Whitecap Resources Inc Q3 2025 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Sam Burwell - Jefferies - Analyst : Hey, good morning, guys. I wanted to ask about the seven rig program across the Montney and Duvernay. Is that fewer rigs than you're running now, fewer rigs than you were originally planning to run in 26, is this effectively a variance synergy manifesting itself?

Question: Sam Burwell - Jefferies - Analyst : Okay, got it. And you talked a lot about share repurchas both in the release and and then the opening remarks. So can we expect those to be more rateable over time or should those remain something that's deployed in opportunistic situations? Just curious, like if you don't see any dislocations, let's say, should we expect most of that free cash flow after the dividend next year to go towards the balance sheet?

Question: Sam Burwell - Jefferies - Analyst : Okay, understood thanks guys. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. OCTOBER 23, 2025 / 3:00PM, WCP.TO - Q3 2025 Whitecap Resources Inc Earnings Call

Question: Patrick O'Rourke - ATB Capital Markets - Analyst : Hey guys, good morning and thanks for taking my question this morning. So the budget came in at certainly what I think 6 months ago, 1 1 budget of white cap and and bar and much lower than that would have, looked here and just wondering, sort of what the levers you've pulled to be able to achieve that is and then in the in the updated deck you talk about free cash flow to $70 crude price. And allocating the incremental free cash flow to share purchases and debt reduction, I wonder what sort of crude environment and macro conditions, White Cap would need to see out there to sort of have a little bit of a more aggressive capital program going forward.

Question: Patrick O'Rourke - ATB Capital Markets - Analyst : Okay thanks and then maybe a bit more of a technical question here, but in terms of the plug and perf pilots that you're looking at here, I think it's 22 well pads. What are the, how are you going to benchmark the KPIs, in terms of what you would measure success that and then, if it is successful there, if you're able to sort of scale that up from two wells toad scopes that are much larger than that, what would that mean going forward?

Question: Patrick O'Rourke - ATB Capital Markets - Analyst : Okay, thank you very. Much.

Question: Dennis Fong - CIBC Capital Markets - Analyst : Hi, good morning, and thanks for taking my questions. The first one, I want to focus a little bit on the gas lift side. You've optimized, part of Gold Creek and car really frankly driving some volume out performance and frankly more to do at Masro, next year. Can you talk towards a little bit of the stage of optimization across the asset base, especially the legacy one? And how should we think about the cadence of working through kind of the upcoming backlog to kind of deploy gas lifting and optimized basis across the entire asset base.

Question: Dennis Fong - CIBC Capital Markets - Analyst : Great, thanks for that context there. My second question, relates to infrastructure spending. It looks like you have a couple $100 million of that in 2026. Can you talk towards the the cadence of, we'll call it facility build out and so forth obviously you have the that's kind of the near well bore infrastructure build out versus the actual facility build out which is, done by your infrastructure partner but can you talk towards the cadence of infrastructure spending over the next couple of years because I think capital efficiency becomes that much more, impressive as if you kind of X out some of the mid-cycle spending requirements.

Question: Dennis Fong - CIBC Capital Markets - Analyst : Right. Really appreciate that color. I'll turn it back. Thanks.

Question: Travis Wood - National Bank Financial - Analyst : Yeah, good morning guys, I wanted to hear your thoughts on (Inaudible) and so maybe you could kind of walk us through. The critical path as you're looking out through the tail end of this year, what type of lead time items you need to work with with the partner, additional approvals as you as you kind of step into Q4 of of next year and then. On top of that, what do you think the ultimate productive capacity of of that region would be over and above the initial 35 to 40 a day? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. OCTOBER 23, 2025 / 3:00PM, WCP.TO - Q3 2025 Whitecap Resources Inc Earnings Call

Question: Travis Wood - National Bank Financial - Analyst : Okay, perfect. I'll turn it back. Appreciate the color.

Question: Dennis Fong - CIBC Capital Markets - Analyst : Hey, sorry, I just had one more question, maybe as a follow-up to Travis's on the tour there just wanted to ask if you had, if you could kind of highlight any of the, either engineering work or the geology of the facility design that really kind of provides incremental confidence in showcasing it on plan, ramp up for that region and that facility.

Question: Dennis Fong - CIBC Capital Markets - Analyst : Great thanks. I'll. Turn it back.