SEDAR Interim Financial Statements

INTERIM CONSOLIDATED FINANCIAL STATEMENTS Third Quarter 2025 Whitecap Resources Inc. | Third Quarter 2025 1 WHITECAP RESOURCES INC. INTERIM CONSOLIDATED BALANCE SHEETS (unaudited) As at (CAD $ millions) Note September 30, 2025 December 31, 2024 Assets Current Assets Cash - 362.3 Accounts receivable 877.9 422.2 Deposits and prepaid expenses 93.1 22.4 Risk management contracts 4 & 5 153.3 77.4 Total current assets 1,124.3 884.3 Non-current deposit 19 86.6 86.6 Property, plant and equipment 6 & 7 16,649.3 8,778.6 Exploration and evaluation 8 584.2 140.6 Right-of-use assets 9 569.1 52.9 Risk management contracts 4 & 5 20.7 7.1 Total assets 19,034.2 9,950.1 Liabilities Current Liabilities Accounts payable and accrued liabilities 1,369.8 767.1 Share awards liability 14 25.3 11.2 Dividends payable 17(b) 73.8 35.7 Deferred gain 13 2.3 2.3 Lease liabilities 11 57.1 15.4 Risk management contracts 4 & 5 2.3 4.7 Total current liabilities 1,530.6 836.4 Risk management contracts 4 & 5 10.7 27.0 Long-term debt 10 2,931.7 1,023.8 Lease liabilities 11 580.5 103.9 Decommissioning liability 12 1,481.3 1,091.1 Share awards liability 14 12.7 5.0 Deferred gain and other 13 64.2 72.8 Deferred income tax 6 1,505.6 1,042.8 Total liabilities 8,117.3 4,202.8 Shareholders' Equity Share capital 14 9,758.1 4,720.5 Contributed surplus 14 24.1 20.6 Retained earnings 1,134.7 1,006.2 Total shareholders' equity 10,916.9 5,747.3 Total liabilities and shareholders' equity 19,034.2 9,950.1 See accompanying notes to the interim consolidated financial statements Approved on behalf of the Board: (signed) "Stephen C. Nikiforuk" (signed) "Grant B. Fagerheim" Stephen C. Nikiforuk, Director Grant B. Fagerheim, Director Whitecap Resources Inc. | Third Quarter 2025 2 WHITECAP RESOURCES INC. INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the three and nine months ended September 30 (unaudited) Three Months Ended September 30, Nine Months Ended September 30, (CAD $ millions, except per share amounts) Note 2025 2024 2025 2024 Revenue Petroleum and natural gas sales 15 1,750.3 955.2 4,210.2 2,937.4 Royalties (202.5 ) (143.6 ) (546.2 ) (452.0 ) Petroleum and natural gas sales, net of royalties 1,547.8 811.6 3,664.0 2,485.4 Other income (loss) Net gain (loss) on commodity contracts 5 (11.4 ) 160.7 182.6 93.3 Total revenue and other income 1,536.4 972.3 3,846.6 2,578.7 Expenses Operating 430.4 213.4 1,010.9 651.4 Transportation 117.4 33.5 229.8 99.5 Marketing 81.3 59.9 223.4 182.3 General and administrative 39.6 16.0 82.4 47.6 Stock-based compensation 5 & 14 11.1 9.8 42.1 35.1 Transaction costs 6 0.6 0.1 58.1 0.1 Interest and financing 5 & 10 47.9 24.0 93.3 70.8 Accretion of decommissioning liabilities 12 15.2 8.6 34.7 27.5 Depletion, depreciation, and amortization 7 & 9 520.5 242.1 1,166.6 726.1 Exploration and evaluation 8 6.3 0.5 10.4 14.7 Net gain on asset dispositions 13 (5.9 ) (0.2 ) (7.1 ) (2.7 ) Total expenses 1,264.4 607.7 2,944.6 1,852.4 Income before income taxes 272.0 364.6 902.0 726.3 Taxes Current income tax expense 25.0 52.6 74.0 191.9 Deferred income tax expense (recovery) 42.8 37.8 150.6 (44.1 ) Total income tax expense 67.8 90.4 224.6 147.8 Net income and comprehensive income 204.2 274.2 677.4 578.5 Net Income Per Share ($/share) Basic 16 0.17 0.46 0.74 0.97 Diluted 16 0.17 0.46 0.73 0.96 See accompanying notes to the interim consolidated financial statements Whitecap Resources Inc. | Third Quarter 2025 3 WHITECAP RESOURCES INC. INTERIM CONSOLIDATED STATEMENT --- S OF CHANGES IN EQUITY For the nine months ended September 30 (unaudited) (CAD $ millions) Note 2025 2024 Share Capital 14(b) Balance, beginning of year 4,720.5 4,805.0 Common shares repurchased 14(b) (152.4 ) (93.9 ) Issued on the close of business combination 6 5,169.8 - Share award vesting, non-insider 14(b) 20.7 14.1 Share award vesting, insider 14(b) (0.1 ) (0.2 ) Share issue costs, net of deferred income tax 14(b) (0.4 ) - Balance, end of period 9,758.1 4,725.0 Contributed Surplus 14(e) Balance, beginning of year 20.6 16.9 Stock-based compensation 24.2 16.5 Share award vesting, non-insider 14(d) (20.7 ) (14.1 ) Balance, end of period 24.1 19.3 Retained Earnings Balance, beginning of year 1,006.2 655.1 Net income and comprehensive income 677.4 578.5 Common shares repurchased 14(c) (34.8 ) (24.9 ) Dividends 17(b) (514.1 ) (326.2 ) Balance, end of period 1,134.7 882.5 See accompanying notes to the interim consolidated financial statements Whitecap Resources Inc. | Third Quarter 2025 4 WHITECAP RESOURCES INC. INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS For the three and nine months ended September 30 (unaudited) Three Months Ended September 30, Nine Months Ended September 30, (CAD $ millions) Note 2025 2024 2025 2024 Operating Activities Net income and comprehensive income 204.2 274.2 677.4 578.5 Items not affecting cash: Depletion, depreciation, and amortization 7 & 9 520.5 242.1 1,166.6 726.1 Exploration and evaluation 8 6.3 0.5 10.4 14.7 Deferred income tax expense (recovery) 42.8 37.8 150.6 (44.1 ) Stock-based compensation 5 & 14 4.6 3.7 18.0 13.0 Accretion expense 12 15.2 8.6 34.7 27.5 Unrealized (gain) loss on risk management contracts 5 53.3 (142.5 ) (83.2 ) (58.0 ) Net gain on asset dispositions 13 (5.9 ) (0.2 ) (7.1 ) (2.7 ) Amortization of deferred revenue (2.7 ) - (6.9 ) - Settlement of decommissioning liabilities 12 (13.0 ) (15.2 ) (29.9 ) (35.6 ) Settlement of acquired risk management contracts 71.3 - 125.1 - Net change in non-cash working capital 17 0.9 147.2 (194.4 ) 194.3 Cash flow from operating activities 897.5 556.2 1,861.3 1,413.7 Financing Activities Increase (decrease) in long-term debt 10 43.9 (94.5 ) 907.9 (260.5 ) Common shares repurchased 14(c) (181.8 ) (116.6 ) (187.2 ) (118.8 ) Share issue costs (0.3 ) - (0.4 ) - Dividends 17(b) (221.5 ) (107.9 ) (514.1 ) (326.2 ) Principal portion of lease payments (13.7 ) (3.7 ) (24.6 ) (7.6 ) Repayment of acquired debt 6 - - (1,749.0 ) - Net change in non-cash working capital 17 (1.1 ) (0.7 ) 38.1 (0.6 ) Cash flow used in financing activities (374.5 ) (323.4 ) (1,529.3 ) (713.7 ) Investing Activities Expenditures on property, plant and equipment (546.3 ) (272.7 ) (1,353.2 ) (869.7 ) Expenditures on property acquisitions (6.7 ) (3.0 ) (7.4 ) (4.7 ) Cash from property dispositions 6 36.9 (0.8 ) 300.7 99.5 Cash acquired on close of business combination 6 - - 111.3 - Net change in non-cash working capital 17 (6.9 ) 43.7 254.3 74.9 Cash flow used in investing activities (523.0 ) (232.8 ) (694.3 ) (700.0 ) Change in cash, during the period - - (362.3 ) - Cash, beginning of period - - 362.3 - Cash, end of period - - - - Cash Interest Paid 25.6 14.9 66.7 53.9 Cash Taxes Paid 15.7 14.8 237.6 111.2 See accompanying notes to the interim consolidated financial statements WHITECAP RESOURCES INC. NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS September 30, 2025 (unaudited) Whitecap Resources Inc. | Third Quarter 2025 5 1. NATURE OF BUSINESS Whitecap Resources Inc. (also refe --- rred to herein as "Whitecap" or the "Company") is a Calgary based oil and gas company that is engaged in the business of acquiring, developing and holding interests in petroleum and natural gas properties and assets. Whitecap's common shares are traded on the Toronto Stock Exchange ("TSX") under the symbol WCP. The Company’s principal place of business is located at 3800, 525 – 8th Avenue SW, Calgary, Alberta, Canada, T2P 1G1. 2. BASIS OF PRESENTATION a) Statement of Compliance These condensed interim consolidated financial statements have been prepared in accordance with Canadian generally accepted accounting principles, specifically International Accounting Standard ("IAS") 34 Interim Financial Reporting as issued by the International Accounting Standards Board. They are condensed as they do not include all of the information required for full annual consolidated financial statements, and they should be read in conjunction with the audited annual consolidated financial statements for the year ended December 31, 2024. The policies applied in these condensed interim consolidated financial statements are based on International Financial Reporting Standards ("IFRS Accounting Standards") issued and outstanding at October 21, 2025, the date the Board of Directors approved these statements. 