reduced bank credit facility will lower standby charges and the extended maturity date of September 19, 2030 will further enhance financial flexibility; that continued well level outperformance  is incorporated into our guidance increase, while ongoing cost discipline and solid execution are driving margin expansion and enhanced capital efficiency, all of which support increased profitability across the business; our estimated cost savings of our P&P pilot pads compared to area wells utilizing single point entry completion technology; the anticipated timing of our pilot P&P pad at Gold Creek; that across our Montney development, well and completion design will continue to be optimized on area-specific performance, cost and risk considerations; that the increase in drilling rates of penetration and proppant pumped per day reflect continued focus on consistency, efficiency, and the application of learnings across the portfolio our belief that the recent 10-leg 3-mile OHML well in the Bakken underscores the strength of our technical and operational capabilities; our belief that positive results from the 10-leg 3-mile OHML well in the Bakken are expected to enhance our inventory depth, improve long-term capital efficiency, and further validate the applicability of OHML technology across our conventional asset base; our belief that the ongoing conflict in the Middle East, the trading range of WTI since the conflict started and Edmonton light oil and condensate price strength have materially improved our cash flow outlook; that we remain focused on disciplined execution and prioritizing the realization of these gains to maximize free funds flow optionality; that the current geopolitical landscape continues to reinforce the importance of energy security, positioning Canada as a reliable supplier of both crude oil and natural gas to global markets; that we remain committed to a disciplined capital program and a counter-cyclical approach to free funds flow allocation; our forecast for debt reduction by year end and the calculation of our net debt to funds flow ratio; that a reduction in net debt further strengthens our balance sheet and positions the Company to capture incremental opportunities in the future on behalf of shareholders; our long-term target net debt to funds flow ratio through commodity cycles; our expectations for AECO prices for the balance of the year and the reasons defined herein; our belief that we will continue to expand market diversification through long-term contracts, increasing exposure to international and U.S. markets; that our risk management strategy remains active; the anticipated percentages of our forecast natural gas and crude oil production that is hedged; that despite the forecasted incremental uplift in funds flow, our strategy remains unchanged; and that we continue to target annual production growth of 3% to 5% while maintaining a counter-cyclical approach to capital allocation and prioritizing balance sheet strength.The forward-looking information is based on certain key expectations and assumptions made by our management, including: the duration and impact of tariffs that are currently in effect on goods exported from or imported into Canada, and that other than the tariffs that are currently in effect, neither the U.S. nor Canada (i) increases the rate or scope of such tariffs, reenacts tariffs that are currently suspended, or imposes new tariffs, on the import of goods from one country to the other, including on oil and natural gas, and/or (ii) imposes any other form of tax, restriction or prohibition on the import or export of products from one country to the other, including on oil and natural gas; that we will continue to conduct our operations in a manner consistent with past operations except as specifically noted herein (and for greater certainty, the forward-looking information contained herein excludes the potential impact of any acquisitions or dispositions that we may complete in the future); the general continuance or improvement in current industry conditions; the continuance of existing (and in certain circumstances, the implementation of proposed) tax, royalty and regulatory regimes; expectations and assumptions concerning prevailing and forecast commodity prices, exchange rates, interest rates, inflation rates, applicable royalty rates and tax laws, including the assumptions specifically set forth herein; the ability of OPEC+ nations and other major producers of crude oil to adjust crude oil production levels and thereby manage world crude oil prices; the impact (and the duration thereof) of the ongoing military actions in the Middle East and between Russia and Ukraine and related sanctions on crude oil, NGLs and natural gas prices; the impact of current and forecast exchange rates, inflation rates and/or interest rates on the North American and world economies and the corresponding impact on our costs, our profitability, and on crude oil, NGLs and natural gas prices; future production rates and estimates of operating costs and development capital, including as specifically set forth herein; performance of existing and future wells; reserves volumes and net present values thereof; anticipated timing and results of capital expenditures/development capital, including as specifically set forth herein; 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 timing and costs of pipeline, storage and facility construction and expansion; the state of the economy and the exploration and production business; the availability and cost of financing, labour and services; future dividend levels and share repurchase levels; the impact of increasing competition; ability to efficiently integrate assets and employees acquired through acquisitions or asset exchange transactions; ability to market oil and natural gas successfully; our ability to access capital and the cost and terms thereof; that we will not be forced to shut-in production due to weather events such as wildfires, floods, droughts or extreme hot or cold temperatures; and that we will be successful in defending against previously disclosed and ongoing reassessments received from the Canada Revenue Agency and assessments received from the Alberta Tax and Revenue Administration.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 it involves inherent risks and uncertainties. These include, but are not limited to: the risk that the funds that we ultimately return to shareholders through dividends and/or share repurchases is less than currently anticipated and/or is delayed, whether due to the risks identified herein or otherwise; the risk that any of our material assumptions prove to be materially inaccurate, including our 2026 forecast (including for production levels, capital expenditure levels, commodity prices and exchange rates); the risk that (i) the tariffs that are currently in effect on goods exported from or imported into Canada continue in effect for an extended period of time, the tariffs that have been threatened are implemented, that tariffs that are currently suspended are reactivated, the rate or scope of tariffs are increased, or new tariffs are imposed, including on oil and natural gas, (ii) the U.S. and/or Canada imposes any other form of tax, restriction or prohibition on the import or export of products from one country to the other, including on oil and natural gas, and (iii) the tariffs imposed or threatened to be imposed by the U.S. on other countries and retaliatory tariffs imposed or threatened to be imposed by other countries on the U.S., will trigger a broader global trade war which could have a material adverse effect on the Canadian, U.S. and global economies, and by extension the Canadian oil and natural gas industry and the Company including by decreasing demand for (and the price of) oil and natural gas, disrupting supply chains, increasing costs, causing volatility in global financial markets, and limiting access to financing; risks associated with the mandatory joint review of the Canada-United States-Mexico Agreement ("CUSMA") on July 1, 2026 including the risk that the members ultimately withdrawing from CUSMA, which could result in a significant increase in trade barriers, which could in turn have a material adverse effect on the Canadian and U.S. economies, and by extension the Canadian oil and natural gas industry and the Company; the risks associated with the oil and gas industry in general such as operational risks in development, exploration and production, including the risk that weather events such as wildfires, flooding, droughts or extreme hot or cold temperatures forces us to shut-in production or otherwise adversely affects our operations; pandemics and epidemics; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of estimates and projections relating to reserves, production, costs and expenses; risks associated with increasing costs, whether due to elevated inflation rates, elevated interest rates, supply chain disruptions or other factors; health, safety and environmental risks; commodity price and exchange rate fluctuations; interest rate fluctuations; inflation rate fluctuations; marketing and transportation risks; loss of markets; competition; incorrect assessment of the value of acquisitions; failure to complete or realize the anticipated benefits of acquisitions or dispositions; the risk that going forward we may be unable to access sufficient capital from internal and external sources on acceptable terms or at all; failure to obtain required regulatory and other approvals; reliance on third parties and pipeline systems; changes in legislation, including but not limited to tax laws, tariffs, import or export restrictions or prohibitions, production curtailment, royalties and environmental (including emissions and "greenwashing") regulations; the risk that we do not successfully defend against previously disclosed and ongoing reassessments received from the Canada Revenue Agency and assessments received from the Alberta Tax and Revenue Administration and are required to pay additional taxes, interest and penalties as a result; and the risk that the amount of future cash dividends paid by us and/or shares repurchased for cancellation by us, if any, will be subject to the discretion of our Board of Directors and may vary depending on a variety of factors and conditions existing from time to time, including, among other things, fluctuations in commodity prices, production levels, capital expenditure requirements, debt service requirements, operating costs, royalty burdens, foreign exchange rates, contractual restrictions contained in our debt agreements, and the satisfaction of the liquidity and solvency tests imposed by applicable corporate law for the declaration and payment of dividends and/or the repurchase of shares – depending on these and various other factors as disclosed herein or otherwise, many of which will be beyond our control, our dividend policy and/or share buyback policy and, as a result, future cash dividends and/or share buybacks, could be reduced or suspended entirely. 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 (sedarplus.ca).These forward-looking statements are made as of the date of this press release and we disclaim any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.This press release contains future-oriented financial information and financial outlook information (collectively, "FOFI") about: our forecast 2026 capital expenditure budget; our forecast of average daily production for 2026; 2026 annualized funds flow; our forecast for annual reduction in net debt and resulting net debt to funds flow ratio; and our long-term target for net debt to funds flow ratio; 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 herein 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 ADVISORIESBarrel of Oil Equivalency"Boe" means barrel of oil equivalent. All boe conversions in this press release are derived by converting gas to oil at the ratio of six thousand cubic feet ("Mcf") of natural gas to one barrel ("Bbl") of oil. Boe may be misleading, particularly if used in isolation. A Boe conversion rate of 1 Bbl : 6 Mcf is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio of oil compared to natural gas based on currently prevailing prices is significantly different than the energy equivalency ratio of 1 Bbl : 6 Mcf, utilizing a conversion ratio of 1 Bbl : 6 Mcf may be misleading as an indication of value.Production & Product Type InformationReferences to petroleum, crude oil and condensate, natural gas liquids ("NGLs"), natural gas and average daily production in this press release refer to the light and medium crude oil, tight crude oil, conventional natural gas, shale gas and NGLs product types, as applicable, as defined in National Instrument 51-101 ("NI 51-101"), except as noted below.NI 51-101 includes condensate and pentane within the NGLs product type. The Company has disclosed condensate and pentane as combined with crude oil and separately from other NGLs since the price of condensate and pentane as compared to other NGLs is currently significantly higher and the Company believes that this crude oil, condensate and pentane presentation provides a more accurate description of its operations and results therefrom. Crude oil therefore refers to light oil, medium oil, tight oil, condensate and pentane. NGLs refers to ethane, propane and butane combined. Natural gas refers to conventional natural gas and shale gas combined. Liquids refer to crude oil and NGLs.The Company's average daily production for the three months ended March 31, 2026 and 2025, and the forecast average daily production for 2026 (midpoint) disclosed in this press release consists of the following product types, as defined in NI 51-101 (other than as noted above with respect to condensate and pentane) and using a conversion ratio of 1 Bbl : 6 Mcf where applicable:Whitecap Corporate
2026 Guidance(mid-point)Q1/2026Q1/2025Light and medium oil (bbls/d)1
96,000101,94174,814Tight oil (bbls/d)1
97,00099,24621,823Crude oil and condensate (bbls/d)    
193,000201,18796,637




