Slide 1: Corporate Presentation: Building Momentum & Sustainable Growth
CORPORATE PRESENTATION Building Momentum & Sustainable Growth July 2024
Slide 2: Corporate Overview
2 CORPORATE OVERVIEW $6.0 Billion $7.0 Billion Market Capitalization Enterprise Value Alberta Saskatchewan 169,500 boe/d $1.0 Billion 2024 Production Guidance 2024 Capital Investment $700 Million $0.0608 per Share 2024 Free Funds Flow Monthly Dividend ($0.73 annually) $1.0 Billion 0.6x Year End Net
Slide 3: Q2 Results
3 Q2 RESULTS 22% YoY Growth Continued operational momentum demonstrated by record production of 177,314 boe/d Consistent Production per share Growth $223 Million Free Funds Flow Supporting YTD returns to shareholders of $220 million Net Debt $1 Billion (0.6x Debt/EBITDA) Proceeds from partial infras
Slide 4: Partial Infrastructure Monetization
4 PARTIAL INFRASTRUCTURE MONETIZATION Musreau Facility & Kaybob Complex Enhanced processing, transportation, fractionation and marketing fees from PGI • 50% working interest disposed for $520 million strategic partnership and lower interest expense proceeds result in minimal funds flow impact Strate
Slide 5: 2024 Budget
5 2024 BUDGET
Slide 6: Delivering Growth & Free Funds Flow
DELIVERING GROWTH & 2024 Budget FREE FUNDS FLOW Production (9% per share) • 167,000 – 172,000 boe/d $ MM Funds Flow Free Funds Flow $2,500 Capital Expenditures $2,000 • $900 million – $1.1 billion $2,000 $1,700 $1,500 $1,200 Financial Highlights $1,000 $1,000 $1.7 billion of Funds Flow $700 • $2.82
Slide 7: Balanced Capital Allocation Strategy
7 BALANCED Montney and Duvernay Conventional CAPITAL • Budget Allocation: ~$450 million • Budget Allocation: ~$550 million ALLOCATION • 35% – 40% condensate and liquids • 75% – 80% oil and liquids • Consistent two rig program • Incl. $130 million for STRATEGY • Incl. $115 million infrastructure seco
Slide 8: Top Tier Inventory
8 TOP TIER INVENTORY
Slide 9: Montney & Duvernay
9 MONTNEY & Musreau T65 DUVERNAY T64 Karr T63 Simonette Kakwa T62 700,000 ACRES Kaybob • Montney & Duvernay rights T61 • Second largest Alberta Montney Lator acreage T60 T59 2,462 LOCATIONS • Highly economic Montney & Resthaven Berland T58 Duvernay locations in inventory T57 15% BOOKED • Limited inv
Slide 10: Montney & Duvernay Inventory
10 TIER 3 MONTNEY & Future upside locations sensitive to natural gas prices DUVERNAY 1,249 INVENTORY 2,462 locations Decades of Top Tier Inventory 5 Year Plan consumes TIER 2 AVERAGE <10% of Montney and 565 Economic development with PAYOUT optimization opportunities = 1.4 Years Duvernay inventory TI
Slide 11: A Repeatable, High-Quality Inventory
11 A REPEATABLE, HIGH-QUALITY INVENTORY 25,000 Payout KAKWA MUSREAU LATOR KAYBOB 0.6-0.9 years DCE&T Costs ($mm) $11.20 $11.20 $11.20 $12.30 20,000 Cum. Operating Income ($ 000's) 1,000 - 1,600 1,000 - 1,300 1,000 - 2,000 1,100 - 1,650 P+P Reserves (mboe) (25-45% liquids) (45-55% liquids) (20-50% li
Slide 12: Significant Growth Potential
12 • Near term growth focus at Kaybob, Kakwa and Musreau SIGNIFICANT GROWTH • Medium term growth driven by Lator POTENTIAL • Option to accelerate growth in late 2026 • Long term growth driven by Resthaven boe/d Kaybob Other Montney Kakwa Musreau Lator Accelerated Growth 140,000 120,000 boe/d WELLS D
Slide 13: Kakwa
Kakwa 13 T64 Top KAKWA T63 Familiar lands providing D3 a wealth of information D2 200m T62 LMM Montney Land WCP Montney 2024 Spuds (4) T61 WCP Montney 2023 Spuds (6) R7 R6 R5 R4W6 LM 2021 28 Wells Well Design Whitecap first By YE2024, WCP will have Recent well and pad design Legend entered Kakwa pla
