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February 2025 Corporate Presentation – Whitecap Resources Inc.

Whitecap Resources Inc. · Feb 1, 2025 · 47 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. February 2025 Corporate Presentation – Whitecap Resources Inc. – slide 1
    CORPORATE PRESENTATION Capital Discipline Driving Sustainable Growth February 2025
  2. February 2025 Corporate Presentation – Whitecap Resources Inc. – slide 2
    2 CORPORATE OVERVIEW 5.8 Billion 6.8 Billion Market Capitalization Enterprise Value 178,000 boe/d 1.65 Billion 2025 Production Guidance 2025 Funds Flow 1.15 Billion 0.0608 per Share 2025 Capital Investment Monthly…
  3. February 2025 Corporate Presentation – Whitecap Resources Inc. – slide 3
    3 2024 Production of 174,255 boe/d 13% production per share growth year-over-year 2024 5% above original guidance of 165,000 boe/d OPERATIONAL HIGHLIGHTS Montney & Duvernay Highlights Musreau Development Infrastructure…
  4. February 2025 Corporate Presentation – Whitecap Resources Inc. – slide 4
    4 2024 RESERVES & NET PRESENT VALUES 2024 Reserves (MMboe) Net Present Value (10) 13.1 Billion 1,203.2 9.1 Billion 806.1 5.4 Billion 367.1 PDP TP TPP PDP TP TPP Refer to Slide Notes and Advisories
  5. February 2025 Corporate Presentation – Whitecap Resources Inc. – slide 5
    5 2024 RESERVE REPORT HIGHLIGHTS Per Share Growth Recycle Ratios Production Replacement 13% 3.8x 12% 12% 3.3x 154% 2.7x 123% 112% 2.1x 2.1x 1.7x 5% 4% 4% PDP TP TPP PDP TP TPP PDP TP TPP Per Share Growth…
  6. February 2025 Corporate Presentation – Whitecap Resources Inc. – slide 6
    6 DISCIPLINED 2025 BUDGET
  7. February 2025 Corporate Presentation – Whitecap Resources Inc. – slide 7
    7 PRUDENT CAPITAL ALLOCATION 2025 Guidance WITH UPSIDE POTENTIAL Production (3% 5% per share) Capital (MM) 176,000 180,000 boe/d (63% liquids) Capital Expenditures Conventional 575 575 1.1 1.2 billion Unconventional…
  8. February 2025 Corporate Presentation – Whitecap Resources Inc. – slide 8
    8 2025 FUNDS FLOW SENSITIVITY 1.9 Billion 115 1.7 Billion 35 20 1.5 Billion -20 -35 -115 US60/bbl WTI US70/bbl WTI US80/bbl WTI 2.00/GJ AECO 2.00/GJ AECO 2.00/GJ AECO Downside (MM) Upside (MM) WTI (-/+…
  9. February 2025 Corporate Presentation – Whitecap Resources Inc. – slide 9
    9 Unconventional BALANCED 2025 Budget Allocation: 575 million CAPITAL 40% condensate and liquids Duvernay ALLOCATION 20 (20.0 net) Kaybob wells Capital Allocation STRATEGY 15-07 gas processing facility full by second half of…
  10. February 2025 Corporate Presentation – Whitecap Resources Inc. – slide 10
    10 Conventional BALANCED 2025 Budget Allocation: 575 million CAPITAL 75% 80% oil and liquids Alberta ALLOCATION Capital Allocation 30 (23.7 net) wells STRATEGY 15% Glauconite monobore design to reduce costs Western…
  11. February 2025 Corporate Presentation – Whitecap Resources Inc. – slide 11
    11 BALANCE SHEET STRENGTH Investment Grade balance sheet with low Debt/EBITDA ratios and significant liquidity Million Unsecured Credit Facility Sr. Unsecured Notes Unutilized Capacity 2,800.0 1.6 Billion Current net debt of…
  12. February 2025 Corporate Presentation – Whitecap Resources Inc. – slide 12
