Whitecap Resources (WCP) AGM 2026 summary

Opening remarks and agenda

• Meeting held virtually, enabling shareholders to vote and submit questions online.

• Confirmation of due mailing of meeting materials and financial statements for year ended December 31, 2025.

• Quorum established, allowing business to proceed.

Board and executive committee updates

• Number of directors fixed at 11, with all nominees elected for the next term.

• Scott Elson welcomed to the board, bringing financial expertise.

• Executive succession plan announced: Joey Wong promoted to President, Travis White to COO, and Jeff Mazurak to VP Operations.

• Retirement of long-term officer Joel Armstrong after 16 years recognized.

Financial performance review

• 2025 marked by transformative Veren acquisition, creating a CAD 22 billion company.

• Average production reached 307,245 BOE/day; 2P reserves at 2.2 billion BOEs.

• Achieved CAD 2.95 funds flow per share (CAD 2.9 billion total), second-highest in company history.

• Free funds flow of CAD 900 million in 2025, projected to exceed CAD 2 billion in 2026.

• Net debt at year-end was CAD 3.4 billion, with a 1x net debt to funds flow ratio.

• Credit rating upgraded to BBB flat; issued CAD 300 million in investment-grade notes.