Slide 1: Corporate Presentation
CORPORATE PRESENTATION Generating Strong Returns Through Commodity Price Cycles July 2025
Slide 2: Corporate Overview
2 CORPORATE OVERVIEW Alberta Saskatchewan ~$12 Billion ~$15 Billion Unconventional Market Capitalization Enterprise Value Montney & Duvernay Liquids-rich Deep Inventory 365,000 boe/d $3.4 Billion Production Annualized Funds Flow Conventional High Netback Low Decline $2.0 Billion $0.0608 per Share Ma
Slide 3: Q2 Results Operational Execution & Momentum
3 Q2 Results Operational Execution & Momentum 5% production per share growth in Q2 Production of 292,754 boe/d (64% liquids) 2025 Production Outperforming Expectations Forecast to be at the high end of 295,000 – 300,000 boe/d guidance Funds flow of $713 million • $0.75 per share $298 Million Returne
Slide 4: Prudent Capital Allocation with Upside Potential
4 PRUDENT CAPITAL ALLOCATION 2025 Forecast WITH UPSIDE POTENTIAL Production • 295,000 – 300,000 boe/d (63% liquids) Capital ($MM) Funds Flow Conventional 25% • $2.8 billion ($2.79 per share) Unconventional Capital Expenditures 75% • $2.0 billion Production (boe/d) Current Product Type Breakdown 365,
Slide 5: Generating Significant Free Funds Flow
5 GENERATING SIGNIFICANT Return of Capital Priorities FREE FUNDS FLOW Total Shareholder Returns (Target 10% – 15% Annually) • Organic Growth • Growth capital added as return on capital employed $3.8 B increases $3.4 B • Base Dividend $3.0 B • Annual dividend of $0.73 per share fully funded at low co
Slide 6: Leading Canadian Oil & Natural Gas Producer
6 LEADING CANADIAN OIL & NATURAL GAS PRODUCER 2025E PRODUCTION (boe/d)1 365 • 7th Largest Canadian Oil & Gas Producer Peer 10 WCP Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 • 5th Largest Canadian Natural Gas Producer 2025E NATURAL GAS PRODUCTION (mmcf/d)2 • Utilize sizeable posit
Slide 7: Unconventional Montney & Duvernay Capital Allocation
7 Unconventional UNCONVENTIONAL • 2H/25 Budget Allocation: ~$900 million MONTNEY & • ~50% condensate and liquids • Focus on oil-weighted and DUVERNAY liquids-rich natural gas with Capital Allocation available infrastructure CAPITAL • Duvernay ALLOCATION • 35 (32.5 net) Kaybob wells • 15-07 gas proce
Slide 8: Conventional Capital Allocation
8 CONVENTIONAL Conventional CAPITAL • 2H/25 Budget Allocation: ~$300 million ALLOCATION Capital Allocation • 80% oil and liquids • Alberta • 10 (5.2 net) wells 25% • Build on Glauconite and Cardium success 75% • Saskatchewan • 91 (74.8 net) wells • Technical expertise and organic enhancement initiat
Slide 9: Strong Credit Profile
9 STRONG CREDIT PROFILE Investment Grade balance sheet with low Debt/Funds Flow ratios and significant liquidity $ Billion • June 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 4.72% $2.