    12 PRUDENT BALANCE SHEET MANAGEMENT Low leverage through commodity price cycles WTI (US/bbl) Debt / EBITDA Ratio 120.00 2.5x 100.00 2.0x Debt / EBITDA 80.00 WTI (US/bbl) 1.5x 60.00 Avg. Debt/EBITDA = 1.4x 1.0x…
  13. February 2025 Corporate Presentation – Whitecap Resources Inc. – slide 13
    13 RISK Oil hedges Q4/24 2025 2026 MANAGEMENT Production hedged 16% 27% 25% Swaps hedged (bbl/d) 9,000 23,471 22,500 Average swap price (C/B) 106.20 102.17 91.55 Downside protection to Collars hedged (bbl/d) 5,000 - - support…
  14. February 2025 Corporate Presentation – Whitecap Resources Inc. – slide 14
    14 PREMIUM ASSETS
  15. February 2025 Corporate Presentation – Whitecap Resources Inc. – slide 15
    15 BALANCED PORTFOLIO REDUCES RISK AND MAXIMIZES RETURNS Montney/Duvernay Conventional 10% 15% Annual Growth 20% Base Decline Area optionality supported by new Lowers our maintenance capital infrastructure requirements…
  16. February 2025 Corporate Presentation – Whitecap Resources Inc. – slide 16
    16 TOTAL RESOURCE POTENTIAL 6,270 (5,461 net) boe/d Total Drilling Locations 600,000 550,000 500,000 500,000 2.5 million net acres 400,000 Including 700,000 acres of Montney & Duvernay Rights 300,000 275,000 215,000 200,000…
  17. February 2025 Corporate Presentation – Whitecap Resources Inc. – slide 17
    17 MONTNEY & Musreau T65 DUVERNAY T64 Karr T63 Simonette Kakwa T62 700,000 ACRES Kaybob Montney & Duvernay rights T61 Second largest Alberta Montney Lator acreage T60 T59 2,447 LOCATIONS Highly economic…
  18. February 2025 Corporate Presentation – Whitecap Resources Inc. – slide 18
    18 Near term growth focus at Kaybob, Kakwa and Musreau SIGNIFICANT GROWTH Medium term growth driven by Lator POTENTIAL Option to accelerate growth in late 2026 Long term growth driven by Resthaven boe/d Kaybob Other Montney…
  19. February 2025 Corporate Presentation – Whitecap Resources Inc. – slide 19
    19 TIER 3 MONTNEY & Future upside locations sensitive to natural gas prices DUVERNAY 1,218 INVENTORY 2,447 locations Decades of Top Tier Inventory 5 Year Plan consumes TIER 2…
  20. February 2025 Corporate Presentation – Whitecap Resources Inc. – slide 20
    20 A REPEATABLE, HIGH-QUALITY INVENTORY 25,000 Payout KAKWA MUSREAU LATOR KAYBOB 0.6-0.9 years DCE&T Costs (mm) 11.20 11.20 11.20 12.30 20,000 Cum. Operating Income ( 000's) 1,000 - 1,600 1,000 - 1,300 1,000 - 2,000…
  21. February 2025 Corporate Presentation – Whitecap Resources Inc. – slide 21
    21 LATOR AN ORGANIC GROWTH STORY COMING IN 2026 LATOR DEVELOPMENT PROFILE 300 450 Phase 2 Expansion Inventory locations to Total 85,000 boe/d backstop growth profile 25 years Of stay-flat inventory at Phase 1 capacity…
  22. February 2025 Corporate Presentation – Whitecap Resources Inc. – slide 22
    22 RESTHAVEN MONTNEY T63 T62 1,000 Locations Kakwa Identified across 300,000 acres of prolific, high-deliverability gas-weighted lands, with no Lator T61 development within our five year plan T60 T59 Technical…
  23. February 2025 Corporate Presentation – Whitecap Resources Inc. – slide 23
    23 STRATEGIC FACILITY CAPACITY COST TIMING INFRASTRUCTURE Kaybob 15-07 36,500 boe/d In service (50% owned by PGI) (32% liquids) Established Partnership with Pembina Gas 20,000 boe/d Musreau 05-09 In service Infrastructure…
  24. February 2025 Corporate Presentation – Whitecap Resources Inc. – slide 24