3. MATERIAL ACCOUNTING POLICIES The unaudited interim consolidated financial statements follow the same accounting policies as the most recent annual audited consolidated financial statements. The interim consolidated financial statements note disclosures do not include all of those required by IFRS Accounting Standards applicable for annual consolidated financial statements. Accordingly, these interim consolidated financial statements should be read in conjunction with the Company’s audited annual consolidated financial statements for the year ended December 31, 2024. a) Standards Issued but not yet Effective i) Presentation and Disclosure in Financial Statements IFRS 18 'Presentation and Disclosure in Financial Statements' was issued in April 2024 by the International Accounting Standards Board and replaces IAS 1 Presentation of Financial Statements. The standard introduces defined structure to the Statement of Comprehensive Income with related specific disclosure requirements. IFRS 18 is effective January 1, 2027, and is required to be adopted retrospectively. Early adoption is permitted. The Company is assessing the impact of IFRS 18 on the Company's consolidated financial statements. ii) Financial Instruments and Financial Instruments: Disclosures IFRS 9 'Financial Instruments' ("IFRS 9") and IFRS 7 'Financial Instruments: Disclosures' were amended in May 2024 to clarify the date of recognition and derecognition of financial assets and liabilities. These amendments are effective January 1, 2026, and are required to be adopted retrospectively by adjusting opening balances and retained earnings at the date of adoption. Early adoption is permitted. The Company is assessing the impact of the amendments on the Company's consolidated financial statements. 4. DETERMINATION OF FAIR VALUES A number of the Company’s accounting policies and disclosures require the determination of fair value for both financial and non-financial assets and liabilities. Fair values have been determined for measurement and/or disclosure purposes based on the following methods. When applicable, further information about the assumptions made in determining fair values is disclosed i --- n the notes specific to that asset or liability. WHITECAP RESOURCES INC. NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS September 30, 2025 (unaudited) Whitecap Resources Inc. | Third Quarter 2025 6 The Company’s financial instruments recorded at fair value require disclosure about how the fair value was determined based on significant levels of inputs described in the following hierarchy: • Level 1 - Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions occur in sufficient frequency and value to provide pricing information on an ongoing basis. • Level 2 - Pricing inputs are other than quoted prices in active markets included in Level 1. Prices in Level 2 are either directly or indirectly observable as of the reporting date. Level 2 valuations for commodity, interest and foreign exchange contracts are based on inputs including quoted forward prices for commodities, forward interest rates and forward foreign exchange rates, respectively, time value and volatility factors, which can be substantially observed or corroborated in the marketplace. • Level 3 - Valuations in this level are those with inputs for the asset or liability that are not based on observable market data. The fair value measurement of the risk management contracts, investment grade senior notes and the senior notes have a fair value hierarchy of Level 2. The fair value measurement of property, plant and equipment ("PP&E"), exploration and evaluation ("E&E"), and right-of-use assets have a fair value hierarchy of Level 3. The Company's finance department is responsible for performing the valuation of financial instruments, including the calculation of Level 3 fair values. Refer to Notes 7, 8 and 9 for changes in the fair value of the Company's Level 3 assets. a) PP&E and E&E Assets The fair value of PP&E recognized is based on market values. The market value of PP&E is the estimated amount for which PP&E could be exchanged on the acquisition date between a willing buyer and a willing seller in an arm’s length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion. The market value of oil and natural gas interests (included in PP&E) is generally estimated with reference to the discounted cash flows expected to be derived from oil and natural gas production based on internally and externally prepared reserve reports prepared by qualified individuals. The risk-adjusted discount rate is specific to the asset with reference to general market conditions. The market value of E&E assets is estimated with reference to the market values of current arm’s length transactions in comparable locations. b) Deposits, Prepaid Expenses, Accounts Receivable, Long-term Debt, Dividends Payable, Accounts Payable and Accrued Liabilities The carrying value of deposits and prepaid expenses, accounts receivable, bank debt, dividends payable, accounts payable and accrued liabilities included in the balance sheet approximate fair value due to the short-term nature of those instruments or the indexed rate of interest on the bank debt. The fair value of bank debt, investment grade senior notes and senior notes is estimated as the present value of future net cash flows, discounted at the market rate of interest at the reporting date. At September 30, 2025 and December 31, 2024, the fair value of these balances, other than the investmen --- t grade senior notes and senior notes, approximated their carrying value. The fair value of the bank debt is equal to its carrying amount as the bank debt bears interest at floating rates and credit spreads within the facility are indicative of market rates. c) Derivatives The fair value of financial derivatives are recurring measurements and are determined whenever possible based on observable market data. If not available, the Company uses third party models and valuation methodologies that utilize observable market data including forward benchmark commodity prices, forward interest rates and forward foreign exchange rates to estimate the fair value of financial derivatives. In addition to market information, the Company incorporates transaction specific details that market participants would utilize in a fair value measurement, including the impact of non-performance risk. The valuation techniques used have not changed in the period. WHITECAP RESOURCES INC. NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS September 30, 2025 (unaudited) Whitecap Resources Inc. | Third Quarter 2025 7 d) Share Awards The fair values of share awards are measured using a Black-Scholes option pricing model. Measurement inputs include share price on the measurement date, exercise price of the instrument, expected volatility, expected forfeiture rates, weighted average expected life of the instruments, expected dividends and the risk-free interest rate. 5. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT a) Financial Assets and Financial Liabilities Subject to Offsetting Financial assets and liabilities are only offset if Whitecap has the current legal right to offset and intends to settle on a net basis or settle the asset and liability simultaneously. Whitecap offsets risk management assets and liabilities when the counterparty, commodity, currency and timing of settlement are the same. The following table summarizes the gross asset and liability positions of the Company’s financial derivatives. September 30, 2025 December 31, 2024 ($ millions) Asset Liability Net Asset Liability Net Gross amount 191.7 (30.7) 161.0 86.8 (34.0) 52.8 Amount offset (17.7) 17.7 - (2.3) 2.3 - Net amount (1) 174.0 (13.0) 161.0 84.5 (31.7) 52.8 (1) Gross asset and liability positions by counterparty that are offset on the balance sheet at September 30, 2025 and December 31, 2024. b) Credit Risk Credit risk is the risk of financial loss to Whitecap if a partner or counterparty to a product sales contract or financial instrument fails to meet its contractual obligations. Whitecap is exposed to credit risk with respect to its cash, accounts receivable and risk management contracts. Most of Whitecap’s accounts receivable relate to oil and natural gas sales or joint interest billings and are subject to typical industry credit risks. Whitecap manages this credit risk as follows: • By entering into sales contracts with only established creditworthy counterparties as verified by a third party rating agency, through internal evaluation or by requiring security such as letters of credit; • By limiting exposure to any one counterparty; and • By restricting cash equivalent investments and risk management transactions to counterparties that, at the time of transaction, are not less than investment grade. The maximum exposure to credit risk is as follows: ($ millions) September 30, 2025 December 31, 2024 Accounts receivable 877.9 422.2 Risk management contracts 174.0 84.5 Total exposure 1,051.9 --- 506.7 Joint interest receivables are typically collected within one to three months following production. The