CALGARY, AB , April 29, 2026 /CNW/ - Whitecap Resources Inc. ("Whitecap" or the "Company") (TSX: WCP) is pleased to report its operating and unaudited financial results for the three months ended March 31, 2026.

Selected financial and operating information is outlined below and should be read with Whitecap's unaudited interim consolidated financial statements and related management's discussion and analysis for the three months ended March 31, 2026 which are available at sedarplus.ca and on our website at wcap.ca.

MESSAGE TO SHAREHOLDERS

Whitecap continues to deliver exceptionally strong results as evidenced in the first quarter, with average production of 391,416 boe/d (62% liquids), exceeding our original budget expectations by approximately 19,000 boe/d, driven by robust new well productivity, strong base production performance and improved cycle times that brought wells onstream ahead of plan.

Since the first quarter of 2025, funds flow more than doubled to over $1.0 billion in the quarter, primarily reflecting the impact of the acquisition of Veren Inc. More importantly, funds flow per share increased 12%, demonstrating the realization of structural synergies despite weaker average realized commodity prices.

This performance was supported by continued cost discipline, with operating costs decreasing 11% to $12.02/boe below our guidance range of $12.25/boe – $12.75/boe.

Operational activity remained high, with peak utilization of 18 drilling rigs, resulting in the drilling of 31 (31.0 net) unconventional wells and 54 (47.3 net) conventional wells, while continuing to advance the construction of the Company's Lator phase 1 facility. These results reflect strong operational momentum carried forward from the fourth quarter of 2025 and consistent execution across the entire asset base.

As a result, the Company is increasing its full year production guidance by 7,500 boe/d to 378,000 – 382,000 (61% liquids) while maintaining its capital expenditure budget of $2.0 – $2.1 billion, demonstrating improved capital efficiency and execution.

The Company's balance sheet remains in exceptional shape, with net debt to annualized funds flow ratio¹ of 0.8 times and $1.2 billion of unused credit capacity. During the quarter, the Company proactively reduced its bank credit facility from $3.0 billion to $2.5 billion, lowering standby charges and extended the maturity date to September 19, 2030, further enhancing financial flexibility.

First Quarter 2026 Highlights

• Strong first quarter funds flow: Generated funds flow of $1.0 billion ($0.84 per share), a 12% increase per share, driven by higher production, strong realized pricing and lower operating costs.
• Disciplined capital investment and free cash generation: Capital investments of $676 million resulted in free funds flow of $349 million for the quarter.
• Record production: Production averaged a record 391,416 boe/d, comprised of 242,107 bbls/d of liquids and 895,854 mcf/d of natural gas, an increase of 6% on a per share basis⁵ over the first quarter of 2025.
• Shareholder returns and balance sheet improvement: Returned $221 million in dividends during the quarter and reduced net debt to $3.2 billion, resulting in a net debt to annualized funds flow ratio of 0.8 times and $1.2 billion of undrawn credit capacity.

OPERATIONS REVIEW

Operational momentum carried over from 2025, with a continued focus on structural improvements being reflected in strong first quarter operating and production results. Continued well level outperformance is incorporated into our guidance increase, while ongoing cost discipline and solid execution are driving margin expansion and enhanced capital efficiency, all of which support increased profitability across the business.

Unconventional Highlights

Half of corporate outperformance in the quarter was driven by the Unconventional division, which was largely attributable to strong new well productivity. Initial production results across our Montney and Duvernay assets were approximately 10% above expectations.

During the quarter, we completed two plug-and-perf ("P&P") pilot pads at Karr with strong execution across all seven (7.0 net) wells. The wells achieved greater than 95% stimulation effectiveness, and we estimate cost savings of approximately $2 million per well compared to area wells utilizing single-point entry completion technology. Early-time production rates are in line with expectations. Our pilot P&P pad in Gold Creek will spud later in 2026. Across our Montney development, well and completion design will continue to be optimized on area-specific performance, cost and risk considerations.

