Slide 1: Strategic Combination with Veren Inc.
STRATEGIC COMBINATION WITH VEREN INC. Creating a Leading Canadian Light Oil & Condensate Producer with Strong Shareholder Returns
Slide 2: Advancing Our Strategic Plan
2 ADVANCING OUR STRATEGIC PLAN ✓ Significant Scale Alberta Saskatchewan Leading light oil producer with total production of 370,000 boe/d (63% liquids), EV of $13.5 Billion and 1.5 Million acres in the Unconventional prolific Montney & Duvernay Fairway Montney & Duvernay Liquids-rich Deep Inventory
Slide 3: Transaction Overview
3 TRANSACTION OVERVIEW Consideration Pro Forma Ownership Governance Expanding Board of Directors Each outstanding Veren common 48% Whitecap 7 Whitecap / 4 Veren share exchanged for 1.05 Whitecap common shares 52% Veren Including Craig Bryksa (President and CEO of Veren) Return of Capital Approvals &
Slide 4: Increased Shareholder Value Through Synergies
4 Corporate Synergies INCREASED SHAREHOLDER VALUE • Consolidation of corporate costs and THROUGH SYNERGIES improved credit profile >$200 Million Annual Synergies Capital Synergies • Drilling and completion program $75 MM optimizations • Size and scale to drive down costs • Workflow optimization to i
Slide 5: Additional Infrastructure Synergies
5 ADDITIONAL INFRASTRUCTURE SYNERGIES Significant opportunities for future synergies through infrastructure optimizations MONTNEY & DUVERNAY Whitecap Land ➢ Streamline operations for optimization of Veren Land full infrastructure network ➢ Asset duration and size provides for preferential fees and a
Slide 6: Accretive to Whitecap Standalone Key Financial Metrics
6 ACCRETIVE TO WHITECAP STANDALONE KEY FINANCIAL METRICS Prior to the impact of synergies Significant Funds Flow Capabilities $2.00/GJ $3.00/GJ $4.0 Billion $3.8 Billion $3.5 Billion $3.3 Billion 10% 26% $2.9 Billion $3.0 Billion Funds Flow per Free Funds Flow Share Accretion per Share Accretion ✓ A
Slide 7: Increased Market Relevance & Scale
7 INCREASED MARKET RELEVANCE & SCALE 2025E PRODUCTION (boe/d)1 370 ➢ 7th Largest Canadian Oil & Gas Producer VRN based on production PF WCP Peer 10 Peer 11 Peer 12 Peer 13 Peer 14 WCP Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 ➢ Second largest holder of Unconventional UNCONVENTIO
Slide 8: Strong Credit Profile
8 STRONG CREDIT PROFILE Exceptional Balance Sheet and Improved Credit Profile $ Billion $1.6 Billion ➢ 2025 Pro Forma net debt of ~$3.5 $5.0 Billion (1.0x Net Debt/Funds Flow) $4.0 $1.4 Billion ➢ Target $1.6 Billion of unutilized $3.0 capacity $0.2 Billion $1.9 Billion $2.0 ➢ Reduced borrowing costs
Slide 9: Risk Management
9 Oil hedges Q2 2025 2H 2025 2026 RISK Production hedged 38% 30% 15% MANAGEMENT Swaps hedged (bbl/d) 39,363 41,750 22,500 Average swap price (C$/B) $102.15 $99.49 $91.55 Collars hedged (bbl/d) 10,440 12,750 5,000 Downside protection to Average collar price (C$/B) $96.32 x $106.32 $85.43 x $99.52 $70
Slide 10: Meaningful Land Position in Core Areas
10 MEANINGFUL LAND POSITION IN CORE AREAS MONTNEY & DUVERNAY CONVENTIONAL Whitecap Land SW SASK SE SASK Veren Land T55 T2 T1 R14W5 R15W3 R30W1 1.5 Million 220,000 <20% 150,000 Acres of Prolific boe/d decline rate boe/d Montney & Duvernay 112,500 bbl/d liquids 122,000 bbl/d liquids 645 MMcf/d natural
Slide 11: Premium, High Return Inventory
11 PREMIUM, HIGH RETURN INVENTORY Only 350 wells budgeted to be drilled across the combined companies in 2025 ~7,000 >4,800 11,728 5,458 6,270 47% 53% Total Unconventional Conventional Provides Decades of Profitable & Sustainable Growth Refer to Slide Notes and Advisories 11
Slide 12: Largest Landholder in the Alberta Montney
12 LARGEST LANDHOLDER IN THE ALBERTA MONTNEY • Largest landholder and third largest producer in the oil Whitecap Land and liquids-rich Alberta Montney fairway, with extensive Veren Land premium drilling inventory for future growth Gold Creek • Ownership of significant infrastructure with secured mar
Slide 13: Largest Operator in the Duvernay
13 LARGEST OPERATOR IN THE DUVERNAY • Largest operator by production and land position in the oil and liquids-rich Duvernay fairway, focused in the highly economic Kaybob Duvernay • Decades of top-tier inventory, with infrastructure in place to support development Duvernay Combined Production (boe/d
Slide 14: Unconventional Inventory
14 UNCONVENTIONAL INVENTORY >2,200 Montney & Duvernay Premium Inventory Economics DCE&T Costs ($mm) $9.5 – $12.3 Over 4,800 locations of Montney and Duvernay 900 – 2,000 P+P Reserves (mboe) (20% – 55% liquids) Inventory 900 – 1,900 IP90 (boe/d) (25% – 75% liquids) Opportunities for inventory enhance
Slide 15: High Netback, Low Decline Conventional
