Whitecap Resources (WCP) Corporate presentation summary

Financial performance and shareholder returns

• Achieved $2.9 billion record funds flow in 2025, with $889 million in free funds flow and $929 million returned to shareholders through dividends and share repurchases.

• 2026 guidance targets $3.5 billion funds flow, $2.05 billion capital budget, and $3.4 billion net debt, maintaining a 1.0x net debt/funds flow ratio.

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

• Total shareholder return target of 10–15% annually, combining production growth, dividends, and share repurchases.

• Maintained investment grade balance sheet with $1.5 billion liquidity and BBB credit rating.

Operational execution and asset base

• Record 2025 production of 307,245 boe/d, with 2026 guidance of 372,500 boe/d and Q4/26 forecast of 380,000 boe/d.

• Seamless integration of Veren assets, realizing $300 million in synergies and enhancing scale and inventory depth.

• Multi-basin portfolio with ~10,500 drilling locations, split 55% conventional and 45% unconventional.

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

• 2026 capital budget allocates 75% to unconventional and 25% to conventional drilling.

Reserves, inventory, and growth potential

• Record 2.2 billion boe of proved plus probable (2P) reserves, with a 16+ year reserve life index.

• Conservative booking supports significant future inventory upside and multi-decade inventory life.

• Enhanced recovery projects and EOR potential offer substantial upside, with recoverable upside over 4x greater than 2P reserves.

• Alberta and Saskatchewan assets hold over 20 billion bbls OOIP, with ongoing optimization and expansion opportunities.

• Illustrative scenarios show 5-year cumulative funds flow ranging from $14.5B to $20B depending on growth strategy and commodity prices.