Operational efficiency continues to improve across both drilling and completions key performance indicators. Ongoing well design enhancements and execution improvements, including the use of actively guided completions, have increased proppant pumped per day across our unconventional division by 12% relative to historical performance. In addition, drilling rates of penetration have improved by 27% on average across the division. These gains reflect continued focus on consistency, efficiency and the application of learnings across the portfolio.

Conventional Highlights

The Conventional division continued to generate outsized free funds flow, representing approximately 25% of total capital expenditures while contributing almost 60% of operating free funds flow in the first quarter. The Alberta and Saskatchewan conventional assets accounted for the remaining half of corporate outperformance in the quarter, where new well productivity and base production optimization exceeded expectations. We also benefited from access to previously unavailable third-party infrastructure capacity, which contributed approximately 3,000 boe/d to Glauconite production volumes during the quarter.

Our open hole multi-lateral ("OHML") Bakken development continues to push technical and operational boundaries, highlighted by the recent drilling of a 10-leg, 3-mile OHML well. With over 43,000 metres drilled, this represents the longest well in Canada and underscores the strength of our technical and operational capabilities. The well was brought on production in April, and positive results are expected to enhance our inventory depth, improve long-term capital efficiency and further validate the applicability of OHML technology across our conventional asset base.

Additional initiatives contributing to strong first quarter results include optimized development sequencing and lower drilling and completion costs, resulting in shorter cycle times and enhanced capital efficiency. Our Frobisher assets were the most active assets during the quarter and drove the operational improvements with a 7% decrease in drilling costs per metre and a 15% decrease in equipping costs relative to historical performance.

OUTLOOK

The ongoing conflict in the Middle East has introduced significant commodity price volatility, with WTI trading between US$70/bbl and US$115/bbl since the conflict started, while Edmonton light oil and condensate prices have strengthened to a premium to WTI. These dynamics have materially improved our cash flow outlook, although only one month of this benefit is reflected in our first quarter results. In this environment, we remain focused on disciplined execution and prioritizing the realization of these gains to maximize free funds flow optionality. The current geopolitical landscape continues to reinforce the importance of energy security, positioning Canada as a reliable supplier of both crude oil and natural gas to global markets.

We remain committed to a disciplined capital program and a counter-cyclical approach to free funds flow allocation. Based on current strip pricing⁶, we expect to reduce our year end 2026 net debt by more than $1 billion compared to our year end 2025 net debt, which will result in a net debt to funds flow ratio of 0.5 times. This further strengthens our balance sheet and positions the Company to capture incremental opportunities in the future on behalf of shareholders. Our long-term target remains a net debt to funds flow ratio of less than 1.0 times through commodity cycles.

In natural gas markets, AECO pricing remains weak and is expected to average below $2.00/GJ for the balance of the year, reflecting continued supply growth in Western Canada. This underscores the importance of price diversification, as demonstrated in the first quarter where we achieved an average realized price of $3.18/mcf compared to AECO of $2.01/mcf. We will continue to expand market diversification through long-term contracts, increasing exposure to international and U.S. markets. Our risk management strategy remains active, with approximately 28% of 2026 natural gas production hedged at an average swap price of over $4.00/mcf and 13% hedged at an average swap price of approximately $3.00/mcf in 2027.

Given elevated oil prices, we have also prudently added to our hedge positions, with approximately 34% of 2026 crude oil production and 23% of 2027 production hedged. Despite the incremental uplift in funds flow, our strategy remains unchanged. We continue to target annual production growth of 3% to 5% while maintaining a counter-cyclical approach to capital allocation and prioritizing balance sheet strength.

On behalf of our employees, management team and Board of Directors, we thank our shareholders for their continued support and confidence.

NOTES

CONFERENCE CALL AND WEBCAST

Whitecap has scheduled a conference call and webcast to begin promptly at 9:00 am MT (11:00 am ET) on Thursday, April 30, 2026.

