STRATEGIC COMBINATION WITH VEREN INC. Creating a Leading Canadian Light Oil & Condensate Producer with Strong Shareholder Returns
2 ADVANCING OUR STRATEGIC PLAN Significant Scale Alberta Saskatchewan Leading light oil producer with total production of 370,000 boe/d (63% liquids), EV of 13.5 Billion and 1.5 Million acres in the Unconventional prolific…
3 TRANSACTION OVERVIEW Consideration Pro Forma Ownership Governance Expanding Board of Directors Each outstanding Veren common 48% Whitecap 7 Whitecap / 4 Veren share exchanged for 1.05 Whitecap common shares 52% Veren…
4 Capital Synergies INCREASED SHAREHOLDER VALUE Drilling and completion program THROUGH SYNERGIES optimizations Size and scale to drive down costs 200 Million Annual Synergies Workflow optimization to improve capital…
5 ADDITIONAL INFRASTRUCTURE SYNERGIES Significant opportunities for future synergies through infrastructure optimizations MONTNEY & DUVERNAY Whitecap Land Streamline operations for optimization of full Veren Land infrastructure…
6 ACCRETIVE TO WHITECAP STANDALONE KEY FINANCIAL METRICS Prior to the impact of synergies Significant Free Funds Flow Capabilities 1.7 Billion 1.5 Billion 1.2 Billion 10% 26% Funds Flow per Free Funds Flow Share Accretion…
7 INCREASED MARKET RELEVANCE & SCALE 2025E PRODUCTION (boe/d)1 370 7th Largest Canadian Oil & Gas Producer VRN based on production PF WCP Peer 10 Peer 11 Peer 12 Peer 13 Peer 14 WCP Peer 1 Peer 2 Peer 3…
8 STRONG CREDIT PROFILE Exceptional Balance Sheet and Improved Credit Profile Billion 1.6 Billion Pro Forma net debt of 3.5 5.0 Billion (0.9x Net Debt/Funds Flow) 4.0 1.4 Billion Target 1.6 Billion of unused 3.0 capacity…
9 RISK Oil hedges 2025 2026 MANAGEMENT Production hedged 29% 12% Swaps hedged (bbl/d) 36,285 22,500 Average swap price (C/B) 100.71 91.55 Downside protection to Collars hedged (bbl/d) 5,468 - support dividend Average collar price…
10 MEANINGFUL LAND POSITION IN CORE AREAS MONTNEY & DUVERNAY CONVENTIONAL Whitecap Land SW SASK SE SASK Veren Land T55 T2 T1 R14W5 R15W3 R30W1 1.5 Million…
11 PREMIUM, HIGH RETURN INVENTORY Only 350 wells budgeted to be drilled across the combined companies in 2025 7,000 4,800 11,728 5,458 6,270 47% 53% Total Unconventional Conventional Provides Decades of Profitable…
12 LARGEST LANDHOLDER IN THE ALBERTA MONTNEY Largest landholder and third largest producer in the oil Whitecap Land and liquids-rich Alberta Montney fairway, with extensive Veren Land premium drilling inventory for future…
13 LARGEST OPERATOR IN THE DUVERNAY Largest operator by production and land position in the oil and liquids-rich Duvernay fairway, focused in the highly economic Kaybob Duvernay Decades of top-tier inventory, with infrastructure…
17 NATURAL GAS 15% 20% PRICE 13% DIVERSIFICATION 10% 10% Future focus on price diversification across North 42% America and Globally 30% through LNG exposure Ksi Lisims LNG Project 150 MMcf/d commitment 30% 30%…
19 FREE FUNDS FLOW OPTIONALITY Capital Allocation Priorities 3.8 Billion 0.9 Billion Consistent focus on maintaining low leverage Balance Sheet and balance sheet flexibility Strength Strong investment-grade credit rating and…
20 WHY OWN WHITECAP High Quality Portfolio Attractive Shareholder Returns Largest producer in prolific Alberta Montney and 0.73 per share annual dividend sustainable through Kaybob Duvernay complimented by high netback, commodity…
TSX: WCP www.wcap.ca InvestorRelationswcap.ca April 7, 2025
22 SLIDE NOTES Slide 2 AECO Volume Bought Put Price Sold Call Price Swap Price 1. Enterprise value is a supplementary financial measures. See Specified Financial Measures in the Advisories. Natural Gas Term (GJ/d) (C/GJ) (i) (C/GJ)…
23 SLIDE NOTES Slide 15 1. See Oil and Gas Advisory in the Advisories for additional information on production and drilling locations. Slide 16 1. Gross locations depicted. 2. Premium Inventory is defined as less than 1.5 year…
26 ADVISORIES Special Note Regarding Forward-Looking Statements and Forward-Looking Information (continued) Oil and Gas Advisory However, because this information is subjective and subject to numerous risks, it should not be relied…
29 ADVISORIES Per Share Amounts Per share amounts noted in this presentation are based on fully diluted shares outstanding unless noted otherwise. Dividends The combined company's future shareholder distributions, including but not…
30 RESEARCH COVERAGE ATB Capital Markets National Bank Financial BMO Capital Markets Peters & Co. Canaccord Genuity Raymond James CIBC World Markets RBC Capital Markets Desjardins Capital Markets Scotiabank Global Haywood…
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