Slide 14: Kakwa: Exceeding Expectations
EXCEEDING EXPECTATIONS 14 Condensate 140 Previous Wells 120 2023 Wells Mbbl/ 3,000m 100 KAKWA 80 60 40 Marked improvement in 20 0 recent results following 0 2 4 6 8 10 12 Months technical review of localized 2500 well design inputs Natural Gas +49% 2000 Improved performance of 2023 MMcf/ 3,000m well
Slide 15: Musreau
Musreau 15 Top MUSREAU T65 Top-tier, well-defined WCP MWB D3 05-09 reservoir and a purpose- built facility D2 200m LMM T64 Montney Land WCP Montney 2024 Spuds (8) WCP Montney 2023 Spuds (8) LM R5 R4W6 Liquids Rich Well-defined Egress Legend Some of our highest Offset activity provides Control of egr
Slide 16: Musreau Battery Production
16 MUSREAU BATTERY PRODUCTION Year-end 2024 MUSREAU 18,000 – 20,000 boe/d 5-9 Facility Current 12,000 – 14,000 boe/d Staged ramp to design Early time capacity ~10,000 boe/d 9 wells 12,000 – 20,000 boe/d 9 wells currently producing Nameplate capacity – two 2023 pads and one 14,000 boe/d 43 mmcf/d gas
Slide 17: Musreau: Exceeding Expectations
EXCEEDING EXPECTATIONS 17 120 Type Curve 100 Condensate Field Est. 80 MUSREAU 60 Mbbl 40 20 0 0 20 40 60 80 100 120 140 +19% Days BOE cumulative production to 400 date compared to Area Type Natural Gas Curve 350 300 250 MMcf 200 150 100 50 0 0 20 40 60 80 100 120 140 >1,000 bbl/d Initial rates in ex
Slide 18: Lator
Lator 18 Top LATOR T63 Planned WCP MWB Decades of inventory, with T62 a view to material growth. D3 D2 200m Lator T61 LMM T60 Montney Land WCP Montney 2024 Spuds (2) Resthaven WCP Montney 2023 Spuds (2) T59 R5 R4 R3 R2 R1W6 R27W5 LM 300-450 Multi-bench Leverage locations potential experience to impr
Slide 19: Lator: Exceeding Expectations
EXCEEDING EXPECTATIONS 19 140 Type Curve Condensate 120 13-02 100 14-02 80 LATOR Mbbl 60 40 20 0 0 50 100 150 200 250 +48% BOE cumulative production Days to date compared to Area 1400 Type Curve Natural Gas 1200 1000 800 MMcf 600 400 200 0 0 50 100 150 200 250 400 Days 93% Paid out Total payout to d
Slide 20: Lator – An Organic Growth Story Coming in 2026
20 LATOR – AN ORGANIC GROWTH STORY COMING IN 2026 LATOR DEVELOPMENT PROFILE 300 – 450 Phase 2 Expansion Inventory locations to Total ~85,000 boe/d backstop growth profile >25 years Of stay-flat inventory at Phase 1 capacity Phase 1 35,000 - 40,000 boe/d 85,000 boe/d Facility onstream late Ability to
Slide 21: Resthaven Montney
21 RESTHAVEN MONTNEY ~1,000 Locations T63 Identified across >300,000 acres of prolific, T62 high-deliverability gas-weighted lands Kakwa T61 Lator >1.2 billion BOE of recoverable volumes T60 Equivalent to 2023 Year-End Corporate T59 TPP Reserves Resthaven T58 Technical and economic Montney Land T57
Slide 22: Kaybob Duvernay
Kaybob 22 T62 KAYBOB DUVERNAY T61 Positioned within the liquids-rich gas window of the Kaybob trend, with Duvernay 60-70m some of the most WCP GP T60 15-07 favourable reservoir conditions. Montney Land WCP Montney 2024 Spuds (13) T59 WCP Montney 2023 Spuds (7) Kaybob Liquids-Rich Trend R21 R21 R20 R
Slide 23: Kaybob: Exceeding Expectations
100 EXCEEDING EXPECTATIONS 23 90 80 Type Curve Condensate 70 2023 Wells 60 50 KAYBOB Mbbl 40 30 20 10 Production results validate 0 0 50 100 150 200 250 300 significant technical work completed prior to our first Days Duvernay wells 1600 Natural Gas 1400 1200 +27% 1000 BOE cumulative production to d
Slide 24: Conventional Overview
24 CONVENTIONAL Alberta Saskatchewan OVERVIEW Low Decline & High Netback Light Oil Assets Foundation that supports CAB CAB long term sustainability WEYBURN Significant FreeWEYBURN Cash WSK ESK WSK ESK Flow Generation Conventional Land History of Strong Execution and Optimization of Acquired Assets A