The conference call dial-in number is: 1-888-510-2154 or (403) 910-0389 or (437) 900-0527

A live webcast of the conference call will be accessible on Whitecap's website at wcap.ca by selecting "Investors", then "Presentations & Events". Shortly after the live webcast, an archived version will be available for approximately 14 days.

NOTE REGARDING FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements and forward-looking information (collectively "forward-looking information") within the meaning of applicable securities laws relating to the Company's plans and other aspects of our anticipated future operations, management focus, strategies, financial, operating and production results and business opportunities. Forward-looking information typically uses words such as "anticipate", "believe", "continue", "trend", "sustain", "project", "expect", "forecast", "budget", "goal", "guidance", "plan", "objective", "strategy", "target", "intend", "estimate", "potential", or similar words suggesting future outcomes, statements that actions, events or conditions "may", "would", "could" or "will" be taken or occur in the future, including statements about our strategy, plans, focus, objectives, priorities and position.

In particular, and without limiting the generality of the foregoing, this press release contains forward-looking information with respect to: that the Company's balance sheet remains in exceptional shape, with net debt to annualized funds flow ratio of 0.8 times and $1.2 billion of unused credit capacity; our full year production guidance (including the product type breakdown); our belief that our updated guidance demonstrates improved capital efficiency and execution; that our reduced bank credit facility will lower standby charges and the extended maturity date of September 19, 2030 will further enhance financial flexibility; that continued well level outperformance  is incorporated into our guidance increase, while ongoing cost discipline and solid execution are driving margin expansion and enhanced capital efficiency, all of which support increased profitability across the business; our estimated cost savings of our P&P pilot pads compared to area wells utilizing single point entry completion technology; the anticipated timing of our pilot P&P pad at Gold Creek; that across our Montney development, well and completion design will continue to be optimized on area-specific performance, cost and risk considerations; that the increase in drilling rates of penetration and proppant pumped per day reflect continued focus on consistency, efficiency, and the application of learnings across the portfolio our belief that the recent 10-leg 3-mile OHML well in the Bakken underscores the strength of our technical and operational capabilities; our belief that positive results from the 10-leg 3-mile OHML well in the Bakken are expected to enhance our inventory depth, improve long-term capital efficiency, and further validate the applicability of OHML technology across our conventional asset base; our belief that the ongoing conflict in the Middle East, the trading range of WTI since the conflict started and Edmonton light oil and condensate price strength have materially improved our cash flow outlook; that we remain focused on disciplined execution and prioritizing the realization of these gains to maximize free funds flow optionality; that the current geopolitical landscape continues to reinforce the importance of energy security, positioning Canada as a reliable supplier of both crude oil and natural gas to global markets; that we remain committed to a disciplined capital program and a counter-cyclical approach to free funds flow allocation; our forecast for debt reduction by year end and the calculation of our net debt to funds flow ratio; that a reduction in net debt further strengthens our balance sheet and positions the Company to capture incremental opportunities in the future on behalf of shareholders; our long-term target net debt to funds flow ratio through commodity cycles; our expectations for AECO prices for the balance of the year and the reasons defined herein; our belief that we will continue to expand market diversification through long-term contracts, increasing exposure to international and U.S. markets; that our risk management strategy remains active; the anticipated percentages of our forecast natural gas and crude oil production that is hedged; that despite the forecasted incremental uplift in funds flow, our strategy remains unchanged; and that we continue to target annual production growth of 3% to 5% while maintaining a counter-cyclical approach to capital allocation and prioritizing balance sheet strength.

