Whitecap Resources Inc. · TSX:WCP
Whitecap Resources — Investor Day (January 2026)
56 slides from Whitecap Resources's investor day presentation, Jan 5, 2026
Slide 1: Investor Day
INVESTOR DAY Technical Excellence & Disciplined Execution Driving Superior Shareholder Returns January 2026
Slide 2: Agenda
2 Who We Are 1 Grant Fagerheim – President & CEO Thanh Kang – Sr. VP & CFO Unconventional AGENDA 2 Joey Wong – VP Unconventional Travis Tweit – VP Operations Conventional 3 Chris Bullin – VP Conventional Travis Tweit – VP Operations Summary 4 Grant Fagerheim – President & CEO Thanh Kang – Sr. VP & C
Slide 3: Executive Value Proposition
3 EXECUTIVE VALUE PROPOSITION Our simple, repeatable strategy of delivering strong returns through commodity price cycles High-Quality Inventory Across multiple basins provides depth, flexibility and longevity Technical Excellence & Top-Tier Operating Performance Converts inventory into reliable pro
Slide 4: Who We Are
4 WHO WE ARE
Slide 5: Corporate Overview
5 CORPORATE OVERVIEW 7th Largest Canadian Oil & Gas Producer1 ~$14 Billion ~$17 Billion Market Capitalization Enterprise Value 372,500 boe/d $3.3 Billion 2026 Production Guidance 2026 Funds Flow 5th Largest Canadian Natural Gas Producer2 $2.05 Billion $3.3 Billion 2026 Capital Budget Sept. 30th, 202
Slide 6: Why Own Whitecap
6 WHY OWN WHITECAP Total Shareholder Return Target of 10% – 15% Annually Premium Portfolio Large Resource • Depth & Breadth of Inventory Across Multiple Plays • Inventory Rich • ~5,800 primarily light oil conventional drilling locations • PDP (700 Million boe), TP (1.5 Billion boe) and TPP • ~4,700
Slide 7: Capital Allocation Toolkit
7 CAPITAL ALLOCATION TOOLKIT Production Growth Balance Sheet • 3% – 5% per share per annum dependent • Target Net Debt / Funds Flow of 1.0x or less on commodity prices • Stress test leverage to US$50/bbl WTI • Higher growth as returns increase Capital Allocation Considerations Share Repurchases Base
Slide 8: Counter Cyclical Approach
8 COUNTER CYCLICAL APPROACH Low leverage, long inventory life, & scale allows counter-cyclical investing through commodity cycles Balance Sheet Focus • Target moderate production growth • Prioritize balance sheet to capture Balanced Approach future opportunities • Production growth + share Annual Fr
Slide 9: Strong Credit Profile
9 Debt Composition STRONG CREDIT PROFILE 50% $3.3 B 50% Fixed Interest Net Debt Variable Interest ✓ Investment-grade rating of BBB by DBRS Rate Debt Rate Debt ✓ Low effective cost of debt at 4% ✓ Target Net Debt / Funds Flow of 1.0x or less Maturity Schedule $950 MM 4.72% ✓ Ample liquidity of $1.6 b
Slide 10: Prudent Balance Sheet Management
10 PRUDENT BALANCE SHEET MANAGEMENT Proven leverage discipline through commodity price cycles 2.5x Net Debt / Funds Flow Ratio 2.0x 1.5x Avg. Net Debt / Funds Flow = 1.5x 1.0x 0.5x 0.0x 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026e WTI (US$/bbl) $97.97 $93.00 $48.80 $43.32 $
Slide 11: Asset Overview
11 ASSET OVERVIEW AB SK ✓ Premier multi-basin portfolio UNCONVENTIONAL Liquids rich, deep inventory ✓ Diversified commodity mix optimizes returns ✓ Scale enhances operating profits ✓ Deep inventory of premium locations CONVENTIONAL High netback, low decline 40% 55% Natural Gas 50% Conventional Oil/C
Slide 12: Development Progression