    24 PARTIAL INFRASTRUCTURE MONETIZATION Musreau Facility & Kaybob Complex 50% working interest disposed for 520 million Enhanced processing, transportation, proceeds fractionation and marketing fees from PGI strategic partnership…
  25. February 2025 Corporate Presentation – Whitecap Resources Inc. – slide 25
    25 CONVENTIONAL Alberta Saskatchewan OVERVIEW Low Decline & High Netback Light Oil Assets CAB CAB 2.4 million acres WEYBURN Significant FreeWEYBURN Cash WSK ESK WSK ESK Flow Generation 3,823 drilling locations…
  26. February 2025 Corporate Presentation – Whitecap Resources Inc. – slide 26
    26 TIER 3 Future upside locations CONVENTIONAL 1,491 INVENTORY 3,823 locations Well defined and derisked TIER 2 AVERAGE PAYOUT inventory with optimization 663 Economic development with = 1.4 Years optimization…
  27. February 2025 Corporate Presentation – Whitecap Resources Inc. – slide 27
    27 A REPEATABLE, HIGH-QUALITY INVENTORY 12,000 Payout FROBISHER VIKING GLAUCONITE 0.5-0.8 years 10,000 DCE&T Costs (mm) 1.60 1.30 6.50 Cum. Operating Income ( 000's) P+P Reserves (mboe) 93 51 864 8,000 (95% Liquids) (73%…
  28. February 2025 Corporate Presentation – Whitecap Resources Inc. – slide 28
    28 5 YEAR PLAN
  29. February 2025 Corporate Presentation – Whitecap Resources Inc. – slide 29
    29 Accelerated Growth 235,000 boe/d Montney & Duvernay Conventional 215,000 boe/d 173,000 boe/d 5 YEAR PLAN 100,000 boe/d 5% Average Annual Growth Rate to 215,000 boe/d 10 Billion Funds Flow 115,000 boe/d Q1/25 Q3/25 Q1/26…
  30. February 2025 Corporate Presentation – Whitecap Resources Inc. – slide 30
    30 5 Year Free Funds Flow TORQUE TO 5.1 Billion OIL PRICES 4.0 Billion 85% 90% of revenue impacted by oil prices 2.7 Billion Increased returns to shareholders at higher oil prices US65/bbl WTI US75/bbl WTI US85/bbl…
  31. February 2025 Corporate Presentation – Whitecap Resources Inc. – slide 31
    31 NATURAL GAS OPTIONALITY 1 Billion Increase 5 Year Cumulative Revenue mcf/d Billion 600,000 4.3 Billion 550,000 500,000 4.0 3.3 Billion 400,000 370,000 3.0 300,000 2.4 Billion 200,000 2.0 100,000 0 1.0 2024…
  32. February 2025 Corporate Presentation – Whitecap Resources Inc. – slide 32
    32 CAPITAL EFFICIENCY OPERATING COST IMPROVEMENTS REDUCTIONS UPSIDE Well Design (spacing, Utilizing technological POTENTIAL benching, lateral lengths, etc.) Development Optimization advancements Focus on cost control and TO…
  33. February 2025 Corporate Presentation – Whitecap Resources Inc. – slide 33
    33 ADDITIONAL INFORMATION
  34. February 2025 Corporate Presentation – Whitecap Resources Inc. – slide 34
    34 WHITECAP VALUE CREATION Low Debt / EBITDA Disciplined capital ratio with significant undrawn allocation improving capital capacity efficiency and profitability Maximize Balance Sheet Resource Strength Potential…
  35. February 2025 Corporate Presentation – Whitecap Resources Inc. – slide 35
    35 MANAGEMENT TRACK RECORD OF EXECUTION Organic growth enhanced by strategic acquisitions 12% CAGR per share 11% CAGR per share 13% CAGR per share Funds Flow Production TPP Reserves 2,500 2,000 200,000 1,400,000 1,200,000…
  36. February 2025 Corporate Presentation – Whitecap Resources Inc. – slide 36
