Whitecap Resources Inc. · TSX:WCP
Whitecap Resources — Q4 2025 Earnings Presentation
44 slides from Whitecap Resources's earnings presentation, Feb 24, 2026
Slide 1: Corporate Presentation
CORPORATE PRESENTATION Generating Strong Returns Through Commodity Price Cycles February 2026
Slide 2: Corporate Overview
2 CORPORATE OVERVIEW 7th Largest Canadian Oil & Gas Producer1 ~$17 Billion ~$20 Billion Market Capitalization Enterprise Value 372,500 boe/d $3.3 Billion 2026 Production Guidance 2026 Funds Flow 5th Largest Canadian Natural Gas Producer2 $2.05 Billion $3.4 Billion 2026 Capital Budget Dec. 31st, 2025
Slide 3: Financial & Shareholder Highlights
3 2025 Delivered 15% Total Shareholder Return FINANCIAL & • 6% Production per share growth + 7% dividend yield + 2% share repurchases SHAREHOLDER HIGHLIGHTS Returned $929 million to Shareholders in 2025 • $736 million base dividends ($0.73/share) • $193 million share repurchases Generated Record Fun
Slide 4: Operational & Strategic Execution
4 Record Annual Production of 307,245 boe/d 2025 • Strong performance across core assets OPERATIONAL & STRATEGIC Operational Execution Supported Guidance Increases EXECUTION • Accelerated timing on new wells • Supported by strong technical analysis and well design enhancements Seamless Integration o
Slide 5: 2025 Reserve Report Highlights
5 2025 RESERVE REPORT HIGHLIGHTS Resource Capture Sustainability Capital Efficiency & Upside Record 2.2 billion boe of proved + Long duration reserve base with 16+ Conservative booking supports probable (2P) reserves year Reserve Life Index significant future inventory upside Reserve growth driven b
Slide 6: Why Own Whitecap
6 WHY OWN WHITECAP Total Shareholder Return Target of 10% – 15% Annually Premium Portfolio Large Resource • Depth & Breadth of Inventory Across Multiple Plays • Inventory Rich • ~5,800 primarily light oil conventional drilling locations • PDP (700 Million boe), 1P (1.5 Billion boe) and 2P (2.2 • ~4,
Slide 7: Capital Allocation Toolkit
7 CAPITAL ALLOCATION TOOLKIT Production Growth Balance Sheet • 3% – 5% per share per annum dependent • Target Net Debt / Funds Flow of 1.0x or less on commodity prices • Stress test leverage to US$50/bbl WTI • Higher growth as returns increase Capital Allocation Considerations Share Repurchases Base
Slide 8: Counter Cyclical Approach
8 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 Fr
Slide 9: Continued Operational Momentum
9 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 operation
Slide 10: Disciplined 2026 Budget
10 Capital Budget 25% Conventional DISCIPLINED 2026 BUDGET 156 (133.6 net) wells $2.0 – $2.1 Billion 2026 Funds Flow Sensitivity 75% Unconventional 98 (98.0 net) wells $3.8 B $3.3 B Average Annual Production $2.9 B 22% Growth vs. 2025 average production 370 – 375 mboe/d 60% Liquids 40% Natural Gas 3
Slide 11: 2026 Free Funds Flow
11 2026 FREE FUNDS FLOW Focus on Total Shareholder Returns Target 10% – 15% Annually • Per Share Growth $3.3 B $0.3 B • Prioritizing share repurchases over production growth at $0.9 B current commodity prices • Permanently improves capital structure while $2.1 B maintaining low payout ratio • Capita
Slide 12: Asset Overview
12 ASSET OVERVIEW AB SK ✓ Premier multi-basin portfolio UNCONVENTIONAL Liquids rich, deep inventory ✓ Diversified commodity mix optimizes returns ✓ Scale enhances operating profits ✓ Deep inventory of premium locations CONVENTIONAL High netback, low decline 55% Conventional ~10,500 Inventory Locatio
Slide 13: Unconventional Asset Overview
13 UNCONVENTIONAL Unconventional Land Base ASSET OVERVIEW Duvernay Lands Gold Creek 1,500,000 acres Montney Lands of Montney & Duvernay rights Leveraging our deep Karr 200 km (125 miles) Musreau technical expertise and 4,700 historical success to drive Montney & Duvernay locations in improved econom
Slide 14: Alberta Montney Driving Future Growth
14 Township (6 miles x 6 miles) ALBERTA MONTNEY DRIVING FUTURE GROWTH 33% Lean Gas 38% ~4,000 Oil/Condensate Inventory Locations T55 29% R21W5 Liquids Rich Largest landholder in the Alberta Montney with ~1,000,000 acres Refer to Slide Notes and Advisories
