Slide 1: Corporate Presentation
CORPORATE PRESENTATION Generating Strong Returns Through Commodity Price Cycles September 2025
Slide 2: Corporate Overview
2 CORPORATE OVERVIEW Alberta Saskatchewan Unconventional Montney & Duvernay Liquids-rich ~$13 Billion ~$16.5 Billion Deep Inventory Market Capitalization Enterprise Value 365,000 boe/d $3.4 Billion Conventional High Netback Production Annualized Funds Flow Low Decline 1.0x $0.73 per Share Net Debt /
Slide 3: Why Own Whitecap
3 WHY OWN WHITECAP Total Shareholder Return Target of 10% – 15% Annually Premium Portfolio Large Resource Light oil & natural gas optionality across multiple plays Extensive growth inventory with long RLI Size & Scale Balance Sheet Strength 7th largest Canadian producer Low leverage, Investment Grad
Slide 4: Key Highlights Driving Continued Operational Momentum
4 Faster Cycle Times Across Assets Accelerated project execution is lowering costs and further enhancing economic returns KEY HIGHLIGHTS DRIVING CONTINUED Maximizing Infrastructure Utilization OPERATIONAL Full use of facilities is translating into stronger profitability and robust cash flow generati
Slide 5: Disciplined Capital Allocation Driving Returns
5 DISCIPLINED CAPITAL ALLOCATION 2025 Forecast DRIVING RETURNS Production • 295,000 – 300,000 boe/d (63% liquids) Capital ($MM) Funds Flow Conventional 25% • $2.8 billion ($2.85 per share) Unconventional Capital Expenditures 75% • $2.0 billion Production (boe/d) Current Product Type Breakdown 365,00
Slide 6: Sustainable Free Funds Flow
6 SUSTAINABLE FREE Total Shareholder Returns FUNDS FLOW Target 10% – 15% Annually • Per Share Growth $4.0 B • Organic growth and / or share buybacks US$75 WTI • Capital flexibility with improvements in commodity prices US$65 WTI $3.0 B Free Funds • Base Dividend US$55 WTI Flow • Annual dividend of $
Slide 7: Diversified Portfolio Maximizes Returns
7 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 8: Strong Credit Profile
8 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% $2.
Slide 9: Prudent Balance Sheet Management
9 PRUDENT BALANCE SHEET MANAGEMENT Low leverage through commodity price cycles WTI (US$/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 2
Slide 10: Risk Management
10 RISK MANAGEMENT Downside protection to support dividend and maintain production Oil Hedges Natural Gas Hedges 50% 50% 41% 40% 40% 34% 33% 33% Production Hedged Production Hedged 30% 30% 30% 25% 20% 20% 10% 10% 1% 1% 0% 0% Q3 2025 Q4 2025 2026 2027 Q3 2025 Q4 2025 2026 2027 Swaps Collars Swaps Col
Slide 11: Increasing Free Funds Flow Through Synergies
11 INCREASING FREE FUNDS FLOW Corporate Savings Completed THROUGH SYNERGIES • Consolidation of corporate costs and improved credit profile >$200 Million Annual Savings Capital Efficiency Improvements $75 MM Ongoing & Fully Realized 2026 • Drilling and completion program optimizations • Size and scal
Slide 12: Additional Infrastructure Optimizations
12 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 13: Alberta Montney Driving Future Growth
13 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 14: Optimizing Duvernay Development
14 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 15: Unconventional Inventory
15 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 16: Unconventional Montney & Duvernay Capital Allocation
16 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 proc
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 • 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: 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: Conventional Capital Allocation
20 Conventional CONVENTIONAL • 2H/25 Budget Allocation: ~$300 million CAPITAL • 80% oil and liquids • Alberta ALLOCATION • 10 (5.2 net) wells Capital Allocation • Build on Glauconite and Cardium success • Saskatchewan 25% • 91 (74.8 net) wells • Technical expertise and organic 75% enhancement initia
Slide 21: A Repeatable, High-Quality Inventory
21 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 22: Natural Gas Price Exposure
22 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 23: Crude Oil Price Exposure
23 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 24: Why Own Whitecap
24 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 25: Additional Information
25 ADDITIONAL INFORMATION
Slide 26: 2025 Guidance
26 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 27: Management Track Record of Execution
27 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 28: Disciplined Return of Capital to Shareholders
28 DISCIPLINED RETURN OF CAPITAL TO SHAREHOLDERS $8.00 Cumulative Dividend & NCIB ($/sh) $7.51 $7.00 $2.7 billion $930 million $6.00 Total dividends paid ($6.00/share) Share repurchases completed $5.00 $/share (Jan. 2013 – Aug. 2025) (May 2017 – Aug. 2025) $4.00 $3.00 $2.00 $1.00 $0.61 $0.00 2013 20
Slide 29: TSX: WCP www.wcap.ca InvestorRelations@wcap.ca
TSX: WCP www.wcap.ca InvestorRelations@wcap.ca September 23, 2025
Slide 30: Slide Notes
30 SLIDE NOTES Slide 2 Slide 9 1. Market Capitalization and Enterprise Value calculated based on fully diluted common shares outstanding as at June 30th, 1. Net debt and funds flow are capital management measures. See Specified Financial Measures in the Advisories. 2025, a share price of $10.75 and
Slide 31: Slide Notes
31 SLIDE NOTES Slide 18 Slide 26 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 32: Advisories
32 ADVISORIES Special Note Regarding Forward-Looking Statements and Forward-Looking Information our forecasted number of future Montney and Duvernay upside locations; the number of drilling locations and the breakdown by unconventional and conventional assets and location type; our belief that the 1
Slide 33: Advisories
33 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 34: Advisories
34 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 35: Advisories
35 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 36: Advisories
36 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 37: Research Coverage
37 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