Whitecap Resources (OTCPK:SPGY.F) 2026 Earnings Call Presentation

Company Overview - Whitecap's market capitalization is approximately $14 billion[9] and enterprise value is around $17 billion[13] - The company's 2026 production guidance is 372,500 boe/d[9], with an expected funds flow of $3.3 billion[9] and a capital budget of $2.05 billion[9] - Whitecap targets a total shareholder return of 10%-15% annually[14] Financial Strength - The company has a low leverage ratio of approximately 1.0x Net Debt / Funds Flow[9] and an investment-grade credit rating of BBB by DBRS[18] - Whitecap has $3.3 billion in net debt[28], with 50% fixed interest rate debt and 50% variable interest rate debt[28] - The company targets a payout ratio of 20%-25% for its base dividend[20], with an annual dividend of $0.73 per share[9] Asset Portfolio - Whitecap has a diversified asset base with approximately 10,500 inventory locations, split between 55% conventional and 45% unconventional[35] - The company holds approximately 1,500,000 acres of Montney & Duvernay rights[43] and has approximately 4,700 Montney & Duvernay locations in inventory[43] - The company estimates 5,800 primarily light oil conventional drilling locations[17]