majority of the credit exposure on accounts receivable at September 30, 2025 pertains to accrued revenue for September 2025 production volumes. Whitecap transacts with a number of oil and natural gas marketing companies and commodity end users ("Commodity Purchasers"). Commodity Purchasers typically remit amounts to Whitecap by the 25th day of the month following production. The Company monitors the exposure to any single counterparty along with its financial position. If it is deemed that a counterparty has become materially weaker, the Company will work to reduce the credit exposure to that counterparty. At September 30, 2025, no single Commodity Purchaser accounted for greater than 10 percent of the total accounts receivable balance. WHITECAP RESOURCES INC. NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS September 30, 2025 (unaudited) Whitecap Resources Inc. | Third Quarter 2025 8 Whitecap applies the simplified approach to providing for expected credit losses prescribed by IFRS 9 which permits the use of the lifetime expected loss provision for all trade receivables. Prior credit losses in the collection of accounts receivable by Whitecap have been negligible and the Company does not anticipate any significant future credit losses based on forward looking information. When determining whether amounts that are past due are collectable, management assesses the creditworthiness and past payment history of the counterparty, as well as the nature of the past due amount. Whitecap considers all amounts greater than 90 days to be past due. At September 30, 2025, there was $7.0 million (December 31, 2024 – $9.5 million) of receivables aged over 90 days. Subsequent to September 30, 2025, approximately $0.4 million of these receivables have been collected and the remaining balance is not considered to be a credit risk. c) Liquidity Risk Liquidity risk is the risk that Whitecap will not be able to meet its financial obligations as they become due. Whitecap actively manages its liquidity through cash and debt management strategies. Such strategies include continuously monitoring forecasted and actual cash flows from operating, financing and investing activities, available credit under existing banking arrangements and opportunities to issue long-term debt. Whitecap actively monitors its credit and working capital facilities to ensure that it has sufficient available funds to meet its dividend payments and financial requirements at a reasonable cost. Management believes that future funds generated from these sources will be adequate to settle Whitecap’s financial liabilities. The following table details the contractual maturities of Whitecap’s financial liabilities at September 30, 2025: ($ millions) <1 year 1 - 2 years 2+ years Total Accounts payable and accrued liabilities 1,369.8 - - 1,369.8 Dividends payable 73.8 - - 73.8 Long-term debt (1) 88.5 277.6 2,995.3 3,361.4 Lease liabilities (2) 105.4 99.2 828.0 1,032.6 Share awards liability 25.3 7.7 5.0 38.0 Risk management contracts (3) 2.3 10.7 - 13.0 Total financial liabilities 1,665.1 395.2 3,828.3 5,888.6 (1) This amount includes the notional principal and interest payments on the revolving credit facility, investment grade senior notes, and senior notes, excluding expected interest payments on the revolving credit facility. (2) This amount includes the notional principal and --- interest payments. (3) Total return swaps are included in risk management contracts. The following table details the contractual maturities of Whitecap’s financial liabilities at December 31, 2024: ($ millions) <1 year 1 - 2 years 2+ years Total Accounts payable and accrued liabilities 767.1 - - 767.1 Dividends payable 35.7 - - 35.7 Long-term debt (1) 25.1 24.9 1,073.6 1,123.6 Lease liabilities (2) 22.1 21.1 130.2 173.4 Share awards liability 11.2 4.0 1.0 16.2 Risk management contracts (3) 4.7 27.0 - 31.7 Total financial liabilities 865.9 77.0 1,204.8 2,147.7 (1) This amount includes the notional principal and interest payments on the revolving credit facility, investment grade senior notes, and senior notes, excluding expected interest payments on the revolving credit facility. (2) This amount includes the notional principal and interest payments. (3) Interest rate swaps are included in risk management contracts. WHITECAP RESOURCES INC. NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS September 30, 2025 (unaudited) Whitecap Resources Inc. | Third Quarter 2025 9 d) Market Risk Market risk is the risk that the fair value or cash flows of a financial instrument will fluctuate due to changes in market prices. Market risk is composed of commodity price risk, interest rate risk, equity price risk and foreign exchange risk as discussed below. Whitecap’s consolidated balance sheet included the following risk management assets recorded at fair value: ($ millions) September 30, 2025 December 31, 2024 Current Assets Crude oil 99.6 24.8 Natural gas 51.4 51.2 Interest - 1.4 Equity 2.3 - Total current assets 153.3 77.4 Long-term Assets Crude oil 15.8 2.1 Natural gas 2.6 5.0 Equity 2.3 - Total long-term assets 20.7 7.1 Total fair value 174.0 84.5 Whitecap’s consolidated balance sheet included the following risk management liabilities recorded at fair value: ($ millions) September 30, 2025 December 31, 2024 Current Liabilities Crude oil - 3.7 Natural gas 2.1 - Power 0.2 1.0 Total current liabilities 2.3 4.7 Long-term Liabilities Crude oil 3.6 23.6 Natural gas 7.1 3.4 Total long-term liabilities 10.7 27.0 Total fair value 13.0 31.7 WHITECAP RESOURCES INC. NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS September 30, 2025 (unaudited) Whitecap Resources Inc. | Third Quarter 2025 10 Whitecap’s net income includes the following realized and unrealized gains (losses) on risk management contracts: Three months ended September 30, Nine months ended September 30, ($ millions) 2025 2024 2025 2024 Realized gain on commodity contracts (1) 47.4 14.9 104.2 25.0 Unrealized gain (loss) on commodity contracts (58.8 ) 145.8 78.4 68.3 Net gain (loss) on commodity contracts (11.4 ) 160.7 182.6 93.3 Realized gain on interest rate contracts (2) - 2.4 1.4 10.2 Unrealized loss on interest rate contracts (2) - (3.3 ) (1.4 ) (10.3 ) Realized gain on equity contracts (3) 0.3 - 0.8 - Unrealized gain on equity contracts (3) 5.5 - 6.2 - Net gain (loss) on risk management contracts (5.6 ) 159.8 189.6 93.2 (1) For the three and nine months ended September 30, 2025, realized gain on commodity contracts does not include $71.3 million and $125.1 million, respectively, of realized gains associated with the settlement of risk management contracts acquired from the Veren Inc. ("Veren") business combination. (2) The gains (losses) on interest rate risk management contracts are included in interest and financing expense. (3) The gains on equity risk management contracts are inc --- luded in stock-based compensation expenses. i) Commodity Price Risk The Company’s operational results and financial condition are largely dependent on the commodity prices received for its oil and natural gas production. Commodity prices have fluctuated widely in recent years due to global and regional factors including supply and demand fundamentals, the COVID-19 pandemic, inventory levels, weather, and economic and geopolitical factors, including tariffs imposed by the U.S. and other countries on one another. Whitecap manages the risks associated with changes in commodity prices by entering into a variety of risk management contracts. The Company assesses the effects of movement in commodity prices on income before tax. When assessing the potential impact of these commodity price changes, the Company believes a ten percent volatility is a reasonable measure. A ten percent increase or decrease in commodity prices would have resulted in the following impact to unrealized gains (losses) on commodity risk management contracts and net income before tax: ($ millions) September 30, 2025 Increase 10% Decrease 10% Commodity Price Crude oil (158.5 ) 157.7 Natural gas (38.2 ) 38.2 Power 0.1 (0.1 ) Differential Natural gas 14.1 (14.1 ) WHITECAP RESOURCES INC. NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS September 30, 2025 (unaudited) Whitecap Resources Inc. | Third Quarter 2025 11 At September 30, 2025, the following commodity risk management contracts were outstanding with an asset fair market value of $169.4 million and liability fair market value of $13.0 million (December 31, 2024 – asset of $83.1 million and liability of $31.7 million): 1) WTI Crude Oil Derivative Contracts Type Remaining Term Volume (bbls/d) Bought Put Price (C$/bbl) (1) Sold Call Price (C$/bbl) (1) Swap Price (C$/bbl) (1) Swap (2)(3) Oct - Dec 2025 40,000 99.06 Swap (4) Jan - Dec 2026 27,500 91.19 Collar Oct - Dec 2025 19,000 82.23 101.90 Collar Jan - Dec 2026 18,000 74.44 95.29 Collar Jan - Jun 2027 5,000 75.00 96.30 (1) Prices reported are the weighted average prices for the period. (2) 8,000 bbls/d at a weighted average price of $98.61/bbl are extendable through the first half of 2026 at the option of the counterparty through the exercise of a one-time option on December 31, 2025. (3) 5,000 bbls/d at a weighted average price of $105.41/bbl are extendable through 2026 at the option of the counterparty through the exercise of a one-time option on December 31, 2025. (4) 3,000 bbls/d at a weighted average price of $92.63/bbl are extendable through 2027 at the option of the counterparty through the exercise of a one-time option on December 31, 2026. 