12 DEVELOPMENT PROGRESSION Systematic development progression drives efficiency & capital returns Musreau Montney Kaybob Appraisal & Delineation Duvernay to replenish inventory for long-term sustainability Gold Creek & Karr Montney Growth for 3% – 5% production per share growth Resthaven Lator Montn
Slide 13: Unconventional
13 UNCONVENTIONAL
Slide 14: Unconventional Asset Overview
14 UNCONVENTIONAL Unconventional Land Base ASSET OVERVIEW Duvernay Lands Gold Creek 1,500,000 acres Montney Lands of Montney & Duvernay rights Leveraging our deep Karr 200 km (125 miles) Musreau technical expertise and 4,700 historical success to drive Montney & Duvernay locations in improved econom
Slide 15: Unconventional Inventory
15 UNCONVENTIONAL INVENTORY ADDITIONAL INVENTORY Oil/Cond. Liquids Rich Lean Gas Future upside locations sensitive to natural gas prices Musreau / Gold Lator / Kakwa / Resthaven / 2,100 Creek / Kaybob Kaybob Kaybob DCE&T Costs ($mm) $10.0 $11.7 $12.3 (boe/d) 800 – 1,550 1,000 – 2,000 1,500 – 2,500 I
Slide 16: Duvernay
16 DUVERNAY
Slide 17: Optimizing Duvernay Development
17 OPTIMIZING DUVERNAY DEVELOPMENT 14% Lean Gas 40% Oil/Condensate ~700 Inventory Locations Township (6 miles x 6 miles) T56 46% R15W5 Liquids Rich Largest Duvernay landholder with ~500,000 acres in the heart of the Duvernay at Kaybob Refer to Slide Notes and Advisories
Slide 18: Duvernay Geology
Kaybob Fox Kaybob Kaybob Kaybob 18 NW Creek Central South SE DUVERNAY GEOLOGY ~30m / 100 ft 60-70m / 200-225 ft Excellent reservoir quality Key Characteristics: • Consistent porosity • Predictable thickness • Over-pressured • High liquids content Substantial opportunity to optimize already strong re
Slide 19: Kaybob Duvernay – 15-07 Debottlenecking
19 KAYBOB DUVERNAY – 15-07 DEBOTTLENECKING Increased utilization & capacity of owned gas plant by over 40% 15-07 Complex Capacity & Production (boe/d) +20,000 boe/d Production increase since 2022 at 15-07 complex 60,000 50,000 120,000 boe/d (~50% liquids) 40,000 Total Duvernay capacity (Q3/26E) 30,0
Slide 20: Montney
20 MONTNEY
Slide 21: Alberta Montney Driving Future Growth
21 Township (6 miles x 6 miles) ALBERTA MONTNEY DRIVING FUTURE GROWTH 33% Lean Gas 38% ~4,000 Oil/Condensate Inventory Locations T55 29% R21W5 Liquids Rich Largest landholder in the Alberta Montney with ~1,000,000 acres Refer to Slide Notes and Advisories
Slide 22: Montney Geology
22 Gold Kakwa Musreau Lator Resthaven Karr MONTNEY Creek GEOLOGY Excellent reservoir quality Key Characteristics: • Stacked porosity • Predictable thickness 200m / 650 ft. • Normally- to over-pressured • Optionality of commodity exposure Substantial opportunity to optimize already strong results Leg
Slide 23: Musreau: 05-09 Facility Lookback
23 MUSREAU: 05-09 FACILITY LOOKBACK Asset level outperformance drives strong cash returns $200 Facilities & Pre-Drill Spend $150 20,000 boe/d (60% liquids) Facility design capacity Annual Asset Level FCF ($ MM) $100 $50 $90 – $115 million $0 Annual run-rate free cash flow -$50 -$100 Multi-bench deve
Slide 24: Lator Phase 1 Update
24 LATOR PHASE 1 UPDATE 04-13 infrastructure build-out supporting liquids rich growth Construction Progress – December 2025 35,000 – 40,000 boe/d (40 – 50% liquids) Facility design capacity 50% complete Facility construction on schedule and budget >30 years Inventory life at design capacity Q3 2024
