Whitecap Resources Inc. · TSX:WCP
Whitecap Resources — Investor Presentation (September 2026)
41 slides from Whitecap Resources's investor presentation, September 2026
Slide 1: Corporate Presentation
CORPORATE PRESENTATION Generating Strong Returns Through Commodity Price Cycles September 2026
Slide 2: Corporate Overview
2 CORPORATE OVERVIEW 5th Largest Canadian Oil & Condensate Producer1 ~$22 Billion ~$25 Billion Market Capitalization Enterprise Value 385,000 boe/d $4.3 Billion 2026 Production Guidance 2026 Funds Flow 5th Largest Canadian Natural Gas Producer2 $2.1 Billion $2.5 Billion 2026 Capital Budget Jun. 30th
Slide 3: 2nd Increase to 2026 Production Guidance
3 Capital Budget 25% Conventional 2ND INCREASE TO 2026 $2.1 PRODUCTION GUIDANCE Billion 2026 Funds Flow Sensitivity 75% Unconventional $4.5 B $4.3 B Funds Flow $4.0 B $2.4 B Average Annual Production $2.2 B Free Funds Flow $1.9 B 3% Increase vs. original guidance 384 – 386 mboe/d 61% Liquids 39% Nat
Slide 4: Increasing Profitability
4 INCREASING PROFITABILITY Improving Capital Efficiency Decreasing Operating Costs -12% -13% 2025 2026 Budget Increased Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Guidance Increasing Free Funds Flow by $500 million Refer to Slide Notes and Advisories 4 Note: 2025 capital efficiency based on $21,000/boe/d
Slide 5: Lator Phase 1 – Commissioning Underway
5 LATOR PHASE 1 – COMMISSIONING UNDERWAY 04-13 infrastructure build-out supporting liquids rich growth Construction Complete – September 2026 35,000 – 40,000 boe/d (40 – 50% liquids) Facility design capacity Construction complete Facility construction on schedule and budget >30 years Inventory life
Slide 6: Kaybob Duvernay – 15-07 Debottlenecking
6 KAYBOB DUVERNAY – 15-07 DEBOTTLENECKING Increased utilization & capacity of owned gas plant by over 40% 15-07 Complex Capacity & Production (boe/d) +20,000 boe/d Production increase since 2022 at 15-07 complex 60,000 50,000 120,000 boe/d (~50% liquids) 40,000 Total Duvernay capacity 30,000 Product
Slide 7: Delivering on Condensate Growth
7 DELIVERING ON CONDENSATE GROWTH Significant Montney & Duvernay inventory to meet increase in condensate demand 70% 4th Largest Canadian Condensate Producer Liquids Rich Oil/Condensate ~25% ~60,000 bbl/d Growth over ~4,700 next 2 years Montney & Duvernay Locations 30% Lean Gas Refer to Slide Notes
Slide 8: Asset Potential
8 ASSET POTENTIAL +350,000 boe/d Future upside potential from: • Secondary & Tertiary expansion opportunities Near-term and future • Increased recovery factor of productive capacity provides current EOR assets flexibility to respond to market +80,000 boe/d • Technology enhancements in open hole mult
Slide 9: Growth Optionality
9 Stay Flat 3% Annual Growth 5% Annual Growth 470,000 boe/d GROWTH 435,000 boe/d OPTIONALITY Illustrative outcomes under 385,000 boe/d different capital allocation scenarios and commodity price environments 2026 2030 5 Year Cumulative Funds Flow Run-Rate Free Funds Flow $24.5 B $2.7 B $21.0 B $2.2 B
Slide 10: Why Own Whitecap
10 WHY OWN WHITECAP Total Shareholder Return Target of 10% – 15% Annually LARGE RESOURCE PREMIUM PORTFOLIO SIZE & SCALE BALANCE SHEET STRENGTH Only 30% 10,500+ 5th Largest 0.5x Of inventory booked in 2P reserves Drilling locations Cdn oil & condensate producer Net debt / funds flow • 16.1 year 2P re
Slide 11: Capital Allocation Toolkit
11 CAPITAL ALLOCATION TOOLKIT Production Growth Balance Sheet • 3% – 5% per share per annum • Target Net Debt / Funds Flow of 1.0x or less Capital Allocation Considerations Share Repurchases Base Dividend • Permanent improvement to capital structure • Meaningful return of capital mechanism Refer to
Slide 12: Counter Cyclical Approach
12 COUNTER CYCLICAL APPROACH Low leverage, long inventory life, & scale allows counter-cyclical investing through commodity cycles Balance Sheet Focus • Target moderate production growth • Prioritize balance sheet to capture Balanced Approach future opportunities • Production growth + share Annual F
Slide 13: Continued Operational Momentum
13 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 operatio
Slide 14: Asset Overview