The forward-looking information is based on certain key expectations and assumptions made by our management, including: the duration and impact of tariffs that are currently in effect on goods exported from or imported into Canada, and that other than the tariffs that are currently in effect, neither the U.S. nor Canada (i) increases the rate or scope of such tariffs, reenacts tariffs that are currently suspended, or imposes new tariffs, on the import of goods from one country to the other, including on oil and natural gas, and/or (ii) imposes any other form of tax, restriction or prohibition on the import or export of products from one country to the other, including on oil and natural gas; that we will continue to conduct our operations in a manner consistent with past operations except as specifically noted herein (and for greater certainty, the forward-looking information contained herein excludes the potential impact of any acquisitions or dispositions that we may complete in the future); the general continuance or improvement in current industry conditions; the continuance of existing (and in certain circumstances, the implementation of proposed) tax, royalty and regulatory regimes; expectations and assumptions concerning prevailing and forecast commodity prices, exchange rates, interest rates, inflation rates, applicable royalty rates and tax laws, including the assumptions specifically set forth herein; the ability of OPEC+ nations and other major producers of crude oil to adjust crude oil production levels and thereby manage world crude oil prices; the impact (and the duration thereof) of the ongoing military actions in the Middle East and between Russia and Ukraine and related sanctions on crude oil, NGLs and natural gas prices; the impact of current and forecast exchange rates, inflation rates and/or interest rates on the North American and world economies and the corresponding impact on our costs, our profitability, and on crude oil, NGLs and natural gas prices; future production rates and estimates of operating costs and development capital, including as specifically set forth herein; performance of existing and future wells; reserves volumes and net present values thereof; anticipated timing and results of capital expenditures/development capital, including as specifically set forth herein; the success obtained in drilling new wells; the sufficiency of budgeted capital expenditures in carrying out planned activities; the timing, location and extent of future drilling operations; the timing and costs of pipeline, storage and facility construction and expansion; the state of the economy and the exploration and production business; the availability and cost of financing, labour and services; future dividend levels and share repurchase levels; the impact of increasing competition; ability to efficiently integrate assets and employees acquired through acquisitions or asset exchange transactions; ability to market oil and natural gas successfully; our ability to access capital and the cost and terms thereof; that we will not be forced to shut-in production due to weather events such as wildfires, floods, droughts or extreme hot or cold temperatures; and that we will be successful in defending against previously disclosed and ongoing reassessments received from the Canada Revenue Agency and assessments received from the Alberta Tax and Revenue Administration.

