Whitecap Resources (WCP) investor relations material

Financial performance and guidance

• Market capitalization of ~$18 billion and enterprise value of ~$21 billion as of year-end 2025.

• 2026 production guidance set at 372,500 boe/d, with funds flow forecasted at $4.0 billion.

• Capital budget for 2026 is $2.05 billion, with net debt projected at $3.4 billion and a net debt/funds flow ratio of 0.6x.

• Annual dividend of $0.73 per share, targeting a 10–15% total shareholder return annually.

• 2025 delivered a 15% total shareholder return, with $929 million returned to shareholders.

Operational strategy and asset base

• Portfolio includes ~5,800 conventional and ~4,700 unconventional drilling locations, with multi-decade inventory life.

• Largest Alberta Montney and Duvernay landholder, with 1.5 million acres and significant future upside.

• 2026 capital allocation: 75% unconventional (98 wells), 25% conventional (156 wells), targeting 22% production growth over 2025.

• Diversified commodity mix: 60% liquids, 40% natural gas.

• Record 2.2 billion boe of 2P reserves, with a 16+ year reserve life index.

Capital allocation and risk management

• Capital allocation prioritizes production growth (3–5% per share), share repurchases, and balance sheet strength.

• Target net debt/funds flow of 1.0x or less, with stress tests at US$50/bbl WTI.

• Hedging program targets 25–35% of production, with 2026 oil swaps averaging C$94/bbl and gas swaps at C$4.15/GJ.

• Investment-grade credit rating (BBB), low effective cost of debt (4%), and $1.5 billion liquidity.

• Counter-cyclical approach enables investing through commodity cycles, balancing growth, repurchases, and debt reduction.