NGLs (bbls/d)2
39,00040,92019,295




Shale gas (Mcf/d)
711,000702,066225,322Conventional natural gas (Mcf/d)
177,000193,788153,393Natural gas (Mcf/d)
888,000895,854378,715




Total (boe/d)
380,000391,416179,051(1)Includes condensate and pentane(2)Includes ethane, propane and butane combinedSPECIFIED FINANCIAL MEASURESThis press release includes various specified financial measures, including non-GAAP financial measures, non-GAAP ratios, capital management measures and supplementary financial measures as further described herein. These financial measures are not standardized financial measures under International Financial Reporting Standards ("IFRS Accounting Standards" or, alternatively, "GAAP") and, therefore, may not be comparable with the calculation of similar financial measures disclosed by other companies."Annualized funds flow" is a supplementary financial measure that is used by management as a substitute for annual funds flow when a material transaction (such as the strategic combination with Veren Inc.) or other material change occurs during the middle of the year and as a result annual funds flow is less meaningful. It is calculated by grossing up the applicable numbers of days being analyzed (such as a quarter or half year) to 365. Annualized funds flow referred to in this press release is calculated based on Whitecap's funds flow for the first quarter of 2026 of $1,025 million, which equates to an estimated annualized funds flow of $4,100 million."Average realized prices" for crude oil, NGLs and natural gas are supplementary financial measures calculated by dividing each of these components of petroleum and natural gas revenues, disclosed in Note 14 "Revenue" to the Company's unaudited interim consolidated financial statements for the three months ended March 31, 2026, by their respective production volumes for the period."Free funds flow" is a non-GAAP financial measure calculated as funds flow less expenditures on property, plant and equipment ("PP&E"). Management believes that free funds flow provides a useful measure of Whitecap's ability to increase returns to shareholders and to grow the Company's business. Free funds flow is not a standardized financial measure under IFRS Accounting Standards and, therefore, may not be comparable with the calculation of similar financial measures disclosed by other entities. The most directly comparable financial measure to free funds flow disclosed in the Company's primary financial statements is cash flow from operating activities. Refer to the "Cash Flow from Operating Activities, Funds Flow and Free Funds Flow" section of our management's discussion and analysis for the three months ended March 31, 2026 which is incorporated herein by reference, and available on SEDAR+ at sedarplus.ca. In addition, see the following table which reconciles cash flow from operating activities to funds flow and free funds flow:

Three months ended Mar. 31,($ millions, except per share amounts)

20262025Cash flow from operating activities

1,135.3295.1Net change in non-cash working capital items    

(110.0)151.2Funds flow

1,025.3446.3Expenditures on PP&E

676.3398.1Free funds flow

349.048.2Funds flow per share, basic

0.840.76Funds flow per share, diluted

0.840.75"Funds flow", "funds flow basic ($/share)" and "funds flow diluted ($/share)" are capital management measures and are key measures of operating performance as they demonstrate Whitecap's ability to generate the cash necessary to pay dividends, repay debt, make capital investments, and/or to repurchase common shares under the Company's normal course issuer bid. Management believes that by excluding the temporary impact of changes in non-cash operating working capital, funds flow, funds flow basic ($/share) and funds flow diluted ($/share) provide useful measures of Whitecap's ability to generate cash that are not subject to short-term movements in non-cash operating working capital. Whitecap reports funds flow in total and on a per share basis (basic and diluted), which is calculated by dividing funds flow by the weighted average number of basic shares and weighted average number of diluted shares outstanding for the relevant period. See Note 5(f)(ii) "Capital Management – Funds Flow" in the Company's unaudited interim consolidated financial statements for the three months ended March 31, 2026 for additional disclosures."Net Debt" is a capital management measure that management considers to be key to assessing the Company's liquidity. See Note 5(f)(i) "Capital Management – Net Debt and Total Capitalization" in the Company's unaudited interim consolidated financial statements for the three months ended March 31, 2026 for additional disclosures. The following table reconciles the Company's long-term debt to net debt:Net Debt ($ millions)
Mar. 31, 2026Mar. 31, 2025Dec. 31, 2025Long-term debt
2,856.8826.23,066.7Cash
(73.0)-(59.4)Accounts receivable
(1,050.2)(442.3)(844.7)Deposits and prepaid expenses
(65.4)(19.8)(86.5)Non-current deposits
(86.6)(86.6)(86.6)Accounts payable and accrued liabilities     
1,594.0673.71,330.7Dividends payable
73.835.773.8Net Debt
3,249.4986.93,394.0"Net debt to funds flow ratio" or "Net debt to annualized funds flow ratio" is a supplementary financial measure determined by dividing net debt at the end of the applicable period by funds flow or annualized funds flow for the applicable period, as the case may be. These measures are not standardized measures and therefore may not be comparable with the calculation of similar measures by other entities."Operating netback" is a non-GAAP financial measure determined by adding marketing revenues and processing & other income, deducting realized losses on commodity risk management contracts or adding realized gains on commodity risk management contracts and deducting tariffs, royalties, operating expenses, transportation expenses and marketing expenses from petroleum and natural gas revenues. The most directly comparable financial measure to operating netback disclosed in the Company's primary financial statements is petroleum and natural gas sales. Operating netback is a measure used in operational and capital allocation decisions. Operating netback is not a standardized financial measure under IFRS Accounting Standards and, therefore, may not be comparable with the calculation of similar financial measures disclosed by other entities. For further information, refer to the "Operating Netbacks" section of our management's discussion and analysis for the three months ended March 31, 2026, which is incorporated herein by reference, and available on SEDAR+ at sedarplus.ca. A reconciliation of operating netbacks to petroleum and natural gas revenues is set out below:

Three months ended Mar. 31,Operating Netbacks ($ millions)

20262025Petroleum and natural gas revenues

2,042.0942.2Tariffs

(7.0)(4.7)Processing & other income

17.213.0Marketing revenues

29.362.6Petroleum and natural gas sales

2,081.51,013.1Realized gain (loss) on commodity contracts    

(20.5)13.7Royalties

(244.5)(157.9)Operating expenses

(423.6)(218.7)Transportation expenses

(123.3)(37.8)Marketing expenses

(28.8)(61.0)Operating netbacks

1,240.8551.4"Operating netback ($/boe)" is a non-GAAP ratio calculated by dividing operating netbacks by the total production for the period. Operating netback is a non-GAAP financial measure component of operating netback per boe. Operating netback per boe is not a standardized financial measure under IFRS Accounting Standards and, therefore, may not be comparable with the calculation of similar financial measures disclosed by other entities. Presenting operating netback on a per boe basis allows management to better analyze performance against prior periods on a comparable basis."Per boe" or "($/boe)" disclosures for petroleum and natural gas sales, royalties, operating expenses, transportation expenses and marketing expenses are supplementary financial measures that are calculated by dividing each of these respective GAAP measures by the Company's total production volumes for the period."Petroleum and natural gas revenues ($/boe)", "Tariffs ($/boe)", "Processing and other income ($/boe)" and "Marketing revenues ($/boe)" are supplementary financial measures calculated by dividing each of these components of petroleum and natural gas sales, disclosed in Note 14 "Revenue" to the Company's unaudited interim consolidated financial statements for the three months ended March 31, 2026, by the Company's total production volumes for the period."Realized gain (loss) on commodity contracts ($/boe)" is a supplementary financial measure calculated by dividing realized gain (loss) on commodity contracts, disclosed in Note 5(e) "Financial Instruments and Risk Management – Market Risk" to the Company's unaudited interim consolidated financial statements for the three months ended March 31, 2026, by the Company's total production volumes for the period.Per Share AmountsPer share amounts noted in this press release are based on fully diluted shares outstanding unless noted otherwise.SOURCE Whitecap Resources Inc.