2) AECO Natural Gas Derivative Contracts Type Remaining Term Volume (GJ/d) Bought Put Price (C$/GJ) (1) Sold Call Price (C$/GJ) (1) Swap Price (C$/GJ) (1) Swap (2) Oct - Dec 2025 105,000 3.34 Swap Jan - Dec 2026 50,000 3.35 Swap Apr - Oct 2026 10,000 2.61 Swap Nov 2026 - Mar 2027 5,000 3.37 Swap Jan - Dec 2027 10,000 2.96 Collar Jan - Dec 2026 68,500 2.25 3.52 Collar Jan - Dec 2027 10,000 2.75 3.30 (1) Prices reported are the weighted average prices for the period. (2) 17,500 GJ/d at a weighted average price of $3.49/GJ are extendable through 2026 at the option of the counterparties through the exercise of a one-time option on December 31, 2025. 3) NYMEX Natural Gas Derivative Contracts Type Remaining Term Volume (MMBtu/d) Bought Put Price (US$/MMBtu) (1) Sold Call Price (US$/MMBtu) (1) Swap Price (US$/MMBtu) (1) Swap O --- ct - Dec 2025 51,000 3.43 Swap Oct 2025 - Mar 2026 25,000 3.63 Swap Jan - Dec 2026 50,000 3.72 Collar Oct - Dec 2025 65,000 3.32 3.92 Collar Jan - Dec 2026 55,000 3.70 4.19 (1) Prices reported are the weighted average prices for the period. WHITECAP RESOURCES INC. NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS September 30, 2025 (unaudited) Whitecap Resources Inc. | Third Quarter 2025 12 4) NYMEX Natural Gas Differential Derivative Contracts Type Remaining Term Volume (MMBtu/d) Basis Fixed differential (US$/MMBtu) (1) Swap Oct - Dec 2025 193,000 AECO (1.11 ) Swap Jan - Mar 2026 25,000 AECO (1.37 ) Swap Jan - Dec 2026 105,000 AECO (1.46 ) (1) Prices reported are the weighted average prices for the period. 5) Power Derivative Contracts Type Remaining Term Volume (MWh) Fixed Rate ($/MWh) (1) Swap Oct - Dec 2025 11,040 71.75 (1) Prices reported are the weighted average prices for the period. ii) Interest Rate Risk The Company is exposed to interest rate risk on its credit facility. The credit facility consists of a $2.85 billion revolving syndicated facility and a $150.0 million revolving operating facility. The revolving syndicated facility and revolving operating facility bear interest at the bank's prime lending or adjusted CORRA rates plus applicable margins. Changes in interest rates could result in an increase or decrease in the amount Whitecap pays to service the variable interest rate debt. The Company mitigates its exposure to interest rate changes by entering into interest rate swap transactions and/or fixed rate debt. See Note 10 - "Long-Term Debt" for additional information regarding the Company’s credit facility. If interest rates applicable to floating rate debt at September 30, 2025 were to have increased or decreased by 100 basis points, it is estimated that the Company’s income before tax would change by approximately $2.6 million and $7.8 million for the three and nine months ended September 30, 2025, respectively ($2.3 million and $6.8 million for the three and nine months ended September 30, 2024, respectively). This assumes that the change in interest rate is effective from the beginning of the period and the amount of floating rate debt is the amount outstanding at September 30, 2025. At September 30, 2025, Whitecap did not have any interest rate risk management contracts outstanding (December 31, 2024 – asset of $1.4 million). iii) Equity Price Risk The Company is exposed to equity price risk on its own share price in relation to awards issued under the award incentive plan, which affects earnings through the revaluation of awards that are accounted for as cash-settled transactions at each period end. Changes in share price could result in an increase or decrease in the amount that Whitecap recognizes as stock-based compensation and the amount Whitecap pays to cash settle awards. The Company may mitigate its exposure to fluctuations in its share price by entering into equity derivative contracts such as total return swaps from time to time. When assessing the potential impact of share price on the Company’s total return swaps, the Company believes a share price volatility of ten percent is a reasonable measure. A ten percent increase or decrease in share price would have resulted in the following impact to unrealized gains (losses) on risk management contracts and net income before tax: ($ millions) September 30, 2025 Increase 10% Decrease 10% Total return swaps 2.5 (2.5 ) WHITECAP RESOURCES INC. NOTES TO THE --- INTERIM CONSOLIDATED FINANCIAL STATEMENTS September 30, 2025 (unaudited) Whitecap Resources Inc. | Third Quarter 2025 13 At September 30, 2025, the following equity risk management contracts were outstanding with an asset fair market value of $4.6 million and liability fair market value of nil (December 31, 2024 asset and liability of nil): 1) Equity Derivative Contracts Type Remaining Term Notional Amount ($ millions) (1) Share Volume (millions) Swap Oct 1, 2025 Nov 3, 2025 3.5 0.4 Swap Oct 1, 2025 Mar 31, 2026 9.3 0.9 Swap Oct 1, 2025 Apr 1, 2026 2.9 0.3 Swap Oct 1, 2025 May 1, 2026 2.9 0.3 Swap Oct 1, 2025 Nov 2, 2026 2.9 0.3 Swap Oct 1, 2025 Apr 1, 2027 2.9 0.3 Swap Oct 1, 2025 May 3, 2027 2.9 0.3 Swap Oct 1, 2025 Nov 1, 2027 3.0 0.3 (1) Notional amount is calculated as the share volume for the period multiplied by the weighted average prices for the period. iv) Foreign Exchange Risk The Company is exposed to the risk of changes in the U.S./Canadian dollar exchange rate on crude oil sales based on U.S. dollar benchmark prices and commodity contracts that are settled in U.S. dollars. The Company may mitigate its exposure to changes in the U.S./Canadian dollar exchange rate by entering into Canadian dollar denominated commodity risk management contracts or foreign exchange contracts. At September 30, 2025, Whitecap did not have any foreign exchange contracts outstanding. e) Capital Management The Company’s policy is to maintain a strong capital base for the objectives of maintaining financial flexibility, creditor and market confidence and to sustain the future development of the business. The Company manages its capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying petroleum and natural gas assets. The Company considers its capital structure to include shareholders’ equity, long-term debt and working capital. i) Net Debt and Total Capitalization Management considers net debt a key capital management measure to assess the Company's liquidity. Total capitalization is a capital management measure used by management and investors in analyzing the Company's balance sheet strength and liquidity. The following is a breakdown of the Company’s capital structure: ($ millions) September 30, 2025 December 31, 2024 Long-term debt 2,931.7 1,023.8 Cash - (362.3 ) Accounts receivable (877.9 ) (422.2 ) Deposits and prepaid expenses (93.1 ) (22.4 ) Non-current deposit (86.6 ) (86.6 ) Accounts payable and accrued liabilities 1,369.8 767.1 Dividends payable 73.8 35.7 Net debt 3,317.7 933.1 Shareholders' equity 10,916.9 5,747.3 Total capitalization 14,234.6 6,680.4 WHITECAP RESOURCES INC. NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS September 30, 2025 (unaudited) Whitecap Resources Inc. | Third Quarter 2025 14 ii) Funds Flow Management considers funds flow to be a key capital management measure of operating performance as it demonstrates Whitecap’s ability to generate the cash necessary to pay dividends, repay debt, make capital investments, and/or to repurchase common shares under the Company’s normal course issuer bid ("NCIB"). Management believes that by excluding the temporary impact of changes in non-cash operating working capital, funds flow provides a useful measure of Whitecap’s ability to generate cash that is not subject to short-term movements in non-cash operating working capital. Funds flow is not a standardized measure and, therefore, may not be comp --- arable with the calculation of similar measures by other entities. Funds flow for the three and nine months ended September 30, 2025 and 2024 is calculated as follows: Three months ended September 30, Nine months ended September 30, ($ millions, except per share amounts) 2025 2024 2025 2024 Cash flow from operating activities 897.5 556.2 1,861.3 1,413.7 Net change in non-cash working capital (0.9 ) (147.2 ) 194.4 (194.3 ) Funds flow 896.6 409.0 2,055.7 1,219.4 Funds flow per share, basic 0.73 0.69 2.24 2.04 Funds flow per share, diluted 0.73 0.68 2.23 2.03 6. ACQUISITIONS AND DISPOSITIONS The revenue and petroleum and natural gas sales, net of royalties less operating and transportation expenses ("Operating Income") for the post-acquisition periods of the acquisitions listed below are included in the statements of comprehensive income. The below amounts are estimates which were made by management at the time of the preparation of these consolidated financial statements based on information then available. Amendments may be made to these amounts as values subject to estimate are finalized for a period of up to one year. The pro-forma information disclosed below is not necessarily indicative of the actual results that would have been achieved had the business combinations closed on January 1, 2025. 