WHITECAP REPORTS RECORD FIRST QUARTER 2026 PRODUCTION AND INCREASES 2026 PRODUCTION GUIDANCE

• Date: April 29, 2026
• Headline: WHITECAP REPORTS RECORD FIRST QUARTER 2026 PRODUCTION AND INCREASES 2026 PRODUCTION GUIDANCE
• Production Record: Q1 2026 production reached 391,416 boe/d, exceeding budget by approximately 19,000 boe/d. This is a significant increase from the Q1 2025 level of 179,051 boe/d (post-merger integration impact).
• Guidance Increase: Full-year 2026 production guidance raised to 378,000 – 382,000 boe/d (previously 370,000–375,000 boe/d per Oct 2025 news). Liquids weighting remains high at 61%.
• Financials: Funds flow doubled YoY to $1.0 billion ($0.84/share). Net income reported as "$2::3 million" (data anomaly noted; likely typo for higher figure given revenue context). Free funds flow improved to $349.0 million from $48.2 million.
• Debt Strategy: Net debt at $3,249.4 million. Company targets reducing year-end 2026 net debt by more than $1 billion compared to year-end 2025, aiming for a net debt to funds flow ratio of 0.5 times.
• Operations: Unconventional division completed plug-and-perf pilots with >95% effectiveness. Conventional division drilled longest open hole multi-lateral Bakken well in Canada (3-mile).

• Positive Surprise: Production exceeded budget by ~19,000 boe/d, indicating operational efficiency gains from the Veren integration are materializing faster than modeled.
• Guidance Hike: Raising full-year guidance to 378k-382k boe/d (from 370k-375k) confirms the company is ahead of schedule on volume targets, supporting higher cash flow expectations.
• Cash Flow Quality: Funds flow doubling YoY ($1B vs $446M) demonstrates strong leverage to commodity prices and cost synergies realized from the merger.
• Debt Reduction Aggressiveness: Targeting a 0.5x net debt/funds flow ratio by year-end is highly aggressive for an E&P company (industry standard often 1.0x+). If achieved, it significantly de-risks the balance sheet but implies massive capital discipline or asset sales.
• Data Anomaly: The reported Net Income of "$2::3 million" contradicts the Funds Flow and Revenue figures ($2B revenue). This requires clarification in future filings to ensure accounting transparency.

• Overview: Whitecap Resources Inc. is a Canadian oil and natural gas producer formed into Canada's 7th largest producer following the May 2025 strategic combination with Veren Inc.
• Flagship Assets: Largest Alberta Montney/Duvernay landholder; leading light-oil producer in Saskatchewan (Bakken/Frobisher).
• Development: Focus on unconventional drilling efficiency (plug-and-perf pilots) and conventional multi-lateral wells to maximize recovery rates.