Original: WHITECAP REPORTS RECORD FIRST QUARTER 2026 PRODUCTION AND INCREASES 2026 PRODUCTION GUIDANCE

WHITECAP RESOURCES INC. CONFIRMS MONTHLY DIVIDEND FOR APRIL OF $0.0608 PER SHARE AND ANNOUNCES FIRST QUARTER 2026 RESULTS CONFERENCE CALL / WEBCASTApril 15, 2026 5:00 PM
PR Newswire (Canada)

CALGARY, AB, April 15, 2026 /CNW/ - Whitecap Resources Inc. ("Whitecap") (TSX: WCP) confirms that a cash dividend of Cdn. $0.0608 per common share in respect of April operations will be paid on May 15, 2026 to shareholders of record on April 30, 2026.  This dividend is an eligible dividend for the purposes of the Income Tax Act (Canada).In addition, Whitecap announces that it intends to release its first quarter 2026 results after market close on Wednesday, April 29, 2026 and has scheduled a conference call and webcast to begin promptly at 9:00 am MT (11:00 am ET) on Thursday, April 30, 2026.The conference call dial-in number is:  1-888-510-2154 or (403) 910-0389 or (437) 900-0527A live audio webcast of the conference call will be accessible on Whitecap's website at wcap.ca by selecting "Investors", then "Presentations & Events".  Shortly after the live webcast, an archived version will be available.About WhitecapWhitecap Resources Inc. is a leading Canadian energy company committed to delivering reliable returns to shareholders through the responsible development of oil and natural gas assets in the Western Canadian Sedimentary Basin. With a strong track record of profitable growth and a sustainable dividend, Whitecap delivers long-term value to investors, supported by investment-grade financial strength.SOURCE Whitecap Resources Inc.

Original: WHITECAP RESOURCES INC. CONFIRMS MONTHLY DIVIDEND FOR APRIL OF $0.0608 PER SHARE AND ANNOUNCES FIRST QUARTER 2026 RESULTS CONFERENCE CALL / WEBCAST

WHITECAP RESOURCES INC. CONFIRMS MONTHLY DIVIDEND FOR MARCH 2026 OF $0.0608 PER SHAREMarch 16, 2026 5:00 PM
PR Newswire (Canada)

CALGARY, AB, March 16, 2026 /CNW/ - Whitecap Resources Inc. ("Whitecap") (TSX: WCP) confirms that a cash dividend of Cdn. $0.0608 per common share in respect of March operations will be paid on April 15, 2026 to shareholders of record on March 31, 2026.  This dividend is an eligible dividend for the purposes of the Income Tax Act (Canada).About WhitecapWhitecap Resources Inc. is a leading Canadian energy company committed to delivering reliable returns to shareholders through the responsible development of oil and natural gas assets in the Western Canadian Sedimentary Basin. With a strong track record of profitable growth and a sustainable dividend, Whitecap delivers long-term value to investors, supported by investment-grade financial strength.SOURCE Whitecap Resources Inc.

Original: WHITECAP RESOURCES INC. CONFIRMS MONTHLY DIVIDEND FOR MARCH 2026 OF $0.0608 PER SHARE

WHITECAP DELIVERS RECORD 2025 RESULTS, EXCEEDS GUIDANCE AND SUCCESSFULLY INTEGRATES VERENFebruary 23, 2026 5:00 PM
PR Newswire (Canada)

CALGARY, AB , Feb. 23, 2026 /CNW/ - Whitecap Resources Inc. ("Whitecap" or the "Company") (TSX: WCP) is pleased to report its operating and audited financial results for the three months and year ended December 31, 2025 and year end 2025 reserves.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 months and year ended December 31, 2025 which are available at sedarplus.ca and on our website at wcap.ca.Financial ($ millions except for share amounts)Three months ended Dec. 31Year ended Dec. 312025202420252024Petroleum and natural gas revenues1,666.0926.15,633.83,665.7Net income307.2233.8984.6812.3  Basic ($/share)0.250.400.991.37  Diluted ($/share)0.250.400.991.36Funds flow 1882.1412.82,937.81,632.2  Basic ($/share) 10.730.702.962.74  Diluted ($/share) 10.720.702.952.73Dividends declared221.4107.1735.5433.3  Per share0.180.180.730.73Expenditures on property, plant and equipment 2696.1261.42,049.31,131.1Free funds flow 1186.0151.4888.5501.1Net debt 13,394.0933.13,394.0933.1Operating



Average daily production



  Crude oil (bbls/d)183,75894,965152,70592,449  NGLs (bbls/d)48,66120,79738,45020,371  Natural gas (Mcf/d)883,124365,809696,542368,610Total (boe/d) 3379,606176,730307,245174,255Average realized price 1,4



  Crude oil ($/bbl)75.5092.4682.6594.52  NGLs ($/bbl)33.6234.2335.1934.47  Natural gas ($/Mcf)2.941.572.101.56Petroleum and natural gas revenues ($/boe) 147.7056.9650.2457.48Operating netback ($/boe) 1



  Petroleum and natural gas revenues147.7056.9650.2457.48  Tariffs 1(0.16)(0.40)(0.26)(0.42)  Processing & other income 10.400.610.470.69  Marketing revenues 10.704.372.244.00Petroleum and natural gas sales 148.6461.5452.6961.75  Realized gain on commodity contracts 11.770.841.480.61  Royalties 1(5.52)(9.11)(6.59)(9.41)  Operating expenses 1(12.24)(13.70)(12.83)(13.71)  Transportation expenses 1(3.68)(2.24)(3.19)(2.13)  Marketing expenses 1(0.72)(4.37)(2.22)(3.97)Operating netbacks28.2532.9629.3433.14Share information (millions)