Slide 10: Prudent Balance Sheet Management
10 PRUDENT BALANCE SHEET MANAGEMENT Low leverage through commodity price cycles WTI (US$/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 $0.00 0.0x 2013 2014 2015 2016 2017
Slide 11: Risk Management
11 Oil hedges Q3 2025 Q4 2025 2026 RISK Production hedged 41% 34% 22% MANAGEMENT Swaps hedged (bbl/d) 49,500 40,000 27,500 Average swap price (C$/B) $99.37 $99.06 $91.19 Collars hedged (bbl/d) 22,500 19,000 11,488 Downside protection to Average collar price (C$/B) $84.28 x $102.44 $82.23 x $101.90 $
Slide 12: Improving Capital Efficiencies and Margin Expansion
12 Corporate Savings IMPROVING CAPITAL EFFICIENCIES • Consolidation of corporate costs and AND MARGIN EXPANSION improved credit profile >$200 Million Annual Savings Capital Efficiency Improvements • Drilling and completion program $75 MM optimizations • Size and scale to drive down costs • Workflow
Slide 13: Additional Infrastructure Optimizations
13 ADDITIONAL INFRASTRUCTURE OPTIMIZATIONS Significant opportunities to increase margin MONTNEY & DUVERNAY • Streamline operations for optimization of full infrastructure network • Asset duration and size provides for preferential fees and access to third party infrastructure • Strategic gas diversi
Slide 14: Alberta Montney Driving Future Growth
14 ALBERTA MONTNEY DRIVING FUTURE GROWTH • Development design enhancements improving capital Gold efficiencies. Kakwa/Musreau & Gold Creek/Karr Creek • Infrastructure optimization improving operational performance. Gold Creek/Karr • Delineation efforts setting the stage for optimal Karr growth profi
Slide 15: Optimizing Duvernay Development
15 OPTIMIZING DUVERNAY DEVELOPMENT • Successful wine racking pilots leading to development changes and improving capital efficiencies. • Infrastructure synergies benefitting development plans and optimizing operations. • Available infrastructure capacity facilitating near term Kaybob growth. 535,000
Slide 16: A Repeatable, High-Quality Inventory (Montney & Duvernay)
16 A REPEATABLE, HIGH-QUALITY INVENTORY Strong economics across Montney & Duvernay assets Montney & Duvernay Premium Inventory Economics $20,000 Payout 0.8 – $17,500 1.0 Years DCE&T Costs ($mm) $9.5 – $12.3 900 – 2,000 P+P Reserves (mboe) Cum. Operating Income ($ 000's) $15,000 (20% – 55% liquids) $
Slide 17: Unconventional Inventory
17 ADDITIONAL UNCONVENTIONAL INVENTORY Future upside locations INVENTORY sensitive to natural gas prices >2,200 >4,800 locations of Montney and Duvernay Inventory PREMIUM AVERAGE PAYOUT* INVENTORY = 1.1 Years Opportunities for inventory Primary development within enhancement core areas at Gold Creek
Slide 18: Stabilizing Conventional Assets
18 STABILIZING CONVENTIONAL ASSETS • Progressing open hole multi-lateral development with potential applicability to other assets. Bakken, Frobisher Alberta Saskatchewan • Advancements in technology and shared technical learnings improving results and returns. Cardium, Glauconite, Viking Cardium • E
Slide 19: A Repeatable, High-Quality Inventory (Conventional)
19 A REPEATABLE, HIGH-QUALITY INVENTORY Conventional assets generate quick payouts across commodity cycles Conventional $3,500 Premium Inventory Economics Payout 0.6-0.8 years $3,000 DCE&T Costs ($mm) $1.3 – $6.5 Cum. Operating Income ($ 000's) 50 – 850 $2,500 P+P Reserves (mboe) (48% – 95% liquids)
Slide 20: Conventional Inventory
20 ADDITIONAL INVENTORY CONVENTIONAL Future upside locations INVENTORY ~3,500 >6,000 locations in Inventory Opportunities for inventory enhancement PREMIUM AVERAGE PAYOUT* • Open Hole Multi-Laterals INVENTORY = 1.2 Years Primary development • Extended Reach Horizontals targeting light oil assets in
Slide 21: Natural Gas Price Exposure