2025 Acquisitions i) Veren Inc. Business Combination On May 12, 2025, the Company closed the Veren business combination. Veren was an independent oil and gas exploration and production company focused on the development of light crude oil, natural gas liquids, shale gas, and conventional natural gas, and operated primarily in Alberta and Saskatchewan. The business combination allows the Company to leverage the combined asset base and technical expertise to drive incremental improvements to profitability and increased returns to shareholders. The Company issued approximately 643.0 million Whitecap common shares at the closing price of $8.04 per share on May 12, 2025 for total consideration of $5.2 billion in exchange for all the issued and outstanding Veren shares. Veren shareholders received 1.05 common shares of Whitecap for each Veren common share held. The business combination was recognized in accordance with IFRS 3 Business Combinations ("IFRS 3"). Upon close of the business combination, the board of directors of the Company was composed of eleven members, including seven members from the legacy Whitecap board, and four members from the legacy Veren board. The executive team at the time of closing was comprised of the legacy Whitecap executive team. After the close of the business combination, Whitecap shareholders held approximately 48 per cent of the combined company's common shares and former Veren shareholders held approximately 52 per cent of the combined company's common shares. The Company has determined, based on the composition of the Company's board of directors and executive team, and the issuance of Whitecap common shares to Veren shareholders, that Whitecap is the acquirer for accounting purposes and has recognized the net assets of Veren under its existing accounting policies. WHITECAP RESOURCES INC. NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS September 30, 2025 (unaudited) Whitecap Resources Inc. | Third Quarter 2025 15 Transaction costs in connection with the business combination were $0.3 million and $56.9 million for the three and nine months ended September 30, 2025 respectively. The Company repaid $1.7 billio --- n of acquired debt upon close of the business combination. See Note 10 - "Long-Term Debt" for additional information regarding the Company’s debt. Right-of-use assets and lease liabilities previously recognized by Veren have been revalued to the present value of lease payments remaining at the time of the business combination. See Note 9 - "Right-of-Use Assets" and Note 11 - "Lease Liabilities" for additional information regarding the Company’s leases. The business combination with Veren contributed revenues of $1,358.3 million and Operating Income of $781.0 million since May 12, 2025 through September 30, 2025. Had the business combination with Veren closed on January 1, 2025, estimated contributed revenues would have been $2,860.0 million and estimated contributed Operating Income would have been $1,737.0 million for the nine months ended September 30, 2025. Net assets acquired ($ millions): Working capital 80.1 PP&E 7,766.1 Risk management contracts 150.1 E&E 453.5 Other long-term liabilities (1.6 ) Deferred income tax (312.3 ) Decommissioning liability (217.1 ) Right-of-use asset 540.8 Lease liability (540.8 ) Long-term debt (2,749.0 ) Total identifiable net assets acquired 5,169.8 Consideration: Share consideration 5,169.8 Total consideration 5,169.8 2025 Dispositions i) Non-Strategic Asset Dispositions On June 30, 2025, the Company closed the disposition of certain non-strategic assets for total cash consideration of $263.7 million. The non-strategic assets disposed of included assets in southwest Saskatchewan and a working interest in a natural gas facility in the Kaybob region. 2024 Dispositions i) Musreau 05-09 Facility Partial Disposition On June 24, 2024, the Company closed the disposition of a 50 percent working interest in the Musreau 05-09 facility for cash consideration of $100 million. A gain on disposition of $0.7 million was recorded as the proceeds less cost of disposal exceeded the carrying amount. The Company retains operatorship and the remaining 50 percent working interest. In addition, the Company has entered into a long-term fixed take-or-pay commitment. See Note 9 - "Right- of-Use Assets" and Note 11 - "Lease Liabilities" for additional information regarding the Company’s leases. WHITECAP RESOURCES INC. NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS September 30, 2025 (unaudited) Whitecap Resources Inc. | Third Quarter 2025 16 ii) Kaybob Facility Partial Disposition On December 31, 2024, the Company closed the disposition of a 50 percent working interest in the Company's Kaybob 15-07 complex for $420.0 million. A 50 percent working interest in the complex and the associated decommissioning liability was previously classified as held for sale, and upon closing of the transaction, a net gain on asset disposition of $243.1 million was recorded as the proceeds less cost of disposal exceeded its carrying amount. The Company will retain operatorship and the remaining 50 percent working interest in the complex and has entered into a take-or-pay commitment with Pembina Gas Infrastructure ("PGI") to access their working interest capacity in the Kaybob complex. In addition, at the closing of the transaction, the Company closed its strategic partnership with PGI to fund 100% of phase 1 of the Lator facility, which includes our 04-13 battery (the "Lator Facility"), and entered into a long-term fixed take-or-pay commitment with PGI for priority access to the facility upon completion. 7. PROPERTY, PLANT AND EQUIPMENT --- a) Net Carrying Amount Net book value ($ millions) September 30, 2025 December 31, 2024 Petroleum and natural gas properties 24,100.3 15,093.9 Other assets 24.7 20.5 Property, plant and equipment, at cost 24,125.0 15,114.4 Less: accumulated depletion, depreciation, amortization and impairment (7,475.7) (6,335.8 ) Total net carrying amount 16,649.3 8,778.6 b) Cost Cost ($ millions) Petroleum and natural gas properties Other assets Total Balance at December 31, 2024 15,093.9 20.5 15,114.4 Additions 1,355.8 4.2 1,360.0 Property acquisitions 3.4 - 3.4 Acquired on close of business combination (Note 6) 7,766.1 - 7,766.1 Change in decommissioning costs 230.4 - 230.4 Transfer from evaluation and exploration assets 2.6 - 2.6 Disposals (351.9 ) - (351.9 ) Balance at September 30, 2025 24,100.3 24.7 24,125.0 c) Accumulated Depletion, Depreciation, Amortization and Impairment Accumulated depletion, depreciation, amortization and impairment ($ millions) Petroleum and natural gas properties Other assets Total Balance at December 31, 2024 6,323.4 12.4 6,335.8 Depletion, depreciation and amortization 1,137.9 2.0 1,139.9 Balance at September 30, 2025 7,461.3 14.4 7,475.7 Future development costs of $17.9 billion (September 30, 2024 – $8.2 billion) were included in the depletion calculation. The Company capitalized $30.4 million (September 30, 2024 – $20.1 million) of administrative costs directly relating to development activities which includes $11.4 million (September 30, 2024 – $7.8 million) of stock- based compensation. WHITECAP RESOURCES INC. NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS September 30, 2025 (unaudited) Whitecap Resources Inc. | Third Quarter 2025 17 d) Impairment Expense (Reversal) At September 30, 2025, there were no indicators of impairment or impairment reversal for PP&E assets. At September 30, 2025, the impairment amounts that can be reversed in future periods for the Western Saskatchewan cash generating unit ("CGU"), net of depletion, had no impairment loss been recognized in prior periods, is $206.6 million. All other previous impairments for the Company's other CGUs have been fully reversed. 