Slide 15: Optimizing Duvernay Development
15 OPTIMIZING DUVERNAY DEVELOPMENT 14% Lean Gas 40% Oil/Condensate ~700 Inventory Locations Township (6 miles x 6 miles) T56 46% R15W5 Liquids Rich Largest Duvernay landholder with ~500,000 acres in the heart of the Duvernay at Kaybob Refer to Slide Notes and Advisories
Slide 16: Unconventional Inventory
16 UNCONVENTIONAL INVENTORY ADDITIONAL INVENTORY Oil/Cond. Liquids Rich Lean Gas Future upside locations sensitive to natural gas prices Musreau / Gold Lator / Kakwa / Resthaven / 2,100 Creek / Kaybob Kaybob Kaybob DCE&T Costs ($mm) $10.0 $11.7 $12.3 (boe/d) 800 – 1,550 1,000 – 2,000 1,500 – 2,500 I
Slide 17: Conventional Assets
17 CONVENTIONAL ASSETS 2nd largest conventional light Alberta Saskatchewan >3,000,000 acres Significant landholder across oil producer in Canada Cardium multiple, highly economic plays Charlie Lake Conv Montney Largest light oil producer in Saskatchewan 5,800 locations Cardium Light oil development
Slide 18: Conventional Inventory
18 CONVENTIONAL INVENTORY ADDITIONAL INVENTORY Alberta Saskatchewan Future upside locations Glauconite / Cardium Frobisher / Bakken ~2,900 DCE&T Costs ($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 19: Large OOIP
19 LARGE OOIP Alberta & Saskatchewan OOIP Significant Recovery Potential Boundary Lake 0.8 Billion Bbls OOIP 1.4 Billion Bbls 14 Billion Bbls OOIP 35% Estimated Recovery 0.2 Billion Bbls 0.6 Billion Bbls Central Alberta 0.5 Billion Bbls 2P Booked 1.5 Billion Bbls OOIP 2.2 Billion Bbls EastEast SK We
Slide 20: Opportunities for Improved Recovery
20 OPPORTUNITIES FOR IMPROVED RECOVERY Supports sustainable volume capture for decades to come Risked Unrisked EOR EOR Project Est. Total Recovery Recovery Recovery Production Project Total OOIP Recovery To Date Remaining Remaining Area (bbls/d) Type (Million bbls) (Million bbls) (Million bbls) (Mil
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 50% $3.4 B 50% Fixed Interest Net Debt Variable Interest ✓ Investment-grade rating of BBB by DBRS Rate Debt Rate Debt ✓ Low effective cost of debt at 4% ✓ Target Net Debt / Funds Flow of 1.0x or less Maturity Schedule $950 MM 4.72% ✓ Ample liquidity of $1.5
Slide 23: Prudent Balance Sheet Management
23 PRUDENT BALANCE SHEET MANAGEMENT Proven leverage discipline through commodity price cycles 2.5x Net Debt / Funds Flow Ratio 2.0x 1.5x Avg. Net Debt / Funds Flow = 1.5x 1.0x 0.5x 0.0x 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026e WTI (US$/bbl) $97.97 $93.00 $48.80 $43.32 $
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 30% 26% 28% 24% 13% 10% 1H '26 2H '26 2027 1H '26 2H '26 2027 Floor Price Floor Price $84.57 $84.89 $70.69 $3
Slide 25: Natural Gas Price Exposure
25 NATURAL GAS PRICE EXPOSURE Long term price diversification target to minimize market risk New long-term agreements add exposure to European Price Diversification TTF and Henry Hub pricing 22% 20% Centrica 50,000 mmbtu/d 10 Year @ TTF Pricing 30% 49% Other 35,000 mmbtu/d 25% 10 Year @ HH Pricing 2
Slide 26: Crude Oil Price Exposure
26 CRUDE OIL PRICE EXPOSURE 88% of production exposed to attractive light oil and condensate prices Medium Oil ✓ Southwest Saskatchewan 12% Condensate ✓ Montney 25% 63% Light Oil ✓ Duvernay ✓ Saskatchewan ✓ Montney ✓ Duvernay Refer to Slide Notes and Advisories
Slide 27: Asset Potential
27 ASSET POTENTIAL +325,000 boe/d Future upside potential from: • Secondary & Tertiary expansion opportunities Near-term and future • Increased recovery factor of productive capacity provides current EOR assets +90,000 boe/d flexibility to respond to market • Technology enhancements in open hole mul
Slide 28: Growth Optionality
28 Stay Flat 3% Annual Growth 5% Annual Growth 450,000 boe/d GROWTH OPTIONALITY 420,000 boe/d Illustrative outcomes under different capital allocation 372,500 boe/d scenarios and commodity price environments 2026 2030 5 Year Cumulative Funds Flow Run-Rate Free Funds Flow $20.0 B $1.9 B $17.0 B $1.5
Slide 29: Built to Provide Durable Returns Through the Price Cycles
29 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 30: Additional Information
30 ADDITIONAL INFORMATION
Slide 31: 2026 Guidance