Although we believe that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Whitecap can give no assurance that they will prove to be correct. Since forward-looking information addresses future events and conditions, by its very nature it involves inherent risks and uncertainties. These include, but are not limited to: the risk that the funds that we ultimately return to shareholders through dividends and/or share repurchases is less than currently anticipated and/or is delayed, whether due to the risks identified herein or otherwise; the risk that any of our material assumptions prove to be materially inaccurate, including our 2026 forecast (including for production levels, capital expenditure levels, commodity prices and exchange rates); the risk that (i) the tariffs that are currently in effect on goods exported from or imported into Canada continue in effect for an extended period of time, the tariffs that have been threatened are implemented, that tariffs that are currently suspended are reactivated, the rate or scope of tariffs are increased, or new tariffs are imposed, including on oil and natural gas, (ii) the U.S. and/or Canada imposes any other form of tax, restriction or prohibition on the import or export of products from one country to the other, including on oil and natural gas, and (iii) the tariffs imposed or threatened to be imposed by the U.S. on other countries and retaliatory tariffs imposed or threatened to be imposed by other countries on the U.S., will trigger a broader global trade war which could have a material adverse effect on the Canadian, U.S. and global economies, and by extension the Canadian oil and natural gas industry and the Company including by decreasing demand for (and the price of) oil and natural gas, disrupting supply chains, increasing costs, causing volatility in global financial markets, and limiting access to financing; risks associated with the mandatory joint review of the Canada-United States-Mexico Agreement ("CUSMA") on July 1, 2026 including the risk that the members ultimately withdrawing from CUSMA, which could result in a significant increase in trade barriers, which could in turn have a material adverse effect on the Canadian and U.S. economies, and by extension the Canadian oil and natural gas industry and the Company; the risks associated with the oil and gas industry in general such as operational risks in development, exploration and production, including the risk that weather events such as wildfires, flooding, droughts or extreme hot or cold temperatures forces us to shut-in production or otherwise adversely affects our operations; pandemics and epidemics; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of estimates and projections relating to reserves, production, costs and expenses; risks associated with increasing costs, whether due to elevated inflation rates, elevated interest rates, supply chain disruptions or other factors; health, safety and environmental risks; commodity price and exchange rate fluctuations; interest rate fluctuations; inflation rate fluctuations; marketing and transportation risks; loss of markets; competition; incorrect assessment of the value of acquisitions; failure to complete or realize the anticipated benefits of acquisitions or dispositions; the risk that going forward we may be unable to access sufficient capital from internal and external sources on acceptable terms or at all; failure to obtain required regulatory and other approvals; reliance on third parties and pipeline systems; changes in legislation, including but not limited to tax laws, tariffs, import or export restrictions or prohibitions, production curtailment, royalties and environmental (including emissions and "greenwashing") regulations; the risk that we do not successfully defend against previously disclosed and ongoing reassessments received from the Canada Revenue Agency and assessments received from the Alberta Tax and Revenue Administration and are required to pay additional taxes, interest and penalties as a result; and the risk that the amount of future cash dividends paid by us and/or shares repurchased for cancellation by us, if any, will be subject to the discretion of our Board of Directors and may vary depending on a variety of factors and conditions existing from time to time, including, among other things, fluctuations in commodity prices, production levels, capital expenditure requirements, debt service requirements, operating costs, royalty burdens, foreign exchange rates, contractual restrictions contained in our debt agreements, and the satisfaction of the liquidity and solvency tests imposed by applicable corporate law for the declaration and payment of dividends and/or the repurchase of shares – depending on these and various other factors as disclosed herein or otherwise, many of which will be beyond our control, our dividend policy and/or share buyback policy and, as a result, future cash dividends and/or share buybacks, could be reduced or suspended entirely. Our actual results, performance or achievement could differ materially from those expressed in, or implied by, the forward-looking information and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits that we will derive therefrom. Management has included the above summary of assumptions and risks related to forward-looking information provided in this press release in order to provide security holders with a more complete perspective on our future operations and such information may not be appropriate for other purposes.

Readers are cautioned that the foregoing lists of factors are not exhaustive. Additional information on these and other factors that could affect our operations or financial results are included in reports on file with applicable securities regulatory authorities and may be accessed through the SEDAR+ website (sedarplus.ca).

These forward-looking statements are made as of the date of this press release and we disclaim any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

This press release contains future-oriented financial information and financial outlook information (collectively, "FOFI") about: our forecast 2026 capital expenditure budget; our forecast of average daily production for 2026; 2026 annualized funds flow; our forecast for annual reduction in net debt and resulting net debt to funds flow ratio; and our long-term target for net debt to funds flow ratio; all of which are subject to the same assumptions, risk factors, limitations, and qualifications as set forth in the above paragraphs. The actual results of operations of Whitecap and the resulting financial results will likely vary from the amounts set forth herein and such variation may be material. Whitecap and its management believe that the FOFI has been prepared on a reasonable basis, reflecting management's best estimates and judgments. However, because this information is subjective and subject to numerous risks, it should not be relied on as necessarily indicative of future results. Except as required by applicable securities laws, Whitecap undertakes no obligation to update such FOFI. FOFI contained in this press release was made as of the date of this press release and was provided for the purpose of providing further information about Whitecap's anticipated future business operations. Readers are cautioned that the FOFI contained in this press release should not be used for purposes other than for which it is disclosed herein.