Slide 25: Conventional Inventory
25 TIER 3 Future upside locations INVENTORY 1,509 3,980 Well defined and derisked locations inventory with optimization upside TIER 2 AVERAGE PAYOUT 5 Year Plan consumes 586 Economic development with = 1.4 Years < 33% of Inventory optimization opportunities TIER 1 AVERAGE PAYOUT Primary development
Slide 26: Frobisher: Continuous Improvements
26 CONTINUOUS IMPROVEMENTS FROBISHER 70,000 2021 Type Curve Current Type Curve T7 2023 Wells 60,000 2024 Wells 50,000 Type Curve Payout T6 Browning Bbl 40,000 30,000 20,000 T5 Weir Hill 10,000 Willmar 0 0 6 12 18 24 30 36 Months T4 Steelman FROBISHER Conventional Land T3 Costs DCE&T ($ MM) $1.60 R7
Slide 27: Viking: Continuous Improvements
27 CONTINUOUS IMPROVEMENTS VIKING 50,000 2015 Type Curve Current Type Curve T35 2023 Wells 40,000 Kerrobert T34 2024 Wells Type Curve Payout T33 Dodsland 30,000 Bbl T32 T31 20,000 T30 10,000 Kindersley T29 T28 0 0 6 12 18 24 30 36 Elrose Months Plato T26 T25 T24 VIKING Conventional Land T23 Costs DC
Slide 28: Glauconite: Continuous Improvements
28 GLAUCONITE CONTINUOUS IMPROVEMENTS 2021 Type Curve 400,000 T40 Current Type Curve 2023 Wells 300,000 2024 Wells T39 Type Curve Payout Boe T38 200,000 Strachan T37 Caroline 100,000 T36 T35 0 0 6 12 18 24 30 36 T34 T33 Months Westward Ho T32 T31 GLAUCONITE Glauc Land T30 Costs DCE&T ($ MM) $7.20 R1
Slide 29: 5 Year Plan
29 5 YEAR PLAN
Slide 30: Organic Production Growth
30 ORGANIC PRODUCTION GROWTH 215,000 boe/d 5 YEAR PLAN 169,500 boe/d 5% Average Annual Growth Rate to 215,000 boe/d $10 Billion Funds Flow 2024 2025 2026 2027 2028 2029 $6 Billion Capital Investment FREE FUNDS FLOW NET DEBT $4 Billion Free Funds Flow $4 Billion Free Funds Flow $1.0 Billion No Debt i
Slide 31: 5 Year Free Funds Flow Profile
31 5 YEAR FREE FUNDS FLOW PROFILE $4 Billion of Free Funds Flow $ MM Base Dividend Share Repurchases Balance Sheet $6,000 $5,000 $3 Billion of Returns $1,275 $4,000 $1,000 to Shareholders $3,000 $1,650 $525 $825 $2,000 $1 Billion of Debt $2,175 $2,175 $2,175 $1,000 Repayment $0 US$65/bbl WTI US$75/b
Slide 32: Balanced Portfolio Maximizes Returns and Long-Term Sustainability
32 BALANCED PORTFOLIO MAXIMIZES RETURNS AND LONG-TERM SUSTAINABILITY 6,442 (5,619 net) drilling locations Accelerated Growth +20,000 boe/d Over 25 years of sustainable Montney & Duvernay Conventional growth and profitability 169,500 boe/d 2025 – 2029 CAPITAL ALLOCATION 100,000 boe/d 115,000 boe/d 47
Slide 33: Strategic Infrastructure
33 STRATEGIC FACILITY CAPACITY COST TIMING INFRASTRUCTURE Kaybob 15-07 36,500 boe/d In service Established Partnership (50% owned by PGI) (32% liquids) with Pembina Gas Infrastructure to fund future strategic projects Musreau 05-09 20,000 boe/d In service (50% owned by Topaz) (65% liquids) Whitecap
Slide 34: Upside Potential to the 5 Year Plan
34 CAPITAL EFFICIENCY OPERATING COST IMPROVEMENTS REDUCTIONS UPSIDE • Well Design (spacing, • Utilizing technological POTENTIAL • benching, lateral lengths, etc.) Development Optimization • advancements Focus on cost control and TO THE 5 • Focus on cost control & take advantage of scale efficient pl
Slide 35: Financial Priorities
35 FINANCIAL PRIORITIES
Slide 36: Free Funds Flow Driving Strong Returns
36 FREE FUNDS FLOW BALANCE SHEET DRIVING STRONG RETURNS 01 • • Maintain Debt/EBITDA ratio below 1.0x Significant liquidity provides financial flexibility $ MM Base Dividend Share Repurchases Balance Sheet $1,200 BASE DIVIDEND $1,000 $250 $800 02 • $0.73/share annually • Longer term growth commensura