8. EXPLORATION AND EVALUATION ASSETS a) Net Carrying Amount ($ millions) September 30, 2025 December 31, 2024 Exploration and evaluation assets 662.2 208.2 Less: accumulated land expiries and write-offs (78.0) (67.6 ) Total net carrying amount 584.2 140.6 b) Cost ($ millions) Balance at December 31, 2024 208.2 Additions 8.6 Acquired on close of business combination (Note 6) 453.5 Transfer to property, plant and equipment (2.6 ) Disposals (5.5 ) Balance at September 30, 2025 662.2 c) Accumulated Land Expiries and Write-Offs ($ millions) Balance at December 31, 2024 67.6 Land expiries and write-offs 10.4 Balance at September 30, 2025 78.0 E&E assets consist of the Company’s exploration projects which are pending the determination of proved reserves. Additions represent the Company’s share of costs acquired or incurred on E&E assets during the year. d) Impairment At September 30, 2025, there were no indicators of impairment for E&E assets. 9. RIGHT-OF-USE ASSETS Whitecap recognizes right-of-use assets and corresponding lease liabilities related to certain office facilities, operating facilities, vehicles and equipment. The partial disposition of the Musreau facility was accounted for as a sale and leaseback transaction, and a right-of-use asset was recognized accordingly. See Note 11 – "Lease Liabilities" for additional informati --- on regarding the Company’s leases. a) Net Carrying Amount ($ millions) Offices Facilities Other Total Right-of-use assets 117.4 484.0 29.7 631.1 Less: accumulated depreciation (31.3 ) (14.8) (15.9) (62.0 ) Balance at September 30, 2025 86.1 469.2 13.8 569.1 WHITECAP RESOURCES INC. NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS September 30, 2025 (unaudited) Whitecap Resources Inc. | Third Quarter 2025 18 b) Cost ($ millions) Offices Facilities Other Total Balance at December 31, 2024 37.7 34.6 15.9 88.2 Acquired on close of business combination (Note 6) 79.9 449.4 11.5 540.8 Additions - - 0.8 0.8 Modifications (0.2 ) - 1.5 1.3 Balance at September 30, 2025 117.4 484.0 29.7 631.1 c) Accumulated Depreciation ($ millions) Offices Facilities Other Total Balance at December 31, 2024 22.4 1.7 11.2 35.3 Depreciation 8.9 13.1 4.7 26.7 Balance at September 30, 2025 31.3 14.8 15.9 62.0 10. LONG-TERM DEBT ($ millions) September 30, 2025 December 31, 2024 Credit facility 1,036.7 428.8 Senior notes 195.0 195.0 Investment grade senior notes 1,700.0 400.0 Long-term debt 2,931.7 1,023.8 At September 30, 2025, the Company had a total credit capacity of $5.0 billion which consisted of a $3.0 billion credit facility, $1.7 billion in investment grade senior notes, $195.0 million in senior notes and a $60.0 million letter of credit facility. a) Credit Facility At September 30, 2025, the Company had a $3.0 billion unsecured covenant-based credit facility with a syndicate of banks. The credit facility consists of a $2.85 billion revolving syndicated facility and a $150.0 million revolving operating facility, with a maturity date of September 19, 2029. At September 30, 2025, the amount drawn on the credit facilities was $1,036.7 million. Once per calendar year, the Company may request an extension of the then current maturity date, subject to approval by the banks. The credit facility provides that advances may be made by way of direct advances, CORRA loans, or letters of credit/guarantees. The credit facility bears interest at the bank's prime lending or adjusted CORRA rates plus applicable margins. The applicable margin charged by the bank is dependent upon the Company's credit rating. The CORRA loans bear interest at the applicable adjusted CORRA rate plus an explicit margin based upon the Company's credit rating. The following table lists the Company’s financial covenant on its credit facility at September 30, 2025: Covenant Description September 30, 2025 Debt to Capitalization (1) Maximum Ratio 0.60 0.22 (1) The debt used in the covenant calculation includes bank indebtedness, investment grade senior notes, senior notes, letters of credit and dividends declared. At September 30, 2025, the Company was compliant with all covenants provided for in the credit agreement. The Company has a $60.0 million unsecured demand letter of credit facility. The Company had letters of credit in the amount of $31.2 million outstanding at September 30, 2025. WHITECAP RESOURCES INC. NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS September 30, 2025 (unaudited) Whitecap Resources Inc. | Third Quarter 2025 19 b) Senior Notes At September 30, 2025, the Company had issued $195.0 million of senior notes. The notes rank equally with the Company’s obligations under its credit facility. The term, rate, principal and carrying amount of the Company’s outstanding senior notes are detailed below: ($ millions) Issue Date Maturity Date Coupon Rate Principal Carrying Value Fa --- ir Value December 20, 2017 December 20, 2026 3.900 % 195.0 195.0 191.0 Balance at September 30, 2025 195.0 195.0 191.0 The senior notes are subject to the same debt to capitalization ratio financial covenant described under "Credit Facility" above. The senior notes are also subject to the following financial covenant as at September 30, 2025: Covenant Description September 30, 2025 Debt to EBITDA (1) (2) Maximum Ratio 4.00 0.70 (1) The earnings before interest, taxes, depreciation, and amortization (EBITDA) used in the covenant calculation is adjusted for non-cash items, transaction costs and extraordinary and non-recurring items. (2) The debt used in the covenant calculation includes bank indebtedness, investment grade senior notes, senior notes, letters of credit and dividends declared. At September 30, 2025, the Company was compliant with all covenants provided for in the note agreement. c) Investment Grade Senior Notes At September 30, 2025, the Company had issued an aggregate of $1.7 billion of investment grade senior notes. The notes rank equally with the Company’s obligations under its credit facility. The term, rate, principal and carrying amount of the Company’s outstanding investment grade senior notes are detailed below: ($ millions) Issue Date Maturity Date Coupon Rate Principal Carrying Value Fair Value June 19, 2025 June 19, 2028 3.761 % 300.0 300.0 297.8 June 21, 2024 June 21, 2029 4.968 % 550.0 550.0 567.4 November 1, 2024 November 1, 2029 4.382 % 400.0 400.0 405.0 June 21, 2024 June 21, 2034 5.503 % 450.0 450.0 497.7 Balance at September 30, 2025 1,700.0 1,700.0 1,767.9 There are no financial covenants on the investment grade senior notes. WHITECAP RESOURCES INC. NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS September 30, 2025 (unaudited) Whitecap Resources Inc. | Third Quarter 2025 20 d) Interest and Financing Expenses The following table summarizes the components of interest and financing expenses during the period: Three months ended September 30, Nine months ended September 30, ($ millions) 2025 2024 2025 2024 Interest expenses 37.0 21.3 75.8 68.3 Interest expenses, lease liabilities (1) 10.9 1.8 17.5 2.4 Realized gain on interest rate contracts (2) - (2.4 ) (1.4 ) (10.2 ) Unrealized loss on interest rate contracts (2) - 3.3 1.4 10.3 Interest and financing expenses 47.9 24.0 93.3 70.8 (1) Refer to Note 11. (2) Refer to Note 5(d). 11. LEASE LIABILITIES The Company incurs lease payments related to office facilities, operating facilities, vehicles and equipment. Leases are entered into and exited in coordination with specific business requirements which include the assessment of the appropriate durations for the related leased assets. ($ millions) September 30, 2025 December 31, 2024 Current portion 57.1 15.4 Non-current portion 580.5 103.9 Lease liabilities (1) 637.6 119.3 (1) Included in lease liabilities is $532.6 million related to facilities ($26.3 million is the current portion and $506.3 million is the non-current portion). For the three and nine months ended September 30, 2025, interest expense of $10.9 million and $17.5 million, respectively ($1.8 million and $2.4 million for the three and nine months ended September 30, 2024, respectively) and total cash outflows of $24.6 million and $42.1 million, respectively ($5.1 million and $9.7 million for the three and nine months ended September 30, 2024, respectively) were recognized relating to lease liabilities. 