OIL AND GAS ADVISORIES

Barrel of Oil Equivalency

"Boe" means barrel of oil equivalent. All boe conversions in this press release are derived by converting gas to oil at the ratio of six thousand cubic feet ("Mcf") of natural gas to one barrel ("Bbl") of oil. Boe may be misleading, particularly if used in isolation. A Boe conversion rate of 1 Bbl : 6 Mcf is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio of oil compared to natural gas based on currently prevailing prices is significantly different than the energy equivalency ratio of 1 Bbl : 6 Mcf, utilizing a conversion ratio of 1 Bbl : 6 Mcf may be misleading as an indication of value.

Production & Product Type Information

References to petroleum, crude oil and condensate, natural gas liquids ("NGLs"), natural gas and average daily production in this press release refer to the light and medium crude oil, tight crude oil, conventional natural gas, shale gas and NGLs product types, as applicable, as defined in National Instrument 51-101 ("NI 51-101"), except as noted below.

NI 51-101 includes condensate and pentane within the NGLs product type. The Company has disclosed condensate and pentane as combined with crude oil and separately from other NGLs since the price of condensate and pentane as compared to other NGLs is currently significantly higher and the Company believes that this crude oil, condensate and pentane presentation provides a more accurate description of its operations and results therefrom. Crude oil therefore refers to light oil, medium oil, tight oil, condensate and pentane. NGLs refers to ethane, propane and butane combined. Natural gas refers to conventional natural gas and shale gas combined. Liquids refer to crude oil and NGLs.

The Company's average daily production for the three months ended March 31, 2026 and 2025, and the forecast average daily production for 2026 (midpoint) disclosed in this press release consists of the following product types, as defined in NI 51-101 (other than as noted above with respect to condensate and pentane) and using a conversion ratio of 1 Bbl : 6 Mcf where applicable:

SPECIFIED FINANCIAL MEASURES

This press release includes various specified financial measures, including non-GAAP financial measures, non-GAAP ratios, capital management measures and supplementary financial measures as further described herein. These financial measures are not standardized financial measures under International Financial Reporting Standards ("IFRS Accounting Standards" or, alternatively, "GAAP") and, therefore, may not be comparable with the calculation of similar financial measures disclosed by other companies.

"Annualized funds flow" is a supplementary financial measure that is used by management as a substitute for annual funds flow when a material transaction (such as the strategic combination with Veren Inc.) or other material change occurs during the middle of the year and as a result annual funds flow is less meaningful. It is calculated by grossing up the applicable numbers of days being analyzed (such as a quarter or half year) to 365. Annualized funds flow referred to in this press release is calculated based on Whitecap's funds flow for the first quarter of 2026 of $1,025 million, which equates to an estimated annualized funds flow of $4,100 million.

"Average realized prices" for crude oil, NGLs and natural gas are supplementary financial measures calculated by dividing each of these components of petroleum and natural gas revenues, disclosed in Note 14 "Revenue" to the Company's unaudited interim consolidated financial statements for the three months ended March 31, 2026, by their respective production volumes for the period.

"Free funds flow" is a non-GAAP financial measure calculated as funds flow less expenditures on property, plant and equipment ("PP&E"). Management believes that free funds flow provides a useful measure of Whitecap's ability to increase returns to shareholders and to grow the Company's business. Free funds flow is not a standardized financial measure under IFRS Accounting Standards and, therefore, may not be comparable with the calculation of similar financial measures disclosed by other entities. The most directly comparable financial measure to free funds flow disclosed in the Company's primary financial statements is cash flow from operating activities. Refer to the "Cash Flow from Operating Activities, Funds Flow and Free Funds Flow" section of our management's discussion and analysis for the three months ended March 31, 2026 which is incorporated herein by reference, and available on SEDAR+ at sedarplus.ca. In addition, see the following table which reconciles cash flow from operating activities to funds flow and free funds flow:

