Q3 2025 Whitecap Resources Inc Earnings Call

October 23, 2025

Speaker #3: Good morning . My name is Sylvie , and I will be your conference operator today . At this time , I would like to welcome everyone to WHITECAP RESOURCES INC. Q3 2025 results .

Operator: Good morning. My name is Sylvie, and I will be your conference operator today. At this time, I would like to welcome everyone to Whitecap Resources Inc. Q3 2025 Results and 2026 Budget Conference Call. Note that all lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask questions during this time, simply press star then number one on your telephone keypad. If you would like to withdraw your question, please press star then number two. I would like to turn the conference over to Whitecap Resources Inc. President and CEO, Mr. Grant Fagerheim. Please go ahead.

Speaker #3: And 2026 budget conference call . Note that all lines have been placed on mute to prevent any background noise . After the speaker's remarks , there will be a question and answer session and if you would like to ask questions during this time , simply press star , then one on your telephone keypad .

Speaker #3: And if you would like to withdraw your question , please press star . Then number two . And I would like to turn the conference over to Whitecaps President and CEO Mr. Grant Fagerheim , please go ahead .

Speaker #4: Thanks very much , Sylvie , and good morning , everyone , and thank you for joining us . There are five members of our management team here with me today .

Grant Fagerheim: Thanks very much, Sylvie. Good morning, everyone, and thank you for joining us. There are five members of our management team here with me today. Our Senior Vice President and CFO, Thanh Kang. Our Senior Vice President, Production and Operations, Joel Armstrong. Our Senior Vice President, Business Development and Information Technology, Dave Mombourquette. Our Vice President of the Unconventional Division, Joey Wong, and our Vice President, Conventional Division, Chris Bullin. Before we get started today, I would like to remind everybody that all statements made by the company during this call are subject to the same forward-looking disclaimer and advisory that we set forth in our news release that was issued yesterday afternoon. We are very pleased to provide our shareholders with this update this morning.

Grant Fagerheim: Thanks very much, Sylvie. Good morning, everyone, and thank you for joining us. There are five members of our management team here with me today: our Senior Vice President and CFO, Tawn Kang, our Senior Vice President, Production and Operations, Joel Armstrong, our Senior Vice President, Business Development and Information Technology, Dave Mamburkat, our Vice President, Unconventional Division, Joey Wong, and our Vice President, Conventional Division, Chris Bullin. Before we get started today, I would like to remind everybody that all statements made by the company during this call are subject to the same forward-looking disclaimer and advisory that we set forth in our news release that was issued yesterday afternoon. We are very pleased to provide our shareholders with this update this morning, as evidenced by our third quarter operating results and the 2026 budget released yesterday.

Speaker #4: Our senior vice President and CFO , Tom Kang , our senior vice president , production and Operations , Joel Armstrong , our senior vice president , business Development and Information Technology Dave Mombourquette , our vice president of the Unconventional division Joey Wong and our vice president , Conventional Division , Chris Bullen .

Speaker #4: Before we get started today, I would like to remind everybody that all statements made by the company during this call are subject to the same forward-looking disclaimer and advisory that we set forth in our news release that was issued yesterday afternoon.

Speaker #4: We are very pleased to provide our shareholders with this update this morning . As evidenced by our third quarter operating results and the 2026 released budget released yesterday .

Grant Fagerheim: As evidenced by our Q3 operating results and the 2026 released budget released yesterday, the first full quarter following the integration of the Veren assets into Whitecap portfolio has been highly successful. The company's assets and personnel are strategically aligned, driving operational efficiency and value creation. Our top-performing assets serve as key differentiators, reinforcing the company's competitive advantage and supporting long-term growth well into the future. Q3 production of 37,623 BOE per day, which included 227,419 BOE per day of total liquids and 883 million a day of natural gas. Strong operating performance has continued throughout the entire year, supported by the seamless integration of the Veren assets and field operating teams, which has enhanced overall operating efficiency.

Speaker #4: The first full quarter following the integration of the Varennes assets into Whitecap portfolio , has been highly successful . The company's assets and personnel are strategically aligned , driving operational efficiency and value creation .

Grant Fagerheim: The first full quarter following the integration of the Varin assets into the Whitecap Resources Inc. portfolio has been highly successful. The company's assets and personnel are strategically aligned, driving operational efficiency and value creation. Our top-performing assets serve as key differentiators, reinforcing the company's competitive advantage and supporting long-term growth well into the future. Third quarter production of 37,623 BOE per day, which included 27,419 BOE per day of total liquids and 88.3 million per day of natural gas. Strong operating performance has continued throughout the entire year, supported by the seamless integration of the Varin assets and field operating teams, which has enhanced overall operating efficiency. As a result, we are increasing our 2025 guidance to 305,000 BOE per day for the full year, which implies 370,000 BOE per day for the fourth quarter, while our full-year capital program of $2 billion remains unchanged.

Speaker #4: Our top performing assets serve as key differentiators , reinforcing the company's competitive advantage and supporting long term growth well into the future . Third quarter production of 37,623 boe per day , which included 227,419 boe per day of total liquids and 883 million a day of natural gas .

Speaker #4: Strong operating performance has continued throughout the entire year , supported by the seamless integration of the various assets and field operating teams , which has enhanced overall operating efficiency .

Speaker #4: As a result, we are increasing our 2025 guidance to 305,000 BOE per day for the full year, which implies 370,000 BOE per day for the fourth quarter.

Grant Fagerheim: As a result, we are increasing our 2025 guidance to 305,000 BOE per day for the full year, which implies 370,000 BOE per day for Q4, while our full-year capital program at CAD 2 billion remains unchanged. By leveraging the collective knowledge and technical understanding of the combined assets and operations, our 2026 budget is set to deliver robust free cash flow from a very efficient capital drilling program. Our 2026 budget has been set between CAD 2 to 2.1 billion, which is forecast to deliver average production of between 370,000 to 375,000 BOE per day and an exit production rate in excess of 380,000 BOE per day to grow production per share by 3%.

Speaker #4: While our full year capital program of $2 billion remains unchanged by leveraging the collective knowledge and technical understanding of the combined assets and operations , are 2026 budgets is set to deliver robust free cash flow from a very efficient capital drilling program .

Grant Fagerheim: By leveraging the collective knowledge and technical understanding of the combined assets and operations, our 2026 budget is set to deliver robust free cash flow from a very efficient capital drilling program. Our 2026 budget has been set between $2 billion to $2.1 billion, which is forecast to deliver average production of between 370,000 to 375,000 BOE per day and an exit production rate in excess of 380,000 BOE per day to grow production per share by 3%. The capital program is down from initial capital projections to that $2 billion to $2.1 billion from what was $2.6 billion. Our Unconventional Division will be allocated 75% of the capital budget to drill approximately 100 wells, while the Conventional Division will receive the remaining 25% to drill approximately 155 wells. We're particularly excited for our Latour asset, where our 413 battery is on budget and ahead of schedule.

Speaker #4: Our 2026 budget has been set between 2 to $2.1 billion , which is forecast to deliver average production of between 370,000 to 375,000 boe per day and an exit production rate in excess of 380,000 boe per day .

Speaker #4: To grow production per share by 3% . The capital program is down from initial capital projections to that 2.1 to 2 .2. 0 to $2.1 billion , from what was $2.6 billion .

Grant Fagerheim: The capital program is down from initial capital projections to that CAD 2.0 to 2.1 billion from what was CAD 2.6 billion. Our unconventional division will be allocated 75% of the capital budget to drill approximately 100 wells, while the conventional division will receive the remaining 25% to drill approximately 155 wells. We're particularly excited for our Lator asset, where our 04-13 battery is on budget and ahead of schedule. Joey will provide more details on our plans for this asset in 2026, but needless to say, we're looking forward to development of this liquids-rich asset base in the near future.

Speaker #4: Our unconventional division will be allocated 75% of the capital budget to drill approximately 100 wells , while the conventional division will receive the remaining 25% to drill approximately 150 wells .

Speaker #4: We're particularly excited for our Latour asset , where our four of 13 battery is on budget and ahead of schedule . Joey will provide more details on our plans for this asset in 2026 , but needless to say , we're looking forward to development of this liquid rich asset base in the near future .

Grant Fagerheim: Joey will provide more details on our plans for this asset in 2026, but needless to say, we're looking forward to the development of this liquids-rich asset base in the near future. The capital efficiency embedded in our budget is approximately 10% better than the previous forecast, which can be attributed to recent operational performance, asset allocation, and the realization of synergies. In aggregate, we have included $300 million in forecasted synergies for 2026, or 40% higher than our original estimate of $210 million. Capital synergies of approximately $130 million were driven by enhanced procurement, operational efficiencies, and rig line optimization. Operating cost synergies equate to $135 million, which is $60 million higher than our original estimate. We are seeing significant wins in areas with adjacent or overlapping operations, along with procurement success and operational best practices.

Speaker #4: The Capital efficiency embedded in our budget is approximately 10% better than the previous forecast , which can be attributed to recent operational performance asset allocation and the realization of synergies in aggregate , in aggregate .

Grant Fagerheim: The capital efficiency embedded in our budget is approximately 10% better than the previous forecast, which can be attributed to recent operational performance, asset allocation, and the realization of synergies. In aggregate, we have included CAD 300 million in forecasted synergies for 2026, or 40% higher than our original estimate of CAD 210 million. Capital synergies of approximately CAD 130 million were driven by enhanced procurement, operational efficiencies, and rig line optimization. Operating cost synergies equate to CAD 135 million, which is CAD 60 million higher than our original estimate. We are seeing significant wins in areas with adjacent or overlapping operations, along with procurement success and operational best practices. Lastly, we have realized CAD 35 million of corporate synergies through reductions in G&A, share-based compensation, and interest expense.

Speaker #4: We have included $300 million in forecasted synergies for 2026 , or 40% higher than our original estimate of $210 million . Capital synergies of approximately $130 million were driven by enhanced procurement , operational efficiencies and rig line optimization .

Speaker #4: Operating cost synergies equate to $135 million, which is $60 million higher than our original estimate. We are seeing significant wins in areas with adjacent or overlapping operations, along with procurement success and operational best practices.

Speaker #4: Lastly , we have realized $35 million of corporate synergies through reductions in G&A share based compensation and interest expense . These benefits are a direct result of the combination leveraging enhanced scale integration and the technical best practices that we were previously divided between the two organizations .

Grant Fagerheim: Lastly, we have realized $35 million of corporate synergies through reductions in G&A, share-based compensation, and interest expense. These benefits are a direct result of the combination leveraging enhanced scale integration and the technical best practices that were previously divided between the two organizations. I want to thank our entire office and field teams for their technical rigor and dedication in achieving a significantly higher synergy realization and doing so much faster than initially anticipated. Our culture of continuous improvement positions us to further enhance these synergies through ongoing technical initiatives planned for 2026. I will now pass the mic on to Tawn Kang to further discuss our third quarter financial results and provide more details to our 2026 budget. Thank you.