14 ASSET OVERVIEW AB SK ✓ Premier multi-basin portfolio UNCONVENTIONAL Liquids rich, deep inventory ✓ Diversified commodity mix optimizes returns ✓ Scale enhances operating profits ✓ Deep inventory of premium locations CONVENTIONAL High netback, low decline 55% Conventional ~10,500 Inventory Locatio
Slide 15: Unconventional Asset Overview
15 UNCONVENTIONAL Unconventional Land Base ASSET OVERVIEW Duvernay Lands Gold Creek 1,500,000 acres Montney Lands of Montney & Duvernay rights Leveraging our deep Karr 200 km (125 miles) Musreau technical expertise and 4,700 historical success to drive Montney & Duvernay locations in improved econom
Slide 16: Alberta Montney Driving Future Growth
16 Township (6 miles x 6 miles) ALBERTA MONTNEY DRIVING FUTURE GROWTH 33% Lean Gas 38% ~4,000 Oil/Condensate Inventory Locations T55 29% R21W5 Liquids Rich Largest landholder in the Alberta Montney with ~1,000,000 acres Refer to Slide Notes and Advisories
Slide 17: Optimizing Duvernay Development
17 OPTIMIZING DUVERNAY DEVELOPMENT 14% Lean Gas 40% Oil/Condensate ~700 Inventory Locations Township (6 miles x 6 miles) T56 46% R15W5 Liquids Rich ~500,000 acres in the heart of the Duvernay at Kaybob Refer to Slide Notes and Advisories
Slide 18: Unconventional Inventory
18 UNCONVENTIONAL INVENTORY ADDITIONAL INVENTORY Oil/Cond. Liquids Rich Lean Gas Future upside locations sensitive to natural gas prices Musreau / Gold Lator / Kakwa / Resthaven 2,100 Creek / Kaybob Kaybob DCE&T Costs ($mm) $10.0 $11.7 $12.3 (boe/d) 800 – 1,550 1,000 – 2,000 1,500 – 2,500 IP90 PREMI
Slide 19: Conventional Assets
19 CONVENTIONAL ASSETS 2nd largest conventional light Alberta Saskatchewan >3,000,000 acres Significant landholder across oil producer in Canada Cardium multiple, highly economic plays Charlie Lake Conv Montney Largest light oil producer in Saskatchewan 5,800 locations Cardium Light oil development
Slide 20: Conventional Inventory
20 CONVENTIONAL INVENTORY ADDITIONAL INVENTORY Alberta Saskatchewan Future upside locations Glauconite / Cardium Frobisher / Bakken ~2,900 DCE&T Costs ($mm) $4.9 $2.0 (boe/d) 270 – 965 100 – 250 IP90 (% liquids) 50% – 90% 95% PREMIUM INVENTORY (mboe) 350 – 1,000 50 – 200 2P Reserves Primary developm
Slide 21: Diversified Portfolio Maximizes Returns
21 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 22: Strong Credit Profile
22 Debt Composition STRONG CREDIT PROFILE $1.7 Billion Investment Grade $2.5 B $800 million Sr. Notes Net Debt Credit Facility Variable Rate Debt ✓ Investment-grade rating of BBB by DBRS ✓ Low effective cost of debt at 4% ✓ Target Net Debt / Funds Flow of 1.0x or less Maturity Schedule $950 MM 4.72%
Slide 23: Prudent Balance Sheet Management
23 PRUDENT BALANCE SHEET MANAGEMENT Proven leverage discipline through commodity price cycles 2.5x Net Debt / Funds Flow Ratio 2.0x 1.5x Avg. Net Debt / Funds Flow = 1.5x 1.0x 0.5x 0.5x 0.0x 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026e WTI (US$/bbl) $97.97 $93.00 $48.80 $43
Slide 24: Risk Management
24 RISK MANAGEMENT Downside protection to support dividend and maintain production Oil Hedges Natural Gas Hedges (% of Production Hedged) (% of Production Hedged) Swaps Swaps Collars Collars 33% 26% 28% 13% Jul-Dec 2026 2027 Jul-Dec 2026 2027 Avg. Swap Price Avg. Swap Price (C$/bbl) (C$/GJ) $94.05 $
Slide 25: Natural Gas Price Exposure
25 NATURAL GAS West Coast LNG PRICE EXPOSURE AECO Empress/TEP Long term price diversification target to minimize market risk Dawn Recent long-term US West agreements add exposure to European TTF and Price Diversification US Midwest Henry Hub pricing 30% 50% 42% 25% 28% 25% Henry Hub/ Jul-Dec 2026 Ta
Slide 26: Crude Oil & Condensate Markets
26 Medium Oil ✓ Southwest Saskatchewan 8% CRUDE OIL & CONDENSATE Oil Sands 31% 61% MARKETS (Condensate) ~60,000 bbl/d Condensate ✓ Montney ✓ Duvernay Light Oil Western ✓ Saskatchewan Canada ✓ Montney Over 90% of production ~25,000 bbl/d ✓ Duvernay exposed to attractive light oil and condensate price
Slide 27: Built to Provide Durable Returns Through the Price Cycles
27 BUILT TO PROVIDE DURABLE RETURNS THROUGH THE PRICE CYCLES Depth & Quality of Opportunity Premier multi-basin inventory providing scale, flexibility & long-term sustainability Technical Excellence & Top-Tier Operating Performance Integrated subsurface, drilling, completion & production optimizatio