Slide 25: Liquids Rich Type Curve and Project FCF
25 Liquids Rich Type Curve Lator Phase 1 Liquids Rich Project FCF 2.0 $300 US$70/bbl / $3.00/GJ LIQUIDS RICH Annual Asset Level FCF ($ MM) US$60/bbl / $3.00/GJ US$60/bbl / $4.00/GJ $200 Normalized Operating Income 1.5 GROWTH OPTIONS $100 1.0 $0 -$100 0.5 -$200 Future Potential From: 0.0 -$300 0 3 6
Slide 26: Light Oil/Condensate Type Curve and Project FCF
26 Light Oil/Condensate Type Curve Gold Creek Condensate Project FCF 2.0 $300 OIL/CONDENSATE US$70/bbl / $3.00/GJ Annual Asset Level FCF ($ MM) US$60/bbl / $3.00/GJ $200 US$60/bbl / $4.00/GJ Normalized Operating Income 1.5 GROWTH OPTIONS $100 1.0 $0 -$100 0.5 -$200 Future Potential From: 0.0 -$300 0
Slide 27: Lean Gas Type Curve and Project FCF
27 Lean Gas Type Curve Resthaven Lean Gas Project FCF 2.0 $200 US$70/bbl / $4.00/GJ LEAN GAS Annual Asset Level FCF ($ MM) US$60/bbl / $3.00/GJ Normalized Operating Income 1.5 US$60/bbl / $4.00/GJ $100 GROWTH OPTIONS 1.0 $0 0.5 -$100 Future Potential From: 0.0 -$200 0 3 6 9 12 15 18 Year 1 Year 2 Ye
Slide 28: Unconventional Development Workflow
28 UNCONVENTIONAL DEVELOPMENT WORKFLOW Workflow underpins consistent capital efficiency improvements across the portfolio Subsurface Economic Execution Development Plan Evaluation Evaluation and Iteration • Localized reservoir and • Well design (spacing, benching) • Optimize economic returns • Optim
Slide 29: Design Optimization in Montney & Duvernay
29 DESIGN OPTIMIZATION IN MONTNEY & DUVERNAY Montney Up-spacing Montney Benching & Drawdown Duvernay Winerack Widen spacing and adjust frac Double bench configuration with Vertical offset of laterals to design to reduce well count controlled drawdown optimize reservoir contact ✓ 25% Reduction in cap
Slide 30: Ongoing Enhancement – Drilling Efficiency
30 ONGOING ENHANCEMENT – DRILLING EFFICIENCY Musreau Montney Gold Creek Montney Kaybob Duvernay Rate of Penetration (Metres / Day) Rate of Penetration (Metres / Day) Rate of Penetration (Metres / Day) +30% +8% +13% 285 415 425 220 385 375 2023 - H1 2025 H2 2025 2023 - H1 2025 H2 2025 2023 - H1 2025
Slide 31: Ongoing Enhancement – Completions
31 ONGOING ENHANCEMENT – COMPLETIONS Musreau Montney Plug & Perf Gold Creek Montney SPE Kaybob Duvernay Plug & Perf Proppant Pumped (Tonnes / Day) Proppant Pumped (Tonnes / Day) Proppant Pumped (Tonnes / Day) +14% +12% +20% 3,600 1,630 1,830 2,415 3,150 2,010 2024 - H1 2025 H2 2025 2024 - H1 2025 H2
Slide 32: Production & Frac Optimization
32 Frac Optimization Production Optimization PRODUCTION & Active, real-time optimization of frac Collaborative, proactive, and active FRAC OPTIMIZATION parameters, called from centralized optimization of base production frac room ✓ 14% improvement to effectively- ✓ +4,000 boe/d improvement stimulate
Slide 33: Conventional
33 CONVENTIONAL
Slide 34: Overview
34 OVERVIEW Alberta & Saskatchewan Conventional Land Base 2nd largest conventional light Alberta Saskatchewan >3,000,000 acres Significant landholder across oil producer in Canada Cardium multiple, highly economic plays Charlie Lake Conv Montney Largest light oil producer in Saskatchewan 5,800 locat
Slide 35: Conventional Inventory