15 HIGH NETBACK, LOW DECLINE CONVENTIONAL • High netback, low decline light oil assets across Saskatchewan • Conventional light oil portfolio generates significant, SW SASK SE SASK Whitecap Land sustainable free funds flow for the development of Veren Land Montney and Duvernay properties Conventiona
Slide 16: Conventional Inventory
16 CONVENTIONAL INVENTORY ~4,300 Conventional Premium Inventory Economics DCE&T Costs ($mm) $1.3 – $6.5 ~7,000 locations in Inventory 50 – 850 P+P Reserves (mboe) (48% – 95% liquids) 115 – 750 Opportunities for inventory IP90 (boe/d) (55% – 95% liquids) enhancement • Open Hole Multi-Laterals Premium
Slide 17: Natural Gas Price Diversification
17 NATURAL GAS 15% 20% PRICE 13% DIVERSIFICATION 10% 10% Future focus on price diversification across North 42% America and Globally 30% through LNG exposure Ksi Lisims LNG Project 150 MMcf/d commitment 30% 30% Combined Target Fixed AECO AECO Mid West Other Markets LNG Refer to Slide Notes and Advis
Slide 18: Crude Oil Marketing
18 Medium Oil CRUDE OIL ✓ Southwest Sask. MARKETING 12% High Netback Light Oil Majority light oil pricing drives strong Condensate operating netbacks ✓ Saskatchewan ✓ Montney 25% ✓ Montney Pipeline Access ✓ Duvernay Our advantaged locations and firm 63% ✓ Duvernay service agreements ensure reliable
Slide 19: Improving Sustainability
19 IMPROVING SUSTAINABILITY Lowering Breakeven Capital Allocation Priorities • Consistent focus on maintaining low leverage Balance Sheet and balance sheet flexibility Pro Forma Breakeven Strength • Strong investment-grade credit rating and US$55/bbl & $2.00/GJ metrics Committed Maintenance Cap = $2
Slide 20: Why Own Whitecap
20 WHY OWN WHITECAP High Quality Portfolio Attractive Shareholder Returns • Largest producer in prolific Alberta Montney and • $0.73 per share annual dividend sustainable through Kaybob Duvernay complimented by high netback, commodity price cycles and enhanced by share low decline conventional asset
Slide 21: TSX: WCP Investor Relations
TSX: WCP www.wcap.ca InvestorRelations@wcap.ca April 23, 2025
Slide 22: Slide Notes
22 SLIDE NOTES Slide 2 Slide 9 1. Enterprise value is a supplementary financial measures. See Specified Financial Measures in the Advisories. 1. Hedge positions current to April 22, 2025. 2. Enterprise value calculated based on pro forma fully diluted common shares outstanding as at May 13, 2025, a
Slide 23: Slide Notes
23 SLIDE NOTES Slide 17 Slide 10 1. Natural gas financial exposure based on forecasted volumes at the time the business combination closes. 1. See Oil and Gas Advisory in the Advisories for additional information on production. 2. Other markets includes Dawn, Henry Hub and Malin Slide 11 Slide 18 1.
Slide 24: Advisories
24 ADVISORIES Special Note Regarding Forward-Looking Statements and Forward-Looking Information that the combined company will be the largest operator by production and land position in the Duvernay; our belief that the combined company will have decades of top-tier inventory, with infrastructure in
Slide 25: Advisories
25 ADVISORIES Combination; the risk that going forward we may be unable to access sufficient capital from internal and external sources on acceptable terms or at Special Note Regarding Forward-Looking Statements and Forward-Looking Information (continued) all; failure to obtain required regulatory a
Slide 26: Advisories
26 ADVISORIES Special Note Regarding Forward-Looking Statements and Forward-Looking Information (continued) Oil and Gas Advisory However, because this information is subjective and subject to numerous risks, it should not be relied on as necessarily indicative of Reserves future results. Except as r
Slide 27: Advisories
27 ADVISORIES This presentation contains metrics commonly used in the oil and natural gas industry which have been prepared by management, Unbooked locations consist of drilling locations that have been identified by management as an estimation of our multi-year drilling such as "DCE&T Cost", "IRR",
Slide 28: Advisories
28 ADVISORIES The Company's average production disclosed in this presentation consist of the following product types, as defined in NI 51-101 "Free funds flow diluted ($/share)" is a non-GAAP ratio calculated by dividing free funds flow by the weighted average number of (other than as noted above wi
Slide 29: Advisories
29 ADVISORIES Per Share Amounts Per share amounts noted in this presentation are based on fully diluted shares outstanding unless noted otherwise. Dividends The combined company's future shareholder distributions, including but not limited to the payment of dividends, if any, and the level thereof i
Slide 30: Research Coverage
30 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