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Whitecap Resources (WCP) investor relations material
Whitecap Resources Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 production averaged 390,720 BOE/d, 61% liquids, above internal expectations; production per share rose 5% YoY.
Q3 funds flow was CAD 1,173.1M and free funds flow CAD 639.8M; stronger 2026 guidance and a higher dividend accompanied the 2027 growth plan.
Financial highlights
Q3 revenue was CAD 2,411.5M versus CAD 1,660.3M YoY; net income was CAD 326.4M versus CAD 204.2M.
Q3 funds flow was CAD 1,173.1M, or CAD 0.96/share, up 32% per share YoY; free funds flow was CAD 639.8M after CAD 533.3M of capital expenditures.
9M funds flow was CAD 3,553.0M, or CAD 2.91/share, up 30% per share YoY; free funds flow totaled CAD 1,913.3M.
Q3 net income included a CAD 0.3B non-cash unrealized commodity-contract loss; operating expenses were CAD 10.22/BOE, or CAD 11.70/BOE excluding favorable one-time adjustments.
Outlook and guidance
2026 production guidance rose to 392,000 BOE/d from 372,500 BOE/d initially; the capital budget increased by ~CAD 100M to ~CAD 2.2B, with Q4 production guidance of 395,000–400,000 BOE/d.
2027 guidance calls for 400,000–410,000 BOE/d, 60% liquids, and CAD 2.4B–CAD 2.6B of capital; production per share growth is ~3%, or ~5% excluding the Kaybob turnaround.
At US$80/bbl WTI, CAD 2.00/GJ AECO and US$0.71/CAD 1, 2027 funds flow is forecast at ~CAD 4.1B and free funds flow at ~CAD 1.6B after midpoint capital; proposed PMD enactment could lift free funds flow to ~CAD 2B.
2027 funds flow sensitivity is CAD 3.7B at US$70 WTI and CAD 4.6B at US$90 WTI; the 2026 free funds flow forecast is CAD 2.5B.
2027 operating-cost guidance is CAD 12.00–CAD 12.50/BOE and transportation is CAD 3.50–CAD 3.75/BOE; the Kaybob turnaround is expected to reduce annual-average production by ~8,000 BOE/d.
- Operational strength and disciplined capital allocation drive sustainable growth and shareholder returns.WCP
EnerCom Denver – The Energy Investment Conference - Record 2026 funds flow, increased production, and disciplined growth drive strong shareholder returns.WCP
Corporate presentation - Record Q2 2026 funds flow, higher guidance, and strong capital efficiency drive robust outlook.WCP
Q2 2026 - Transformative year with major acquisition, strong results, and all resolutions approved.WCP
AGM 2026 - 2026 outlook features record production, strong funds flow, and disciplined capital returns.WCP
Corporate presentation - Record Q1 2026 production, higher guidance, and strong free funds flow drive robust outlook.WCP
Q1 2026 - Disciplined capital allocation and operational excellence drive 10–15% returns and 3–5% growth.WCP
Investor Day 2026 - Q3 outperformed on production and cash flow; 2025 targets growth, returns, and lower leverage.WCP
Q3 2024 - Five-year plan targets 3%-8% growth, $4B free funds flow, and $3B in shareholder returns.WCP
Investor Day 2024
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