Whitecap Resources Inc.
Whitecap Resources Inc. is an oil-weighted growth company that pays a monthly cash dividend to its shareholders. Whitecap's business is focused on profitable production growth combined with sustainable dividends to shareholders. The Company's objective is to fully fund its capital expenditures and dividend payments within funds flow.
Whitecap's portfolio of assets has stable production and low base declines which provide its shareholders with a predictable cash flow stream for monthly dividend payments and the large resource in place allows the Company to grow on a per share basis.
Northwest Alberta (Deep Basin)
Core Growth Asset
Whitecap's Deep Basin properties, which include Karr, Simonette, Kakwa, Elmworth and Wapiti, are located southwest of Grande Prairie, Alberta. The primary reservoirs being developed are the Dunvegan and Cardium. Both reservoirs are characterized by thick oil columns with significant oil in place per unit area.
West Central Alberta
Stable and Predictable
Whitecap's Cardium producing areas in West Central Alberta are primarily located in the Pembina, Garrington, Ferrier and Willesden Green areas.
West Central Saskatchewan
Core Growth Asset
Whitecap's Lucky Hills, Whiteside, Kerrobert, and Eagle Lake areas are located in West Central Saskatchewan. The primary reservoir that Whitecap is currently focused on developing is the Viking resource oil play.
Sustainable Free Funds Flow
Whitecap's Southwest Saskatchewan assets are concentrated west of Swift Current, Saskatchewan. The primary formations being targeted in the area are Atlas, Success, Roseray, and Shaunavon.
Free Funds Flow Engine
Whitecap's Weyburn property is located in southeast Saskatchewan. The primary reservoirs being developed are the Midale and Frobisher. There remains significant expansion opportunities to expand the Weyburn CO2 flood, and further mitigate an already very low base decline rate.
Management and Directors
Grant B. Fagerheim, President & Chief Executive Officer, Director
Mr. Fagerheim has over 32 years of diverse experience in both the upstream and downstream areas of the oil and gas business. Mr. Fagerheim was the President and Chief Executive Officer and a Director of Cadence Energy Inc. Mr. Fagerheim was the founder, President and Chief Executive Officer of Ketch Resources Ltd. and Ketch Energy Ltd. Mr. Fagerheim currently sits on the board of directors of Advantage Oil & Gas Ltd.
Joel M. Armstrong, VP Production & Operations
Mr. Armstrong has over 32 years of diversified engineering and operations experience.
Mr. Armstrong was VP Operations of Ridgeback Exploration Ltd. He held Manager Operations positions at Blue Mountain Energy Ltd. and Star Oil & Gas Ltd.
Andrew Bullock, VP Exploration & Geosciences
Mr. Bullock has over 30 year of exploration, development and management experience with senior and private E & D growth companies. Mr. Bullock held positions at Milestone Exploration, ConocoPhillips Canada, Gulf Canada, Crestar Energy and Amoco Canada.
Darin R. Dunlop, VP Engineering
Mr. Dunlop has over 30 years of domestic and international diversified engineering experience. He held positions at Wascana Energy, Santos, Genesis Exploration/Vintage Petroleum, Tiger Energy and Ridgeback Exploration.
Thanh C. Kang, Chief Financial Officer
With over 19 years of financial and managerial experience in the oil and gas industry, Mr. Kang has held the position of Chief Financial Officer since the Company’s inception in 2009. From 2005 to 2008, he was VP Finance & CFO of Churchill Energy Inc.
P. Gary Lebsack, VP Land
Mr. Lebsack has over 20 years of mineral land and managerial experience in the oil and gas industry. He was Vice President, Land at Glamis Resources.
David M. Mombourquette, VP Business Development & IT
Mr. Mombourquette has over 32 years engineering and evaluation experience, and is a past Officer of Ketch Energy Ltd., Ketch Resources Ltd. and Kereco Energy Ltd.
Jeffery B. Zdunich, VP Finance & Controller
Mr. Zdunich has over 19 years of financial experience in the oil and gas industry with prior roles at Delphi Energy, PricewaterhouseCoopers LLP and Anadarko Canada.
Kenneth S. Stickland, Chairman
Heather J. Culbert, Director
Gregory S. Fletcher, Director
Daryl H. Gilbert, Director
Glenn A. McNamara, Director
Stephen C. Nikiforuk, Director
Grant A. Zawalsky, Director
On August 26, 2019, Whitecap Resources Inc. has elected to exercise a more cautious approach for the balance of 2019 by reducing the company's 2019 second half capital expenditures program by 17 per cent to $250-million from $300-million to provide greater optionality and improve near-term free funds flow. The company's fiscal 2019 capital expenditures program is now anticipated to be $400-million, which is $50-million lower than the company's previous guidance of $450-million.
On August 15, 2019, Whitecap Resources Inc. has declared a cash dividend of 2.85 cents per common share in respect of August operations, to be paid on Sept. 16, 2019, to shareholders of record on Aug. 31, 2019.
On August 1, 2019, Whitecap Resources Inc. has released its operating and unaudited financial results for the three and six months ended June 30, 2019. Whitecap earns $58.35M in Q2 2019.
Whitecap also announced that Brad Wall has been appointed to the Whitecap Board of Directors effective July 30, 2019 and will serve as a member of the Health & Safety Committee and the newly created Sustainability & Advocacy Committee.
Mr. Wall has 18 years of political experience and served as the Premier of Saskatchewan from November 2007 until February 2018. During his tenure as Premier, Mr. Wall helped lead the province to a period of strong population and economic growth, export expansion, record infrastructure investment and tax reductions while helping to earn the province's first ever AAA credit rating.
On July 15, 2019, Whitecap Resources Inc. announced that it intends to release its 2019 second quarter results before market open on Thursday, Aug. 1, 2019, and has scheduled a conference call and webcast to begin promptly at 9 a.m. MT (11 a.m. ET) on Thursday, Aug. 1, 2019. The conference call dial-in number is 1-888-390-0605, 587-880-2175 or 416-764-8609.
In addition, Whitecap announced that a cash dividend of 2.85 cents per common share in respect of July operations will be paid on Aug. 15, 2019, to shareholders of record on July 31, 2019.
On June 13, 2019, Whitecap Resources Inc. announced that it will pay a cash dividend of 2.85 cents per common share in respect of June operations. The dividend will be paid on July 15, 2019, to shareholders of record on June 30, 2019.