Grant Fagerheim: These benefits are a direct result of the combination leveraging enhanced scale integration and the technical best practices that were previously divided between the two organizations. I want to thank our entire office and field teams for their technical rigor and dedication in achieving a significantly higher synergy realization and doing so much faster than initially anticipated. Our culture of continuous improvement positions us to further enhance these synergies through ongoing technical initiatives planned for 2026. I will now pass the mic on to Ton Tang to further discuss our Q3 financial results and provide more details to our 2026 budget. Thank you.

Speaker #4: I want to thank our entire office and field teams for their technical rigor and dedication in achieving a significantly higher synergy realization and doing so much faster than initially anticipated .

Speaker #4: Our culture of continuous improvement positions us to further enhance these synergies through ongoing technical initiatives planned for 2026 . I will now pass the mic on to Thanh Kang to further discuss our third quarter financial results and provide more details to our 2026 budget .

Speaker #4: Thank you .

Speaker #5: Thanks , grant . US dollar WTI remained relatively stable at $65 per barrel in Q3 compared to $64 per barrel in Q2 . In contrast to a weaker eco price of $0.63 per MCF , Whitecap was , however , able to achieve a significantly higher price realization of $1.31 per MCF due to our price diversification efforts .

Thanh Kang: Thanks, Grant. US dollar WTI remained relatively stable at $65 per barrel in Q3, compared to $64 per barrel in Q2, in contrast to a weaker AECO price of CAD 0.63 per Mcf. Whitecap was, however, able to achieve a significantly higher price realization of $1.31 per Mcf due to our price diversification efforts. Although natural gas accounted for 39% of our production, it only represented 6% of our revenues in Q3. From an upside perspective, a CAD 1 change to AECO would increase our free funds flow by CAD 200 million. Operating costs in the quarter decreased by 8% to CAD 12.50 per BOE, compared to Q2 due to early synergy realizations. Current income tax of CAD 25 million in the quarter represents a low pre-tax funds flow rate of 4%.

Thanh Kang: Thanks, Grant. U.S. Dollar WTI remained relatively stable at $65 per barrel in Q3 compared to $64 per barrel in Q2, in contrast to a weaker ACO price of $0.63 per MCF. Whitecap Resources Inc. was, however, able to achieve a significantly higher price realization of $1.31 per MCF due to our price diversification efforts. Although natural gas accounted for 39% of our production, it only represented 6% of our revenues in the third quarter. From an upside perspective, a $1 change to ACO would increase our free funds flow by $200 million. Operating costs in the quarter decreased by 8% to $12.50 per BOE compared to the second quarter due to early synergy realizations. Current income tax of $25 million in the quarter represents a low pre-tax funds flow rate of 4%.

Speaker #5: Although natural gas accounted for 39% of our production , it only represented 6% of our revenues in the third quarter . From an upside perspective , a dollar changed to ACO would increase our free funds flow by 200 million .

Speaker #5: Operating costs in the quarter decreased by 8% to $12.50 per boe compared to the second quarter , due to early synergy realizations . Current income tax of 25 million in the quarter represents a low pre-tax funds flow rate of 4% .

Speaker #5: Tax pools at the end of the quarter were 9.8 billion , of which 4.4 billion were non-capital losses , providing us with strong tax coverage for 2026 .

Thanh Kang: Tax pools at the end of the quarter were $9.8 billion, of which $4.4 billion were non-capital losses, providing us with strong tax coverage for 2026. Our light oil and condensate weighted portfolio, combined with a lower cost structure, generated funds flow of nearly $900 million in the third quarter, and after capital expenditures of approximately $550 million, free funds flow was $350 million. Returns to shareholders in the third quarter were approximately $400 million, as $221 million of base dividends were enhanced by approximately $180 million in share repurchases under our NCIB, reducing our share count by almost 2%. The company's balance sheet remains strong, with net debt of $3.3 billion at the end of the quarter, including $1.7 billion in investment-grade senior notes.

Thanh Kang: Tax pools at the end of the quarter were CAD 9.8 billion, of which CAD 4.4 billion were non-capital losses, providing us with strong tax coverage for 2026. Our light oil and condensate-weighted portfolio, combined with a lower cost structure, generated funds flow of nearly CAD 900 million in Q3, and after capital expenditures of approximately CAD 550 million, free funds flow was CAD 350 million. Returns to shareholders in Q3 were approximately CAD 400 million, as CAD 221 million of base dividends were enhanced by approximately CAD 180 million in share repurchases under our NCIB, reducing our share count by almost 2%. The company's balance sheet remains strong, with net debt of CAD 3.3 billion at the end of the quarter, including CAD 1.7 billion in investment-grade senior notes.

Speaker #5: Our light oil and condensate weighted portfolio , combined with a lower cost structure , generated funds flow of nearly 900 million in the third quarter and after capital expenditures of approximately 550 million free funds , flow was 350 million .

Speaker #5: Returns to shareholders in the third quarter were approximately 400 million , as 221 million of base dividends were enhanced by approximately 180 million in share repurchases .

Speaker #5: Under our NCIB , reducing our share count by almost 2% . The company's balance sheet remains strong , with net debt of 3.3 billion at the end of the quarter , including 1.7 billion in investment grade senior notes .

Speaker #5: Supported by this solid financial foundation and our prudent hedge positions for 2026 , we are well positioned to manage commodity price volatility and maintain long term financial stability for 2026 , based on $60 , WTI and $3 ACO .

Thanh Kang: Supported by the solid financial foundation and our prudent hedge positions for 2026, we are well positioned to manage commodity price volatility and maintain long-term financial stability. For 2026, based on $60 WTI and $3 ACO, we anticipate funds flow of $3.3 billion, and after capital investments of $2.1 billion, we generate free funds flow of $1.2 billion. This allows us to return $900 million in dividends to shareholders and the opportunity to repurchase $300 million worth of shares to reduce our share count by a further 2%, enhancing our per share metrics. Our commodity price sensitivity for 2026 is as follows: for every $1 U.S. change in WTI, our funds flow increases by $50 million. For every $0.10 per GJ change in ACO, our funds flow increases by $20 million, and for every $0.01 change in the USD CAD FX rate, our funds flow is impacted by $45 million.

Thanh Kang: Supported by this solid financial foundation and our prudent hedge positions for 2026, we are well-positioned to manage commodity price volatility and maintain long-term financial stability. For 2026, based on $60 WTI and CAD 3 AECO, we anticipate funds flow of CAD 3.3 billion. After capital investments of CAD 2.1 billion, we generate free funds flow of CAD 1.2 billion. This allows us to return CAD 900 million in dividends to shareholders and the opportunity to repurchase CAD 300 million worth of shares to reduce our share count by a further 2%, enhancing our per share metrics. Our commodity price sensitivity for 2026 are as follows. For every $1 US change in WTI, our funds flow increases by CAD 50 million.

Speaker #5: We anticipate funds flow of $3.3 billion, and after capital investments of $2.1 billion, we generate free funds flow of $1.2 billion. This allows us to return $900 million in dividends to shareholders.

Speaker #5: And the opportunity to repurchase 300 million worth of shares to reduce our share count by a further 2% , enhancing our per share metrics .

Speaker #5: Our commodity price sensitivity for 2026 is as follows: for every $1.00 US change in WTI, our funds flow increases by $50 million for every $0.10 per GJ.

Thanh Kang: For every CAD 0.10 per GJ change in AECO, our funds flow increases by CAD 20 million. For every CAD 0.01 change in the USD CAD FX rate, our funds flow is impacted by CAD 45 million. I'll now pass it off to Joey for more remarks on our unconventional Q3 results and 2026 budget.

Speaker #5: Change in ACO . Our funds flow increases by 20 million , and for every penny change in the USD , CAD , FX rate , our funds flow is impacted by 45 million .

Speaker #5: I'll now pass it off to Joey for more remarks on our unconventional third quarter results . And 2026 budget . Thanks , Don .

Thanh Kang: I'll now pass it off to Joey for more remarks on our unconventional third quarter results and 2026 budget.

Joey Wong: Thanks, Tawn. Our unconventional portfolio continued to deliver impressive results during the third quarter, asset level performance exceeding internal forecasts. Base performance benefited from optimization efforts in the quarter, while capital efficiencies and cycle times on new drills continued to exceed expectations. Following the successful integration of Varin assets and teams, we shifted our focus to optimizing our expanded asset base during the third quarter. A key part of that optimization has been applying our unconventional workflow to tailor development in each area to the underlying geological and reservoir characteristics and to refine those designs in real time throughout the various phases of execution. This workflow, which leverages technical best practices to enhance repeatability and economic returns, has already yielded significant capital and operational efficiency improvements across the portfolio.

Joey Wong: Thanks, Thanh. Our unconventional portfolio continued to deliver impressive results during Q3, with asset level performance exceeding internal forecasts. Base performance benefited from optimization efforts in Q3, while capital efficiencies and cycle times on new drills continued to exceed expectations. Following the successful integration of Veren's assets and teams, we shifted our focus to optimizing our expanded asset base during Q3. A key part of that optimization has been applying our unconventional workflow to tailor development in each area to the underlying geological and reservoir characteristics, and to refine those designs in real time throughout the various phases of execution. This workflow, which leverages technical best practices to enhance repeatability and economic returns, has already yielded significant capital and operational efficiency improvements across the portfolio.

Speaker #6: Our unconventional portfolio continued to deliver impressive results during the third quarter , with asset level performance exceeding internal forecasts , base performance benefited from optimization efforts in the quarter , while capital efficiencies and cycle times on new drills continued to exceed expectations following the successful integration of Viridans assets and teams , we shifted our focus to optimizing our expanded asset base during the third quarter , a key part of that optimization has been applying our unconventional workflow to tailor development in each area to the underlying geological and reservoir characteristics , and to refine those designs in real time throughout the various phases of execution .

Speaker #6: This workflow, which leverages technical best practices to enhance repeatability and economic returns, has already yielded significant capital and operational efficiency improvements across the portfolio.

Speaker #6: Initial optimization efforts have driven measurable efficiency gains in our Montney and DuVernay drilling and completions programs . Shortening cycle times and improving key performance indicators at Kaybob meters per day .

Joey Wong: Initial optimization efforts have driven measurable efficiency gains in our Montney and Duvernay drilling and completions programs, shortening cycle times and improving key performance indicators. At KBob, meters per day drilling performance improved by roughly 20% year over year, including a new pacesetter pad drilled at approximately 600 meters per day. Real-time frac monitoring and optimization of completions practices also contributed to an 8% reduction in average completion times across the Duvernay. At Musreau, we achieved a 20% decrease in drilling costs from an improvement in drilling performance on our most recent six-well Montney pad compared to our first 16 wells in the play. Collectively, these results highlight the strength of our integrated in-house capabilities, bringing together geoscience, engineering, and operations to capture design efficiencies and enhance execution across development programs.

Joey Wong: Initial optimization efforts have driven measurable efficiency gains in our Montney and Duvernay drilling and completions programs, shortening cycle times and improving key performance indicators. At Kaybob, meters per day drilling performance improved by roughly 20% year-over-year, including a new pacesetter pad drilled at approximately 600 meters per day. Real-time frac monitoring and optimization of completions practices also contributed to an 8% reduction in average completion times across the Duvernay. At Musreau, we achieved a 20% decrease in drilling costs from an improvement in drilling performance on our most recent six-well Montney pad compared to our first 16 wells in the play.