21 NATURAL GAS PRICE EXPOSURE Natural Gas Price Sensitivity Free Funds Flow $1.5 B $1.4 B $1.3 B Price Diversification 15% 20% 13% 10% $2.50/GJ $3.00/GJ $3.50/GJ 10% 365,000 boe/d and $2 Billion maintenance capital US$65/bbl WTI, $1.37 USD/CAD 42% 30% 30% 30% Current Target Refer to Slide Notes and
Slide 22: Crude Oil Price Exposure
22 CRUDE OIL PRICE EXPOSURE Crude Oil Price Sensitivity Free Funds Flow $1.7 B $1.4 B Medium Oil $1.2 B ✓ Southwest Saskatchewan 12% US$60/bbl US$65/bbl US$70/bbl 365,000 boe/d and $2 Billion maintenance capital $3.00/GJ AECO, $1.37 USD/CAD Condensate ✓ Montney 25% 63% Light Oil ✓ Duvernay ✓ Saskatc
Slide 23: Why Own Whitecap
23 WHY OWN WHITECAP Total Shareholder Return Target of 10% – 15% Annually Strong Balance Sheet Large Resource • Low Leverage • Inventory Rich • ~1.0x Debt/Funds Flow • PDP (700 Million boe), TP (1.5 Billion boe) and • Investment Grade Credit Rating of BBB by DBRS TPP (2.3 Billion boe) reserves • Ful
Slide 24: Additional Information
24 ADDITIONAL INFORMATION
Slide 25: 2025 Guidance
25 2025 GUIDANCE Production 2025 Annual Crude oil and condensate (bbl/d) 153,000 – 155,000 NGLs (bbl/d) 32,000 – 33,000 Natural gas (mcf/d) 660,000 – 672,000 Total production (boe/d) 295,000 – 300,000 Capital Expenditures $2.0 Billion Expenses ($/boe) Royalties 14% – 15% Operating $13.50 – $14.00 Tr
Slide 26: Management Track Record of Execution
26 MANAGEMENT TRACK RECORD OF EXECUTION Organic growth enhanced by strategic acquisitions 12% CAGR per share 11% CAGR per share 13% CAGR per share Funds Flow Production TPP Reserves $3,000 $2,500 350,000 1,400,000 $2,000 300,000 1,200,000 250,000 1,000,000 $1,500 200,000 Boe/d 800,000 Mboe $ million
Slide 27: Disciplined Return of Capital to Shareholders
27 DISCIPLINED RETURN OF CAPITAL TO SHAREHOLDERS $8.00 Cumulative Dividend & NCIB ($/sh) $7.18 $7.00 $2.5 billion $748 million $6.00 Total dividends paid ($5.88/share) Share repurchases completed $5.00 $/share (Jan. 2013 – Jun. 2025) (May 2017 – Jun. 2025) $4.00 $3.00 $2.00 $1.00 $0.61 $0.00 2013 20
Slide 28: TSX: WCP Investor Relations
TSX: WCP www.wcap.ca InvestorRelations@wcap.ca July 23, 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 June 30, 1. Net debt and funds flow are capital management measures. See Specified Financial Measures in the Advisories. 2025, a share price of $10.00 and Ju
Slide 30: Slide Notes
30 SLIDE NOTES Slide 18 Slide 25 1. See Oil and Gas Advisory in the Advisories for additional information on production and drilling locations. 1. See Oil and Gas Advisory in the Advisories for additional information on production. 2. "EOR" is enhanced oil recovery. 2. Expenditures on property, plan
Slide 31: Advisories
31 ADVISORIES Special Note Regarding Forward-Looking Statements and Forward-Looking Information locations and the breakdown by unconventional and conventional assets and location type; the forecast for number of wells budgeted to be drilled in 2025; our beliefs regarding our technical expertise and
Slide 32: Advisories
32 ADVISORIES or otherwise, many of which will be beyond our control, our dividend policy and/or share buyback policy and, as a result, future cash Special Note Regarding Forward-Looking Statements and Forward-Looking Information (continued) dividends and/or share buybacks (pursuant to the NCIB), co
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 This presentation discloses drilling inventory in two categories: (i) booked locations (proved and probable); and (ii) unbooked References to petroleum, crude oil , NGLs, natural gas and average daily pr
Slide 35: Advisories: Specified Financial Measures
35 ADVISORIES Specified Financial Measures "Market capitalization" is a supplementary financial measure and is calculated as the current share price multiplied by the number of shares outstanding at the end of the period. Management believes that market capitalization provides a useful This presenta
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