Common shares outstanding, end of period1,213.9587.51,213.9587.5Weighted average basic shares outstanding1,213.8587.6993.1594.9Weighted average diluted shares outstanding1,219.1591.4997.3598.1MESSAGE TO SHAREHOLDERS2025 was an exceptional operational and financial year for Whitecap, driven by the controlled and focused integration of the business combination with Veren Inc. (the "Veren Combination") and strong execution following its closing on May 12, 2025. The Company realized immediate efficiencies across the combined asset base and exceeded second half production guidance, averaging 377,115 boe/d on capital expenditures of $1.2 billion. Full year average production was 307,245 boe/d (62% liquids), approximately 10,000 boe/d above the guidance range of 295,000 – 300,000 boe/d established at closing, on $2.0 billion of capital expenditures. Annualized integration synergies now exceed $300 million, a 43% increase over the original estimate of $210 million.The increased size and scale of the combined company, supported by its investment grade credit profile, have enhanced Whitecap's ability to access premium markets and execute larger, long-term marketing agreements that provide meaningful price diversification. Today, Whitecap is the seventh largest oil and gas producer in Canada, providing the scale and reliability required to support significant long-term production commitments. Whitecap has entered into a 10-year agreement with Centrica Energy, the energy trading and optimization arm of Centrica plc., to deliver 50,000 MMBtu/d of natural gas beginning in April 2028, priced off European Title Transfer Facility (TTF) benchmarks. The Company has also executed a second 10-year agreement with a third party to deliver 35,000 MMBtu/d of natural gas beginning in July 2026, with volumes physically delivered in Chicago and priced at NYMEX Henry Hub less associated deductions. Together, these agreements represent significant progress toward Whitecap's strategy of diversifying 50% of future natural gas volumes away from regional markets and providing long-term exposure to premium pricing hubs.Whitecap ended the year with a strong balance sheet and significant financial flexibility. The Company remains investment grade rated by DBRS (BBB) and maintains low leverage, with net debt to funds flow below 1.0 times based on annualized fourth quarter results. During 2025, Whitecap issued $300 million of investment grade notes at a low coupon of 3.761% and closed the year with approximately $1.5 billion of available liquidity. With a balanced debt structure and an average cost of debt of approximately 4%, Whitecap is well positioned to support sustainable shareholder returns and future growth.2025 HighlightsRecord annual production of 307,245 boe/d (62% liquids), up 76% from 2024.Funds flow of $2.9 billion ($2.95 per share), representing the second highest annual per share funds flow in Whitecap's history.Free funds flow of approximately $900 million, after capital expenditures of $2.0 billion.Total shareholder return1 of 15%, at the high end of our annual target range, comprised of 6% production per share growth5, 7% base dividend yield and 2% share repurchases.Year end net debt of $3.4 billion, with net debt to annualized fourth quarter funds flow of less than 1.0 times.Fourth Quarter 2025 HighlightsRecord quarterly production of 379,606 boe/d (61% liquids) continues Whitecap's track record of delivering results above guidance driven by strong base production, new well performance and operational execution.Funds flow of approximately $900 million ($0.72 per share), reflecting operating cost synergies realized across the combined asset base and strong operational performance. Margin enhancement initiatives remain a focus for 2026 and beyond.Free funds flow of $186 million, after capital expenditures of $696 million.Operating netback of $28.25 per boe, highlighting the strength of the Company's margins and cost structure.2025 Year End Reserves HighlightsRecord total proved plus probable ("2P") reserves of 2.2 billion boe, resulting in a long-duration reserve life index6 ("RLI") of over 16 years.Conservative reserve bookings, with only 21% of identified unconventional locations7 and 35% of identified conventional locations currently booked in 2P reserves, highlighting significant future inventory upside.Total reserve growth of over 80% year-over-year across proved developed producing ("PDP"), total proved ("1P") and 2P reserve categories, reflecting the impact of the Veren Combination and continued organic development success.Positive technical revisions, driven by improved base production performance and type curve enhancements across our Montney, Duvernay and Glauconite inventory.Strong capital efficiency, with 2P finding and development ("F&D") costs1 of $17.17/boe and a recycle ratio of 1.7x, and 2P finding, development and acquisition ("FD&A") costs1 of $15.81/boe and a recycle ratio of 1.9x.OPERATION REVIEWOperational results in 2025 were very strong, with production exceeding guidance while capital spending remained in line with expectations. Performance across both acquired and legacy assets improved through enhanced drilling and completion execution, infrastructure optimization and production timing. Fourth quarter results were particularly strong, driven by record production and continued outperformance from both base volumes and new wells.Unconventional HighlightsGold Creek/Karr was the primary driver of fourth quarter outperformance, supported by enhanced execution, production optimization initiatives and strong initial production rates. Infrastructure enhancements and targeted operational improvements have strengthened base production, while new well initial production rates have exceeded expectations by approximately 10%.In the Duvernay at Kaybob, we recently brought on production our seventh pad utilizing a wine rack drilling design. Subsurface data from pilot and follow-on pads supports improved reservoir access and reduced inter-well interaction. A portion of the anticipated estimated ultimate recovery (EUR) uplift has been incorporated into our 2025 reserves, with further optimization expected as additional data is evaluated.Construction of the 04-13 Lator facility continues to progress alongside the drilling of eleven (11.0 net) wells in 2026, which are expected to be brought on production into the 04-13 facility which is planned to be completed in the fourth quarter. Ongoing integration of well performance data, collaboration across technical teams and continued subsurface analysis will inform future development plans in the area.The Musreau asset delivered strong production outperformance in 2025. Improvements in drilling and completion execution contributed to significant free cash flow1 generation, with the asset delivering over $100 million of operating free cash flow during the year.Conventional HighlightsOur Glauconite assets significantly outperformed expectations in 2025, driven by strong new well performance, production optimization initiatives and enhanced operational execution. Since acquiring the asset in 2021, Whitecap has improved drilling and completion designs and strengthened infrastructure access, improving overall well productivity and economics.In the East Saskatchewan Bakken, transitioning to more 2-mile laterals and increasing lateral length on our open hole multi-lateral ("OHML") program is expected to enhance near-term economics and expand future inventory depth. A recent 3-mile OHML Bakken well achieved an IP90 production rate of 324 bbl/d3, approximately 38% above expectations.Our East Saskatchewan Bakken and Frobisher assets drove Saskatchewan outperformance in 2025. From our 2025 program, new wells with more than 180 days of production history have achieved IP180 rates that are on average 41% above expectations.OUTLOOKWhitecap has entered 2026 with strong operational momentum, supported by carryover performance from late 2025 and continued integration benefits across the combined asset base. Activity levels are expected to be elevated in the first quarter, with drilling peaking at 18 rigs as part of an active winter program focused on execution and on-stream timing.The Company benefits from a deep, high-quality inventory that supports multi decades of sustainable development across a broad range of commodity price environments spanning light oil, liquids rich natural gas to lean natural gas opportunities. Whitecap's 2026 guidance remains unchanged at 370,000 – 375,000 boe/d on capital investment of $2.0 – $2.1 billion, reflecting confidence in the plan and continued capital discipline. We plan to drill approximately 255 (231.6 net) wells in 2026, which compares to our total inventory of approximately 10,500 locations7. This long-duration opportunity set provides Whitecap with significant flexibility to allocate capital to the highest return projects while maintaining disciplined growth and long-term value creation.Commodity markets have experienced volatility to begin the year, driven by geopolitical uncertainty and evolving global trade dynamics. Whitecap is well positioned to manage price variability through its strong balance sheet, significant liquidity and disciplined risk management program, with approximately 25% of oil production and 29% of natural gas production hedged in 2026.Whitecap remains constructive on the medium- and long-term commodity outlook. Expanded oil egress through the Trans Mountain Expansion ("TMX") pipeline and the potential for future capacity enhancements support improved access to global markets for Canadian crude oil. Condensate fundamentals remain favorable, supported by sustained demand for diluent. For natural gas, Whitecap expects structural demand growth driven by liquified natural gas ("LNG") expansion and growing power demand across North America. Against this backdrop, the Company will maintain a disciplined approach to capital allocation as we advance our strategic priorities in 2026.On behalf of our employees, management team and Board of Directors, we thank our shareholders for their continued support and confidence in our team.NOTES1Funds flow, funds flow basic ($/share), funds flow diluted ($/share), annualized funds flow and net debt are capital management measures. Average realized price, net debt to annualized funds flow ratio, per boe disclosure figures and total shareholder return are supplementary financial measures. Operating netback, free cash flow and free funds flow are non-GAAP financial measures. Operating netbacks ($/boe), F&D costs, FD&A costs and recycle ratio are non-GAAP ratios. Refer to the Specified Financial Measures section and Oil and Gas Metrics section in this press release for additional disclosure and assumptions.2  Also referred to herein as "capital expenditures", "capital spending", "capital investment" and "capital budget".3Disclosure of production on a per boe basis in this press release consists of the constituent product types and their respective quantities disclosed herein. Refer to Barrel of Oil Equivalency and Production, Initial Production Rates & Product Type Information in this press release for additional disclosure.4  Prior to the impact of risk management activities and tariffs.5  Production per share is the Company's total crude oil, NGL and natural gas production volumes for the applicable period divided by the weighted average number of diluted shares outstanding for the applicable period. Production per share growth is determined in comparison to the applicable comparative period.6  See "Production Replacement Ratio and Reserve Life Index" for disclosures regarding reserve life index (RLI).7 Disclosure of drilling locations in this press release consists of proved, probable, and unbooked locations and their respective quantities on a gross and net basis as disclosed herein. Refer to Drilling Locations in this press release for additional disclosure.2025 RESERVES REVIEWOur 2025 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, 2025. The reserves evaluation was based on the average forecast pricing of McDaniel, GLJ Ltd. and Sproule ERCE and foreign exchange rates at January 1, 2026 which is available on McDaniel's website at mcdan.com.Reserves included are Company share (gross) reserves which are the Company's total working interest reserves before the deduction of any royalties and without including any royalty interests payable to the Company. Additional reserves information as required under NI 51-101 will be included in our Annual Information Form which will be filed on SEDAR+ at sedarplus.ca. The numbers in the tables below may not add due to rounding.Summary of ReservesReserves as at December 31, 2025
Company Share (Gross) ReservesDescriptionLight & Medium Crude Oil (MMbbl)Tight Crude Oil (MMbbl)Conventional Natural Gas (Bcf)Shale Gas (Bcf)Natural Gas Liquids (MMbbl)Total (MMboe)Proved developed producing253433681,075148685Proved developed non-producing34121331647Proved undeveloped108831641,831208732Total proved3651305443,0393721,464Probable141852281,834191761Total proved plus probable5062157724,8735632,225Net Present Values of Future Net RevenueSummary of Before Tax Net Present Values of Future Net Revenue (Forecast Pricing)
As at December 31, 2025
Before Tax Net Present Value ($ millions) (1)
Discount RateReserves Category0 %5 %10 %15 %20 %Proved developed producing12,28111,0289,4438,2497,361Proved developed non-producing984770631533460Proved undeveloped10,3316,6874,4392,9731,973Total Proved23,59718,48414,51311,7559,794Total Probable18,09310,7147,1675,1853,964Total Proved + Probable41,69029,19921,67916,94013,758

(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. Abandonment and reclamation costs associated with facilities, pipelines and wells without associated reserves would not be considered material in the determination of the Company's future net revenue.Future Development Costs ("FDC")FDC reflects the best estimate of the capital cost to develop and produce reserves. FDC associated with our 1P reserves at year end 2025 is $12.8 billion undiscounted ($9.8 billion discounted at 10%).Also included in FDC are 2,256 (2,086 net) proved booked drilling locations and 732 (681 net) probable booked drilling locations.($ millions)Total ProvedTotal Proved plus Probable20261,9301,96320272,8142,89620283,0853,25520292,5863,10020301,3392,290Remainder1,0593,585Total FDC, Undiscounted12,81317,090Total FDC, Discounted at 10%9,80612,364Performance Measures (Including FDC)The following table highlights F&D and FD&A costs and associated recycle ratios, including FDC, based on the evaluation of our petroleum and natural gas reserves prepared by McDaniel:
202520242023Three YearWeightedAverageProved Developed Producing



F&D costs per boe (1)$17.19$16.01$14.69$16.25F&D recycle ratio (2)1.7x2.1x2.4x2.0xFD&A costs per boe (3)$22.48$8.84$17.24$17.60FD&A recycle ratio (2)1.3x3.7x2.1x2.1xTotal Proved



