Whitecap Resources Inc. (“Whitecap” or the “Company”) (TSX: WCP) is pleased to announce that it has successfully closed the previously announced acquisition of XTO Energy Canada (the “Acquisition”).
With the Acquisition now closed, along with continued outperformance on our base production, we are increasing our 2022 average production guidance by 4,000 boe/d to 142,000 – 144,000 boe/d and our capital spending guidance by $60 million to $670 – $690 million. The increased capital program will allow us to retain our current field services through the winter drilling season to maintain our strong capital efficiencies for the balance of 2022 and into 2023.
There is no change to our 2023 preliminary plans for production to average 168,000 – 174,000 boe/d on capital spending of $900 million to $1.1 billion and we plan to release our formal 2023 budget on September 28, 2022.
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About Whitecap
Whitecap Resources is a Canadian public oil company based in Calgary, Alberta, with operations in Alberta, Saskatchewan, and British Columbia. Whitecap is an oil weighted growth company that pays a monthly cash dividend to its shareholders while being recognized for storing more CO2 annually than we emit corporately.
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