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Whitecap Resources Inc.

Company Data | Introduction | Projects in Hand | Management
News Update
| Chinese

Address :  Suite 3800, 525 - 8th Avenue SW
Calgary, Alberta
Canada T2P 1G1
Tel No.: 403-266-0767
Fax No.: 403-266-6975
Web Site: www.wcap.ca
E-mail: tkang@wcap.ca
Contact Person: Thanh Kang
Position: Chief Financial Officer


Company Data

Traded Market: TSX
Traded Symbol: WCP
Outstanding Shares: 412.7 million
52 Week High: $ 9.31
52 Week Low: $ 3.80
Present Price: Click Here


Introduction

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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.


CORE AREAS OF OPERATIONS

  • Light Oil Drilling Inventory 2,827
  • 8 years of inventory

Drilling

Inventory

Wells

2018

2019

West Central Saskatchewan

813

135

100

Southwest Saskatchewan

776

60

63

Northwest Alberta & BC

521

30

25

West Central Alberta

514

21

26

Southeast Saskatchewan

203

16

7

Northwest Alberta (Deep Basin)

Core Growth Asset

  • Large defined oil-in-place
  • High-quality, short cycle projects
  • Multiple expansion and growth opportunities

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.

Asset Summary

Depth

1,400 – 2,700 m

Oil Quality / Benchmark

39° - 32° API / MSW

DOIIP (Bbbls)

0.9 (0.7 net)

Recovered to date

1%

Booked 2P recovery factor

5%

Possible recovery factor

12%

Inventory

384 (282.9 net)

% booked

30%

West Central Alberta

Stable and Predictable

  • Large oil-in-place and low risk development
  • Underdeveloped enhanced oil recovery projects
  • Opportunities for continued capital efficiency optimization

Whitecap's Cardium producing areas in West Central Alberta are primarily located in the Pembina, Garrington, Ferrier and Willesden Green areas.

Asset Summary

Depth

1,300 – 2,300 m

Oil Quality / Benchmark

39° API / MSW

DOIIP (Bbbls)

1.6 (1.2 net)

Recovered to date

12%

Booked 2P recovery factor

17%

Possible recovery factor

20%

Inventory

514 (371.0 net)

% booked

58%

West Central Saskatchewan

Core Growth Asset

  • High ROR and short capital payout projects
  • Industry leading capital efficiencies
  • Reduced D&C costs 38% since entering the play in 2012
  • Successful waterfloods plus expansion opportunities

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.

Asset Summary

Depth

700 m

Oil Quality / Benchmark

36° API / MSW

DOIIP (Bbbls)

1.3 (1.1 net)

Recovered to date

6%

Booked 2P recovery factor

10%

Possible recovery factor

15%

Inventory

813 (746.0 net)

% booked

78%

Southwest Saskatchewan

Sustainable Free Funds Flow

  • Large defined oil-in-place in multiple horizons
  • Enhanced oil recovery opportunities
  • Generates significant free funds flow
  • Low base production decline rate of 8%

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.

Asset Summary

Depth

900 – 1,200 m

Oil Quality / Benchmark

22° API / FOS

DOIIP (Bbbls)

3.3 (1.9 net)

Recovered to date

16%

Booked 2P recovery factor

19%

Possible recovery factor

30%

Inventory

776 (586.3 net)

% booked

33%

Southeast Saskatchewan

Free Funds Flow Engine

  • Opportunities to optimize and expand CO2 flood
  • Reserve life > 40 years
  • Generates > $100MM excess cash flow annually
  • Low base production decline rate < 3%

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.

Asset Summary

Depth

1,400 m

Oil Quality / Benchmark

36° API / Midale

DOIIP (Bbbls)

1.5 (0.9 net)

Recovered to date

33%

Booked 2P recovery factor

45%

Possible recovery factor

47%

Inventory

203 (126.1 net)

% booked

95%


Management

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

Brad Wall,董事


News Update

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.


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