Capital Markets | Capital Expenditure | Capex Increase | Capital Expenditure 2025 | Capex - 2026

Whitecap Details 2026 Duvernay & Montney Program

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   |    Tuesday,December 23,2025

Whitecap Resources reported strong third quarter 2025 operating and financial results, marking its first full quarter following the strategic combination with Veren that closed on May 12, 2025. Management highlighted seamless integration progress, early synergy capture, and accelerating operational improvements across an expanded Western Canada portfolio.

Given year-to-date execution, Whitecap raised full-year 2025 average production guidance to 305,000 boe/d, above the high end of its prior 295,000–300,000 boe/d range, while holding 2025 capital spending guidance flat at $2.0 billion. The company expects fourth quarter production of roughly 370,000 boe/d (61% liquids).

Balance sheet metrics remain conservative, with quarter-end net debt of $3.3 billion, equating to ~1.0x net debt to annualized funds flow, and $1.6 billion of available liquidity.

Looking into 2026, Whitecap’s Board approved a $2.0–$2.1 billion capital program targeting average annual production of 370,000–375,000 boe/d (60% liquids) and an exit-rate above 380,000 boe/d. Embedded within the plan is $300 million in annual capital, operating, and corporate synergies—40% higher than the original $210 million estimate disclosed at the time of the Veren combination.

The 2026 program remains weighted toward unconventional development (approximately 75% of total capital) with a steady seven-rig program across the Duvernay and Montney, while the conventional portfolio provides short-cycle flexibility across Saskatchewan and Alberta.