F&D costs per boe (1)$17.13$19.24$17.63$17.81F&D recycle ratio (2)1.7x1.7x2.0x1.8xFD&A costs per boe (3)$19.97$12.47$22.55$18.66FD&A recycle ratio (2)1.5x2.7x1.6x1.8xTotal Proved Plus Probable



F&D costs per boe (1)$17.17$15.46$20.53$17.58F&D recycle ratio (2)1.7x2.1x1.7x1.8xFD&A costs per boe (3) (4)$15.81$10.03nmnmFD&A recycle ratio (2) (4)1.9x3.3xnmnm

(1)  F&D costs are non-GAAP ratios and are calculated as the sum of development capital of $2.0 billion (excluding corporate and capitalized general and administrative expenses ("G&A")) plus the change in FDC for the period of $74 million (PDP), $186 million (1P) and $629 million (2P), divided by the change in reserves volumes that are characterized as development for the period. See "Oil and Gas Metrics" and "Specified Financial Measures".(2)Recycle ratio is a non-GAAP ratio and is calculated as operating netback divided by F&D or FD&A costs. Our operating netback in 2025 was $29.34/boe. See "Oil and Gas Metrics" and "Specified Financial Measures".(3)FD&A costs are non-GAAP ratios and are calculated as the sum of development capital of $2.0 billion (excluding corporate and capitalized G&A) plus acquisition capital of $7.6 billion plus the change in FDC for the period of $74 million (PDP), $186 million (1P) and $629 million (2P), divided by the change in total reserves volumes, other than from production, for the period. See "Oil and Gas Metrics" and "Specified Financial Measures".(4)The impact of net dispositions in 2023 results in a very low denominator value and therefore the 2023 FD&A cost of $85.40 per boe is deemed not material ("nm") to our reserves performance measures.Production Replacement Ration and Reserve Life IndexThe following table highlights our production replacement ratio and RLI based on the evaluation of our petroleum and natural gas reserves prepared by McDaniel:In 2025, we replaced 383% of production on a PDP reserves basis, 687% of production on a 1P reserves basis and 1,011% of production on a 2P reserves basis.
202520242023Three YearWeightedAverageProved Developed Producing



Production replacement (1)383 %112 %71 %233 %RLI (years) (2)4.95.75.95.4Total Proved



Production replacement (1)687 %123 %81 %382 %RLI (years) (2)10.612.513.011.7Total Proved Plus Probable



