Overview

* Whitecap Q2 oil & gas rev beats analysts' expectations, driven by operational performance

* Company's production exceeds internal forecasts, supported by asset-level outperformance

* Whitecap maintained strong balance sheet, net debt to annualized funds flow ratio at 1.0 times

Outlook

* Whitecap expects 2025 production at high end of 295,000-300,000 boe/d

* Company forecasts H2 2025 production of 363,000-368,000 boe/d

* Whitecap maintains 2025 capital budget of $2.0 bln

* Company anticipates capital efficiency improvements within 6-12 months

Result Drivers

* PRODUCTION OUTPERFORMANCE - Asset level outperformance and timing of new production additions led to production exceeding internal expectations

* STRATEGIC COMBINATION - Successful integration with Veren Inc. enhanced scale and inventory, positioning Whitecap as a leading operator

* BALANCE SHEET STRENGTH - Asset dispositions and investment-grade note issuance contributed to a robust balance sheet

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q2 Oil & Beat C$1.37 C$1.22

Gas bln bln (1

Revenues Analyst)

Q2 EPS C$0.33

Q2 Net C$310.60

Income mln

Q2 Net C$3.29

Debt bln

Q2 C$13.58

Operatin mln

g

Expenses

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 12 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the oil & gas exploration and production peer group is "buy"

* Wall Street's median 12-month price target for Whitecap Resources Inc ( WCPRF ) is C$13.00, about 22.7% above its July 22 closing price of C$10.05

* The stock recently traded at 13 times the next 12-month earnings vs. a P/E of 6 three months ago

Press Release:

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)