Speaker #6: Drilling performance improved by roughly 20% year over year , including a new pacesetter pad drilled at approximately 600m per day . Real time frack monitoring and optimization of completions practices also contributed to an 8% reduction in average completion times across the division .

Speaker #6: At Murro , we achieved a 20% decrease in drilling costs from an improvement in drilling performance on our most recent six well montney pad compared to our first 16 wells in the play .

Speaker #6: Collectively , these results highlight the strength of our integrated in-house capabilities , bringing together geoscience , engineering and operations to capture , design efficiencies and enhance execution across development programs .

Joey Wong: Collectively, these results highlight the strength of our integrated in-house capabilities, bringing together geoscience, engineering, and operations to capture design efficiencies and enhance execution across development programs. This collaboration, supported by our extensive proprietary data set, allows for continuous improvement and the effective transfer of best practices throughout the unconventional portfolio. At Gold Creek and Carr, initial enhancement initiatives focused on improving base production through the optimization of artificial lift, gathering systems and other best practices, along with targeted infrastructure improvements such as mitigating measures for high or low ambient temperatures. Across our operated asset base, we place a high priority on anticipating changes in production requirements through different phases of field life. This is particularly important as we introduce new volumes from our capital programs, where protecting base production remains a core focus.

Speaker #6: This collaboration , supported by our extensive proprietary data set , allows for continuous improvement in the effect transfer of best practices throughout the unconventional portfolio at Gold Creek and Carr .

Joey Wong: This collaboration, supported by our extensive proprietary data set, allows for continuous improvement and the effective transfer of best practices throughout the unconventional portfolio. At Gold Creek and Carr, initial enhancement initiatives focused on improving base production through the optimization of artificial lift, gathering systems, and other best practices, along with targeted infrastructure improvements such as mitigating measures for high or low ambient temperatures. Across our operated asset base, we place a high priority on anticipating changes in production requirements through different phases of field life. This is particularly important as we introduce new volumes from our capital programs, where protecting base production remains a core focus. These optimization efforts have delivered measurable uplift in productivity on base wells, driving Montney volumes roughly 4,000 BOEs a day above our internal forecasts in the third quarter.

Speaker #6: Initial enhancement initiatives focused on improving base production through the optimization of artificial lift gathering systems and other best practices . Along with targeted infrastructure improvements such as mitigating measures for high or low ambient temperatures across our operated asset base , we place a high priority on on anticipating changes in production requirements through different phases of field life .

Speaker #6: This is particularly important as we introduce new volumes from our capital programs , where protecting base production remains a core focus . These optimization efforts have delivered measurable uplift in productivity on base wells , driving Monty volumes roughly 4000 boe a day above our internal forecasts .

Joey Wong: These optimization efforts have delivered measurable uplift and productivity on base wells, driving Montney volumes roughly 4,000 BOEs a day above our internal forecasts in Q3. Our 2026 capital program will continue to build on this operating momentum as we plan to run a steady 7-rig program to drill approximately 100 wells across our Montney and Duvernay assets, with 129 wells expected to be brought on production during the year. This program is expected to drive 8% to 10% growth from our unconventional assets as measured from exit to exit. At Kaybob, we plan to spud 45 Duvernay wells across a 3-rig program in 2026, utilizing a wine rack design on approximately half of the planned pads. Development will be focused within our core areas to maximize the utilization of expanded infrastructure capacity and enhance overall asset profitability.

Speaker #6: In the third quarter, our 2026 capital program will continue to build on this operating momentum as we plan to run a steady seven-rig program to drill approximately 100 wells across our Montney and Duvernay assets.

Joey Wong: Our 2026 capital program will continue to build on this operating momentum as we plan to run a steady seven-rig program to drill approximately 100 wells across our Montney and Duvernay assets, with 129 wells expected to be brought on production during the year. This program is expected to drive 8% to 10% growth from our unconventional assets as measured from exit to exit. At KBob, we plan to spud 45 Duvernay wells across a three-rig program in 2026, utilizing a wine rack design on approximately half of the planned pads. Development will be focused within our core areas to maximize the utilization of expanded infrastructure capacity and enhance overall asset profitability. We plan to spend approximately $55 million to modestly expand, debottleneck, and connect existing infrastructure in 2026, following up on the success of our expansion efforts at our 15 of 7 gas processing facility in 2025.

Speaker #6: With 129 wells expected to be brought on production during the year , this program is expected to drive 8 to 10% growth from our unconventional assets , as measured from exit to exit a Kaybob we plan to spud 45 DuVernay wells across a three rig program in 2026 , utilizing a wine rack design on approximately half of the planned pads .

Speaker #6: Development will be focused within our core areas to maximize the utilization of expanded infrastructure capacity and enhance overall asset profitability . We plan to spend approximately $55 million to modestly expand the bottleneck and connect existing infrastructure in 2026 , following up on the success of our expansion efforts at our 15 of seven gas processing facility in 2025 , these infrastructure optimization projects will support growth in the play over the near term , with total capacity in the Kaybob region increasing to 115,000 boe per day to 120,000 boys per day , and by the second half of 2026 , we expect to fully utilize our expanded capacity in the second half of 2027 .

Joey Wong: We plan to spend approximately $55 million to modestly expand, debottleneck, and connect existing infrastructure in 2026, following up on the success of our expansion efforts at our 15-07 gas processing facility in 2025. These infrastructure optimization projects will support growth in the play over the near term, with total capacity in the Kaybob region increasing to 115,000 BOEs per day to 120,000 BOEs per day by the second half of 2026. We expect to fully utilize our expanded capacity in the second half of 2027. Moving over to the Montney, we plan to spud 53 wells in 2026 across a 4-rig program and bring 74 operated wells on production from our 2025 and 2026 programs.

Joey Wong: These infrastructure optimization projects will support growth in the play over the near term, with total capacity in the KBob region increasing to 115,000 BOEs per day to 120,000 BOEs per day by the second half of 2026. We expect to fully utilize our expanded capacity in the second half of 2027. Moving over to the Montney, we plan to spud 53 wells in 2026 across a four-rig program and bring 74 operated wells on production from our 2025 and 2026 programs. In Gold Creek and Carr, we plan to spud 29 wells and bring 48 wells on production in 2026, with development focused on well-understood areas with existing infrastructure capacity.

Speaker #6: Moving over to the Montney, we plan to spud 53 wells in 2026 across a four-rig program and bring 74 operated wells on production from our 2025 and 2026 programs in Gold Creek and Carr.

Joey Wong: In Gold Creek and Carr, we plan to spud 29 wells and bring 48 wells on production in 2026, with development focused on well-understood areas with existing infrastructure capacity. Following a detailed technical review of subsurface data, in addition to recent and legacy well results in the play, we commenced drilling operations on our 1st of 2 plug-and-perf pilot pads in the Carr area in Q4 2025. This 4-well pad will be followed by a 3-well pad, which has been strategically selected to test the application of this completion design with defined control parameters to evaluate performance. If designed and executed properly, plug-and-perf completions are expected to lower costs by CAD 1 to 1.5 million per well relative to a single-point entry design.

Speaker #6: We plan to spud 29 wells and bring 48 wells on production in 2026 , with development focused on well understood areas with existing infrastructure capacity .

Speaker #6: Following a detailed technical review of subsurface data , in addition to recent and legacy well results in the play , we commenced drilling operations on our first of two plug and perf pilot pads in the Carr area in the fourth quarter of 2025 .

Joey Wong: Following a detailed technical review of subsurface data, in addition to recent and legacy well results in the play, we commence drilling operations on our first of two plug-and-purge pilot pads in the Carr area in the fourth quarter of 2025. This four-well pad will be followed by a three-well pad, which has been strategically selected to test the application of this completion design with defined control parameters to evaluate performance. If designed and executed properly, plug-and-purge completions are expected to lower costs by $1 million to $1.5 million per well relative to a single-point entry design. Early results of this pilot activity in Carr are expected to be available in the first half of 2026. With success, we also plan to drill a plug-and-purge pilot pad in Gold Creek in the second half of 2026 with the same level of control parameters as the Carr pilots.

Speaker #6: This four well pad will be followed by a three well pad , which has been strategically selected to test the application of this completion design with defined control parameters to evaluate performance .

Speaker #6: If designed and executed properly , plug and perf completions are expected to lower costs by 1 to $1.5 million per well relative to a single point entry design .

Speaker #6: Early results of this pilot activity in Carr are expected to be available in the first half of 2026 , with success . We also plan to drill a plug and perf pilot pad in Gold Creek in the second half of 2026 , with the same level of control parameters as the Carr pilots .

Joey Wong: Early results of this pilot activity in Carr are expected to be available in the first half of 2026. With success, we also plan to drill a plug-and-perf pilot pad in Gold Creek in the second half of 2026 with the same level of control parameters as the Carr pilots. While meaningful in its potential impacts, our rollout of this technology will remain measured, representing roughly one-quarter of the total wells being brought on production in 2026 in Gold Creek and Carr. This reflects our deliberate stepwise approach to improving capital efficiencies and fully recognizes and limits the potential risk to asset level performance while pad design and execution are fine-tuned. Results from these pilot pads will inform future well designs as we seek to de-risk development and maximize long-term value of the assets.

Speaker #6: While meaningful in its potential impact , our rollout of this technology will remain measured , representing roughly one quarter of the total wells being brought on production in 2026 .

Joey Wong: While meaningful in its potential impact, our rollout of this technology will remain measured, representing roughly one quarter of the total wells being brought on production in 2026 in Gold Creek and Carr. This reflects our deliberate, stepwise approach to improving capital efficiencies and fully recognizes and limits the potential risk to asset level performance while pad design and execution are fine-tuned. Results from these pilot pads will inform future well designs as we seek to de-risk development and maximize long-term value of the assets. At Musro, we plan to drill 11 Montney wells on the eastern portion of our acreage in 2026 as we continue to leverage multi-bench development and manage drawdown to optimize per well recoveries.

Speaker #6: In Gold Creek and Carr . This reflects our deliberate , stepwise approach to improving capital efficiencies and fully recognizes and limits the potential risk to asset level performance .

Speaker #6: While pad design and execution are fine tuned , results from these pilot pads will inform future well designs as we seek to de-risk development and maximize long term value of the assets at Murro , we plan to drill 11 Monte Wells on the eastern portion of our acreage in 2026 .

Joey Wong: At Musreau, we plan to drill 11 Montney wells on the eastern portion of our acreage in 2026 as we continue to leverage multi-bench development and manage drawdown to optimize per well recoveries. We will also allocate approximately $5 million to enhance gas lift capabilities at our 05-09 facility in the second half of 2026, supporting further optimization of the strong condensate volumes being realized from this asset, which have exceeded expectations due to our development and production practices. We plan to spud a 2-well delineation pad at Resthaven in 2026, which is a southeastern extension of our Lator Montney land base. The pad is expected to come on stream in the second half of the year. Results from this pad will provide us with important technical information as we evaluate the economic viability of this sizable and prolific natural gas-weighted acreage.

Speaker #6: As we continue to leverage multi-band development and manage drawdown to optimize per well recoveries , we will also allocate approximately $5 million to enhance gas lift capabilities at our five of nine facility .

