Overview

* Whitecap Q3 oil & gas revenue of $C1.66 bln vs C$890.9 mln year ago

* Company raises 2025 production outlook, reflecting operational efficiency and synergy realization

* Net income for Q3 declines yr/yr, reflecting operational challenges

Outlook

* Whitecap raises 2025 full-year average production guidance to 305,000 boe/d

* Company sets 2026 capital budget at C$2.0 - C$2.1 bln

* Whitecap targets 2026 average production of 370,000 - 375,000 boe/d

Result Drivers

* OPERATIONAL SYNERGIES - Co attributes strong Q3 performance to operational synergies and efficiency gains post-Veren merger

* PRODUCTION OUTPERFORMANCE - Q3 production exceeded internal expectations due to accelerated additions and efficiency gains

* COST IMPROVEMENTS - Q3 operating costs improved by 8% from prior quarter due to streamlined workflows and optimized practices

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Oil & Beat C$1.66 C$1.55

Gas bln bln (1

Revenues Analyst)

Q3 Net C$204.20

Income mln

Q3 Net C$3.31

Debt bln

Q3 -C$12.49

Operatin mln

g

Expenses

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 13 "strong buy" or "buy", 1 "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 21.7% above its October 21 closing price of C$10.18

* The stock recently traded at 11 times the next 12-month earnings vs. a P/E of 12 three months ago

Press Release:

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(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.)