Slide 37: Balance Sheet Strength
37 BALANCE SHEET STRENGTH Top Tier balance sheet with low Debt/EBITDA ratios and significant liquidity $ Million Bank Debt Private Placement Notes Unutilized Capacity $3,200.0 $1.9 Billion Net debt of $1.0 Billion at year $2,800.0 end (0.6x Debt/EBITDA) $2,400.0 $2,000.0 $1,600.0 Well below credit f
Slide 38: Risk Management
38 RISK Oil hedges 2H/24 2025 2026 MANAGEMENT Production hedged 17% 28% 6% Swaps hedged (bbl/d) 9,000 23,471 5,000 Average swap price (C$/B) $106.20 $102.17 $94.77 Collars hedged (bbl/d) 5,000 - - Average collar price (C$/B) $82.00 x $116.98 - - Downside protection to Natural gas hedges 2H/24 2025 2
Slide 39: Crude Oil Marketing
39 CRUDE OIL MARKETING CRUDE OIL FINANCIAL EXPOSURE HIGH NETBACK 12% 10% Majority light oil pricing drives strong operating netbacks of $40/boe 16% 28% PIPELINE ACCESS Our advantaged locations and firm service agreements ensure reliable pipeline egress for our entire Edmonton production portfolio 72
Slide 40: Natural Gas and NGL Marketing
40 NATURAL GAS AND NGL NATURAL GAS MARKETING FINANCIAL EXPOSURE 5% 5% 9% 7% 20% MARKET ACCESS Rockies LNG Established term transportation 10% agreements and leveraged dual- connected facilities 58% AECO 70% 40% DIVERSIFICATION Future focus on price diversification across North America and globally t
Slide 41: Reducing Our Water Usage and Securing Availability
41 REDUCING OUR WATER USAGE AND SECURING AVAILABILITY MONTNEY AND DUVERNAY WATER INTENSITY (m3/tonne) T65 T64 10 DUVERNAY T63 MONTNEY T62 8 -22% T61 Duvernay Water Usage T60 6 vs pre-2021 T59 T58 4 -42% Montney/Duvernay Land Existing Reservoir (1.3MM m 3 total) T57 Montney Water Usage Planned Reserv
Slide 42: Advancing New Energy Opportunities
42 Lamont Carbon Hub Saskatchewan Carbon Hub ADVANCING NEW (Ft. Sask, AB) - Emitter Engagement - Drilled Evaluation Well ENERGY Progress Update - Initiate FEED Study - Ongoing technical OPPORTUNITIES - Potential Final Investment - evaluation Potential Final Investment Decision (2024) Decision (2024)
Slide 43: Appendix
43 APPENDIX
Slide 44: Whitecap Value Creation
44 WHITECAP VALUE CREATION Low Debt / EBITDA Disciplined capital ratio with significant undrawn allocation improving capital capacity efficiency and profitability Maximize Balance Sheet Resource Strength Potential Shareholder Value Returns to Strategic Shareholders Opportunities Sustainable Strength
Slide 45: Focused on Per Share Results
45 FOCUSED ON PER SHARE RESULTS 13% CAGR per share 11% CAGR per share 13% CAGR per share Funds Flow Production TPP Reserves $2,500 $2,000 200,000 1,400,000 1,200,000 $1,500 150,000 1,000,000 Boe/d 800,000 Mboe $ million $1,000 100,000 600,000 $500 50,000 400,000 200,000 $0 - - 2024e 2010 2011 2012 2
Slide 46: Long Track Record of Returning Capital to Shareholders
46 LONG TRACK RECORD OF RETURNING CAPITAL TO SHAREHOLDERS Cumulative Dividends ($MM) 26% $0.0608 3,000 Cumulative NCIB ($MM) $7.00 Oct. 2023 dividend increase Current Monthly dividend $6.00 2,500 Cumulative Dividend & NCIB ($/sh) $5.00 2,000 $/share $ Millions $4.00 $639 million $2.0 billion 1,500 $
Slide 47: CCUS Capabilities
47 CCUS MT CO2 125 Weyburn CCUS Project 115 CAPABILITIES 100 75 ✓ CO2 Sequestration. 50 41 Operator of large anthropogenic 25 CO2 storage project 0 Sequestered To-Date Potential Capacity Sequestered CO2 can be Significantly Increased in a Safe and Reliable Way ✓ Technical Expertise. Whitecap CCUS To
Slide 48: Weyburn
