CORPORATE PRESENTATION Generating Strong Returns Through Commodity Price Cycles September 2025
2 CORPORATE OVERVIEW Alberta Saskatchewan Unconventional Montney & Duvernay Liquids-rich 13 Billion 16.5 Billion Deep Inventory Market Capitalization Enterprise Value 365,000 boe/d 3.4 Billion Conventional High Netback…
3 WHY OWN WHITECAP Total Shareholder Return Target of 10% 15% Annually Premium Portfolio Large Resource Light oil & natural gas optionality across multiple plays Extensive growth inventory with long RLI Size & Scale…
4 Faster Cycle Times Across Assets Accelerated project execution is lowering costs and further enhancing economic returns KEY HIGHLIGHTS DRIVING CONTINUED Maximizing Infrastructure Utilization OPERATIONAL Full use of facilities…
5 DISCIPLINED CAPITAL ALLOCATION 2025 Forecast DRIVING RETURNS Production 295,000 300,000 boe/d (63% liquids) Capital (MM) Funds Flow Conventional 25% 2.8 billion (2.85 per share) Unconventional Capital Expenditures 75% 2.0…
6 SUSTAINABLE FREE Total Shareholder Returns FUNDS FLOW Target 10% 15% Annually Per Share Growth 4.0 B Organic growth and / or share buybacks US75 WTI Capital flexibility with improvements in commodity prices US65 WTI 3.0 B…
7 DIVERSIFIED PORTFOLIO MAXIMIZES RETURNS Allocating capital to the highest return projects depending on commodity prices 100% Unconventional Conventional IP90 Percentage Liquids 75% 50% 25% 0% Refer to Slide…
8 STRONG CREDIT PROFILE Investment Grade balance sheet with low Debt/Funds Flow ratios and significant liquidity Billion June 30th net debt of 3.3 billion (1.0x Net Debt/Funds Flow) 5.0 1.6 B Investment grade rating of BBB by…
9 PRUDENT BALANCE SHEET MANAGEMENT Low leverage through commodity price cycles WTI (US/bbl) Net Debt / Funds Flow Ratio 120.00 3.0x 100.00 2.5x Net Debt / Funds Flow 80.00 2.0x WTI (US/bbl) 60.00 1.5x 40.00…
10 RISK MANAGEMENT Downside protection to support dividend and maintain production Oil Hedges Natural Gas Hedges 50% 50% 41% 40% 40% 34% 33% 33% Production Hedged Production Hedged 30% 30% 30% 25% 20% 20% 10%…
11 INCREASING FREE FUNDS FLOW Corporate Savings Completed THROUGH SYNERGIES Consolidation of corporate costs and improved credit profile 200 Million Annual Savings Capital Efficiency Improvements 75 MM Ongoing & Fully…
12 ADDITIONAL INFRASTRUCTURE OPTIMIZATIONS Significant opportunities to increase margin MONTNEY & DUVERNAY Streamline operations for optimization of full infrastructure network Asset duration and size provides for…
13 ALBERTA MONTNEY DRIVING FUTURE GROWTH Development design enhancements improving capital Gold efficiencies. Kakwa/Musreau & Gold Creek/Karr Creek Infrastructure optimization improving operational performance. Gold…
14 OPTIMIZING DUVERNAY DEVELOPMENT Successful wine racking pilots leading to development changes and improving capital efficiencies. Infrastructure synergies benefitting development plans and optimizing operations. Available…
15 ADDITIONAL UNCONVENTIONAL INVENTORY Future upside locations INVENTORY sensitive to natural gas prices 2,200 4,800 locations of Montney and Duvernay Inventory PREMIUM INVENTORY Opportunities for inventory Primary…
16 Unconventional UNCONVENTIONAL 2H/25 Budget Allocation: 900 million MONTNEY & 50% condensate and liquids Focus on oil-weighted and DUVERNAY liquids-rich natural gas with Capital Allocation available infrastructure CAPITAL…
18 STABILIZING CONVENTIONAL ASSETS Progressing open hole multi-lateral development with potential applicability to other assets. Bakken, Frobisher Alberta Saskatchewan Advancements in technology and shared technical learnings…
19 ADDITIONAL INVENTORY CONVENTIONAL Future upside locations INVENTORY 3,500 6,000 locations in Inventory Opportunities for inventory PREMIUM enhancement INVENTORY Primary development Open Hole Multi-Laterals targeting…
20 Conventional CONVENTIONAL 2H/25 Budget Allocation: 300 million CAPITAL 80% oil and liquids Alberta ALLOCATION 10 (5.2 net) wells Capital Allocation Build on Glauconite and Cardium success Saskatchewan 25% 91 (74.8 net)…
21 A REPEATABLE, HIGH-QUALITY INVENTORY Conventional assets generate quick payouts across commodity cycles Conventional 3,000 Premium Inventory Economics Payout 0.7-0.8 2,500 Years DCE&T Costs (mm) 1.3 6.5 Cum. Operating…
22 NATURAL GAS PRICE EXPOSURE Natural Gas Price Sensitivity Free Funds Flow 1.5 B 1.4 B 1.3 B Price Diversification 15% 20% 13% 10% 2.50/GJ 3.00/GJ 3.50/GJ 10% 365,000 boe/d and 2 Billion maintenance capital US65/bbl…
23 CRUDE OIL PRICE EXPOSURE Crude Oil Price Sensitivity Free Funds Flow 1.7 B 1.4 B Medium Oil 1.2 B Southwest Saskatchewan 12% US60/bbl US65/bbl US70/bbl 365,000 boe/d and 2 Billion maintenance capital 3.00/GJ…
24 WHY OWN WHITECAP Total Shareholder Return Target of 10% 15% Annually Premium Portfolio Large Resource Depth & Breadth of Inventory Across Multiple Plays Inventory Rich 6,000 primarily light oil conventional drilling…
25 ADDITIONAL INFORMATION
26 2025 GUIDANCE Production 2025 Annual Crude oil and condensate (bbl/d) 153,000 155,000 NGLs (bbl/d) 32,000 33,000 Natural gas (mcf/d) 660,000 672,000 Total production (boe/d) 295,000 300,000 Capital Expenditures 2.0…
27 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 3,000 2,500 350,000 1,400,000 2,000…
28 DISCIPLINED RETURN OF CAPITAL TO SHAREHOLDERS 8.00 Cumulative Dividend & NCIB (/sh) 7.51 7.00 2.7 billion 930 million 6.00 Total dividends paid (6.00/share) Share repurchases completed 5.00 /share (Jan. 2013 Aug.…
TSX: WCP www.wcap.ca InvestorRelationswcap.ca September 23, 2025
30 SLIDE NOTES Slide 2 Slide 9 1. Market Capitalization and Enterprise Value calculated based on fully diluted common shares outstanding as at June 30th, 1. Net debt and funds flow are capital management measures. See Specified…
31 SLIDE NOTES Slide 18 Slide 26 1. See Oil and Gas Advisory in the Advisories for additional information on production and drilling locations. 1. See Oil and Gas Advisory in the Advisories for additional information on production.…
35 ADVISORIES Drilling Locations Production, Initial Production Rates & Product Type Information This presentation discloses drilling inventory in two categories: (i) booked locations (proved and probable); and (ii) unbooked…
37 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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