Whitecap Resources (WCP) Corporate presentation summary

Financial performance and guidance

• Market capitalization of ~$19 billion and enterprise value of ~$22 billion as of March 2026.

• 2026 production guidance set at 380,000 boe/d, with funds flow forecasted at $4.1 billion.

• Capital budget for 2026 is $2.05 billion, with net debt at $3.2 billion and a net debt/funds flow ratio of 0.6x.

• Annual dividend of $0.73 per share, with $221 million returned to shareholders in Q1 2026.

• Record Q1 2026 production of 391,416 boe/d and free funds flow of $349 million.

Operational highlights and efficiency

• Achieved 6% production per share growth and 11% reduction in operating costs year-over-year.

• Improved capital efficiency and decreased operating costs by 12% and 11% respectively in 2026.

• Operational success in unconventional drilling, including the longest well in Canada and high completion effectiveness.

• Faster cycle times and maximized infrastructure utilization are enhancing profitability and cash flow.

• Q4 2026 production forecast at 380,000 boe/d, with a 2% increase over previous guidance.

Asset base and inventory

• Holds ~10,500 drilling locations, split 55% conventional and 45% unconventional.

• Largest Alberta Montney and Duvernay landholder with 1.5 million acres and 4,700 unconventional locations.

• 5,800 conventional drilling locations, with multi-decade inventory life.

• 2P reserves of 2.2 billion boe, with a 16.1-year reserve life index.

• Largest light oil producer in Saskatchewan and 5th largest Canadian oil and natural gas producer.