35 CONVENTIONAL INVENTORY ADDITIONAL INVENTORY Alberta Saskatchewan Future upside locations Glauconite / Cardium Frobisher / Bakken ~2,900 DCE&T Costs ($mm) $4.9 $2.0 (boe/d) 270 – 965 100 – 250 IP90 (% liquids) 50% – 90% 95% PREMIUM INVENTORY (mboe) 350 – 1,000 50 – 200 P+P Reserves Primary develop
Slide 36: Large OOIP
36 LARGE OOIP Alberta & Saskatchewan OOIP Significant Recovery Potential Boundary Lake 0.8 Billion Bbls OOIP 1.4 Billion Bbls 14 Billion Bbls OOIP 35% Estimated Recovery 0.2 Billion Bbls 0.6 Billion Bbls Central Alberta 1.5 Billion Bbls OOIP 0.5 Billion Bbls TPP Booked NPV = $8 Billion 2.2 Billion B
Slide 37: Opportunities for Improved Recovery
37 OPPORTUNITIES FOR IMPROVED RECOVERY Supports sustainable volume capture for decades to come Risked Unrisked EOR EOR Project Est. Total Recovery Recovery Recovery Production Project Total OOIP Recovery To Date Remaining Remaining Area (bbls/d) Type (Million bbls) (Million bbls) (Million bbls) (Mil
Slide 38: Continue to Optimize Large OOIP Assets
38 CONTINUE TO OPTIMIZE LARGE OOIP ASSETS Weyburn Benchmark – 70+ years of history 50,000 2.5 Billion Barrels OOIP 40% Recovery Factor including Upside 45,000 600 million barrels recovered to date Current recovery factor of 24% since first developed in mid-1950’s 40,000 Oil Production (bbls/d) (Gros
Slide 39: Weyburn Economics
39 Recent Weyburn Roll Outs WEYBURN ECONOMICS 250 Cumulative Oil (Mbbls) 200 150 100 50 0 0 6 12 18 24 30 36 42 48 54 60 66 72 78 84 Months Average Type Curve 2021 2022 2024 Weyburn Phase Roll Out Economics DCE&T Costs ($mm) $30 – $35 (excl. CO2) (mboe) 5,000 – 5,500 P+P Reserves (% oil) 100% Payout
Slide 40: Design Optimization in Conventional
40 DESIGN OPTIMIZATION IN CONVENTIONAL Bakken OHML Lateral Length Cardium Completion Refinement Frobisher Leg Additions Extended lateral lengths maximize Increased completions intensity Maximize royalty incentives & reservoir contact & inventory improving capital efficiencies single well economics ✓
Slide 41: Ongoing Enhancement – Drilling Efficiency
41 ONGOING ENHANCEMENT – DRILLING EFFICIENCY Frobisher Bakken Glauconite Rate of Penetration (Metres / Day) Rate of Penetration (Metres / Day) Capital Reduction (Millions) +8% +14% -10% 365 395 585 $7.2 MM $6.5 MM 515 2022 - 2024 2025 2022 - 2024 2025 Legacy Optimized ✓ Adding lateral legs & extendi
Slide 42: Summary
42 SUMMARY
Slide 43: Asset Potential
43 ASSET POTENTIAL +325,000 boe/d Future upside potential from: • Secondary & Tertiary expansion opportunities Near-term and future • Increased recovery factor of productive capacity provides current EOR assets +90,000 boe/d flexibility to respond to market • Technology enhancements in open hole mul
Slide 44: Growth Optionality
44 Stay Flat 3% Annual Growth 5% Annual Growth 450,000 boe/d GROWTH OPTIONALITY 420,000 boe/d Illustrative outcomes under different capital allocation 372,500 boe/d scenarios and commodity price environments 2026 2030 5 Year Cumulative Funds Flow Run-Rate Free Funds Flow $20.0 B $1.9 B $17.0 B $1.5
Slide 45: Built to Provide Durable Returns Through the Price Cycles
45 BUILT TO PROVIDE DURABLE RETURNS THROUGH THE PRICE CYCLES Depth & Quality of Opportunity Premier multi-basin inventory providing scale, flexibility & long-term sustainability Technical Excellence & Top-Tier Operating Performance Integrated subsurface, drilling, completion & production optimizatio
