Slide 1: Corporate Presentation
CORPORATE PRESENTATION Generating Strong Returns Through Commodity Price Cycles October 2025
Slide 2: Corporate Overview
2 CORPORATE OVERVIEW Alberta Saskatchewan ~$13 Billion ~$16 Billion Unconventional Market Capitalization Enterprise Value Montney & Duvernay Liquids-rich Deep Inventory 372,500 boe/d $3.3 Billion 2026 Production Guidance 2026 Funds Flow Conventional High Netback $2.05 Billion $3.3 Billion Low Declin
Slide 3: Why Own Whitecap
3 WHY OWN WHITECAP Total Shareholder Return Target of 10% – 15% Annually Premium Portfolio Large Resource Light oil & natural gas optionality across multiple plays Extensive growth inventory with long RLI Size & Scale Balance Sheet Strength 7th largest Canadian producer Low leverage, Investment Grad
Slide 4: Continued Operational Momentum
4 CONTINUED OPERATIONAL MOMENTUM Faster cycle times across Maximizing infrastructure Optimizing drilling programs, assets lowering costs & utilization translating to stronger enhancing efficiencies & the enhancing economic returns profitability & cash flow generation continuity of existing operation
Slide 5: Disciplined 2026 Budget
5 Average Annual Capital Budget Production 25% DISCIPLINED Conventional 156 (133.6 Net) Wells 2026 BUDGET 370 – 375 $2.0 – $2.1 B mboe/d 60% Liquids 3% Production Growth 40% Natural Gas 75% Unconventional 98 (98.0 Net) Wells Crude Oil & Condensate NGLs Natural Gas 2026 Funds Flow Sensitivity $3.8 B
Slide 6: 2026 Free Funds Flow
6 2026 FREE FUNDS FLOW Counter Cyclical Approach to Capital Allocation Target 10% – 15% Annually $3.3 B $0.3 B • Per Share Growth $0.9 B • Prioritizing share repurchases over production growth at current commodity prices $2.1 B • Permanently improves capital structure while maintaining low payout ra
Slide 7: Synergies Exceeding Expectations
7 7 SYNERGIES EXCEEDING EXPECTATIONS Forecasted annual corporate, capital and operating savings of $300 million $300 MM $210 MM Corporate Capital Operating Initial Synergy Target Additional Identified 2026 Synergies Synergies • Consolidation of • Rigline optimization • Streamlined workflows corporat
Slide 8: Counter Cyclical Capital Allocation
8 COUNTER CYCLICAL CAPITAL ALLOCATION Balance Sheet • Target 1.0x Debt / Funds Flow • Stress test leverage to US$50/bbl WTI Production Growth • 3% – 5% per share per annum dependent on commodity prices • Higher growth as ROIC increases Share Repurchases • After-tax cost of debt (3%) vs equity (7%) •
Slide 9: 2026 Budget Allocation
9 9 2026 BUDGET ALLOCATION Development program builds on strong operational momentum from 2025 Unconventional Conventional Alberta Saskatchewan Montney Alberta 55% of unconventional capital 132,000 boe/d 40% of conventional capital Drill: 53 (53.0 net) wells 55,000 boe/d Drill: 30 (22.9 net) wells S
Slide 10: Diversified Portfolio Maximizes Returns
10 DIVERSIFIED PORTFOLIO MAXIMIZES RETURNS Allocating capital to the highest return projects depending on commodity prices 100% Unconventional Conventional IP90 Percentage Liquids 75% 50% 25% 0% Refer to Slide Notes and Advisories
Slide 11: Strong Credit Profile
11 STRONG CREDIT PROFILE Investment Grade balance sheet with low Debt/Funds Flow ratios and significant liquidity $ Billion • September 30th net debt of ~$3.3 billion (~1.0x Net Debt/Funds Flow) $5.0 $1.6 B • Investment grade rating of BBB by DBRS, Inc. $4.0 $1.7 B Maturity Schedule $3.0 $950 MM 4.7
Slide 12: Prudent Balance Sheet Management
12 PRUDENT BALANCE SHEET MANAGEMENT Low leverage through commodity price cycles WTI (US$/bbl) Net Debt / Funds Flow Ratio $120.00 3.0x $100.00 2.5x Net Debt / Funds Flow $80.00 2.0x WTI (US$/bbl) $60.00 1.5x $40.00 1.0x Avg. Net Debt/Funds Flow = 1.5x $20.00 0.5x $0.00 0.0x 2013 2014 2015 2016 2017