Production replacement (1)1,011 %154 %16 %534 %RLI (years) (2)16.118.719.217.5
(1) Production replacement ratio is calculated as total reserves additions (including acquisitions net of dispositions) divided by annual production. Whitecap's production averaged 307,245 boe/d in 2025.(2)RLI is calculated as total Company share (gross) reserves divided by the annualized fourth quarter actual production of 379,606 boe/d.CONFERENCE CALL AND WEBCASTWhitecap has scheduled a conference call and webcast to begin promptly at 9:00 am MT (11:00 am ET) on Tuesday, February 24, 2026.The conference call dial-in number is: 1-888-510-2154 or (403) 910-0389 or (437) 900-0527A live webcast of the conference call will be accessible on Whitecap's website at wcap.ca by selecting "Investors", then "Presentations & Events". Shortly after the live webcast, an archived version will be available for approximately 14 days.NOTE REGARDING FORWARD-LOOKING STATEMENTSThis press release contains forward-looking statements and forward-looking information (collectively "forward-looking information") within the meaning of applicable securities laws relating to the Company's plans and other aspects of our anticipated future operations, management focus, strategies, financial, operating and production results and business opportunities. Forward-looking information typically uses words such as "anticipate", "believe", "continue", "trend", "sustain", "project", "expect", "forecast", "budget", "goal", "guidance", "plan", "objective", "strategy", "target", "intend", "estimate", "potential", or similar words suggesting future outcomes, statements that actions, events or conditions "may", "would", "could" or "will" be taken or occur in the future, including statements about our strategy, plans, focus, objectives, priorities and position.In particular, and without limiting the generality of the foregoing, this press release contains forward-looking information with respect to: our estimation that annualized integration synergies now exceed $300 million; our belief that the increased size and scale of the combined company, supported by its investment grade credit profile, have enhanced Whitecap's ability to access premium markets and execute larger, long-term marketing agreements that provide meaningful price diversification; our belief that the size of our production provides the scale and reliability required to support significant long-term production commitments; the terms of the Centrica Energy agreement, including volumes, term and pricing as described herein; the terms of the second natural gas sales agreement, including volumes, term and pricing as described herein; our belief that these agreements represent significant progress toward Whitecap's strategy of diversifying 50% of future natural gas volumes away from regional markets and provide long-term exposure to premium pricing hubs; that Whitecap has $1.5 billion of available liquidity; our belief that Whitecap is well positioned to support sustainable shareholder returns and future growth; that margin enhancement initiatives remain a focus for 2026 and beyond; our anticipated RLI; our belief that conservative reserve bookings highlight significant future inventory upside; our belief that infrastructure enhancements and targeted operational improvements have strengthened base production; that further optimization of our Kaybob wine rack reserve bookings is expected as additional data is evaluated; that we anticipate bringing Lator wells on production upon facility completion, and the anticipated timing of the facility completion; our belief that ongoing integration of well performance data, collaboration across technical teams and continued subsurface analysis will inform future development plans in the Lator area; our belief that transitioning to more 2-mile laterals and increasing lateral length on our OHML program is expected to enhance near-term economics and expand future inventory depth; that activity levels are expected to be elevated in the first quarter, with drilling peaking at 18 rigs and that or winter program will be focused on execution and on-stream timing; our belief that the Company benefits from a deep, high-quality inventory that supports multi decades of sustainable development across a broad range of commodity price environments spanning light oil, liquids rich natural gas to lean natural gas opportunities; our belief that this long-duration opportunity set provides Whitecap with significant flexibility to allocate capital to the highest-return projects while maintaining disciplined growth and long-term value creation; our forecast 2026 capital expenditures, wells drilled and average daily production, including by product type; our assumption for the total locations in our inventory; our belief that Whitecap is well positioned to manage price variability through its strong balance sheet, significant liquidity and disciplined risk management program; the approximate proportion of our production hedged for 2026; that Whitecap remains constructive on the medium- and long-term commodity outlook; our belief that expanded oil egress through the TMX pipeline and the potential for future capacity enhancements support improved access to global markets for Canadian crude oil; our belief that condensate fundamentals remain favorable, supported by sustained demand for diluent; that Whitecap expects structural demand growth driven by LNG expansion and growing power demand across North America; and that we will maintain a disciplined approach to capital allocation as we advance our strategic priorities in 2026. 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: the duration and impact of tariffs that are currently in effect on goods exported from or imported into Canada, and that other than the tariffs that are currently in effect, neither the U.S. nor Canada (i) increases the rate or scope of such tariffs, reenacts tariffs that are currently suspended, or imposes new tariffs, on the import of goods from one country to the other, including on oil and natural gas, and/or (ii) imposes any other form of tax, restriction or prohibition on the import or export of products from one country to the other, including on oil and natural gas; that we will continue to conduct our operations in a manner consistent with past operations except as specifically noted herein (and for greater certainty, the forward-looking information contained herein excludes the potential impact of any acquisitions or dispositions that we may complete in the future); the general continuance or improvement in current industry conditions; the continuance of existing (and in certain circumstances, the implementation of proposed) tax, royalty and regulatory regimes; expectations and assumptions concerning prevailing and forecast commodity prices, exchange rates, interest rates, inflation rates, applicable royalty rates and tax laws, including the assumptions specifically set forth herein; the ability of OPEC+ nations and other major producers of crude oil to adjust crude oil production levels and thereby manage world crude oil prices; the impact (and the duration thereof) of the ongoing military actions in the Middle East and between Russia and Ukraine and related sanctions on crude oil, NGLs and natural gas prices; the impact of current and forecast exchanges rates, inflation rates and/or interest rates on the North American and world economies and the corresponding impact on our costs, our profitability, and on crude oil, NGLs and natural gas prices; future production rates and estimates of operating costs and development capital, including as specifically set forth herein; performance of existing and future wells; reserves volumes and net present values thereof; anticipated timing and results of capital expenditures/development capital, including as specifically set forth herein; 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 timing and costs of pipeline, storage and facility construction and expansion; the state of the economy and the exploration and production business; the availability and cost of financing, labour and services; future dividend levels and share repurchase levels; the impact of increasing competition; ability to efficiently integrate assets and employees acquired through acquisitions or asset exchange transactions; ability to market oil and natural gas successfully; our ability to access capital and the cost and terms thereof; that we will not be forced to shut-in production due to weather events such as wildfires, floods, droughts or extreme hot or cold temperatures; and that we will be successful in defending against previously disclosed and ongoing reassessments received from the Canada Revenue Agency and assessments received from the Alberta Tax and Revenue Administration.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 it involves inherent risks and uncertainties. These include, but are not limited to: the risk that the funds that we ultimately return to shareholders through dividends and/or share repurchases is less than currently anticipated and/or is delayed, whether due to the risks identified herein or otherwise; the risk that any of our material assumptions prove to be materially inaccurate, including our 2026 forecast (including for production levels, capital expenditure levels, commodity prices and exchange rates); the risk that (i) the tariffs that are currently in effect on goods exported from or imported into Canada continue in effect for an extended period of time, the tariffs that have been threatened are implemented, that tariffs that are currently suspended are reactivated, the rate or scope of tariffs are increased, or new tariffs are imposed, including on oil and natural gas, (ii) the U.S. and/or Canada imposes any other form of tax, restriction or prohibition on the import or export of products from one country to the other, including on oil and natural gas, and (iii) the tariffs imposed or threatened to be imposed by the U.S. on other countries and retaliatory tariffs imposed or threatened to be imposed by other countries on the U.S., will trigger a broader global trade war which could have a material adverse effect on the Canadian, U.S. and global economies, and by extension the Canadian oil and natural gas industry and the Company including be decreasing demand for (and the price of) oil and natural gas, disrupting supply chains, increasing costs, causing volatility in global financial markets, and limiting access to financing; the risks associated with the oil and gas industry in general such as operational risks in development, exploration and production, including the risk that weather events such as wildfires, flooding, droughts or extreme hot or cold temperatures forces us to shut-in production or otherwise adversely affects our operations; pandemics and epidemics; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of estimates and projections relating to reserves, production, costs and expenses; risks associated with increasing costs, whether due to elevated inflation rates, elevated interest rates, supply chain disruptions or other factors; health, safety and environmental risks; commodity price and exchange rate fluctuations; interest rate fluctuations; inflation rate fluctuations; marketing and transportation risks; 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; the risk that going forward we may be unable to access sufficient capital from internal and external sources on acceptable terms or at all; failure to obtain required regulatory and other approvals; reliance on third parties and pipeline systems; changes in legislation, including but not limited to tax laws, tariffs, import or export restrictions or prohibitions, production curtailment, royalties and environmental (including emissions and "greenwashing") regulations; the risk that we do not successfully defend against previously disclosed and ongoing reassessments received from the Canada Revenue Agency and assessments received from the Alberta Tax and Revenue Administration and are required to pay additional taxes, interest and penalties as a result; and the risk that the amount of future cash dividends paid by us and/or shares repurchased for cancellation by us, if any, will be subject to the discretion of our Board of Directors and may vary depending on a variety of factors and conditions existing from time to time, including, among other things, fluctuations in commodity prices, production levels, capital expenditure requirements, debt service requirements, operating costs, royalty burdens, foreign exchange rates, contractual restrictions contained in our debt agreements, and the satisfaction of the liquidity and solvency tests imposed by applicable corporate law for the declaration and payment of dividends and/or the repurchase of shares – depending on these and various other factors as disclosed herein or otherwise, many of which will be beyond our control, our dividend policy and/or share buyback policy and, as a result, future cash dividends and/or share buybacks, could be reduced or suspended entirely. 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 (sedarplus.ca).These forward-looking statements are made as of the date of this press release and we disclaim any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.This press release contains future-oriented financial information and financial outlook information (collectively, "FOFI") about: our forecast 2026 capital investment; our forecast of average daily production for 2026; the annual capital, operating and corporate synergies embedded in our 2026 forecast; our available liquidity; our average cost of debt; our forecasts for the future development costs to develop and produce our reserves; 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 herein 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 ADVISORIESReserves Volumes and Net Present ValuesAll reserve references in this press release are "Company share (gross) reserves". Company share reserves are our total working interest reserves before the deduction of any royalties and without 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 reserves 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.Barrel of Oil Equivalency"Boe" means barrel of oil equivalent. All boe conversions in this press release are derived by converting gas to oil at the ratio of six thousand cubic feet ("Mcf") of natural gas to one barrel ("Bbl") of oil. Boe may be misleading, particularly if used in isolation. A Boe conversion rate of 1 Bbl : 6 Mcf is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio of oil compared to natural gas based on currently prevailing prices is significantly different than the energy equivalency ratio of 1 Bbl : 6 Mcf, utilizing a conversion ratio of 1 Bbl : 6 Mcf may be misleading as an indication of value.Oil and Gas MetricsThis press release contains metrics commonly used in the oil and natural gas industry which have been prepared by management, such as the terms described below. 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" is a non-GAAP financial measure used in the determination of FD&A costs, which is a non-GAAP ratio. The most directly comparable GAAP measure to acquisition capital is expenditures on corporate acquisitions, net of cash acquired, and expenditures on property acquisitions. For property acquisitions and dispositions, acquisition capital is the net purchase price of assets acquired (disposed). For corporate acquisitions, it is the purchase price (cash and/or shares plus assumed bank debt, if applicable) including any estimated working capital surplus or deficit rather than the amounts allocated to property, plant and equipment ("PP&E") for accounting purposes. The following table details the calculation of Acquisition capital for the periods indicated:
Year ended Dec. 31,($ millions)202520242023Property acquisitions30.64.7165.5Corporate acquisitions7,838.7--Less: Property dispositions302.1509.4394.4Acquisition Capital7,567.2(504.7)(228.9)"Development capital" is a non-GAAP financial measure used in the determination of F&D costs and FD&A costs, which are non-GAAP ratios. The most directly comparable GAAP measure to development capital is expenditures on PP&E. Development capital means the aggregate exploration and development costs incurred in the financial year on reserves that are categorized as development. Development capital excludes corporate and capitalized general and administrative expenses. The following table reconciles expenditures on PP&E to Development capital for the periods indicated:
Year ended Dec. 31,($ millions)202520242023Expenditures on property, plant and equipment2,049.31,131.1953.8Less: expenditures on corporate and capitalized general and administrative expenses31.618.814.2Development Capital2,017.71,112.3939.6"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. Development capital is a non-GAAP financial measure used as a component of F&D costs. Management uses F&D costs as a measure of capital efficiency for organic reserves development."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. Development capital and acquisition capital are non-GAAP financial measures used as components of FD&A costs. Management uses FD&A costs as a measure of capital efficiency for organic and acquired reserves development."Production replacement ratio" or "production replacement" is calculated as total reserve additions (including acquisitions net of dispositions) divided by annual production."Recycle ratio" is calculated by dividing operating netback per boe by F&D costs or FD&A costs for the year. Operating netback per boe is a non-GAAP ratio that uses operating netback, a non-GAAP financial measure, as a component. Development capital, a non-GAAP financial measure, is used as a component of F&D costs. Development capital and acquisition capital, both non-GAAP financial measures, are used as components of FD&A costs. Management uses recycle ratio to relate the cost of adding reserves to the expected cash flows to be generated."Reserve life index" or "RLI" is calculated as total Company share (gross) 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 LocationsThis press release discloses drilling inventory in two categories: (i) booked locations (proved and probable); and (ii) unbooked locations. Booked locations represent the summation of proved and probable locations, which are derived from McDaniel & Associates Consultants Ltd.'s reserves evaluation effective December 31, 2025 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 10,481 (9,554 net) drilling locations identified herein, 2,256 (2,086 net) are proved locations, 732 (681 net) are probable locations, and 7,493 (6,787 net) are unbooked locations.Unbooked locations consist of drilling locations that have been identified by management as an estimation of our multi-year drilling activities based on evaluation of applicable geologic, seismic, engineering, production and reserves information. There is no certainty that we will drill all of these drilling locations and if drilled there is no certainty that such locations will result in additional oil and gas reserves, resources or production. The drilling locations on which we drill wells will ultimately depend upon the availability of capital, regulatory approvals, seasonal restrictions, oil and natural gas prices, costs, actual drilling results, additional reservoir information that is obtained and other factors. While certain of the unbooked drilling locations have been de-risked by drilling existing wells in relative close proximity to such unbooked drilling locations, other unbooked drilling locations are farther away from existing wells where management has less information about the characteristics of the reservoir and therefore there is more uncertainty whether wells will be drilled in such locations and if drilled there is more uncertainty that such wells will result in additional oil and gas reserves, resources or production.Production, Initial Production Rates & Product Type InformationReferences to petroleum, crude oil, natural gas liquids ("NGLs"), natural gas and average daily production in this press release refer to the light and medium crude oil, tight crude oil, conventional natural gas, shale gas and NGLs product types, as applicable, as defined in NI 51-101, except as noted below. NI 51-101 includes condensate within the NGLs product type. The Company has disclosed condensate as combined with crude oil and separately from other NGLs since the price of condensate as compared to other NGLs is currently significantly higher and the Company believes that this crude oil and condensate presentation provides a more accurate description of its operations and results therefrom. Crude oil therefore refers to light oil, medium oil, tight oil and condensate. NGLs refers to ethane, propane, butane and pentane combined. Natural gas refers to conventional natural gas and shale gas combined.Any reference in this news release to initial production rates (IP(90), IP(180)) are useful in confirming the presence of hydrocarbons, however such rates are not determinative of the rates at which such wells will continue production and decline thereafter. While encouraging, readers are cautioned not to place reliance on such rates in calculating the aggregate production for Whitecap.The Company's average daily production for the three months and year ended December 31, 2025 and 2024, and the six months ended December 31, 2025 and the forecast average daily production for 2026 (midpoint) disclosed in this press release consists of the following product types, as defined in NI 51-101 (other than as noted above with respect to condensate) and using a conversion ratio of 1 Bbl : 6 Mcf where applicable:Whitecap CorporateQ4/2025Q4/202420252024Light and medium oil (bbls/d)(1)95,14474,10589,67275,171Tight oil (bbls/d) (1)88,61420,86063,03317,278Crude oil (bbls/d)183,75894,965152,70592,449




