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April 2021 Corporate Presentation – Whitecap Resources Inc.

Whitecap Resources Inc. · Apr 1, 2021 · 34 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 2021 Corporate Presentation – Whitecap Resources Inc. – slide 1
    CORPORATE PRESENTATION / APRIL 2021 ENHANCING FREE FUNDS FLOW WHILE RESPONSIBLY DEVELOPING OUR RESOURCES
  2. April 2021 Corporate Presentation – Whitecap Resources Inc. – slide 2
    Whitecap Profile TSX: WCP WCP Pro Forma Shares Outstanding (MM) Basic 597.6 632.0 Fully diluted 604.9 639.3 Enterprise Value (B) 4.5 4.8 Increased 2021 Guidance Production (boe/d) 102,500 108,000 Capital (MM) 280 - 300 355 -…
  3. April 2021 Corporate Presentation – Whitecap Resources Inc. – slide 3
    Strategic Acquisition Kicking Horse Adds 92 (60 net) high quality Montney sections Top Tier Montney Inventory Adds 575 (362 net) top tier drilling locations Well positioned in prolific liquids-rich area of Alberta Montney 10% Funds…
  4. April 2021 Corporate Presentation – Whitecap Resources Inc. – slide 4
    Kicking Horse Summary Asset Highlights: Production June December 2021: 9,500-10,000 boe/d 32% liquids of which 90% Is C5+ 99% operated with 65% Avg. WI 92 (60 net) sections of Montney rights 92% of production is Montney…
  5. April 2021 Corporate Presentation – Whitecap Resources Inc. – slide 5
    Kicking Horse Type Curves Kakwa Region Liquids-Rich Montney with significant offsetting activity High Pressure, high gas deliverability with significant free condensate Total inventory of 575 locations Tier 1: 178 locations (77%…
  6. April 2021 Corporate Presentation – Whitecap Resources Inc. – slide 6
    Kicking Horse - Significant Free Funds Flow Current Production: 8,000 boe/d, increasing to US55/B WTI 160 C2.50/GJ AECO 18,000 19,000 boe/d 72 MM annual Free Funds Flow at US55/B and 120 72 million Funds Flow C2.50/GJ…
  7. April 2021 Corporate Presentation – Whitecap Resources Inc. – slide 7
    Positioned for Enhanced Free Funds Flow Pro Forma Whitecap Kicking Horse(1) 2021 Average Production (boe/d) 102,500 5,500 108,000 (MM) Funds Flow 829 45 859 Capital Expenditures 290 75 365 Free Funds Flow 539 (30) 494…
  8. April 2021 Corporate Presentation – Whitecap Resources Inc. – slide 8
    2021 Pro Forma Sensitivities Price Assumptions (Apr Dec) Oil (USWTI) 40 50 60 70 FX (C/US) 0.76 0.78 0.80 0.82 Oil (C/bbl) 52.63 64.10 75.00 85.37 AECO (C/GJ) 2.50 2.50 2.50 2.50 Financial Impact (MM) Funds Flow 633 761 859…
  9. April 2021 Corporate Presentation – Whitecap Resources Inc. – slide 9
    Disciplined Capital Allocation 2021 Objectives Maintain and strengthen balance sheet Reduced net debt 110 million in 2020 and target 200 million in 2021 Organic production per share growth of 3% to 5% Expand core operating regions…
  10. April 2021 Corporate Presentation – Whitecap Resources Inc. – slide 10
    Balanced Capital Allocation millions % Business Unit Primary Targets Eastern SK CO2 Flood, Midale, Frobisher 87 24 Western SK Atlas, Shaunavon, Viking 81 22 Central AB Cardium, Ellerslie 44 12 Northern AB Cardium, Charlie Lake, Montney…
  11. April 2021 Corporate Presentation – Whitecap Resources Inc. – slide 11
    Financial Strength Strong credit profile and ample available liquidity 2020 Actuals 2021 Estimate Covenants Debt / EBITDA 2.2x 1.2x < 4.0x EBITDA / Interest 11.2x 18x 3.5x Net Debt Total Credit Unused Capacity 1.2B 2.0B 0.8B…
  12. April 2021 Corporate Presentation – Whitecap Resources Inc. – slide 12
    Robust Hedge Portfolio Objectives: Mitigate price volatility and protect economic returns Protect downside while providing significant upside participation Oil hedges 1H/2021 2H/2021 1H/2022 Percent of production hedged 42% 41% 13%…
  13. April 2021 Corporate Presentation – Whitecap Resources Inc. – slide 13
    Our Principles Strong credit metrics and ample liquidity Debt/EBITDA 1 1.5x Balance Sheet Fully Internally Funded Strength income and growth model Total Sustainable Production Shareholder and growing per share Returns…
  14. April 2021 Corporate Presentation – Whitecap Resources Inc. – slide 14
    Whitecap Competitive Advantages Top Tier Balance Sheet: Low leverage with ample liquidity. Secured covenant-based credit facility not subject to annual redeterminations. Significant free funds flow profile: Premium assets…
  15. April 2021 Corporate Presentation – Whitecap Resources Inc. – slide 15
    Our Priorities Maintain balance Enhance Return Focus on sheet strength per share cash to shareholder and liquidity growth shareholders returns Whitecap is well positioned to accelerate new energy opportunities including carbon…
  16. April 2021 Corporate Presentation – Whitecap Resources Inc. – slide 16
    Disciplined Management Team Capital investment requires an acceptable Return on capital Return of capital is important but must be supported by funds flow Mitigate risk through balance sheet and hedging Track record of Investing…
  17. April 2021 Corporate Presentation – Whitecap Resources Inc. – slide 17
