10:37 AM EDT, 07/03/2024 (MT Newswires) -- Whitecap Resources ( SPGYF ) has kept its Outperform rating and $15 price target after the company completed partial infrastructure dispositions and announced strategic partnerships with Pembina Pipeline ( PBA ) , National Bank of Canada said in a Tuesday note.

Whitecap agreed to sell 50% of its Musreau facility to Topaz Energy ( TPZEF ) for $100 million and divest the 15-07 Kaybob complex to Pembina Gas Infrastructure (PGI). The transactions totaled approximately $520 million.

The bank noted Whitecap's infrastructure partnership with PGI also includes the funding of Whitecap's Montney facility at Lator, a "key area of focus" for the company's 5- and 10-year plan. Full scale development of Lator is expected to begin in 2026.

National Bank said Whitecap's partnership with PGI should provide Whitecap with significant synergies estimated at about $190 million, including additional access to facilities and egress, improved contract terms and preferential fees, as well as access to a deep cut processing facility in order to enhance netbacks and well economics.

As a result of the dispositions, Whitecap will allocate $200 million to share repurchases in the second half and the remainder is earmarked for net debt.

Whitecap was trading at about $10 per share at last look in TSX.