12. DECOMMISSIONING LIABILITY ($ millions) B --- alance at December 31, 2024 1,091.1 Liabilities incurred 8.5 Liabilities acquired on close of business combination (1) 217.1 Liabilities settled (29.9 ) Liabilities disposed (62.1 ) Revaluation of liabilities acquired (1) 290.0 Accretion expense 34.7 Revisions in estimates (68.1 ) Balance at September 30, 2025 1,481.3 (1) The decommissioning liability was valued using the credit adjusted risk free rate of 7.5 percent for the purposes of the purchase price and was subsequently adjusted to a risk-free rate of 3.2 percent and an inflation rate of 2.0 percent to reflect a day 2 adjustment post-closing of the transaction. See Note 6 - "Acquisitions and Dispositions" for additional information regarding the business combination with Veren. WHITECAP RESOURCES INC. NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS September 30, 2025 (unaudited) Whitecap Resources Inc. | Third Quarter 2025 21 The Company’s decommissioning liability results from its ownership interest in oil and natural gas assets including well sites and gathering systems. The total decommissioning liability is estimated based on the Company’s net ownership interest in all wells and facilities, estimated costs to reclaim and abandon these wells and facilities and the estimated timing of the costs to be incurred in future years. The key assumptions, on which the carrying amount of the decommissioning liability is based, include a risk-free rate of 3.6 percent (3.3 percent at December 31, 2024) and inflation rate of 2.0 percent (2.0 percent at December 31, 2024). At September 30, 2025, the total undiscounted amount of the estimated cash flows required to settle the obligations was $3.5 billion (December 31, 2024 – $2.6 billion). The expected timing of payment of the cash flows required for settling the obligations extends up to 54 years. 13. DEFERRED GAIN In 2021, the Company recognized a $57.6 million deferred gain as part of the sale of a five percent gross overriding royalty interest on Whitecap's working interest in the Weyburn Unit. The deferred gain is being recognized as gain on asset disposition over the reserve life of the Weyburn Unit. Changes to deferred gain were as follows: ($ millions) September 30, 2025 December 31, 2024 Deferred gain, beginning of the period 50.1 52.4 Deferred gain amortization (1.7) (2.3) Deferred gain, end of period 48.4 50.1 Less current portion of deferred gain (2.3) (2.3) Non-current portion of deferred gain 46.1 47.8 14. SHARE CAPITAL a) Authorized The Company is authorized to issue an unlimited number of common shares without nominal or par value. The Company is also authorized to issue an unlimited number of preferred shares without nominal or par value provided that, if the authorized preferred shares are to be assigned voting or conversion rights, the number of preferred shares to be issued may not exceed twenty percent of the number of issued and outstanding common shares at the time of issuance of any such preferred shares. b) Issued and outstanding ($ millions) Shares $ Balance at December 31, 2024 587.5 4,720.5 Issued on close of business combination (Note 6) 643.0 5,169.8 Share issue costs, net of deferred income tax - (0.4 ) Issued on share award vesting 2.3 - Common shares repurchased (19.0 ) (152.4 ) Contributed surplus adjustment on vesting of non-insider share awards - 20.7 Share award liability adjustment on settlement of insider share awards - (0.1 ) Balance at September 30, 2025 1,213.8 9,758.1 c) Normal Course Issuer Bi --- d On May 15, 2025, the Company announced the approval of its renewed NCIB by the TSX (the "2025 NCIB"). The 2025 NCIB allows the Company to purchase up to 122,135,462 common shares over a period of twelve months commencing on May 23, 2025. On May 15, 2024, the Company announced the approval of its renewed NCIB by the TSX (the "2024 NCIB"). The 2024 NCIB allowed the Company to purchase up to 59,110,613 common shares over a period of twelve months commencing on May 23, 2024. WHITECAP RESOURCES INC. NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS September 30, 2025 (unaudited) Whitecap Resources Inc. | Third Quarter 2025 22 On May 17, 2023, the Company announced the approval of its renewed NCIB by the TSX (the "2023 NCIB"). The 2023 NCIB allowed the Company to purchase up to 59,724,590 common shares over a period of twelve months commencing on May 23, 2023. Purchases are made on the open market through the TSX or alternative platforms at the market price of such common shares. All common shares purchased under the NCIB are cancelled. The total cost paid, including commissions and fees, is first charged to share capital to the extent of the average carrying value of the Company’s common shares and the excess is charged to retained earnings. The following table summarizes the share repurchases for the three and nine months ended September 30, 2025 and 2024. Three months ended September 30, Nine months ended September 30, (millions except per share amounts) 2025 2024 2025 2024 Shares repurchased 18.3 11.5 19.0 11.7 Average cost ($/share) 9.92 10.17 9.88 10.16 Amounts charged to: Share capital ($) 147.4 92.1 152.4 93.9 Retained earnings ($) 34.4 24.5 34.8 24.9 Share repurchase cost ($) 181.8 116.6 187.2 118.8 d) Award Incentive Plan The Award Incentive Plan has time-based awards ("TBAs") and performance awards ("PAs") which may be granted to officers and employees of the Company and other service providers. At September 30, 2025, the maximum number of common shares issuable under the plan shall not at any time exceed 4.0 percent of the total common shares outstanding (less the aggregate number of common shares reserved for issuance from time to time pursuant to all other security based compensation arrangements of the Company). Vesting is determined by the Company’s Board of Directors. TBAs and PAs issued to employees of the Company (and historically issued to independent outside directors) have vesting periods ranging from 1 to 3 years. Prior to January 1, 2025, independent outside directors received TBAs as long-term compensation. However, effective January 1, 2025, independent outside directors no longer participate in the award incentive plan and instead receive an annual grant of deferred share units ("DSUs"). DSUs vest immediately on grant but are not redeemable until the holder ceases to be a director. Each TBA may, in the Company’s sole discretion, entitle the holder to be issued the number of common shares designated in the TBA plus dividend equivalents or payment in cash. Decisions regarding settlement method for insider and non-insider awards are mutually exclusive. Awards granted to insiders are currently accounted for as cash-settled, and awards granted to non-insiders are currently accounted for as equity-settled. PAs are also subject to a performance multiplier. This multiplier, ranging from zero to two, will be applied on vesting and is dependent on the performance of the Company relative to predefined corporate performa --- nce measures set by the Board of Directors for the associated period. Based on the terms of the Award Incentive Plan, the fair value of share awards is equal to the underlying share price on grant date. The fair value of awards that are accounted for as cash-settled transactions are subsequently adjusted to the underlying share price at each period end. PAs are also adjusted by an estimated payout multiplier. The amount of compensation expense is reduced by an estimated forfeiture rate on the grant date, which has been estimated at four percent of outstanding share awards. The forfeiture rate is adjusted to reflect the actual number of shares that vest. Fluctuations in compensation expense may occur due to changes in estimating the outcome of the performance conditions as well as changes in fair value for awards that are accounted for as cash-settled. Upon the vesting of the awards that are accounted for as equity-settled, the associated amount in contributed surplus is recorded as an increase to share capital. A copy of the Company's Award Incentive Plan may be accessed through the SEDAR+ website (sedarplus.ca). WHITECAP RESOURCES INC. NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS September 30, 2025 (unaudited) Whitecap Resources Inc. | Third Quarter 2025 23 In connection with the Veren business combination that closed in the second quarter of 2025, the Company has assumed all outstanding Veren share awards that were not accelerated at closing, which includes employee share value awards ("ESVAs"), performance share units ("PSUs"), and restricted share awards ("RSAs"). The ESVAs, PSUs and RSAs that were not accelerated continue to be governed by and are subject to the terms and conditions of the corresponding legacy Veren plans, which were assumed by Whitecap. No additional ESVAs, PSUs and RSAs will be granted under the legacy Veren plans. (millions) ESVAs (1) RSAs (1) PSUs (1)(2) PAs (1)(2) TBAs (1) DSUs (1) Total Awards Balance at December 31, 2024 - - - 5.3 1.9 - 7.2 Assumed on close of business combination (Note 6) 2.2 0.1 0.1 - - - 2.4 Granted - - - 3.4 1.2 0.1 4.7 Forfeited (0.2 ) - - (0.1 ) - - (0.3 ) Vested - - - (1.4 ) (0.7 ) - (2.1 ) Balance at September 30, 2025 2.0 0.1 0.1 7.2 2.4 0.1 11.9 (1) Based on underlying awards before adjustments for dividends accrued. (2) Based on underlying awards before application of performance multiplier. e) Contributed Surplus ($ millions) Balance at December 31, 2024 20.6 Stock-based compensation 24.2 Share award vesting (20.7 ) Balance at September 30, 2025 24.1 f) Dividends Dividends declared were $0.1824 and $0.5472 per common share in the three and nine months ended September 30, 2025, respectively ($0.1824 and $0.5472 per common share in the three and nine months ended September 30, 2024, respectively). On October 15, 2025, the Board of Directors declared a monthly dividend of $0.0608 per common share designated as an eligible dividend, payable in cash to shareholders of record on October 31, 2025. The dividend payment date is November 17, 2025. 