Joey Wong: We will also allocate approximately $5 million to enhance gas lift capabilities at our 5 of 9 facility in the second half of 2026, supporting further optimization of the strong condensate volumes being realized from this asset, which have exceeded expectations due to our development and production practices. We plan to spud a two-well delineation pad at Resthaven in 2026, which is a southeastern extension of our Latour Montney land base. The pad is expected to come on stream in the second half of the year. Results from this pad will provide us with important technical information as we evaluate the economic viability of this sizable and prolific natural gas weighted acreage. Lastly, our Latour Montney asset will move toward development mode in 2026. Following a successful engineering and design and permitting process, construction on the 413 Latour facility has been progressing ahead of schedule and within budgeted capital expectations.

Speaker #6: In the second half of 2026 , supporting further optimization of the strong condensate volumes being realized from this asset , which have exceeded expectations due to our development and production practices .

Speaker #6: We plan to spud a two well delineation pad at Resthaven in 2026 , which is a southeastern extension of our Latour Montney land base .

Speaker #6: The pad is expected to come on stream in the second half of the year . Results from this pad will provide us with important technical information as we evaluate the economic viability of this sizable and prolific natural gas weighted acreage .

Speaker #6: Lastly, our Latour Montney asset will move toward development mode in 2026, following a successful engineering, design, and permitting process. Construction on the 413 Latour facility has been progressing ahead of schedule and within budgeted capital expectations.

Joey Wong: Lastly, our Lator Montney asset will move toward development mode in 2026. Following a successful engineering and design and permitting process, construction on the 04-13 Lator facility has been progressing ahead of schedule and within budgeted capital expectations. This has allowed us to advance expected commissioning and startup to Q4 2026 from our initial target of late 2026 to early 2027. Continued technical work and strong well results are reaffirming our expectations in the deliverability and long-term development potential of this area. We plan to drill 11 wells in the area and spend approximately CAD 180 million of capital in 2026, including CAD 60 million on supporting infrastructure projects such as water disposal and gathering lines to support the ramp-up of the 04-13 facility.

Speaker #6: This has allowed us to advance expected commissioning and start up of to the fourth quarter of 2026 . From our initial target of late 2026 to early 2027 , continued technical work and strong well results are reaffirming .

Joey Wong: This has allowed us to advance expected commissioning and startup to the fourth quarter of 2026 from our initial target of late 2026 to early 2027. Continued technical work and strong well results are reaffirming our expectations in the deliverability and long-term development potential of this area. We plan to drill 11 wells in the area and spend approximately $180 million of capital in 2026, including $60 million on supporting infrastructure projects such as water disposal and gathering lines to support the ramp-up of the 4-13 facility. Production is expected to ramp towards the design facility capacity of 35,000 to 40,000 BOEs per day throughout 2027 at a measured pace, allowing for continued optimization of development plans where warranted. With that, I will now pass it over to Chris Bullin to talk about our conventional assets.

Speaker #6: Our expectations in the deliverability and long term development potential of this area . We plan to drill 11 wells in the area and spend approximately $180 million of capital in 2026 , including $60 million on supporting infrastructure , infrastructure projects such as water disposal and gathering lines to support the ramp up of the four of 13 facility production is expected to ramp towards the design facility capacity of 35,000 to 40,000 views per day throughout 2027 , at a measured pace , allowing for continued optimization of development plans where warranted .

Joey Wong: Production is expected to ramp towards the design facility capacity of 35,000 to 40,000 BOEs per day throughout 2027 at a measured pace, allowing for continued optimization of development plans where warranted. With that, I will now pass it over to Chris Bullin to talk about our conventional assets.

Speaker #6: With that , I will now pass it over to Chris Bullin to talk about our conventional assets . Thanks , Joey . Our conventional division delivered another strong quarter , benefiting from consistent operational execution across our Alberta and Saskatchewan assets , along with efficiency improvements following the successful integration of our expanded portfolio in 2026 , we plan to drill 156 wells across our conventional division , focusing on plays with short cycle times , quick payouts , and high netbacks .

Chris Bullin: Thanks, Joey. Our conventional division delivered another strong quarter, benefiting from consistent operational execution across our Alberta and Saskatchewan assets, along with efficiency improvements following the successful integration of our expanded portfolio. In 2026, we plan to drill 156 wells across our conventional division, focusing on plays with short cycle times, quick payouts, and high netbacks. This activity is expected to maintain conventional production in the range of 135,000 to 140,000 BOE per day, while generating CAD 900 million of asset level free cash flow, highlighting the outsized profitability of our conventional assets and the underlying strength of our diversified and complementary portfolio. Our 2026 capital program is structured to maximize optionality, providing flexibility to adjust capital allocation and activity levels in response to changes in commodity prices.

Chris Bullin: Thanks, Joey. Our Conventional Division delivered another strong quarter, benefiting from consistent operational execution across our Alberta and Saskatchewan assets, along with efficiency improvements following the successful integration of our expanded portfolio. In 2026, we plan to drill 156 wells across our Conventional Division, focusing on plays with short cycle times, quick payouts, and high net backs. This activity is expected to maintain conventional production in the range of 135,000 to 140,000 BOE per day, while generating $900 million of asset-level free cash flow, highlighting the outsized profitability of our conventional assets and the underlying strength of our diversified and complementary portfolio. Our 2026 capital program is structured to maximize optionality, providing flexibility to adjust capital allocation and activity levels in response to changes in commodity prices. Our teams will continue to maintain a state of readiness, ensuring we can act quickly as market conditions evolve.

Speaker #6: This activity is expected to maintain conventional production in the range of 135,000 to 140,000 boe per day , while generating $900 million of asset level free cash flow .

Speaker #6: Highlighting the outsized profitability of our conventional assets and the underlying strength of our diversified and complementary portfolio . Our 2026 capital program is structured to maximize optionality , providing flexibility to adjust capital allocation and activity levels in response to changes in commodity prices .

Speaker #6: Our teams will continue to maintain a state of readiness , ensuring we can act quickly as market conditions evolve . This disciplined approach ensures we can protect free cash flow , sustain returns , and capture upside when market fundamentals improve , we will continue to look for opportunities to incorporate shared learnings from our unconventional workflow within our conventional assets .

Chris Bullin: Our teams will continue to maintain a state of readiness, ensuring we can act quickly as market conditions evolve. This disciplined approach ensures we can protect free cash flow, sustain returns, and capture upside when market fundamentals improve. We will continue to look for opportunities to incorporate shared learnings from our unconventional workflow within our conventional assets in 2026, including optimizations to our well design and targeted technical enhancements. These initiatives are expected to drive further efficiencies and improve performance across our conventional portfolio. In East Saskatchewan, we plan to spud 79 wells in 2026, building on the recent success of our Bakken and Frobisher programs. At Viewfield, we will continue to advance our open-hole multilateral program to maximize capital efficiencies and improve the economics of our drilling inventory.

Chris Bullin: This disciplined approach ensures we can protect free cash flow, sustain returns, and capture upside when market fundamentals improve. We will continue to look for opportunities to incorporate shared learnings from our unconventional workflow within our conventional assets in 2026, including optimizations to our well design and targeted technical enhancements. These initiatives are expected to drive further efficiencies and improve performance across our conventional portfolio. In East Saskatchewan, we plan to spud 79 wells in 2026, building on the recent success of our Bakken and Frobisher programs. At Viewfield, we will continue to advance our open-hole multilateral program to maximize capital efficiencies and improve the economics of our drilling inventory.

Speaker #6: In 2026 , including optimizations to our well-designed and targeted technical enhancements . These initiatives are expected to drive further efficiencies and improved performance across our conventional portfolio in East Saskatchewan .

Speaker #6: We plan to spud 79 wells in 2026 , building on the recent success of our Bakken and Frobisher programs at Viewfield , we will continue to advance our open hole multilateral program to maximize capital efficiencies and improve the economics of our drilling inventory .

Speaker #6: Our recently completed three mile Bakken Pilot well in the area set multiple records within Saskatchewan , including the longest lateral leg drilled to date at over 6400m and the longest total lateral length on a single well at over 34,600m .

Chris Bullin: Our recently completed three-mile Bakken pilot well in the area set multiple records within Saskatchewan, including the longest lateral leg drilled to date at over 6,400 meters and the longest total lateral length on a single well at over 34,600 meters. This well was drilled and completed on a dollars-per-meter basis in line with prior two-mile open-hole multilateral wells in the area, reinforcing our confidence that lateral lengths exceeding two miles can achieve improved capital efficiencies. This supports the inclusion of additional extended lateral length wells into the 2026 program. Our 2026 Frobisher development will kick off with an active first quarter drilling program with three rigs, building on strong momentum from 2025 results, which have consistently exceeded expectations. We plan to drill triple-leg wells on 15 of 49 planned Frobisher locations, allowing us to increase reservoir contact and maximize the royalty benefits associated with Saskatchewan's multilateral oil well program.

Chris Bullin: Our recently completed 3-mile Bakken pilot well in the area set multiple records within Saskatchewan, including the longest lateral leg drill to date at over 6,400 meters and the longest total lateral length on a single well at over 34,600 meters. This well was drilled and completed on a dollars per meter basis, in line with prior 2-mile open-hole multilateral wells in the area, reinforcing our confidence that lateral lengths exceeding 2 miles can achieve improved capital efficiencies. This supports the inclusion of additional extended lateral length wells into the 2026 program. Our 2026 Frobisher development will kick off with an active Q1 drilling program with 3 rigs, building on strong momentum from 2025 results, which have consistently exceeded expectations.

Speaker #6: This well was drilled and completed on a dollars per meter basis , in line with prior two mile open hole multi-lateral wells . In the area , reinforcing our confidence that lateral lengths exceeding two miles can achieve improved capital efficiencies .

Speaker #6: This supports the inclusion of additional extended lateral length wells into the 2026 program . Our 2026 Frobisher development will kick off with an active first quarter drilling program with three rigs building on strong momentum from 2025 .

Speaker #6: Results , which have consistently exceeded expectations . We plan to drill triple leg wells on 15 of 49 planned , Frobisher locations , allowing us to increase reservoir contact and maximize the royalty benefits associated with Saskatchewan's multilateral oil well program .

Chris Bullin: We plan to drill triple leg wells on 15 of 49 planned Frobisher locations, allowing us to increase reservoir contact and maximize the royalty benefits associated with Saskatchewan's Multi-lateral Oil Well Program. Across our Alberta conventional assets, we plan to spud 30 wells in 2026, with activity focused in the Glauconite at Westrose and the Cardium formations at Wapiti and Pembina. In the Glauconite, we will use a monobore design on all of our 2026 locations following strong production performance and repeatable cost reductions realized from our 2025 monobore program. In the Cardium, we will continue to utilize our optimized completion design at Wapiti, derived from our unconventional workflow. Our 2026 development in the area will push to the south and the northwest, expanding from our successful 2025 program.

Speaker #6: Across our Alberta conventional assets . We plan to spud 30 wells in 2026 with activity focused in the glauconite at Westward Ho ! And the Cardium formations at Wapiti and Pembina in the glauconite , we will use a mono bore design on all of our 2026 locations .

