Whitecap Resources Inc. eported its Q2 2019 results.

2H 2019 Outlook - Activity Ramp Up

With the first half of 2019 behind us, we are now getting started on a very active capital program for the remainder of the year where we anticipate drilling 174 (151.3 net) wells as part of our $300 million second half capital program.

In Northwest Alberta and British Columbia, we plan to drill 17 (15.8 net) wells in the Deep Basin including an extensional well with significant reserve and productivity upside as well as initiation of a gas flood enhanced oil recovery pilot in our Wapiti Cardium oil pool. At Boundary Lake, we will be recommencing the redevelopment of the oil pool with the drilling of 3 (3.0 net) wells in the fourth quarter.

The second half program in West Central Alberta includes the drilling of 5 (4.9 net) Cardium horizontal wells of which 4 (4.0 net) will be in Ferrier.

In West Central Saskatchewan, we plan to drill 95 (87.1 net) Viking oil wells including 21 (20.9 net) wells focused on improving oil recovery in our waterfloods and 5 (5.0 net) wells that are focused on expanding our inventory into a new area.

For the second half of 2019, we intend to drill 49 (37.4 net) wells in Southwest Saskatchewan which includes 11 (9.3 net) wells in the Lower Shaunavon to further delineate and solidify our identified inventory of over 200 Lower Shaunavon locations.

In Southeast Saskatchewan, we will recommence our development program in Weyburn with the drilling of 5 (3.1 net) infill horizontal oil wells. Performance of the pool is meeting and, in some areas exceeding expectations, after recovering from abnormal CO2 supply issues and associated production downtime in the first quarter.

Whitecap remains a fundamentally strong business focused on return on capital employed and delivering stable funds flow for our shareholders. We are in an enviable position where we can self-fund our production growth and dividends while generating a significant amount of free funds flow in the current commodity price environment. We are on track to meeting our annual production guidance of 70,000 – 72,000 boe/d on capital expenditures of $425 - $475 million.

On behalf of our Board of Directors and the Whitecap management team, we would like to thank our shareholders for their ongoing support.

Appoints New Director

As a continuation of our commitment to high standards of ESG performance, we are pleased to announce that Brad Wall has been appointed to the Whitecap Board of Directors effective July 30, 2019 and will serve as a member of the Health & Safety Committee and the newly created Sustainability & Advocacy Committee.

Mr. Wall has 18 years of political experience and served as the Premier of Saskatchewan from November 2007 until February 2018. During his tenure as Premier, Mr. Wall helped lead the province to a period of strong population and economic growth, export expansion, record infrastructure investment and tax reductions while helping to earn the province’s first ever AAA credit rating.

The newly created Sustainability & Advocacy Committee will focus on environmental stewardship and performance in addition to being a strong voice for the Canadian oil and natural gas industry and the importance of delivering more of our products to world markets and the impact that has on reducing greenhouse gas emissions globally.

Financial Highlights

•Capital discipline and strong operational execution resulted in a total payout ratio after capital spending and dividend payments of 35% in Q2/19 and 65% year to date in 2019. This compares to a Q2/18 total payout ratio of 51% and 87% for the first six months of 2018.

•Generated free funds flow of $114.4 million in Q2/19 and $117.2 million year to date, after capital expenditures and dividend payments compared to $46.7 million for the first six months of 2018, an increase of 151%.

•Production averaged 70,611 boe/d on limited capital expenditures of $26.5 million in Q2/19 compared to 75,813 boe/d on capital expenditures of $66.4 million in Q2/18. Capital expenditures for 1H/19 were $151.4 million compared to $249.1 million for the prior period, a decrease of 39%.