"Funds flow", "funds flow basic ($/share)" and "funds flow diluted ($/share)" are capital management measures and are key measures of operating performance as they demonstrate Whitecap's ability to generate the cash necessary to pay dividends, repay debt, make capital investments, and/or to repurchase common shares under the Company's normal course issuer bid. Management believes that by excluding the temporary impact of changes in non-cash operating working capital, funds flow, funds flow basic ($/share) and funds flow diluted ($/share) provide useful measures of Whitecap's ability to generate cash that are not subject to short-term movements in non-cash operating working capital. Whitecap reports funds flow in total and on a per share basis (basic and diluted), which is calculated by dividing funds flow by the weighted average number of basic shares and weighted average number of diluted shares outstanding for the relevant period. See Note 5(f)(ii) "Capital Management – Funds Flow" in the Company's unaudited interim consolidated financial statements for the three months ended March 31, 2026 for additional disclosures.

"Net Debt" is a capital management measure that management considers to be key to assessing the Company's liquidity. See Note 5(f)(i) "Capital Management – Net Debt and Total Capitalization" in the Company's unaudited interim consolidated financial statements for the three months ended March 31, 2026 for additional disclosures. The following table reconciles the Company's long-term debt to net debt:

"Net debt to funds flow ratio" or "Net debt to annualized funds flow ratio" is a supplementary financial measure determined by dividing net debt at the end of the applicable period by funds flow or annualized funds flow for the applicable period, as the case may be. These measures are not standardized measures and therefore may not be comparable with the calculation of similar measures by other entities.

"Operating netback" is a non-GAAP financial measure determined by adding marketing revenues and processing & other income, deducting realized losses on commodity risk management contracts or adding realized gains on commodity risk management contracts and deducting tariffs, royalties, operating expenses, transportation expenses and marketing expenses from petroleum and natural gas revenues. The most directly comparable financial measure to operating netback disclosed in the Company's primary financial statements is petroleum and natural gas sales. Operating netback is a measure used in operational and capital allocation decisions. Operating netback is not a standardized financial measure under IFRS Accounting Standards and, therefore, may not be comparable with the calculation of similar financial measures disclosed by other entities. For further information, refer to the "Operating Netbacks" section of our management's discussion and analysis for the three months ended March 31, 2026, which is incorporated herein by reference, and available on SEDAR+ at sedarplus.ca. A reconciliation of operating netbacks to petroleum and natural gas revenues is set out below:

"Operating netback ($/boe)" is a non-GAAP ratio calculated by dividing operating netbacks by the total production for the period. Operating netback is a non-GAAP financial measure component of operating netback per boe. Operating netback per boe is not a standardized financial measure under IFRS Accounting Standards and, therefore, may not be comparable with the calculation of similar financial measures disclosed by other entities. Presenting operating netback on a per boe basis allows management to better analyze performance against prior periods on a comparable basis.

"Per boe" or "($/boe)" disclosures for petroleum and natural gas sales, royalties, operating expenses, transportation expenses and marketing expenses are supplementary financial measures that are calculated by dividing each of these respective GAAP measures by the Company's total production volumes for the period.

"Petroleum and natural gas revenues ($/boe)", "Tariffs ($/boe)", "Processing and other income ($/boe)" and "Marketing revenues ($/boe)" are supplementary financial measures calculated by dividing each of these components of petroleum and natural gas sales, disclosed in Note 14 "Revenue" to the Company's unaudited interim consolidated financial statements for the three months ended March 31, 2026, by the Company's total production volumes for the period.

"Realized gain (loss) on commodity contracts ($/boe)" is a supplementary financial measure calculated by dividing realized gain (loss) on commodity contracts, disclosed in Note 5(e) "Financial Instruments and Risk Management – Market Risk" to the Company's unaudited interim consolidated financial statements for the three months ended March 31, 2026, by the Company's total production volumes for the period.

Per Share Amounts

Per share amounts noted in this press release are based on fully diluted shares outstanding unless noted otherwise.

SOURCE Whitecap Resources Inc.