15. REVENUE The Company sells its production pursuant to fixed and variable-price contracts. The transaction price for fixed price contracts represents the stand-alone selling price per the contract terms. The transaction price for variable priced contracts is based on the commodity price, adjusted for quality, location or other factors, whereby each component of the pricing formula can be either fixed or variable, depending on the cont --- ract terms. Under its contracts, the Company is required to deliver fixed or variable volumes of crude oil, natural gas and natural gas liquids to the contract counterparty. The amount of revenue recognized is based on the agreed transaction price, whereby any variability in revenue relates specifically to the Company’s efforts to transfer production, and therefore the resulting revenue is allocated to the production delivered in the period during which the variability occurs. As a result, none of the variable consideration is considered constrained. The contracts generally have a term of one year or less, whereby delivery occurs throughout the contract period. Commodity purchasers typically remit payments to the Company by the 25th day of the month following production. WHITECAP RESOURCES INC. NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS September 30, 2025 (unaudited) Whitecap Resources Inc. | Third Quarter 2025 24 A breakdown of petroleum and natural gas sales is as follows: Three months ended September 30, Nine months ended September 30, ($ millions) 2025 2024 2025 2024 Crude oil and condensate 1,394.8 801.0 3,330.2 2,390.3 NGLs 159.2 64.4 343.3 191.5 Natural gas (1) 106.3 25.5 294.3 157.8 Petroleum and natural gas revenues 1,660.3 890.9 3,967.8 2,739.6 Tariffs (7.1 ) (6.8 ) (23.4 ) (20.4 ) Processing & other income 13.3 10.7 38.5 34.2 Marketing revenue 83.8 60.4 227.3 184.0 Petroleum and natural gas sales 1,750.3 955.2 4,210.2 2,937.4 (1) During the three and nine months ended September 30, 2025, natural gas sales included $36.1 million and $60.5 million, respectively, related to Canadian production sold into U.S. pricing markets through the Company's acquired U.S. legal entity. See Note 6 - "Acquisitions and Dispositions" for additional information regarding the business combination with Veren. Substantially all of the petroleum and natural gas revenues for the three and nine months ended September 30, 2025 are derived from variable price contracts based on index prices. Included in accounts receivable at September 30, 2025 is $593.0 million (September 30, 2024 – $275.6 million) of accrued petroleum and natural gas revenues related to September 2025 production. As part of the Company's strategic infrastructure partnership with PGI to fund 100% of the Lator Facility and the Alberta Montney infrastructure development acquired from Veren (see Note 6 - "Acquisitions and Dispositions"), the Company is the principal party responsible for the construction of these facilities so associated revenues are recognized, while the expenses within an approved budget are fully reimbursed. Therefore, included in processing & other income is $51.6 million of gross income offset by $51.6 million of expenses and $93.9 million of gross income offset by $93.9 million of expenses related to these facilities for the three and nine months ended September 30, 2025, respectively (nil gross income and nil expenses for the three and nine months ended September 30, 2024, respectively). 16. PER SHARE RESULTS Three months ended September 30, Nine months ended September 30, 2025 2024 2025 2024 Per share income ($/share) Basic 0.17 0.46 0.74 0.97 Diluted 0.17 0.46 0.73 0.96 Weighted average shares outstanding (millions) Basic 1,220.5 595.2 918.8 597.3 Diluted (1) 1,225.7 599.2 923.1 600.7 (1) For the three and nine months ended September 30, 2025, nil share awards, (for the three and nine months ended September 30, 2024, nil share awards) were excluded fro --- m the diluted weighted average shares calculation as they were anti-dilutive. WHITECAP RESOURCES INC. NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS September 30, 2025 (unaudited) Whitecap Resources Inc. | Third Quarter 2025 25 17. SUPPLEMENTAL CASH FLOW INFORMATION a) Changes in Non-Cash Working Capital Changes in non-cash working capital, excluding acquired working capital: Three months ended September 30, Nine months ended September 30, ($ millions) 2025 2024 2025 2024 Accounts receivable (56.1 ) 67.7 (0.8 ) 46.4 Deposits and prepaid expenses (26.1 ) 1.8 (47.4 ) - Accounts payable and accrued liabilities 67.2 116.8 97.3 217.4 Share awards liability – current 6.6 3.1 10.3 6.7 Dividend payable (1.1 ) (0.7 ) 38.1 (0.6 ) Share awards liability 4.6 2.3 6.1 3.1 Change in non-cash working capital (4.9 ) 191.0 103.6 273.0 Related to: Operating activities 0.9 147.2 (194.4 ) 194.3 Financing activities (1.1 ) (0.7 ) 38.1 (0.6 ) Investing activities (6.9 ) 43.7 254.3 74.9 Items not impacting cash 2.2 0.8 5.6 4.4 b) Reconciliation of Financing Liabilities Arising from Financing Activities The following table provides a detailed breakdown of the cash and non-cash changes in financing liabilities arising from financing activities: ($ millions) Long-term debt Lease liabilities Dividends payable Balance at December 31, 2024 1,023.8 119.3 35.7 Additions - 0.8 - Acquired on close of business combination (Note 6) 2,749.0 540.8 - Modifications - 1.3 - Cash flows (842.4 ) (24.6 ) (514.1 ) Amortization of debt issuance costs 1.3 - - Dividends declared - - 552.2 Balance at September 30, 2025 2,931.7 637.6 73.8 WHITECAP RESOURCES INC. NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS September 30, 2025 (unaudited) Whitecap Resources Inc. | Third Quarter 2025 26 18. COMMITMENTS The Company is committed to future payments under the following agreements: ($ millions) 1 year 2-3 years 4-5 years More than 5 years Total Transportation agreements 357.6 773.4 694.2 1,603.9 3,429.1 Long-term debt (1) 88.5 655.5 638.4 1,979.0 3,361.4 Gas processing commitments 147.0 265.7 237.7 798.5 1,448.9 Lease liabilities (2) (Note 11) 105.4 192.8 182.1 552.3 1,032.6 CO2 purchase commitments 20.6 44.5 46.5 105.2 216.8 Operating commitments (3) 29.2 37.0 21.4 6.9 94.5 Total 748.3 1,968.9 1,820.3 5,045.8 9,583.3 (1) This amount includes the notional principal and interest payments on the revolving credit facility, investment grade senior notes, and senior notes, excluding expected interest payments on the revolving credit facility. (2) These amounts include the notional principal and interest payments. (3) Included in operating commitments are recoveries of operating costs totaling $15.5 million on subleased office space. The above table includes Veren's commitments and contractual obligations, which were assumed upon close of the business combination. See Note 6 - "Acquisitions and Dispositions" for additional information regarding the business combination with Veren. 19. INCOME TAXES Reassessments In 2023, Whitecap received reassessments from the Canada Revenue Agency ("CRA") and the Alberta Tax and Revenue Administration ("ATRA") for a former subsidiary that deny non-capital loss deductions relevant to the calculation of income taxes for the years 2018 and 2019. In 2023, Whitecap filed a notice of objection for each CRA and ATRA reassessment and subsequently filed an appeal directly to the Tax Court of Canada. There has been no change in the status of these reassessm --- ents since the appeal to the Tax Court of Canada was filed. Whitecap remains confident in the appropriateness of its tax filing position and intends to vigorously defend it.