Slide 13: Risk Management
13 RISK MANAGEMENT Downside protection to support dividend and maintain production Oil Hedges Natural Gas Hedges (% of Production Hedged) (% of Production Hedged) Swaps Swaps Collars Collars 34% 31% 29% 25% 1% 3% Q4 2025 2026 2027 Q4 2025 2026 2027 Floor Price Floor Price $93.64 $84.72 $75.00 $4.02
Slide 14: Alberta Montney Driving Future Growth
14 ALBERTA MONTNEY DRIVING FUTURE GROWTH Production Profile Gold Creek 132,000 boe/d 120,000 boe/d Karr Musreau Q4/25 Q1/26 Q2/26 Q3/26 Q4/26 Kakwa Lator Resthaven 975,000 acres >4,100 locations Largest landholder in the Across volatile oil, condensate- Alberta Montney rich, and lean natural gas win
Slide 15: Optimizing Duvernay Development
15 OPTIMIZING DUVERNAY DEVELOPMENT Production Profile 113,000 boe/d 105,000 boe/d Kaybob Q4/25 Q1/26 Q2/26 Q3/26 Q4/26 T56 535,000 acres >700 locations Largest landholder at Kaybob in Across volatile oil, condensate- R1W5 the heart of the Duvernay rich, and lean natural gas windows Refer to Slide No
Slide 16: Unconventional Inventory
16 ADDITIONAL UNCONVENTIONAL INVENTORY Future upside locations INVENTORY sensitive to natural gas prices >2,200 >4,800 locations of Montney and Duvernay Inventory PREMIUM INVENTORY Opportunities for inventory Primary development within enhancement core areas at Gold Creek, Kakwa, Karr, Kaybob, Lator
Slide 17: A Repeatable, High-Quality Inventory
17 A REPEATABLE, HIGH-QUALITY INVENTORY Strong economics across Montney & Duvernay assets Montney & Duvernay Premium Inventory Economics $20,000 Payout $17,500 0.9–1.0 DCE&T Costs ($mm) $9.5 – $12.3 Years 900 – 2,000 P+P Reserves (mboe) Cum. Operating Income ($ 000's) $15,000 (20% – 55% liquids) $12
Slide 18: Stabilizing Conventional Assets
18 STABILIZING CONVENTIONAL ASSETS $MM $400 Free Cash Flow Profile Alberta Saskatchewan $300 $900 Million Free Cash Flow $200 Cardium $100 Glauconite $0 Viking Q1/26 Q2/26 Q3/26 Q4/26 Capital Spending Operating Income Bakken Shaunavon Frobisher Weyburn Maintain 135,000 – 145,000 boe/d <20% decline &
Slide 19: Conventional Inventory
19 ADDITIONAL INVENTORY CONVENTIONAL Future upside locations INVENTORY ~3,500 >6,000 locations in Inventory Opportunities for inventory PREMIUM enhancement INVENTORY Primary development • Open Hole Multi-Laterals targeting light oil assets in • Extended Reach Horizontals AVERAGE PAYOUT* the Cardium,
Slide 20: A Repeatable, High-Quality Inventory
20 A REPEATABLE, HIGH-QUALITY INVENTORY Conventional assets generate quick payouts across commodity cycles Conventional $3,000 Premium Inventory Economics Payout 0.7-0.8 $2,500 Years DCE&T Costs ($mm) $1.3 – $6.5 Cum. Operating Income ($ 000's) 50 – 850 P+P Reserves (mboe) $2,000 (48% – 95% liquids)
Slide 21: Natural Gas Price Exposure
21 NATURAL GAS PRICE EXPOSURE Long term price diversification target to minimize market risk Price Diversification 7% 20% 15% 20% 49% 10% 25% 29% 25% 2026 Target Refer to Slide Notes and Advisories Fixed AECO AECO US Midwest Other Markets LNG
Slide 22: Crude Oil Price Exposure
22 CRUDE OIL PRICE EXPOSURE 88% of production exposed to attractive light oil and condensate prices Medium Oil ✓ Southwest Saskatchewan 12% Condensate ✓ Montney 25% 63% Light Oil ✓ Duvernay ✓ Saskatchewan ✓ Montney ✓ Duvernay Refer to Slide Notes and Advisories
Slide 23: Why Own Whitecap
23 WHY OWN WHITECAP Total Shareholder Return Target of 10% – 15% Annually Premium Portfolio Large Resource • Depth & Breadth of Inventory Across Multiple Plays • Inventory Rich • >6,000 primarily light oil conventional drilling locations • PDP (700 Million boe), TP (1.5 Billion boe) and TPP • >4,800
Slide 24: Additional Information
24 ADDITIONAL INFORMATION