Chris Bullin: Across our Alberta conventional assets, we plan to spud 30 wells in 2026 with activity focused in the Glauconite at Westward Ho and the Cardium formations at Wapiti and Pomona. In the Glauconite, we will use a monobore design on all of our 2026 locations, following strong production performance and repeatable cost reductions realized from our 2025 monobore program. In the Cardium, we will continue to utilize our optimized completion design at Wapiti, derived from our unconventional workflow. Our 2026 development in the area will push to the south and the northwest, expanding from our successful 2025 program. In West Saskatchewan, we have 47 wells planned for next year, targeting the Viking, Atlas, and Success formations. Our 2026 program has been level set with a moderation in activity compared to prior years, aligning with our strategy to focus on capital discipline, free cash flow generation, and sustainability.

Speaker #6: Following strong production performance and repeatable cost reductions . Realized from our 2025 mono bored program in the Cardium , we will continue to utilize our optimized completion design at Wapiti , derived from our unconventional workflow , our 2026 development in the area will push to the south , and the northwest , expanding from our successful 2025 program in West Saskatchewan , we have 47 wells planned for next year , targeting the Viking Atlas and success formations .

Chris Bullin: In West Saskatchewan, we have 47 wells planned for next year, targeting the Viking, Atlas, and Success formations. Our 2026 program has been level set with a moderation in activity compared to prior years, aligning with our strategy to focus on capital discipline, free cash flow generation, and sustainability. Our conventional assets are a strong contributor to our ability to sustain production at lower commodity prices and provide significant torque to increases in crude oil prices. The low 20% decline asset base allows us to shift capital without materially degrading the short and long term profitability of these assets and provide the necessary flexibility to enhance the economics of our capital programs. With that, I will turn it back over to Grant for his closing remarks.

Speaker #6: Our 2026 program has been level set with a moderation in activity compared to prior years , aligning with our strategy to focus on capital discipline , free cash flow generation and sustainability .

Speaker #6: Our conventional assets are a strong contributor to our ability to sustain production at lower commodity prices and provide significant torque to increases in crude oil prices .

Chris Bullin: Our conventional assets are a strong contributor to our ability to sustain production at lower commodity prices and provide significant torque to increases in crude oil prices. The low 20% decline asset base allows us to shift capital without materially degrading the short and long-term profitability of these assets and provides the necessary flexibility to enhance the economics of our capital programs. With that, I will turn it back over to Grant for his closing remarks.

Speaker #6: The low 20% decline asset base allows us to shift capital without materially degrading the short and long term profitability of these assets , and provide the necessary flexibility to enhance the economics of our capital programs .

Speaker #6: With that , I will turn it back over to Grant for his closing remarks .

Speaker #4: Thanks very much , Tom . Chris , Joey , for your comments . As we move through the remainder of 2025 and into 2026 , as you will note , we are operating from a position of strength operationally , performance remains exceptional with faster cycle times across our assets , optimized rig lines and drilling programs capturing additional efficiencies and the maximization of existing infrastructure to further enhance our profitability financially .

Grant Fagerheim: Thanks very much, Thanh, Chris, Joey, for your comments. As we move through the remainder of 2025 and into 2026, as you all know, we are operating from a position of strength. Operationally, performance remains exceptional with faster cycle times across our assets, optimized rig lines and drilling programs, capturing additional efficiencies, and the maximization of existing infrastructure to further enhance our profitability. Financially, our 2026 budget is expected to generate substantial free funds flow, enabling meaningful returns of capital to shareholders while maintaining balance sheet strength and long-term resiliency. The top-tier asset base we have assembled, supported by the long data drilling inventory of approximately 11,000 high-quality locations, provides shareholders with decades of profitable and sustainable growth potential. This strong foundation positions us to continue improving capital efficiency and expanding profit margins over time.

Grant Fagerheim: Thanks very much, Tawn, Chris, and Joey for your comments. As we move through the remainder of 2025 and into 2026, as you all note, we are operating from a position of strength. Operationally, performance remains exceptional, with faster cycle times across our assets, optimized rig lines and drilling programs capturing additional efficiencies, and the maximization of existing infrastructure to further enhance our profitability. Financially, our 2026 budget is expected to generate substantial free funds flow, enabling meaningful returns of capital to shareholders while maintaining balance sheet strength and long-term resiliency. The top-tier asset base we have assembled, supported by the long-dated drilling inventory of approximately 11,000 high-quality locations, provides shareholders with decades of profitable and sustainable growth potential. This strong foundation positions us to continue improving capital efficiency and expanding profit margins over time.

Speaker #4: Our 2026 budget is expected to generate substantial free funds flow , enabling meaningful returns of capital to shareholders while maintaining balance sheet strength and long term resiliency .

Speaker #4: The top tier asset base we have assembled , supported by the long dated drilling inventory of approximately 11,000 high quality locations , provides shareholders with decades of profitable and sustainable growth potential .

Speaker #4: This strong foundation positions us to continue improving capital efficiency and expanding profit margins over time . Furthermore , our technical initiatives plan for 2026 create additional opportunities to outperform our base plan and drive continued value creation as we complete our 2025 initiatives .

Grant Fagerheim: Furthermore, our technical initiatives planned for 2026 create additional opportunities to outperform our base plan and drive continued value creation. As we complete our 2025 initiatives, our focus remains on delivering strong shareholder returns in 2026, guided by disciplined execution, operational excellence, and prudent financial management. Our total shareholder return target is between 10% to 15% per year, and our 2026 budget will deliver on this target through our $0.73 per share dividend annually, which equates to 7% yield at this time, 3% production growth to 380,000 BOE per day, and the option to repurchase over 2% of our shares outstanding with excess free funds flow generated at $60 WTI as well. This equates to a 12% total return to shareholders, which further increases to over 15% at $70 WTI with additional $500 million of free funds flow.

Grant Fagerheim: Furthermore, our technical initiatives planned for 2026 create additional opportunities to outperform our base plan and drive continued value creation. As we complete our 2025 initiatives, our focus remains on delivering strong shareholder returns in 2026, guided by disciplined execution, operational excellence, and prudent financial management. Our total shareholder return target is between 10% to 15% per year. Our 2026 budget will deliver on this target through our CAD 0.73 per share dividend annually, which equates to 7% yield at this time, 3% production growth to 380,000 BOE per day, the option to repurchase

Speaker #4: Our focus remains on delivering strong shareholder returns . In 2026 , guided by disciplined execution , operational excellence , and prudent financial management .

Speaker #4: Our total shareholder return target is between 10 to 15% per year , and our 2026 budget will deliver on this target through our $0.73 per share dividend annually , which equates to 7% yield at this time .

Speaker #4: 3% production growth to 380,000 boe per day , and the option to repurchase over 2% of our shares outstanding with excess free funds flow generated at $60 , WTI oil .

Patrick O'Rourke: Over 2% of our shares outstanding with excess free funds flow generated at $60 WTI oil. This equates to a 12% total returns to shareholders, which further increases to over 15% at $70 WTI with additional $500 million of free funds flow. With that, I'll now turn the call over to the operator, Sylvie, for any questions you might have. Thank you.

Grant Fagerheim: Over 2% of our shares outstanding with excess free funds flow generated at $60 WTI oil. This equates to a 12% total returns to shareholders, which further increases to over 15% at $70 WTI with additional $500 million of free funds flow. With that, I'll now turn the call over to the operator, Sylvie, for any questions you might have. Thank you.

Speaker #4: This equates to a 12% total returns to shareholders , which further increases to over 15% at $70 . WTI with additional $500 million of free funds flow .

Speaker #4: With that , I'll now turn the call over to the operator , for any questions you might have . Thank you .

Grant Fagerheim: With that, I'll now turn the call over to the operator, Sylvie, for any questions you might have. Thank you.

Speaker #3: Thank you . Mr. Fagerheim . Ladies and gentlemen , as stated , if you do have any questions , please press star followed by one on your touchtone phone .

Operator: Thank you, Mr. Fagerheim. Ladies and gentlemen, as stated, if you do have any questions, please press star followed by one on your touchtone phone. You will then hear a prompt that your hand has been raised. Should you wish to withdraw from the question queue, simply press star followed by two. We do ask that if you're using a speakerphone, to please lift your handset before pressing any keys. Please go ahead and press star one now if you do have any questions. Your first question will come from Sam Burwell at Jefferies. Please go ahead.

Operator: Thank you, Mr. Fagerheim. Ladies and gentlemen, as stated, if you do have any questions, please press star followed by one on your touchtone phone. You will then hear a prompt that your hand has been raised. Should you wish to withdraw from the question queue, simply press star followed by two. We do ask that if you're using a speakerphone to please lift your handset before pressing any keys. Please go ahead and press star one now if you do have any questions. Your first question will come from Sam Burwell at Jefferies. Please go ahead.

Speaker #3: You will then hear a prompt that your hand has been raised . And should you wish to withdraw from the question queue , simply press star followed by two .

Speaker #3: We do ask that if you using a speakerphone to please lift your handset before pressing any keys . Please go ahead and press star one .

Speaker #3: Now . If you do have any questions and your first question will come from Sam Burwell at Jefferies , please go ahead .

Speaker #7: Hey , good morning guys . I wanted to ask about the the seven rig program across the DuVernay . Is that fewer rigs than you're running now ?

[Analyst 1]: 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 2026? Is this effectively a Varin synergy manifesting itself?

Sam Burwell: Hey, good morning, guys. I wanted to ask about the 7 rig program across Kaybob and Duvernay. Is that fewer rigs than you're running now, fewer rigs than you were originally planning to run in 2026? Is this effectively a Veren synergy manifesting itself?

Speaker #7: Fewer rigs than you were originally planning to run in 26 . Is this effectively a Varian synergy manifesting itself ?

Speaker #6: Yeah , I guess . Sorry . Joey Wong here to answer the question here for you , Sam . The seven rigs were running in 2026 actually matched what we're running in the back part of this year in Q4 , there have been periods of time in 2025 where we had more running .

Joey Wong: Yeah, I guess, sorry, Joey Wong here to answer the question. I'm here for you, Sam. The seven rigs we're running in 2026 actually match what we're running in the back part of this year in Q4. There have been periods of time in 2025 where we had more running. There's a bit of overlap, and if you recall some of the discussions we had with respect to the combination was cleaning up a little bit of that where we had fragmented rig lines where you'll have portions of these rig lines stacking up on each other, kind of a concentration of activity at times.

Joey Wong: Yeah, I guess, sorry. Joey Wong here to answer the question here for you, Sam. The 7 rigs we're running in 2026 actually match what we're running in the back part of this year in Q4. There have been periods of time in 2025 where we had more running. There's a bit of overlap, and if you recall some of the discussions we had with respect to the combination was cleaning up a little bit of that, where we had fragmented rig lines, where you'll have portions of these rig lines stacking up on each other and kind of a concentration of activity at times.

Speaker #6: There was a bit of overlap . And if you recall , some of the discussions we had with respect to the combination was cleaning up a little bit of that where we had fragmented rig lines where you'll have portions of these rig lines stacking up on each other , and kind of a concentration of activity at times .

Speaker #6: And so I guess answering the last part of your question there , Sam . Yeah , this the , the study , the reason we used the adjective steady there is definitely one of the synergies that that we saw early on .