48 WEYBURN Anthropogenic CO2 Storage T7 T7 Project 40 Million Tonnes CO2 sequestered life-to-date 1.5 MT of CO2 sequestered 2023 2% T6 T6 Annual decline rate Potential CO2 Capacity of ~115 MT Conventional Land T5 2000 Existing CO2-EOR Phases Existing CO Development Future CO2-EOR Rollout Phases 2 T5
Slide 49: Weyburn, Sask. CO2 Project
49 WEYBURN, SASK. CO2 PROJECT FUTURE OPPORTUNITIES WEYBURN UNIT PRODUCTION 50,000 1.5 Billion Barrels OOIP 45,000 >500 million barrels recovered to date 40,000 44% Recovery Oil Production (bbl/d) (Gross) 35,000 2024 30,000 Factor + Upside Current recovery factor of 37% since first 25,000 developed i
Slide 50: TSX: WCP Investor Relations Contact
TSX: WCP www.wcap.ca InvestorRelations@wcap.ca July 24, 2024
Slide 51: Slide Notes
51 SLIDE NOTES Slide 2 Slide 6 1. Current shares outstanding as at July 23, 2024, and 7.7 million share awards outstanding. 1. Funds flow is a capital management measure. See Specified Financial Measures in the Advisories. 2. Market Capitalization and Enterprise value are supplementary financial mea
Slide 52: Slide Notes
52 SLIDE NOTES Slide 19 Slide 31 1. See Oil and Gas Advisory in the Advisories for additional information on payout and production. 1. Free funds flow is a non-GAAP financial measure. See Specified Financial Measures in the Advisories. Slide 20 Slide 32 1. See Oil and Gas Advisory in the Advisories
Slide 53: Slide Notes
53 SLIDE NOTES Slide 38 Slide 41 1. Hedge positions current to July 23, 2024. 1. Water intensity is defined as the total water pumped, divided by the total proppant pumped per well. 2. Includes prior operators. Note (i) Prices reported are the weighted average prices for the period. Slide 44 Percent
Slide 54: Advisories
54 ADVISORIES Special Note Regarding Forward-Looking Statements and Forward-Looking Information This presentation contains forward-looking statements and forward-looking information within the meaning of applicable securities our belief that our advantaged locations and firm service agreements ensur
Slide 55: Advisories
55 ADVISORIES Special Note Regarding Forward-Looking Statements and Forward-Looking Information Although we believe that the expectations and assumptions on which such forward-looking information is based are reasonable, Readers are cautioned that the foregoing lists of factors are not exhaustive. A
Slide 56: Advisories
56 ADVISORIES The assumptions used for the 2024 forecast funds flow netbacks ($/boe) used on slides 2, 4, 6, 36 & 46 and for the 2025-2029 Oil and Gas Advisory forecast funds flow netbacks ($/boe) on slides 30 & 31 of this presentation are as follows (based on the mid-point where Reserves and Net Pr
Slide 57: Advisories: Oil and Gas Metrics
57 ADVISORIES Oil and Gas Metrics (cont’d) Production & Product Type Information References to petroleum, crude oil , natural gas liquids ("NGLs"), natural gas and average daily production in this Drilling Locations presentation refer to the light and medium crude oil, tight crude oil, conventional
Slide 58: Advisories: Specified Financial Measures
58 ADVISORIES Specified Financial Measures This presentation includes various specified financial measures, including non-GAAP financial measures, non-GAAP ratios, "Market capitalization" is a supplementary financial measure and is calculated as period end share price multiplied by the capital manag
Slide 59: Research Coverage
59 RESEARCH COVERAGE • ATB Capital Markets • Jefferies • BMO Capital Markets • National Bank Financial • Canaccord Genuity • Peters & Co. • CIBC World Markets • RBC Capital Markets • Cormark Securities • Scotiabank Global • Desjardins Capital Markets • TD Securities • Haywood Securities