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Earnings

WHITECAP DELIVERS RECORD 2025 RESULTS, EXCEEDS GUIDANCE AND SUCCESSFULLY INTEGRATES VEREN

By The Northwire Desk — AI Analysis Feb 23, 2026 · 17:00 WCP · 13.76 WHITECAP RESOURCES INC.
WCP · Price

Executive Summary

  • Whitecap Resources reported record 2025 production of 307,245 boe/d (62% liquids), a 76% increase YoY and above guidance.
  • Net income for the year was $984.6 M ($0.99/share basic) with funds flow of $2.94 /share, delivering a total shareholder return of ~15%.
  • Integration of the Veren acquisition generated >$300 M in synergies; the company issued $300 M of 3.761% investment‑grade notes and ended 2025 with ~$1.5 B of liquidity and net debt of $3.4 B (net‑debt/annualized funds flow < 1.0×).

Key Details

  • Financial Highlights
  • Petroleum & natural gas revenues: $5,633.8 M (2025) vs. $3,665.7 M (2024).
  • Net income: $984.6 M (2025) vs. $812.3 M (2024).
  • Funds flow: $2,937.8 M; funds flow per share (basic): $2.96.
  • Free funds flow: $888.5 M; free cash flow: $900 M after $2.0 B capex.

  • Dividends declared: $735.5 M ($0.73/share).

  • Operating Highlights

  • Average daily production (2025): 307,245 boe/d (62% liquids).
  • Q4‑2025 record production: 379,606 boe/d (61% liquids).

  • Realized average prices – Crude oil $75.50/bbl; NGLs $33.62/bbl; Natural gas $2.94/Mcf.

  • Integration & Growth

  • Veren combination closed May 12 2025; integration synergies now exceed $300 M (43% above original estimate).

  • New long‑term natural‑gas marketing agreements: 10‑year, 50,000 MMBtu/d with Centrica Energy (effective Apr 2028) and a second 10‑year, 35,000 MMBtu/d deal (effective Jul 2026).

  • Capital Structure

  • Issued $300 M of investment‑grade notes at 3.761% coupon.
  • Available liquidity: ≈$1.5 B.

  • Net debt: $3,394 M; net‑debt/annualized funds flow < 1.0× (investment‑grade rating BBB).

  • Reserves

  • 2P reserves: 2.2 billion boe; RLI > 16 years.
  • Reserve growth YoY > 80% across PDP, 1P and 2P categories.

  • F&D cost (2P): $17.17/boe; recycle ratio: 1.9×.

  • Outlook & Guidance

  • 2026 guidance unchanged: 370,000–375,000 boe/d production on $2.0‑$2.1 B capex.
  • Planned drilling in 2026: ~255 wells (231.6 net).

  • Hedge coverage for 2026: ≈25% of oil and 29% of gas volumes.

  • Conference Call – Live webcast scheduled for Tue, Feb 24 2026 at 9:00 am MT (11:00 am ET).

Notable Quotes

“2025 was an exceptional operational and financial year… integration synergies now exceed $300 million, positioning Whitecap to deliver sustainable shareholder returns and future growth.” – Grant Fagerheim, President & CEO.

Read the original news release →

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