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April 2020 Corporate Presentation – Whitecap Resources Inc.

Whitecap Resources Inc. · Apr 1, 2020 · 17 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. April 2020 Corporate Presentation – Whitecap Resources Inc. – slide 1
    CORPORATE PRESENTATION / APRIL 2020 DELIVERING VALUE THROUGH COMMODITY CYCLES
  2. April 2020 Corporate Presentation – Whitecap Resources Inc. – slide 2
    Whitecap Profile TSX: WCP Shares outstanding (MM) Basic 408.0 Fully diluted (1.8% dilutives) 415.1 Guidance Current Prior Production (boe/d) 67,000 68,000 71,000 72,000 Capital (MM) 200 210 350 370 Annual Dividend (/share)…
  3. April 2020 Corporate Presentation – Whitecap Resources Inc. – slide 3
    Whitecap Competitive Advantages Light oil drives the highest funds flow netbacks relative to other commodities (natural gas or medium/heavy crude oil) One of the lowest base production decline rate at 19% Strong balance sheet…
  4. April 2020 Corporate Presentation – Whitecap Resources Inc. – slide 4
    Strong Balance Sheet Total Debt Capacity 1.77B Net Debt 1.2B Average Cost of Debt 3.6% Attractive long-term debt with no near-term maturities Amount Type Rate Maturity date 200 MM Bank - Fixed 3.25% 2024 200 MM Sr. Notes - Fixed…
  5. April 2020 Corporate Presentation – Whitecap Resources Inc. – slide 5
    Commodity Price Risk Mitigation Objectives: Mitigate price volatility and protect economic returns Target 40 to 60% of net royalty volumes hedged 12 months forward Target 20 to 40% of net royalty volumes hedged 12 24 months…
  6. April 2020 Corporate Presentation – Whitecap Resources Inc. – slide 6
    Track Record of Preserving Value 98 Total Payout Ratio 125% 93 100 90 100% 80 65 70 57 Total Payout Ratio 75% 60 WTI (US/bbl) 51 49 43 50 50% 36 40 30 25% 20 10 0% - 2013 2014 2015 2016 2017 2018 2019…
  7. April 2020 Corporate Presentation – Whitecap Resources Inc. – slide 7
    Managing Economic Uncertainty Mitigating Factors Crude oil price differentials have narrowed in significantly Canadian dollar continues to weaken Lower royalty rates Bank of Canada interest rate cuts Financial Levers Currently…
  8. April 2020 Corporate Presentation – Whitecap Resources Inc. – slide 8
    Actions Taken Returns based and prudent budget Fully funded in the low US30/bbl WTI for the remainder of 2020 Reduced 2020 capital expenditures by 44% to 200 - 210MM 2020 average production reduced 6% to 67,000 68,000 boe/d Does…
  9. April 2020 Corporate Presentation – Whitecap Resources Inc. – slide 9
    Ongoing Improvements to Cost Structure Capital Operating Royalties G&A 2020 Costs 200 - 210 338 125 26 (MM) Min capital Supply chain Dialogue with Review spend is 5 optimization governments discretionary vs Our 7MM / month…
  10. April 2020 Corporate Presentation – Whitecap Resources Inc. – slide 10
    Our Priorities Relentlessly Protect the Enhance drive down Focus on balance Returning value costs while sheet and cash to operating through shareholder preserve shareholders creative returns safely and liquidity structures…
  11. April 2020 Corporate Presentation – Whitecap Resources Inc. – slide 11
    Going Forward The largest producers in the world need higher prices, sufficient liquidity is required to participate IMF break-even price for fiscal program in Saudi Arabia (US80/bbl) and Russia (US50/bbl) Capex cuts are…
  12. April 2020 Corporate Presentation – Whitecap Resources Inc. – slide 12
    Core Areas of Operations Light Oil Drilling Inventory 2,970 10 years of inventory BRITISH COLUMBIA ALBERTA SASKATCHEWAN Drilling Inventory Northwest West Central Sask 854 Alberta & BC Southwest Sask 758 Northwest AB & BC…
  13. April 2020 Corporate Presentation – Whitecap Resources Inc. – slide 13
    Track Record of Per Share Growth 80,000 Production 600,000 2P Reserves 72,000 64,000 500,000 56,000 507,365 400,000 48,000 boe/d Mboe 40,000 300,000 32,000 24,000 200,000 16,000 100,000 8,000 - 0 2010 2011 2012…
  14. April 2020 Corporate Presentation – Whitecap Resources Inc. – slide 14
    Crude Oil Marketing Active seller and shipper on 6 oil feeder PL connected to Enbridge mainline 33% of production is protected from Enbridge apportionment rail and Midale - Light Oil direct sales to refineries Price…
  15. April 2020 Corporate Presentation – Whitecap Resources Inc. – slide 15
    Research Coverage AltaCorp Capital Laurentian Bank Securities BMO Capital Markets National Bank Financial Canaccord Genuity Peters & Co. CIBC World Markets Raymond James Cormark Securities RBC Capital Markets Desjardins Capital…
  16. April 2020 Corporate Presentation – Whitecap Resources Inc. – slide 16
    TSX:WCP www.wcap.ca April 1, 2020 16
  17. April 2020 Corporate Presentation – Whitecap Resources Inc. – slide 17
    Advisories (contd) Production References to crude oil or natural gas production in the following table and elsewhere in this presentation refer to the light and medium crude oil and conventional natural gas, respectively, product types…

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