Slide 28: Additional Information
28 ADDITIONAL INFORMATION
Slide 29: Annual Funds Flow Sensitivity and 2026 Guidance
29 Annual Funds Flow Sensitivity 2026 Guidance Production Crude oil and condensate (bbls/d) 195,000 – 196,000 $50 $45 NGLs (bbls/d) 39,500 – 40,000 $45 MM $45 MM $40 Natural gas (mcf/d) 897,000 – 900,000 Change in Funds Flow $35 Total production (boe/d) 384,000 – 386,000 $30 $25 Capital Expenditures
Slide 30: Management Track Record of Execution
30 MANAGEMENT TRACK RECORD OF EXECUTION Organic growth enhanced by strategic acquisitions 13% CAGR per share 11% CAGR per share 11% CAGR per share Funds Flow Production 2P Reserves $4,500 400,000 2,500,000 $4,000 350,000 2,000,000 $3,500 300,000 $3,000 250,000 1,500,000 Boe/d Mboe $ million $2,500 2
Slide 31: Disciplined Return of Capital to Shareholders
31 DISCIPLINED RETURN OF CAPITAL TO SHAREHOLDERS $9.00 $8.10 $8.00 $3.4 billion $935 million $7.00 $6.00 Total dividends paid ($6.61/share) Share repurchases completed $/share (Jan. 2013 – Jun. 2026) (May 2017 – Jun. 2026) $5.00 $4.00 $3.00 $2.00 $1.00 $0.61 $0.00 2013 2014 2015 2016 2017 2018 2019
Slide 32: TSX: WCP wcap.ca InvestorRelations@wcap.ca
TSX: WCP wcap.ca InvestorRelations@wcap.ca September 8, 2026
Slide 33: Slide Notes
33 SLIDE NOTES Slide 2 Slide 7 1. Market Capitalization and Enterprise Value calculated based on fully diluted common shares outstanding as at June 30, 1. See Oil and Gas Advisory in the Advisories for additional information on drilling locations. 2026, a share price of $18.00 and June 30, 2026 net
Slide 34: Slide Notes
34 SLIDE NOTES Slide 14 Slide 22 1. See Oil and Gas Advisory in the Advisories for additional information on production and drilling locations. 1. Net debt and funds flow are capital management measures. See Specified Financial Measures in the Advisories. 2. Inventory depicted is year end 2025 gross
Slide 35: Slide Notes
35 SLIDE NOTES Slide 29 1. See Oil and Gas Advisory in the Advisories for additional information on production. 2. 2026 royalty and current income tax expense guidance is based on actual commodity prices from January – June and US$75/bbl WTI, $2.00/GJ AECO and 1.41 USD/CAD thereafter. 3. Expenditure
Slide 36: Advisories
36 ADVISORIES Special Note Regarding Forward-Looking Statements and Forward-Looking Information that Whitecap is the largest landholder in the Alberta Montney; the Alberta Montney will drive future growth; that we are the 2nd largest conventional light oil producer in Canada; our estimate of gross c
Slide 37: Advisories
37 ADVISORIES Our actual results, performance or achievement could differ materially from those expressed in, or implied by, the forward-looking Special Note Regarding Forward-Looking Statements and Forward-Looking Information (continued) information and, accordingly, no assurance can be given that
Slide 38: Advisories
38 ADVISORIES Oil and Gas Advisory Reserves "DCE&T costs" includes all direct, on-lease costs of a typical well under pad development, including drill, completion, equip and tie-in and All reserve references in this presentation are "Company share reserves". Company share reserves are our total work
Slide 39: Advisories
39 ADVISORIES Drilling Locations This presentation discloses drilling inventory in two categories: (i) booked locations (proved and probable); and (ii) unbooked NI 51-101 includes condensate and pentane within the NGLs product type. Whitecap has disclosed condensate and pentane as combined with crud
Slide 40: Advisories – Specified Financial Measures
40 ADVISORIES Specified Financial Measures (continued) "Free funds flow" is a non-GAAP financial measure calculated as funds flow less expenditures on property, plant and equipment ("PP&E"). "Operating netback" is a non-GAAP financial measure determined by adding marketing revenues and processing &
Slide 41: Research Coverage
41 RESEARCH COVERAGE • ATB Capital Markets • National Bank Financial • BMO Capital Markets • Peters & Co. • Canaccord Genuity • Raymond James • Capital One Securities • RBC Capital Markets • CIBC World Markets • Scotiabank Global • Desjardins Securities • TD Securities • Haywood Securities • TPH & C
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