Slide 25: 2026 Guidance
25 2026 GUIDANCE Production Crude oil and condensate (bbl/d) 180,000 – 182,000 2026 Funds Flow Sensitivity $MM NGLs (bbl/d) 43,500 – 44,500 $60 Natural gas (mcf/d) 879,000 – 891,000 Total production (boe/d) 370,000 – 375,000 $50 $50 MM Change in Funds Flow $40 $45 MM Capital Expenditures $2.0 – $2.1
Slide 26: Management Track Record of Execution
26 MANAGEMENT TRACK RECORD OF EXECUTION Organic growth enhanced by strategic acquisitions 11% CAGR per share 11% CAGR per share 13% CAGR per share Funds Flow Production TPP Reserves $3,500 400,000 1,400,000 $3,000 350,000 1,200,000 300,000 1,000,000 $2,500 250,000 Boe/d Mboe $2,000 800,000 $ million
Slide 27: Disciplined Return of Capital to Shareholders
27 DISCIPLINED RETURN OF CAPITAL TO SHAREHOLDERS $8.00 Cumulative Dividend & NCIB ($/sh) $7.56 $7.00 $2.7 billion $930 million $6.00 Total dividends paid ($6.06/share) Share repurchases completed $5.00 $/share (Jan. 2013 – Sep. 2025) (May 2017 – Sep. 2025) $4.00 $3.00 $2.00 $1.00 $0.61 $0.00 2013 20
Slide 28: TSX: WCP wcap.ca InvestorRelations@wcap.ca
TSX: WCP wcap.ca InvestorRelations@wcap.ca October 22, 2025
Slide 29: Slide Notes
29 SLIDE NOTES Slide 2 Slide 9 1. Market Capitalization and Enterprise Value calculated based on fully diluted common shares outstanding as at September 30th, 1. See Oil and Gas Advisory in the Advisories for additional information on production. 2025, a share price of $10.50 and September 30th net
Slide 30: Slide Notes
30 SLIDE NOTES Slide 17 Slide 23 1. See Oil and Gas Advisory in the Advisories for additional information on DCE&T costs, payout, profit to investment, IRR 1. Total shareholder return is a supplementary financial measure. See Specified Financial Measures in the Advisories. and reserves. 2. Net debt
Slide 31: Advisories
31 ADVISORIES Special Note Regarding Forward-Looking Statements and Forward-Looking Information the forecast average payout of our Montney and Duvernay inventory (including split for premium inventory) along with other relevant economic outputs; our beliefs with respect to opportunities for Montney
Slide 32: Advisories
32 ADVISORIES and/or share buyback policy and, as a result, future cash dividends and/or share buybacks (including pursuant to the NCIB), could be Special Note Regarding Forward-Looking Statements and Forward-Looking Information (continued) reduced or suspended entirely. Our actual results, performa
Slide 33: Advisories
33 ADVISORIES Oil and Gas Advisory Reserves This presentation contains metrics commonly used in the oil and natural gas industry which have been prepared by management, such as All reserve references in this presentation are "Company share reserves". Company share reserves are our total working inte
Slide 34: Advisories
34 ADVISORIES Drilling Locations Production, Initial Production Rates & Product Type Information (continued) This presentation discloses drilling inventory in two categories: (i) booked locations (proved and probable); and (ii) unbooked Any reference in this presentation to initial production rates
Slide 35: Advisories
35 ADVISORIES Specified Financial Measures (continued) "Net Debt to Funds Flow" is a supplementary financial measure determined by dividing net debt by funds flow. Net debt to funds flow is not "Free funds flow" is a non-GAAP financial measure calculated as funds flow less expenditures on property,
Slide 36: Research Coverage
36 RESEARCH COVERAGE • ATB Capital Markets • National Bank Financial • BMO Capital Markets • Peters & Co. • Canaccord Genuity • Raymond James • CIBC World Markets • RBC Capital Markets • Desjardins Capital Markets • Scotiabank Global • Haywood Securities • TD Securities • Jefferies • TPH & Co.