NGLs (bbls/d)48,66120,79738,45020,371




Shale gas (Mcf/d)701,748218,860519,997220,567Conventional natural gas (Mcf/d)181,376146,949176,545148,043Natural gas (Mcf/d)883,124365,809696,542368,610




Total (boe/d)379,606176,730307,245174,255




Whitecap Corporate

Second Half 20252026 Guidance(mid-point)Light and medium oil (bbls/d) (1)

95,37890,000Tight oil (bbls/d) (1)

86,46091,000Crude oil (bbls/d)

181,838181,000




NGLs (bbls/d)

48,08144,000




Shale gas (Mcf/d)

696,897720,000Conventional natural gas (Mcf/d)

186,277165,000Natural gas (Mcf/d)

883,174885,000




Total (boe/d)

377,115372,500
(1) Includes condensateSPECIFIED FINANCIAL MEASURESThis press release includes various specified financial measures, including non-GAAP financial measures, non-GAAP ratios, capital management measures and supplementary financial measures as further described herein. These financial measures are not standardized financial measures under International Financial Reporting Standards ("IFRS Accounting Standards" or, alternatively, "GAAP") and, therefore, may not be comparable with the calculation of similar financial measures disclosed by other companies."Acquisition capital" and "development capital" are non-GAAP financial measures, and "F&D costs", "FD&A costs" and "recycle ratio" are non-GAAP ratios. See "Oil and Gas Metrics"."Annualized funds flow" is a capital management measure that is used by management as a substitute for annual funds flow when a material transaction (such as the strategic combination with Veren) or other material change occurs during the middle of the year and as a result annual funds flow is less meaningful. It is calculated by grossing up the applicable number of days being analyzed (such as a quarter or half year) to 365. Annualized funds flow referred to in this press release is calculated based on Whitecap's funds flow for the fourth quarter of 2025 of $882 million, which equates to an estimated annualized funds flow of $3.5 billion."Average realized prices" for crude oil, NGLs and natural gas are supplementary financial measures calculated by dividing each of these components of petroleum and natural gas revenues, disclosed in Note 15 "Revenue" to the Company's audited annual consolidated financial statements for the year ended December 31, 2025, by their respective production volumes for the period."Free cash flow" is a non-GAAP financial measure calculated as operating netback less expenditures on PP&E. Management believes that free cash flow provides a useful measure of the asset and project level contributions to Company profitability. Free cash flow is not a standardized financial measure under IFRS Accounting Standards and, therefore, may not be comparable with the calculation of similar financial measures disclosed by other entities. The most directly comparable financial measure to free cash flow disclosed in the Company's primary financial statements is cash flow from operating activities. Refer to the "Cash Flow from Operating Activities, Funds Flow and Free Funds Flow" section of Whitecap's management's discussion and analysis for the year ended December 31, 2025 which is incorporated herein by reference, and available on SEDAR+ at sedarplus.ca."Free funds flow" is a non-GAAP financial measure calculated as 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. Free funds flow is not a standardized financial measure under IFRS Accounting Standards and, therefore, may not be comparable with the calculation of similar financial measures disclosed by other entities. The most directly comparable financial measure to free funds flow disclosed in the Company's primary financial statements is cash flow from operating activities. Refer to the "Cash Flow from Operating Activities, Funds Flow and Free Funds Flow" section of our management's discussion and analysis for the three months and year ended December 31, 2025 which is incorporated herein by reference, and available on SEDAR+ at sedarplus.ca. In addition, see the following table which reconciles cash flow from operating activities to funds flow and free funds flow:
Three months ended Dec. 31,Year ended Dec. 31,($ millions, except per share amounts)2025202420252024Cash flow from operating activities824.6419.82,685.91,833.5Net change in non-cash working capital items57.5(7.0)251.9(201.3)Funds flow882.1412.82,937.81,632.2Expenditures on PP&E696.1261.42,049.31,131.1Free funds flow186.0151.4888.5501.1Funds flow per share, basic0.730.702.962.74Funds flow per share, diluted0.720.702.952.73"Funds flow", "funds flow basic ($/share)" and "funds flow diluted ($/share)" are capital management measures and are key measures of operating performance as they demonstrate Whitecap's ability to generate the cash necessary to pay dividends, repay debt, make capital investments, and/or to repurchase common shares under the Company's normal course issuer bid. Management believes that by excluding the temporary impact of changes in non-cash operating working capital, funds flow, funds flow basic ($/share) and funds flow diluted ($/share) provide useful measures of Whitecap's ability to generate cash that are not subject to short-term movements in non-cash operating working capital. Whitecap reports funds flow in total and on a per share basis (basic and diluted), which is calculated by dividing funds flow by the weighted average number of basic shares and weighted average number of diluted shares outstanding for the relevant period. See Note 5(f)(ii) "Capital Management – Funds Flow" in the Company's audited annual consolidated financial statements for the year ended December 31, 2025 for additional disclosures."Net Debt" is a capital management measure that management considers to be key to assessing the Company's liquidity. See Note 5(f)(i) "Capital Management – Net Debt and Total Capitalization" in the Company's audited annual consolidated financial statements for the year ended December 31, 2025 for additional disclosures. The following table reconciles the Company's long-term debt to net debt:Net Debt ($ millions)

Dec. 31, 2025Dec. 31, 2024Long-term debt

3,066.71,023.8Cash

(59.4)(362.3)Accounts receivable

(844.7)(422.2)Deposits and prepaid expenses

(86.5)(22.4)Non-current deposits

(86.6)(86.6)Accounts payable and accrued liabilities

1,330.7767.1Dividends payable

73.835.7Net Debt

3,394.0933.1"Net debt to annualized funds flow" is a supplementary financial measure determined by dividing net debt for the applicable period by annualized funds flow. Net debt to annualized funds flow is not a standardized measure and therefore may not be comparable with the calculation of similar measures by other entities."Operating netback" is a non-GAAP financial measure determined by adding marketing revenues and processing & other income, deducting realized losses on commodity risk management contracts or adding realized gains on commodity risk management contracts and deducting tariffs, royalties, operating expenses, transportation expenses and marketing expenses from petroleum and natural gas revenues. The most directly comparable financial measure to operating netback disclosed in the Company's primary financial statements is petroleum and natural gas sales. Operating netback is a measure used in operational and capital allocation decisions. Operating netback is not a standardized financial measure under IFRS Accounting Standards and, therefore, may not be comparable with the calculation of similar financial measures disclosed by other entities. For further information, refer to the "Operating Netbacks" section of our management's discussion and analysis for the three months and year ended December 31, 2025, which is incorporated herein by reference, and available on SEDAR+ at sedarplus.ca. A reconciliation of operating netbacks to petroleum and natural gas revenues is set out below:
Three Months ended Dec. 31,Year ended Dec. 31,Operating Netbacks ($ millions)2025202420252024Petroleum and natural gas revenues1,666.0926.15,633.83,665.7Tariffs(5.6)(6.5)(29.0)(26.9)Processing & other income13.89.952.344.1Marketing revenues24.471.0251.7255.0Petroleum and natural gas sales1,698.61,000.55,908.83,937.9Realized gain on commodity contracts62.013.6166.238.6Royalties(192.9)(148.1)(739.1)(600.1)Operating expenses(427.4)(222.7)(1,438.3)(874.1)Transportation expenses(128.5)(36.4)(358.3)(135.9)Marketing expenses(25.0)(71.0)(248.4)(253.3)Operating netbacks986.8535.93,290.92,113.1"Operating netback ($/boe)" is a non-GAAP ratio calculated by dividing operating netbacks by the total production for the period. Operating netback is a non-GAAP financial measure component of operating netback per boe. Operating netback per boe is not a standardized financial measure under IFRS Accounting Standards and, therefore, may not be comparable with the calculation of similar financial measures disclosed by other entities. Presenting operating netback on a per boe basis allows management to better analyze performance against prior periods on a comparable basis."Per boe" or "($/boe)" disclosures for petroleum and natural gas sales, royalties, operating expenses, transportation expenses and marketing expenses are supplementary financial measures that are calculated by dividing each of these respective GAAP measures by the Company's total production volumes for the period."Petroleum and natural gas revenues ($/boe)", "Tariffs ($/boe)", "Processing and other income ($/boe)" and "Marketing revenues ($/boe)" are supplementary financial measures calculated by dividing each of these components of petroleum and natural gas sales, disclosed in Note 15 "Revenue" to the Company's audited annual consolidated financial statements for the year ended December 31, 2025, by the Company's total production volumes for the period."Realized gain on commodity contracts ($/boe)" is a supplementary financial measure calculated by dividing realized gain on commodity contracts, disclosed in Note 5(e) "Financial Instruments and Risk Management – Market Risk" to the Company's audited annual consolidated financial statements for the year ended December 31, 2025, by the Company's total production volumes for the period."Total shareholder return" is a supplementary financial measure calculated as the sum of the annual base dividend and normal course issuer bid yield and annual per share production growth expressed on a per share basis. Management believes that total shareholder return provides a useful measure of the return characteristics of various capital allocation decisions. Total shareholder return is not a standardized measure under IFRS accounting standards and therefore may not be comparable with the calculation of similar measures by other entities.Per Share AmountsPer share amounts noted in this press release are based on fully diluted shares outstanding unless noted otherwise.SOURCE Whitecap Resources Inc.