Joey Wong: I guess answering the last part of your question there, Sam, yeah, the reason we use the adjective steady there is definitely one of the synergies that we saw early on when we look at not just the underlying capital efficiencies of just getting things running without, like I say, overlap or gaps, but in addition to that, some of the outperformance we're seeing on the drilling side, we can draw back to the consistent use of some of our stronger performing rigs, which the seven that we have retained are going to fall into that category. We'll look to then continue to build on those efficiencies through that steady program.

Joey Wong: I guess answering the last part of your question there, Sam, yeah, the steady, the reason we use the adjective steady there is definitely one of the synergies that we saw early on when we look at not just the underlying capital efficiencies of just getting things running without, like I say, overlap or gaps. In addition to that, some of the outperformance we're seeing on the drilling side, we can draw back to the consistent use of some of our stronger performing rigs, which the 7 that we have retained are gonna fall into that category. We'll look to then continue to build on those efficiencies through that steady program.

Speaker #6: When we look at not just the underlying capital efficiencies of just getting things running without , like I say , overlap or gaps , but in addition to that , some of the some of the outperformance we're seeing on the drilling side , we can draw back to the , the , the consistent use of some of our stronger performing rigs , which the , the seven that we have retained are going to fall into that category .

Speaker #6: And we'll look to then continue to build on those efficiencies through that , that steady program .

Speaker #7: Okay . Got it . And you talked a lot about share repurchases , both in the release and in the opening remarks . So can we expect those to be more ratable over time ?

Sam Burwell: Okay, got it. You talked a lot about share repurchases both in the release and in the opening remarks. Can we expect those to be more ratable over time, or should those remain something that's deployed in opportunistic situations? 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?

[Analyst 1]: Okay, got it. You talked a lot about share repurchases both in the release and in the opening remarks. Can we expect those to be more ratable over time, or should those remain something that's deployed in opportunistic situations? Just curious, 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?

Speaker #7: 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 ?

Speaker #5: Yeah . Hey , Sam , it's Tom here . So as it relates to the NCIB , there we are targeting , you know , the 300 million that we've outlined in the press release there .

Thanh Kang: Yeah, hey, Sam, it's Tawn here. As it relates to the NCIB, we are targeting the $300 million that we've outlined in the press release. The way that we're viewing it, Sam, is looking at it from a countercyclical perspective. Generally, in a low commodity price environment, what we want to be doing is focusing on maximizing our free cash flow and repurchasing our shares as much as we can, especially when we see quite a bit of a disconnect between where the share price is and where our intrinsic value is. In terms of the execution of it, we're going to be more opportunistic. I would say that, number one, if there's large blocks that are available to us, we'll try to clear those with our NCIB, or if we're underperforming, then we'll step in and support the stock from that perspective.

Thanh Kang: Yeah. Hey, Sam, it's Thanh here. As it relates to the NCIB there, we are targeting, you know, the CAD 300 million that we've outlined in the press release there. The way that we're viewing it, Sam, is looking at it from a countercyclical perspective. You know, generally in a low commodity price environment, what we want to be doing is focusing on maximizing our free cash flow and repurchasing our shares as much as we can here, especially when we see quite a bit of a disconnect between where the share price is and where our intrinsic value is. In terms of the execution of it, you know, we're going to be more opportunistic.

Speaker #5: The way that we're viewing it , Sam is looking at it from a countercyclical perspective . So , you know , generally in a low commodity price environment , what we want to be doing is focusing on maximizing our free cash flow and repurchasing our shares as much as we can .

Speaker #5: Here , especially when we see quite a bit of a disconnect between where the share price is and where our intrinsic value is in terms of the execution of it .

Speaker #5: You know , we're going to be more opportunistic . I would say that , number one , when you know , there's large blocks that are available to us , we'll try to clear those with our NCIB .

Thanh Kang: I would say that, number one, when, you know, if there's large blocks that are available to us, we'll try to clear those with our NCIB, or if we're underperforming, then we'll, you know, we'll step in and support the stock from that perspective there. Ultimately, you know, our focus here is to reduce the number of shares that are out, which improves the long-term sustainability of our dividend, and it's a permanent improvement to our capital structure. That's the way that we would look at it. I think that, you know, given the volatility here, Sam, what we wanna make sure is we're able to realize this free cash flow, before we spend it. We'll continue to monitor that very closely as we walk through 2026.

Speaker #5: Or if we're underperforming , then we'll , you know , we'll step in and support the stock from that perspective . There . But ultimately , you know , our focus here is to reduce the number of shares that are out , which improves the long term sustainability of our dividend .

Thanh Kang: Ultimately, our focus here is to reduce the number of shares that are out, which improves the long-term sustainability of our dividend, and it's a permanent improvement to our capital structure. That's the way that we would look at it. I think that, given the volatility here, Sam, what we want to make sure is we're able to realize this free cash flow before we spend it. We'll continue to monitor that very closely as we walk through 2026.

Speaker #5: And it's a permanent improvement to our capital structure . So that's the way that we would look at it . I think that , you know , given the volatility here , Sam , what we want to make sure is we're able to realize this free cash flow before we spend it .

Speaker #5: So we'll continue to monitor that very closely as we walk through 2026 .

Speaker #7: Okay . Understood . Thanks guys .

Sam Burwell: Okay. Understood. Thanks, guys.

[Analyst 1]: Okay, understood. Thanks, guys.

Speaker #3: Thank you . Next question will be from Patrick O'Rourke at ATB Capital Markets . Please go ahead .

Operator: Thank you. Next question will be from Patrick O'Rourke at ATB Capital Markets. Please go ahead.

Speaker #8: Hey guys . Good morning and thanks for taking my my question this morning . So the budget came in at certainly what I think six months ago one plus one budget of white cap and very much lower than that would have looked here and just wondering , you know , sort of what the levers you've pulled to be able to achieve that is .

[Analyst 2]: Hey, guys, good morning, and thanks for taking my question this morning. The budget came in at certainly what I think six months ago, a one plus one budget of Whitecap Resources Inc. and Varin, much lower than that would have looked here. I am just wondering, you know, sort of what the levers you've pulled to be able to achieve that is. In the updated deck, you talk about free cash flow at a $70 crude price and allocating the incremental free cash flow to share purchases and debt reduction. I wonder what sort of crude environment or macro conditions Whitecap Resources Inc. would need to see out there to sort of have a little bit of a more aggressive capital program going forward.

Patrick O'Rourke: Hey, guys. Good morning, and thanks for taking my question this morning. The budget came in at certainly what I think 6 months ago, a 1 plus 1 budget of Whitecap and Veren much lower than that would have looked here. Just wondering, you know, sort of what the levers you've pulled to be able to achieve that is. 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 Whitecap would need to see out there to sort of have a little bit of a more aggressive capital program going forward.

Speaker #8: And then in the , in the updated deck , you talk about free cash flow at a $70 crude price and allocating the incremental free cash flow to share purchases and debt reduction .

Speaker #8: I wonder what sort of crude environment and macro conditions Whitecap would need to see out there to sort of have a little bit of a more aggressive capital program going forward ?

Speaker #4: Yeah . Thanks , Patrick . I mean , from a budget being lower , yes . Our capital is lower , but our production , we didn't really lower .

Grant Fagerheim: Yeah, thanks, Patrick. I mean, from our budget being lower, yes, our capital is lower, but our production, we didn't really lower. You're right on the capital. That was a lot of the work that the teams had done, our operating individuals had focused on, you know, the synergies that we talk about. We were previously estimating $210 million of synergies, now we're projecting $300 million and potentially more into the future. We're not projecting that at this time. I think we talked quite a bit about it, you know, where these improvements came is when we talk about rig lines and all of our best practices and really utilizing the infrastructure more appropriately. I think that, combined with our workflows that we do have within the organization, that's where, you know, we talk about driving these capital programs down lower.

Joey Wong: Yeah. Thanks, Patrick. I mean, from a budget being lower, yes, our capital is lower, but our production, we didn't really lower. You're right on the capital. That was a lot of the work that the teams had done. Our operating individuals had focused on, you know, the synergies that we talk about. We were currently, we were previously estimating CAD 210 million of synergies. Now we're projecting CAD 300 million and potentially more into the future. We're not projecting that at this time.

Grant Fagerheim: Yeah. Thanks, Patrick. I mean, from a budget being lower, yes, our capital is lower, but our production, we didn't really lower. You're right on the capital. That was a lot of the work that the teams had done. Our operating individuals had focused on, you know, the synergies that we talk about. We were currently, we were previously estimating CAD 210 million of synergies. Now we're projecting CAD 300 million and potentially more into the future. We're not projecting that at this time.

Speaker #4: So you're right on the on the capital . And that was a lot of the work that the teams have done are operating .

Speaker #4: Individuals had focused on , you know , the synergies that we talk about . We were currently we were previously estimating $210 million of synergies .

Speaker #4: Now we're projecting $300 million and potentially more into the future . We're not projecting that at this time , but and as we I think we talked quite a bit about it through , you know , the where these improvements came is when we talk about rig lines and , and all of our best practices and really utilizing the infrastructure more appropriately , I think that , you know , combined with our workflows that we do have within the organization , that's where you're , you know , where we talk about driving this , these capital programs down lower , you know , the operating teams have been busy on , on our operating group under under Joel's guidance .

Joey Wong: I think we talked quite a bit about it through, you know, where these improvements came is when we talked about rig lines and all of our best practices, and really utilizing the infrastructure more appropriately. I think that, you know, combined with our workflows that we do have within the organization.

Grant Fagerheim: I think we talked quite a bit about it through, you know, where these improvements came is when we talked about rig lines and all of our best practices, and really utilizing the infrastructure more appropriately. I think that, you know, combined with our workflows that we do have within the organization.

Grant Fagerheim: That's where we talk about driving these capital programs down lower. You know, the operating teams have been busy on our operating group under Joel's guidance, have been busy on procurement and understanding what we're gonna look like from a capital cost moving forward. It certainly is dropping capital, but really more of what we've entered into as more of a defensive style budget for 2026 with a lower commodity price deck, with the expectation that, as we know, living in a cyclical commodity price environment, there will be an opportunity to uplift it, and we'll be ready to advance capital in the right environment, pricing environment.

Grant Fagerheim: The operating teams have been busy on our operating group under Joel's guidance, have been busy on procurement and understanding what we're going to look like from a capital cost moving forward. It certainly is dropping capital. It really meant more of what we entered into as more of a defensive style budget for 2026 with a lower commodity price deck, with the expectation that, as we know, living in a cyclical commodity price environment, there will be an opportunity to uplift it and we'll be ready to advance capital in the right pricing environment. As far as specific triggers, we want to make sure that our leverage stays reasonable and we're very much measured on that as we advance forward. It's allowed us to get to this point, and we'll continue to have that. It isn't formulaic, but you'll look to see us buy back more shares.

Speaker #4: I've been busy on procurement and understanding what we're going to look like with from a capital cost moving forward . But it certainly is dropping capital .

Speaker #4: But really more what we've entered into is more of a defensive style budget for 2026 with a lower commodity price tag with the expectation that , as we know , living in a cyclical commodity price environment , there will be an opportunity to uplift it and will be ready to advance capital in the right environment , pricing , environment .

