Whitecap Resources Inc. · TSX:WCP
Whitecap Resources — Investor Presentation (April 2026)
40 slides from Whitecap Resources's investor presentation, Apr 29, 2026
Slide 1: Corporate Presentation
CORPORATE PRESENTATION Generating Strong Returns Through Commodity Price Cycles April 2026
Slide 2: Corporate Overview
2 CORPORATE OVERVIEW 5th Largest Canadian Oil & Condensate Producer1 ~$19 Billion ~$22 Billion Market Capitalization Enterprise Value 380,000 boe/d $4.1 Billion 2026 Production Guidance 2026 Funds Flow 5th Largest Canadian Natural Gas Producer2 $2.05 Billion $3.2 Billion 2026 Capital Budget Mar. 31s
Slide 3: Increasing 2026 Production Guidance
3 Capital Budget 25% Conventional INCREASING 2026 156 (133.6 net) wells $2.0 – $2.1 PRODUCTION GUIDANCE Billion 2026 Funds Flow Sensitivity 75% Unconventional 98 (98.0 net) wells $4.5 B $4.1 B Funds Flow $3.6 B $2.4 B Average Annual Production $2.0 B Free Funds Flow $1.5 B 2% Increase vs. previous g
Slide 4: Increasing Profitability
4 INCREASING PROFITABILITY Improving Capital Efficiency Decreasing Operating Costs -12% -11% 2025 2026 Budget Increased Q1/25 Q1/26 Guidance Driving Higher Free Funds Flow Refer to Slide Notes and Advisories 4 Note: 2025 capital efficiency based on $21,000/boe/d
Slide 5: Q1 2026 Financial & Shareholder Highlights
5 Q1 2026 Record Production of 391,416 boe/d FINANCIAL & • 6% Production per share growth SHAREHOLDER HIGHLIGHTS Over $1 Billion Funds Flow • Free funds flow of $349 million • $221 million returned to shareholders via base dividend 11% Reduction in operating costs • $12.02/boe as compared to $13.57/
Slide 6: Q1 Operational Highlights
6 Q1 OPERATIONAL HIGHLIGHTS Karr Montney Plug & Perf Unconventional Execution Bakken – Longest Well in Canada Effective Stimulation Ineffective Stimulation 27% 12% Metres/day Tonnes/day 2024 - H1 2025 H2 2025 - Q1 2026 ✓ Both pads had >95% completion ✓ Compressing cycle times through ✓ Improving cap
Slide 7: Why Own Whitecap
7 WHY OWN WHITECAP Total Shareholder Return Target of 10% – 15% Annually Premium Portfolio with Commodity Optionality 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 Bil
Slide 8: Capital Allocation Toolkit
8 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 9: Counter Cyclical Approach
9 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 10: Continued Operational Momentum
10 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 11: Asset Overview
11 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 12: Unconventional Asset Overview
12 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 13: Alberta Montney Driving Future Growth
13 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 14: Optimizing Duvernay Development
14 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 15: Unconventional Inventory
15 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 $12.3 (boe/d) 800 – 1,550 1,000 – 2,000 1,500 – 2,500 IP90 PREMI
Slide 16: Conventional Assets
16 CONVENTIONAL ASSETS 2nd largest conventional light Alberta Saskatchewan >3,000,000 acres Significant landholder across oil producer in Canada Cardium multiple, highly economic plays Charlie Lake Conv Montney Largest light oil producer in Saskatchewan 5,800 locations Cardium Light oil development
Slide 17: Conventional Inventory
17 CONVENTIONAL INVENTORY ADDITIONAL INVENTORY Alberta Saskatchewan Future upside locations Glauconite / Cardium Frobisher / Bakken ~2,900 DCE&T Costs ($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 18: Diversified Portfolio Maximizes Returns
18 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 19: Strong Credit Profile
19 Debt Composition STRONG CREDIT PROFILE 53% $3.2 B 47% 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 $1.2
Slide 20: Prudent Balance Sheet Management
20 PRUDENT BALANCE SHEET MANAGEMENT Proven leverage discipline through commodity price cycles 2.5x Net Debt / Funds Flow Ratio 2.0x 1.5x Avg. Net Debt / Funds Flow = 1.5x 1.0x 0.5x 0.6x 0.0x 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026e WTI (US$/bbl) $97.97 $93.00 $48.80 $43