Original: WHITECAP DELIVERS RECORD 2025 RESULTS, EXCEEDS GUIDANCE AND SUCCESSFULLY INTEGRATES VEREN

WHITECAP RESOURCES INC. CONFIRMS MONTHLY DIVIDEND FOR FEBRUARY OF $0.0608 PER SHARE AND ANNOUNCES FOURTH QUARTER AND YEAR END 2025 RESULTS CONFERENCE CALL / WEBCASTFebruary 12, 2026 5:00 PM
PR Newswire (Canada)

CALGARY, AB, Feb. 12, 2026 /CNW/ - Whitecap Resources Inc. ("Whitecap") (TSX: WCP) confirms that a cash dividend of Cdn. $0.0608 per common share in respect of February operations will be paid on March 16, 2026 to shareholders of record on February 28, 2026.  This dividend is an eligible dividend for the purposes of the Income Tax Act (Canada).In addition, Whitecap announces that it intends to release its fourth quarter and year end 2025 results after market close on Monday, February 23, 2026 and has scheduled a conference call and webcast to begin promptly at 9:00 am MT (11:00 am ET) on Tuesday, February 24, 2026.The conference call dial-in number is:  1-888-510-2154 or (403) 910-0389 or (437) 900-0527A live audio webcast of the conference call will be accessible on Whitecap's website at wcap.ca by selecting "Investors", then "Presentations & Events".  Shortly after the live webcast, an archived version will be available.About Whitecap
Whitecap Resources Inc. is a leading Canadian energy company committed to delivering reliable returns to shareholders through the responsible development of oil and natural gas assets in the Western Canadian Sedimentary Basin. With a strong track record of profitable growth and a sustainable dividend, Whitecap delivers long-term value to investors, supported by investment-grade financial strength.SOURCE Whitecap Resources Inc.

Original: WHITECAP RESOURCES INC. CONFIRMS MONTHLY DIVIDEND FOR FEBRUARY OF $0.0608 PER SHARE AND ANNOUNCES FOURTH QUARTER AND YEAR END 2025 RESULTS CONFERENCE CALL / WEBCAST

WHITECAP RESOURCES ANNOUNCES CHANGES TO BOARD OF DIRECTORS, INCLUDING THE APPOINTMENT OF SCOTT ALTHENFebruary 3, 2026 5:00 PM
PR Newswire (Canada)

CALGARY, AB, Feb. 3, 2026 /CNW/ - Whitecap Resources Inc. ("Whitecap" or the "Company") (TSX: WCP) is pleased to announce that Scott Althen has been appointed to its Board of Directors, effective March 1, 2026, and Craig Bryksa has retired from the Board to pursue other opportunities.Mr. Althen recently retired from PwC Canada following a distinguished career of more than 30 years in public practice, where he served public and private energy companies. He brings extensive exploration and production industry knowledge, along with significant transaction experience. Mr. Althen is also a past Director of the Petroleum Accountants Society of Canada.Mr. Althen will serve on Whitecap's Corporate Governance and Compensation Committee and Reserves Committee.Mr. Althen's appointment follows the resignation of Mr. Bryksa, who joined Whitecap's Board of Directors on May 12, 2025, following the completion of the Veren Inc. ("Veren") transaction. Mr. Bryksa was previously President and Chief Executive Officer of Veren, a role he held from May 2018, and had been with Veren and its predecessor organizations since 2006."We're pleased to welcome Scott to the Whitecap Board and look forward to leveraging his deep financial expertise to further strengthen our Board," said Ken Stickland, Chair of the Board of Directors. "At the same time, we would like to thank Craig for his service on the Whitecap Board and for the significant contributions he made to Veren and its predecessors over many years. We wish him all the best in his future endeavours."About Whitecap
Whitecap Resources Inc. is a leading Canadian energy company committed to delivering reliable returns to shareholders through the responsible development of oil and natural gas assets in the Western Canadian Sedimentary Basin. With a strong track record of profitable growth and a sustainable dividend, Whitecap delivers long-term value to investors, supported by investment-grade financial strength.www.wcap.caSOURCE Whitecap Resources Inc.

Original: WHITECAP RESOURCES ANNOUNCES CHANGES TO BOARD OF DIRECTORS, INCLUDING THE APPOINTMENT OF SCOTT ALTHEN

Whitecap and Veren agree to merger. Veren to receive Whitecap shares and Whitecap will continue to pay the current dividend rate.
This merger makes Whitecap much stronger and I wouldnt be surprised to see another merger or takeover as Whitecap is still significantly undervalued. JMO

WCP cuts dividend. Still paying 15% as of today.

Recommended today as a survivor in the O&G sector. Long term hold.

Whitecap Resources eyeing assets in Western Canada

ALLISON McNEELY

Bloomberg News

Published Tuesday, Aug. 11, 2015 5:54PM EDT

Last updated Tuesday, Aug. 11, 2015 5:54PM EDT

Whitecap Resources Inc. has done more deals in the last three years than any other Canadian energy company and is primed to do more – if prices come down.

While the light-oil producer is eyeing “quite a long list” of assets in western Canada, sellers’ expectations have yet to converge with buyers’, chief executive officer Grant Fagerheim said. That’s even after the slump in crude pulled the Standard & Poor’s/TSX Composite energy index down by almost a third in the past year.
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“In this lower-price environment, if we remain here for a period of time, I think expectations will come down and there might be more transactions completed as we move forward,” Mr. Fagerheim, 56, said in a phone interview from Calgary on Friday.

The average premium paid for Canadian oil and gas explorers acquired this year is 36 per cent, according to data compiled by Bloomberg. Whitecap has done about nine deals valued at $3-billion in the past three years, the most of any Canadian company though less in value than Crescent Point Energy Corp. which executed eight deals worth $4.6-billion.

“Generally, long term you’re looking somewhere between 12 to 20 per cent as a premium,” Mr. Fagerheim said.

Whitecap has the highest analysts’ rating of its Canadian energy peers with 17 buys and no holds or sells. The stock has gained 7 per cent this year for a market value of $3.6-billion, making it the fourth best performer on the S&P/TSX energy index, which has lost 13 per cent. Whitecap fell 2.5 per cent to $11.95 at 9:43 a.m. in Toronto as oil prices declined.

The Calgary-based company’s most recent acquisition was Beaumont Energy Inc. for $563-million completed on May 1, according to the data. Mr. Fagerheim said the company looks for deals that complement its existing light-oil operations, with assets that can be grown by investing only 60 per cent of the property’s cash flow on an annual basis.

Whitecap considered purchasing parts of Teine Energy Ltd.’s portfolio in southwestern Saskatchewan earlier this year but balked at an outright takeover, Mr. Fagerheim said.

“They didn’t fit from our technical perspective, they didn’t fit the asset profile that we like,” he said. Ken Hillier, Teine’s chief financial officer, said in an e-mail the company doesn’t comment on speculation.

Whitecap’s capital budget and dividend payout is generally equal to or less than the cash flow it brings in, Cody Kwong, an analyst at FirstEnergy Capital Corp., said by phone from Calgary. The company pays out only 39 cents in dividends for every dollar of cash flow, according to data compiled by Bloomberg.

Whitecap’s operations in Alberta and Saskatchewan also have a low corporate decline rate, which means it doesn’t need to replace as many barrels per year as some of its peers, allowing them to maintain production on a lower capital budget, Mr. Kwong said.

“I think Whitecap is one of the very few that can take advantage of a down-market,” the analyst said.

The company’s dividend may be one reason it’s attracting U.S. investors. It’s only one of five producers paying a dividend among the 11 Canadian exploration and production companies worth between $1-billion and $4-billion (U.S.).

Whitecap’s dividend is sustainable through 2015 and 2016, even if the price of oil stays low, thanks in part to hedging on West Texas Intermediate, the North American benchmark crude price, Mr. Fagerheim said.

Whitecap has 51 per cent of its oil production hedged at $99.15 (Canadian) per barrel for 2015 and 27 per cent hedged at $99.18 for 2016, Mr. Fagerheim said.

The company will get a “two-fold uplift” when crude recovers as he expects through 2016, Mr. Fagerheim said.

http://www.theglobeandmail.com//globe-investor/investment-ideas/whitecap-resources-eyeing-assets-in-western-canada/article25932574/