31 2026 GUIDANCE Production Crude oil and condensate (bbls/d) 180,000 – 182,000 2026 Funds Flow Sensitivity $MM NGLs (bbls/d) 43,500 – 44,500 $60 Natural gas (mcf/d) 879,000 – 891,000 Total production (boe/d) 370,000 – 375,000 $50 $50 MM Change in Funds Flow $40 $45 MM Capital Expenditures $2.0 – $2
Slide 32: Management Track Record of Execution
32 MANAGEMENT TRACK RECORD OF EXECUTION Organic growth enhanced by strategic acquisitions 11% CAGR per share 11% CAGR per share 11% CAGR per share Funds Flow Production 2P Reserves $4,000 400,000 2,500,000 $3,500 350,000 2,000,000 $3,000 300,000 $2,500 250,000 1,500,000 Boe/d Mboe $ million $2,000 2
Slide 33: Disciplined Return of Capital to Shareholders
33 DISCIPLINED RETURN OF CAPITAL TO SHAREHOLDERS $9.00 Cumulative Dividend & NCIB ($/sh) $8.00 $7.73 $3.0 billion $935 million $7.00 $6.00 Total dividends paid ($6.24/share) Share repurchases completed $/share (Jan. 2013 – Dec. 2025) (May 2017 – Dec. 2025) $5.00 $4.00 $3.00 $2.00 $1.00 $0.61 $0.00 2
Slide 34: TSX: WCP wcap.ca InvestorRelations@wcap.ca
TSX: WCP wcap.ca InvestorRelations@wcap.ca February 23, 2026
Slide 35: Slide Notes
35 SLIDE NOTES Slide 2 Slide 7 1. Market Capitalization and Enterprise Value calculated based on fully diluted common shares outstanding as at December 1. Net debt and funds flow are capital management measures. See Specified Financial Measures in the Advisories. 31st, 2025, a share price of $13.50
Slide 36: Slide Notes
36 SLIDE NOTES Slide 21 Slide 16 1. See Production, Initial Production Rates & Product Type Information in the Advisories. 1. See Oil and Gas Advisory in the Advisories for additional information on drilling locations, DCE&T costs, payout, profit to investment (P/I), IRR (Rate of Return) and reserve
Slide 37: Slide Notes
37 SLIDE NOTES Slide 31 1. See Oil and Gas Advisory in the Advisories for additional information on production. 2. Expenditures on property, plant and equipment also referred to as "Capital Expenditures" or "Capital Budget" or "Capital Spending", "Capital" or "Capital Investments". 3. Funds flow is
Slide 38: Advisories
38 ADVISORIES Special Note Regarding Forward-Looking Statements and Forward-Looking Information the Alberta Montney will drive future growth; that we are the 2nd largest conventional light oil producer in Canada; our estimate of gross conventional OOIP and EOR project potential (including split by a
Slide 39: Advisories
39 ADVISORIES forward-looking information will transpire or occur, or if any of them do so, what benefits that we will derive therefrom. Management has Special Note Regarding Forward-Looking Statements and Forward-Looking Information (continued) included the above summary of assumptions and risks re
Slide 40: Advisories
40 ADVISORIES Oil and Gas Advisory Reserves "Acquisition capital" is a non-GAAP financial measure used in the determination of FD&A costs, which is a non-GAAP ratio. The most All reserve references in this presentation are "Company share reserves". Company share reserves are our total working intere
Slide 41: Advisories
41 ADVISORIES Drilling Locations "Recycle ratio" is calculated by dividing operating netback per boe by F&D costs or FD&A costs for the year. Operating netback per This presentation discloses drilling inventory in two categories: (i) booked locations (proved and probable); and (ii) unbooked boe is a
Slide 42: Advisories
42 ADVISORIES Production, Initial Production Rates & Product Type Information Specified Financial Measures References to petroleum, crude oil , NGLs, natural gas and average daily production in this presentation refer to the light and This presentation includes various specified financial measures,
Slide 43: Advisories
43 ADVISORIES Specified Financial Measures (continued) "Payout ratio" is a supplementary financial measure calculated as dividends paid or declared divided by funds flow. Management believes "Market capitalization" is a supplementary financial measure and is calculated as the current share price mul
Slide 44: Research Coverage
44 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 Capital Markets • TD Securities • Haywood Securities • TP