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Whitecap Resources Lowers Budget 44% to $205MM

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   |    Friday,March 20,2020

Whitecap Resources Inc. has reported changes to its 2020 capital plan.

Whitecap has reduced its 2020 capital program to $200 – $210 million from $350 – $370 million previously, a reduction of approximately $160 million or 44%.

The company plans to spend $5 – $7 million per month for the remainder of the year for a total capital budget of $200 to $210 million in 2020.

Whitecap’s average production in 2020 is now expected to be 67,000 – 68,000 boe/d compared to 71,000 – 72,000 boe/d previously, a decrease of 6%.

Hedges

Whitecap has approximately 44% of our estimated crude oil production protected for 2020 at an average floor price of $65.18 per barrel in Canadian dollars. The Company’s hedge position is composed of swaps and costless collars. Using current strip pricing, our hedging gains in 2020 are estimated to be $130 million.



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