Whitecap Resources (WCP) investor relations material

Opening remarks and agenda

• Meeting convened virtually, enabling shareholders to vote and submit questions in real time.

• Confirmation of due mailing of meeting materials and financial statements for the year ended December 31, 2025.

• Quorum established, allowing business to proceed.

Board and executive committee updates

• Number of directors fixed at 11, with all nominees elected for the next term.

• PricewaterhouseCoopers LLP appointed as auditors until the next annual meeting.

• Executive team changes announced: Joey Wong promoted to President, Travis White to COO, and Jeff Mazurak to VP Operations.

• Retirement of long-term officer Joel Armstrong recognized.

• Scott Elson welcomed to the board, bringing financial expertise.

Financial performance review

• 2025 marked by the transformative Veren acquisition, creating a CAD 22 billion company.

• Achieved average production of 307,245 BOE/day and significant operational improvements.

• Synergy savings from the Veren integration reached CAD 400 million, nearly double initial projections.

• Funds flow per share was CAD 2.95, with free funds flow at CAD 900 million for 2025.

• Ended 2025 with CAD 3.4 billion net debt and a 1x net debt to funds flow ratio; credit rating upgraded to BBB.