Speaker #4: So as far as specific triggers on , we want to make sure that our leverage stays reasonable and we're very much measured on that , on that as we advance forward .

Grant Fagerheim: As far as specific triggers, we wanna make sure that our leverage stays reasonable, and we're very much measured on that as we advance forward, and it's allowed us to get to this point, and we will continue to have that. You know, it isn't formulaic. It will be. You'll look to see us buy back more shares. You know, trigger for more capital, we're pretty much set for Q1. We can analyze it after the Q1 period of time as to whether or not we increase capital at that time when commodity prices, we'll know further what they're at at that time.

Speaker #4: And it's allowed us to get to this point and we'll continue to have that . So , you know , it isn't formulaic , but it will be .

Speaker #4: You'll look to see us buy back more shares , you know , trigger for more capital . We'll look at we're pretty much set for the first quarter and we can analyze it after the first quarter period of time .

Grant Fagerheim: Trigger for more capital, we'll look at, we're pretty much set for the first quarter, and we can analyze it after the first quarter period of time as to whether or not we increase capital at that time when commodity prices, we'll know further what they're at at that time.

Speaker #4: As to whether or not we increase capital at that time when commodity prices will no further what they're out at that time .

Speaker #8: 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 two , two well pads .

[Analyst 2]: Okay, thanks. Maybe a bit more of a technical question here. In terms of the plug-and-purge pilot that you're looking at here, I think it's two well pads. What are the, how are you going to benchmark the KPIs in terms of what you would measure as success at? If it is successful there, if you're able to sort of scale that up from two wells to pad scopes that are much larger than that, what would that mean going forward?

Patrick O'Rourke: Okay, thanks. Maybe a bit more of a technical question here. In terms of the plug-and-perf pilots that you're looking at here, I think it's two well pads. How are you gonna benchmark the KPIs in terms of what you would measure success at? If it is successful there, if you're able to sort of scale that up from two wells to pad scopes that are much larger than that, what would that mean going forward?

Speaker #8: What are the how are you going to benchmark the KPIs in terms of what you would measure as success . That and then if it is successful there , if you're able to sort of scale that up from two wells to pad scopes that are much larger than that , what would that mean ?

Speaker #8: Going forward ?

Speaker #6: Hey , Patrick . Joey here . So yeah , the first question there on how do we benchmark it ? It's there's quite a few criteria that we look at both through the the execution phase of the completion itself .

Joey Wong: Hey, Patrick. Toby here. Yeah, the first question there on how do we benchmark it. There's quite a few criteria that we look at both through the execution phase of the completion itself. As we're watching how efficient the clusters are treating, making sure that the rock is conforming to our designed expectations. Like I mentioned in the prepared notes there, we do have a series of expected criteria through that phase. What we also have, and this is important, is the ability to react. We have contingency plans if things do start to veer from expected frack behavior, which implies a different frack geometry than we designed, we have the ability to steer that ship.

Joey Wong: Yeah, hey, Patrick, Joey here. The first question there on how do we benchmark it, there's quite a few criteria that we look at both through the execution phase of the completion itself. As we're watching how efficient the clusters are treating, making sure that the rock is conforming to our designed expectations. Like I mentioned in the prepared notes there, we do have a series of expected criteria through that phase. What we also have, and this is important, is the ability to react. We have contingency plans if things do start to veer from expected frac behavior, which implies a different frac geometry than we designed, we have the ability to steer that ship. That's been one of the things that has been a differentiating factor for us anyways with respect to the execution of our plug-and-purge pilot programs to date throughout the legacy Whitecap Resources Inc.

Speaker #6: So as we're watching how efficient the clusters are treating , making sure that the rock is conforming to our designed expectations . And like I mentioned in the prepared notes there , we do have a series of of of expected criteria through that phase .

Speaker #6: And what we also have , and this is important is the ability to react . So we have contingency plans if if things do start to veer from from expected frac behavior , which implies a different frac geometry than we designed , we have the ability to steer that ship .

Speaker #6: And that's been one of the things that has been a differentiating differentiating factor for us . Anyways , with respect to the execution of our plug and perf programs to date throughout the the legacy Whitecap asset base .

Joey Wong: That's been one of the things that has been a differentiating factor for us anyways, with respect to the execution of our plug-and-perf programs to date throughout the legacy Whitecap asset base. That's on the execution side. The benchmarking on the then subsequent on production side will be as we do with really, again, any of our development. We look at initial on production. We look at how the wells themselves interact between each other and between adjacent wells, which give us indications of what that frack geometry is actually behaving like. What we then do is we look at the long-term trends of, again, those new wells and the existing ones.

Joey Wong: asset base. That's on the execution side. The benchmarking on the then subsequent on-production side will be, as we do with really, again, any of our development, we look at initial on-production, we look at how the wells themselves interact between each other and between adjacent wells, which give us indications of what that frac geometry is actually behaving like. What we then do is we look at the long-term trends of, again, those new wells and the existing ones. It's important to note there that it's, you know, when we talk about trends, it's not just production. There's downhole pressure, there's temperature, and then there's interpreted versions of all of those that go into our systems and we allow ourselves to benchmark through those.

Speaker #6: So that's on the execution side . The benchmarking on the then subsequent on production side will be , as we do with with really again , any of our development .

Speaker #6: We look at initial on production , we look at how the wells themselves interact between each other and between adjacent wells , which give us indications of what that frac geometry is actually behaving like .

Speaker #6: And then what we then do is we look at the long term trends of , again , those , those new wells and the existing ones and it's important to note there that it's when we talk about trends , it's not just production .

Joey Wong: It's important to note there that it's, you know, when we talk about trends, it's not just production. There's downhole pressure, there's temperature, and then there's interpreted versions of all of those that go into our systems, and we allow ourselves to benchmark through those. It's a lot of words to describe it. There's quite a bit of eyes on this and quite a bit of criteria that we're going to be looking for in terms of calling that a technical success. In terms of scale, Patrick, you know, what we've spoken to before is the Carr asset or the Carr portion of the asset base, which would be the kind of the south portion of the legacy Veren assets.

Speaker #6: There's there's downhole pressure . There's there's temperature . And then there's interpretation . Interpreted versions of all of those that go into our systems .

Speaker #6: And we allow ourselves to benchmark through those . So it's a lot of words to describe that . There's quite a bit of eyes on this and quite a bit of criteria that we're going to be looking for in terms of , of calling that a technical success , in terms of scale .

Joey Wong: It's a lot of words to describe that there's quite a bit of eyes on this and quite a bit of criteria that we're going to be looking for in terms of calling that a technical success. In terms of scale, Patrick, what we've spoken to before is the Carr asset, the Carr portion of the asset base, which would be the kind of the south portion of the legacy Varin assets. There is quite a bit of precedent plug-and-purge application in those lands. We've looked quite closely at those, gone back and seen what has worked and what hasn't worked. Up in the Gold Creek portion of the asset base, it's, we'll say, less proven.

Speaker #6: Patrick , you know , what we've spoken to before is the the car asset or the car portion of the asset base , which would be the kind of the south portion of the legacy assets .

Speaker #6: There is quite a bit of of precedent plug and perf application in those lands . And we've looked quite closely at those gone back and seen what has worked and what hasn't worked up in the Gold Creek portion of the asset base .

Joey Wong: There is quite a bit of precedent plug-and-perf application in those lands, we've looked quite closely at those, gone back and seen what has worked and what hasn't worked. Up in the Gold Creek portion of the asset base, it's we will say less proven. We do think that we have a pretty good indication of, again, what was working and what went what didn't go quite according to plan there with, again, some ability to try to tailor our designs to that. Ultimately, in a perfect world, you'd start to see these capital efficiency savings throughout the asset base.

Speaker #6: It's , we'll say , less proven . And we do think that we have a pretty good indication of , again , what was what was working and what went what didn't didn't go quite according to plan .

Joey Wong: We do think that we have a pretty good indication of, again, what was working and what went, what didn't go quite according to plan there with, again, some ability to try to tailor our designs to that. Ultimately, in a perfect world, you'd start to see these capital efficiency savings throughout the asset base. Like we said there, we probably used the word quite a few times throughout this process that the approach is going to be measured. We feel like 25% of the Gold Creek and Carr activity is appropriate at this stage, given where we're at, and we'll look to march it up from there. Avoiding trying to put too firm a target on it, you go from 25% to 50% to 75% over a certain period of time, we try to let the results dictate that instead of putting that target up there.

Speaker #6: Their with again some some ability to to try to tailor our designs to that . So ultimately in a perfect world you'd start to see these capital efficiency savings throughout the asset base .

Speaker #6: But like we said there , we've probably used the word quite a few times throughout this process that the approach is going to be measured .

Joey Wong: Like we said there, we've probably used the word quite a few times throughout this process that the approach is gonna be measured. We feel like 25% of the Gold Creek and Carr activity is appropriate at this stage, given where we're at, and we'll look to march it up from there. You know, avoiding trying to put too firm a target on it. You know, you go from 25 to 50 to 75 over a certain period of time. We try to let the results dictate that instead of putting that target out there.

Speaker #6: We feel like 25% of of the Gold Creek and car activity is is appropriate at this stage , given where we're at . And we'll look to to march it up from there .

Speaker #6: And you know , avoiding trying to put two , two firm a target on it . You know , you go from 25 to 50 to 75 over a certain period of time .

Speaker #6: We try to try to let the results dictate that instead of putting that target out there .

Speaker #8: Okay . Thank you very much .

[Analyst 2]: Okay, thank you very much.

Patrick O'Rourke: Okay. Thank you very much.

Speaker #3: Thank you . Next question will be from Dennis Fung at CIBC World Markets . Please go ahead .

Grant Fagerheim: Thank you. Next question will be from Dennis Fong at CIBC World Markets. Please go ahead.

Operator: Thank you. Next question will be from Dennis Fung at CIBC World Markets. Please go ahead.

Speaker #9: Hi . Good morning and thanks for taking my questions . The first one I want to focus a little bit on the gas lift side .

David Brown: Hi. Good morning, and thanks for taking my questions. The first one, I wanna focus a little bit on the gas lift side. You've optimized part of Gold Creek and Carr, really frankly driving some volume outperformance and frankly more to do at Musreau next year. Can you talk towards a little bit of the stage of optimization across the asset base, especially the legacy one? How should we think about the cadence of working through kind of the upcoming backlog to deploy gas lift in an optimized basis across the entire asset base?

Dennis Fong: Hi. Good morning, and thanks for taking my questions. The first one, I wanna focus a little bit on the gas lift side. You've optimized part of Gold Creek and Carr, really frankly driving some volume outperformance and frankly more to do at Musreau next year. Can you talk towards a little bit of the stage of optimization across the asset base, especially the legacy one? How should we think about the cadence of working through kind of the upcoming backlog to deploy gas lift in an optimized basis across the entire asset base?

[Analyst 2]: 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 Carr, really, frankly, driving some volume outperformance and, frankly, more to do at Musro 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 optimize bases across the entire asset base?

Speaker #9: You've you've optimized part of Gold Creek and car really frankly driving some volume outperformance . And frankly more to do at next year .

Speaker #9: Can you talk 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 lift in an optimized basis across the entire asset base ?

Speaker #6: Hey , Dennis . So in terms of the gas lift that we've done so far , and I guess maybe I can jump to the second part of your question there .