Slide 46: TSX: WCP wcap.ca InvestorRelations@wcap.ca
TSX: WCP wcap.ca InvestorRelations@wcap.ca January 5, 2026
Slide 47: Slide Notes
47 SLIDE NOTES Slide 3 Slide 9 1. Funds flow is a capital management measures. See Specified Financial Measures in the Advisories. 1. Net debt and funds flow are capital management measures. See Specified Financial Measures in the Advisories. 2. Net debt to funds flow is a supplementary financial me
Slide 48: Slide Notes
48 SLIDE NOTES Slide 17 Slide 25 - 27 1. See Oil and Gas Advisory in the Advisories for additional information on drilling locations. 1. See Oil and Gas Advisory in the Advisories for additional information on production and drilling locations. 2. Inventory depicted is year end 2025 gross locations.
Slide 49: Slide Notes
49 SLIDE NOTES Slide 35 Slide 40 1. See Oil and Gas Advisory in the Advisories for additional information on drilling locations, DCE&T costs, payout, profit to 1. See Specified Financial Measures in the Advisories for additional information on NPV. investment (P/I), IRR (Rate of Return) and reserves
Slide 50: Advisories
50 ADVISORIES Special Note Regarding Forward-Looking Statements and Forward-Looking Information design optimizations and production and frac optimization in Montney and Duvernay and the benefits derived therefrom; that we are the 2nd largest conventional light oil producer in Canada; our estimate of
Slide 51: Advisories
51 ADVISORIES Special Note Regarding Forward-Looking Statements and Forward-Looking Information (continued) and the risk that the amount of future cash dividends paid by us and/or shares repurchased for cancellation by us (including pursuant to our normal course issuer bid ("NCIB")), if any, will be
Slide 52: Advisories
52 ADVISORIES This presentation contains future-oriented financial information and financial outlook information (collectively, "FOFI") about: our Oil and Gas Advisory (continued) forecast 2026 capital expenditures; our forecast of annualized production and average daily production for 2026, includi
Slide 53: Advisories
53 ADVISORIES Oil and Gas Advisory (continued) Drilling Locations This presentation contains metrics commonly used in the oil and natural gas industry which have been prepared by management, This presentation discloses drilling inventory in two categories: (i) booked locations (proved and probable);
Slide 54: Advisories
54 ADVISORIES Production, Initial Production Rates & Product Type Information Specified Financial Measures References to petroleum, crude oil , NGLs, natural gas and average daily production in this presentation refer to the light and This presentation includes various specified financial measures,
Slide 55: Advisories
55 ADVISORIES Specified Financial Measures (continued) "Payout ratio" is a supplementary financial measure calculated as dividends paid or declared divided by funds flow. Management believes "Funds flow", "funds flow basic ($/share)" and "funds flow diluted ($/share)" are capital management measures
Slide 56: Research Coverage
56 RESEARCH COVERAGE • ATB Capital Markets • National Bank Financial • BMO Capital Markets • Peters & Co. • Canaccord Genuity • Raymond James • Capital One Securities • RBC Capital Markets • CIBC World Markets • Scotiabank • Desjardins Capital Markets • TD Securities • Haywood Securities • TPH & Co.