    Track Record of Per Share Growth Production TPP Reserves 80,000 600,000 70,000 60,000 11% CAGR per share 500,000 15% CAGR per share 50,000 400,000 Boe/d Mboe 40,000 300,000 30,000 200,000 20,000 10,000 100,000 - -…
  18. April 2021 Corporate Presentation – Whitecap Resources Inc. – slide 18
    Returning Value to Shareholders 6% 0.01508 83 million 1.1 billion March 2021 dividend Share repurchases completed Total dividends paid increase Current Monthly (as at Dec 31, 2020) (3.58/share) dividend (as at Dec 31, 2020)…
  19. April 2021 Corporate Presentation – Whitecap Resources Inc. – slide 19
    Environmental Sustainability We operate and are the majority owner of the largest Carbon Capture and Utilization Storage Project (CCUS) in the world Annually Whitecap stores more CO2 than we emit corporately, both direct and…
  20. April 2021 Corporate Presentation – Whitecap Resources Inc. – slide 20
    How CO2 Capture and Sequestration Works 1. Collecting Waste Emissions 1 CO2 captured We purchase CO2 from coal plants in Saskatchewan and North Dakota. Without the Weyburn Unit, the majority of CO2 would oil to market 4 otherwise be…
  21. April 2021 Corporate Presentation – Whitecap Resources Inc. – slide 21
    How CO2 Capture and Sequestration Works 3. Sustainable Oil Production 1 CO2 captured The CO2 acts likes a solvent to flush otherwise unrecoverable oil from pores in the rock. This results in incremental oil production oil to market…
  22. April 2021 Corporate Presentation – Whitecap Resources Inc. – slide 22
    Core Areas of Operations 5,840 drilling locations provides 10 years growth BRITISH COLUMBIA 2021 Avg. Locations ALBERTA (boe/d) () SASKATCHEWAN Northern AB & BC 19,050 651 Northern Alberta & BC Central AB 29,250 1,312…
  23. April 2021 Corporate Presentation – Whitecap Resources Inc. – slide 23
    Premium Assets High Funds Flow Netbacks Low Production Decline Rate (Q4/20 Actuals) 25.00 40% 20.00 17.83 30% 26% 12.96 20% 20% 17% 15.00 10.00 10% 5.00 0% 0.00 WCP Higher netbacks generates Lower capital intensity drives…
  24. April 2021 Corporate Presentation – Whitecap Resources Inc. – slide 24
    Crude Oil Marketing Active seller and shipper on 7 oil feeder pipelines connected to Enbridge mainline 60% of production is protected from Enbridge apportionment rail and direct sales to refineries Price diversification is a…
  25. April 2021 Corporate Presentation – Whitecap Resources Inc. – slide 25
    Research Coverage ATB Capital Markets National Bank Financial BMO Capital Markets Peters & Co. Canaccord Genuity Raymond James CIBC World Markets RBC Capital Markets Cormark Securities Scotiabank Global Desjardins Capital Markets…
  26. April 2021 Corporate Presentation – Whitecap Resources Inc. – slide 26
    TSX:WCP www.wcap.ca April 5, 2021 26
  27. April 2021 Corporate Presentation – Whitecap Resources Inc. – slide 27
    Slide Notes (contd) Slide 12 1. Hedge positions current to April 1, 2021. Full hedge positions by product are: Volume Bought Put Price Sold Call Price Swap Price WTI Crude Oil Term (bbls/d) (C/bbl) (i) (C/bbl) (i) (C/bbl) (i) Collar…
  28. April 2021 Corporate Presentation – Whitecap Resources Inc. – slide 28
    Slide Notes (contd) Slide 12 1. Hedge positions current to April 1, 2021. Full hedge positions by product are: WCS(iii) Volume Swap Price Differential Term (bbls/d) (/bbl) (i) Swap 2021 Jan Jun 3,000 C15.33 Swap 2021 Apr Jun 1,000…
  29. April 2021 Corporate Presentation – Whitecap Resources Inc. – slide 29
    Slide Notes (contd) Slide 19 1. CO2 emissions and storage are based on gross operated numbers. Whitecap has a 65.3% operated working interest in the Weyburn Unit. Slide 20 1. CO2 emissions and storage are based on gross operated numbers.…
  30. April 2021 Corporate Presentation – Whitecap Resources Inc. – slide 30
    Advisories (contd) The assumptions used for the 2021 and 2022-2026 forecast funds flow netbacks (/boe) used on slide 6 of this presentation are as follows: 2021 2022-2026 Petroleum and natural gas revenues 33.35 32.60 Royalties…
  31. April 2021 Corporate Presentation – Whitecap Resources Inc. – slide 31
    Advisories (contd) The assumptions used for the 2021 forecast funds flow netbacks (/boe) used on slide 7 of this presentation are as follows: WCP Kicking Horse Pro Forma Petroleum and natural gas revenues 52.46 33.35 51.34 Tariffs…
  32. April 2021 Corporate Presentation – Whitecap Resources Inc. – slide 32
    Advisories (contd) The assumptions used for the sensitivities on slide 10 in this presentation are as follows: WTI (US/bbl) (Apr Dec) 40.00 50.00 60.00 70.00 Petroleum and natural gas revenues 38.71 45.13 51.34 57.04 Tariffs (0.35)…
  33. April 2021 Corporate Presentation – Whitecap Resources Inc. – slide 33
    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…
  34. April 2021 Corporate Presentation – Whitecap Resources Inc. – slide 34
    Advisories (contd) Non-GAAP Measures This presentation includes discretionary funds flow, enterprise value, free funds flow, market capitalization and total payout ratio which are non-GAAP measures. Non- GAAP measures do not have a…

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