Whitecap Resources (WCP) Corporate presentation summary

Financial performance and guidance

• Market capitalization stands at approximately $19 billion, with an enterprise value of $21 billion as of June 2026.

• 2026 production guidance is 385,000 boe/d, with funds flow forecasted at $4.3 billion and a capital budget of $2.1 billion.

• Net debt reduced to $2.5 billion, with a net debt/funds flow ratio of 0.5x, reflecting strong balance sheet discipline.

• Record Q2 2026 funds flow of $1.4 billion and free funds flow of $925 million, with production per share up 70% over five years.

• Annual dividend set at $0.73 per share, fully funded at low commodity prices.

Operational highlights and asset base

• Second increase to 2026 production guidance, now at 385,000 boe/d, with a 3% increase over original guidance.

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

• Largest landholder in Alberta Montney (~1,000,000 acres) and Duvernay (~500,000 acres), supporting future growth.

• Lator Phase 1 facility construction is 90% complete, targeting 40,000 boe/d capacity and >30 years inventory life.

• Kaybob Duvernay debottlenecking increased gas plant capacity by over 40%, supporting 120,000 boe/d total Duvernay capacity.

Capital efficiency and profitability

• Operating costs reduced by 13% to $11.88/boe, with capital efficiency improved by 12% year-over-year.

• Free funds flow increased by $500 million, driven by cost reductions and capital discipline.

• Annual run-rate free cash flow at Kaybob Duvernay estimated at $800–$900 million at 40–45% reinvestment rate.

• Diversified commodity mix and capital allocation to highest-return projects maximize returns through cycles.

• Investment-grade credit rating (BBB), low cost of debt (4%), and ample liquidity of $1.7 billion.