Slide 21: Risk Management
21 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% 33% 29% 28% 23% 13% 1H '26 2H '26 2027 1H '26 2H '26 2027 Avg. Swap Price Avg. Swap Price $94.52 $94.05 $
Slide 22: Natural Gas Price Exposure
22 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 23: Crude Oil & Condensate Markets
23 Medium Oil ✓ Southwest Saskatchewan 8% CRUDE OIL & CONDENSATE Oil Sands 29% 63% MARKETS (Condensate) ~55,000 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 24: Asset Potential
24 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 +85,000 boe/d flexibility to respond to market • Technology enhancements in open hole mul
Slide 25: Growth Optionality
25 Stay Flat 3% Annual Growth 5% Annual Growth 465,000 boe/d GROWTH 430,000 boe/d OPTIONALITY Illustrative outcomes under different capital allocation 380,000 boe/d scenarios and commodity price environments 2026 2030 5 Year Cumulative Funds Flow Run-Rate Free Funds Flow $24.0 B $2.6 B $20.0 B $2.1
Slide 26: Built to Provide Durable Returns Through the Price Cycles
26 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 27: Additional Information
27 ADDITIONAL INFORMATION
Slide 28: Annual Funds Flow Sensitivity and 2026 Guidance
28 28 Annual Funds Flow Sensitivity 2026 Guidance Production Crude oil and condensate (bbls/d) 192,000 – 194,000 $50 $45 NGLs (bbls/d) 38,500 – 39,500 $45 MM $45 MM $40 Natural gas (mcf/d) 885,000 – 891,000 Change in Funds Flow $35 Total production (boe/d) 378,000 – 382,000 $30 $25 Capital Expenditu
Slide 29: Management Track Record of Execution
29 MANAGEMENT TRACK RECORD OF EXECUTION Organic growth enhanced by strategic acquisitions 12% 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 30: Disciplined Return of Capital to Shareholders
30 DISCIPLINED RETURN OF CAPITAL TO SHAREHOLDERS $9.00 $8.00 $7.91 $3.2 billion $935 million $7.00 $6.00 Total dividends paid ($6.42/share) Share repurchases completed $/share (Jan. 2013 – Mar. 2026) (May 2017 – Mar. 2026) $5.00 $4.00 $3.00 $2.00 $1.00 $0.61 $0.00 2013 2014 2015 2016 2017 2018 2019
Slide 31: Contact: TSX: WCP, wcap.ca
TSX: WCP wcap.ca InvestorRelations@wcap.ca April 29, 2026
Slide 32: Slide Notes
32 SLIDE NOTES Slide 2 Slide 7 1. Market Capitalization and Enterprise Value calculated based on fully diluted common shares outstanding as at March 31st, 1. Total shareholder return is a supplementary financial measure. See Specified Financial Measures in the Advisories. 2026, a share price of $15.
Slide 33: Slide Notes
33 SLIDE NOTES Slide 16 Slide 21 1. See Oil and Gas Advisory in the Advisories for additional information on drilling locations. 1. Hedge positions current to April 28th, 2026. 2. Inventory depicted is year end 2025 gross locations. 2. Percent of net royalty volumes hedged are based on Whitecap aver
Slide 34: Slide Notes
34 SLIDE NOTES Slide 29 1. Funds flow is a capital management measure. See Specified Financial Measures in the Advisories. 2. 2026 funds flow is based on actual commodity prices from January – March and US$80/bbl WTI, $1.50/GJ AECO and 1.37 USD/CAD thereafter. 3. See Oil and Gas Advisory in the Advi
Slide 35: Advisories
35 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 36: Advisories
36 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 37: Advisories: Oil and Gas Advisory
37 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 38: Advisories: Drilling Locations
38 ADVISORIES Drilling Locations This presentation discloses drilling inventory in two categories: (i) booked locations (proved and probable); and NI 51-101 includes condensate and pentane within the NGLs product type. Whitecap has disclosed condensate and pentane as combined with crude oil and sepa
Slide 39: Advisories: Specified Financial Measures
39 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 40: Research Coverage
40 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 • Haywood Securities • TD Securities • Jefferies • TPH & Co.
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