    36 DISCIPLINED RETURN OF CAPITAL TO SHAREHOLDERS 8.00 Cumulative Dividend & NCIB (/sh) 7.00 6.81 2.2 billion 742 million 6.00 Total dividends paid (5.51/share) Share repurchases completed 5.00 /share (Jan. 2013 -…
  37. February 2025 Corporate Presentation – Whitecap Resources Inc. – slide 37
    37 CRUDE OIL MARKETING CRUDE OIL FINANCIAL EXPOSURE HIGH NETBACK 11% 10% Majority light oil pricing drives strong operating netbacks of 40/boe 21% 28% PIPELINE ACCESS Our advantaged locations and firm service agreements…
  38. February 2025 Corporate Presentation – Whitecap Resources Inc. – slide 38
    38 NATURAL GAS AND NGL NATURAL GAS MARKETING FINANCIAL EXPOSURE 5% 7% 20% MARKET ACCESS Rockies LNG Established term transportation 10% agreements and leveraged dual- connected facilities 59% AECO 40%…
  39. February 2025 Corporate Presentation – Whitecap Resources Inc. – slide 39
    39 CARBON CAPTURE, Weyburn Project UTILIZATION, & Future Projects To date 41 MT STORAGE EXPERTISE Annual Rate 2 MT/year Carbon Hub Sequestration Opportunity Total Storage Capacity 115 MT Saskatchewan 4 MT/year Leader in CO2…
  40. February 2025 Corporate Presentation – Whitecap Resources Inc. – slide 40
    40 REDUCING OUR WATER USAGE AND SECURING AVAILABILITY MONTNEY AND DUVERNAY WATER INTENSITY (m3/tonne) T65 T64 10 DUVERNAY T63 MONTNEY T62 8 -27% T61 Duvernay Water Usage T60 6 vs pre-2021 T59 T58 4 -42%…
  41. February 2025 Corporate Presentation – Whitecap Resources Inc. – slide 41
    TSX: WCP www.wcap.ca InvestorRelationswcap.ca February 3, 2025
  42. February 2025 Corporate Presentation – Whitecap Resources Inc. – slide 42
    42 SLIDE NOTES Slide 2 Slide 5 1. Market capitalization calculated based on current shares outstanding as at December 31, 2024, and 7.1 million share awards 1. See Oil and Gas Advisory in the Advisories for additional information on…
  43. February 2025 Corporate Presentation – Whitecap Resources Inc. – slide 43
    43 SLIDE NOTES Slide 12 Slide 16 1. The debt used in the Debt to EBITDA calculation includes bank indebtedness, letters of credit, and dividends declared in 1. Production forecasts are calculated using the first year (IP365)…
  44. February 2025 Corporate Presentation – Whitecap Resources Inc. – slide 44
    44 SLIDE NOTES Slide 24 Slide 29 1. Total Pembina Gas Infrastructure (PGI) funding includes the 04-13 battery (est. 250-300 million) plus related natural 1. Funds flow is based on US75/bbl WTI and 3.00/GJ AECO. gas and condensate…
  45. February 2025 Corporate Presentation – Whitecap Resources Inc. – slide 45
    45 SLIDE NOTES Slide 36 1. NCIB refers to our normal course issuer bid. 2. Total dividends per share and cumulative dividends plus NCIB are based on the weighted average basic shares in the year the dividend was paid or shares…
  46. February 2025 Corporate Presentation – Whitecap Resources Inc. – slide 46
    50 ADVISORIES The following table provides a breakdown of the current Whitecap gross (net) drilling locations included in this Production, Initial Production Rates & Product Type Information presentation: References to petroleum,…
  47. February 2025 Corporate Presentation – Whitecap Resources Inc. – slide 47
    52 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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