Joey Wong: Hey, Dennis. In terms of the gas lift that we've done so far, and I guess maybe I can jump to the second part of your question there, with respect to what you're calling a backlog of other stuff. We're largely there, Dennis. Again, it was a lot of the efforts that went in to the infrastructure build-out that was done for that supporting gas lift, in both Gold Creek and Carr, and then also just the adjustment or I'll call tweaking of the parameters done by the collective field staff to get it done.

Joey Wong: Hey, Dennis. In terms of the gas lift that we've done so far, and I guess maybe I can jump to the second part of your question there with respect to what you're calling a backlog of other stuff, we're largely there, Dennis. It was a lot of the efforts that went into the infrastructure build-out that was done for that supporting gas lift in both Gold Creek and Carr, and then also just the adjustment or I'll call tweaking of the parameters done by the collective field staff to get it done. That was one of the larger driving factors behind the 4,000 BOE per day beat to expectations there internally on the Montney side, really getting all of that done in quite short order. Maybe I'll draw back to the comment there about the field teams.

Speaker #6: With respect to what you're calling a backlog of other stuff , we're largely there , Dennis . Again , it was a lot of the efforts that went in to the the infrastructure buildout that was done for that supporting gas lift in both Gold Creek and Car , and then also just the the adjustment or I'll tweaking of the parameters done by the collective field staff to to get it done .

Speaker #6: And that was one of the larger driving factors behind the the 4000 boe per day . Beat to expectations . There internally on the Montney side was really getting all of that done in quite short order .

Joey Wong: That was one of the larger driving factors behind the 4,000 BOE per day beat expectations there internally on the Montney side, was really getting all of that done in quite short order. Again, maybe I'll draw back to the comment there about the field teams. You know, we look at these assets and we say, okay, you know, there probably is I'll use your word there, that the backlog there of stuff to do, and they did take it upon themselves to hustle through quite a bit of that. Like I say, there's not a lot of low-hanging fruit left.

Speaker #6: And and again , maybe I'll draw back to the comment there about the field teams . You know , we we look at these assets and we say okay , you know there's probably is I'll use your word there that backlog there of stuff to do .

Joey Wong: We look at these assets and we say, okay, there probably is, I'll use your word there, the backlog there of stuff to do, and they did take it upon themselves to hustle through quite a bit of that. Like I say, there's not a lot of low-hanging fruit left. What we now see, though, and we built into our forward-looking forecasts, is the anticipation of getting ahead of this a little bit better. It's been part of our standard operating practice that we get out and we either adjust gas lift or whatever the artificial lift technology is, adjust those parameters in advance of the need of those things so that you don't have a sag in production followed by a restoration of it. We actually get in front of that to shorten that time. Like I say, that's been built in.

Speaker #6: And they they did take it upon themselves to , to hustle through quite a bit of that . And like I say , there's , there's not a lot of low hanging fruit left .

Speaker #6: What we now see though , and we've built into our , our forward looking forecasts , is the anticipation of , of getting ahead of this a little bit better .

Joey Wong: What we now see, though, and we built into our forward-looking forecast is the anticipation of getting ahead of this a little bit better. You know, it's been part of our standard operating practice that we get out and we either adjust gas lift or whatever the artificial lift technology is, adjust those parameters in advance of the need of those things so that you don't have a sag in production followed by a restoration of it. We actually get in front of that to shorten that time. Like I say, that's been built in. Our intent is to not have a backlog, I guess, is the short way of answering it there, Dennis.

Speaker #6: So , you know , it's been part of our , our standard operating practice that we , we get out and we either adjust gas , lift or whatever the artificial lift technology is , adjust those parameters in advance of the need of those things so that you don't have a sag in production , followed by a restoration of it .

Speaker #6: We actually get in front of that to to shorten that time . And like I say , that's been built in and so we our intent is to to not have a backlog , I guess is the short way of answering it there .

Joey Wong: Our intent is to not have a backlog, I guess, is the short way of answering it there, Dennis.

Speaker #6: Dennis .

Speaker #9: Great . Thanks for that context . There . My second question relates to infrastructure spending . It looks like you have a couple hundred million dollars of that in 2026 .

David Brown: Great. Thanks for that context there. My second question relates to infrastructure spending. It looks like you have CAD 200 million of that in 2026. Can you talk towards the cadence of we'll call it facility build-out and so forth? Obviously, you have the that's kind of the near wellbore infrastructure build-out versus the actual facility build-out, which is done by your infrastructure partner. Can you talk towards the cadence of infrastructure spending over the next couple of years? I think capital efficiency becomes that much more impressive as if you kind of X out some of the mid-cycle spending requirements.

Dennis Fong: Great. Thanks for that context there. My second question relates to infrastructure spending. It looks like you have CAD 200 million of that in 2026. Can you talk towards the cadence of we'll call it facility build-out and so forth? Obviously, you have the that's kind of the near wellbore infrastructure build-out versus the actual facility build-out, which is done by your infrastructure partner. Can you talk towards the cadence of infrastructure spending over the next couple of years? I think capital efficiency becomes that much more impressive as if you kind of X out some of the mid-cycle spending requirements.

[Analyst 2]: Great, thanks for that context there. My second question relates to infrastructure spending. It looks like you have a couple hundred million dollars of that in 2026. Can you talk towards 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. Can you talk towards the cadence of infrastructure spending over the next couple of years? I think capital efficiency becomes that much more impressive if you kind of X out some of the mid-cycle spending requirements.

Speaker #9: Can you talk towards the the cadence of we'll call it facility buildout and so forth . Obviously you have the that's kind of the near wellbore infrastructure build out versus the actual facility build out , which is done by your infrastructure partner .

Speaker #9: 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 after if you kind of ex out some of the the mid spending requirements .

Speaker #6: Yep . Yeah . I can speak to that one there again Dennis . So within the year I guess I'm answering the first bit there within the year .

Joey Wong: Yeah. Yeah, I can speak to that one there again, Dennis. Within the year, I guess answering the first bit there, within the year, it's the infrastructure spend that we have planned in both Lator and Kaybob is relatively front-end loaded. Like we mentioned there with Kaybob being available for that expanded capacity in the second half. Well, of course, that would imply that we're doing the work in the first half. Same thing for Lator, getting ready for that Q4 on production date. With respect to future infrastructure build-out, you know, it's not something that we put a fine number out there at this time.

Joey Wong: Yeah, I can speak to that one there again, Dennis. Within the year, I guess, answering the first bit there, within the year, the infrastructure spend that we have planned in both Latour and KBob is relatively front-end loaded, like we mentioned there with KBob being available for that expanded capacity in the second half. That would imply that we're doing the work in the first half. Same thing for Latour, getting ready for that Q4 on production date. With respect to future infrastructure build-out, it's not something that we've put a fine number out there at this time. When you look at the infrastructure portfolio that we now have the benefit of working with.

Speaker #6: It's the infrastructure spend that we have planned in both Latour and Kaybob . As relatively front end loaded . Like we mentioned there with Kaybob being available for that expanded capacity in the second half .

Speaker #6: Of course , that would imply that we're we're doing the work in the first half . And same thing for Latour getting ready for for that Q4 on production date .

Speaker #6: With respect to future infrastructure buildout . You know , it's not something that we've we've put a fine number out there at this time .

Speaker #6: When you look at the infrastructure portfolio that we now have , the benefit of , of working with , you know , we look at a big chunk coming available to us in Latour there .

Joey Wong: When you look at the infrastructure portfolio that we now have the benefit of working with, you know, we look at a big chunk coming available to us in Lator there. Like I mentioned there, a decent amount coming in Kaybob and some targeted debottlenecking throughout. On top of that, we also have some available capacity in Gold Creek and Carr because that area was being built out for a pretty good capital program.

Joey Wong: We look at a big chunk coming available to us in Latour there. Like I mentioned, there are a decent amount coming in KBob and some targeted debottlenecking throughout. On top of that, we also have some available capacity in Gold Creek and Carr because that area was being built out for a pretty good capital program. When we look at the actual amount that needs to be spent in the out years, without putting a number to it, Dennis, it's going to be lower than we would have expected going into this pre-acquisition just on the basis of being able to utilize the available stuff and move around and fill that white space more effectively.

Speaker #6: And like I mentioned , there a decent amount coming in Kaybob and some targeted debottlenecking throughout . On top of that , we then also have some some available capacity in Gold Creek and Carr , because that that area was was being built out for a pretty good capital program .

Speaker #6: So when we look at the actual amount that needs to be spent in the out years without putting a number to it , Dennis , it's it's going to be lower than , than we would have expected going into this Pre-acquisition just on the basis of again , being able to utilize the available stuff and , and move around and fill that white space more effectively .

Joey Wong: When we look at the actual amount that needs to be spent in the out years, without putting a number to it, Dennis, it's gonna be lower than we would have expected going into this pre-acquisition just on the basis of, again, being able to utilize the available stuff and move around and fill that white space more effectively.

Speaker #9: Great . Really appreciate that color . I'll turn it back . Thanks .

[Analyst]: Great. Really appreciate that color. I'll turn it back. Thanks.

David Brown: Great. Really appreciate that color. I'll turn it back. Thanks.

Dennis Fong: Great. Really appreciate that color. I'll turn it back. Thanks.

Speaker #3: Thank you . As a reminder , ladies and gentlemen , if you do have any questions , please press star followed by one on your touchtone phone and your next question will be from Travis Wood at National Bank financial .

Operator: Thank you. As a reminder, ladies and gentlemen, if you do have any questions, please press star followed by 1 on your touchtone phone. Your next question will be from Travis Wood at National Bank Financial. Please go ahead.

Moderator: Thank you. As a reminder, ladies and gentlemen, if you do have any questions, please press star followed by one on your touch-tone phone. Your next question will be from Travis Wood at National Bank Financial. Please go ahead.

Speaker #3: Please go ahead .

Speaker #10: Yeah . Good morning guys . I wanted to hear your thoughts on Latour . 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 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 to 40 a day ?

Operator: Yeah. Good morning, guys. I wanted to hear your thoughts on Latour, 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 the partner, additional approvals as you kind of step into Q4 of next year. What do you think the ultimate productive capacity of that region would be, over and above the initial 35 to 40 a day?

Joey Wong: Hey, Travis. Joey Wong one more time. In terms of required approvals and stuff, everything's in hand. Yeah, that was kind of part of what set us up for the beat on timing there. It's important to note that they're in hand early as a result of getting in front of, at the very start, getting in front of our design basis very early. That started with a strong understanding of both the technical, like the subsurface of the asset base itself, and then some familiarity with building some similar facilities.

Speaker #6: Hey , Travis Joey Wong one more time in terms of required approvals and stuff , everything's in hand . So yeah , that that was kind of part of what set us up for for the , the beat on timing there .

Joey Wong: Hey, Travis. Joey Wong one more time. In terms of required approvals and stuff, everything's in hand. That was kind of part of what set us up for the beat on timing there. It's important to know that they're in hand early as a result of getting in front of, at the very start, getting in front of our design basis very early. That started with a strong understanding of both the technical, like the subsurface of the asset base itself, and then some familiarity with building some similar facilities. Whether we look at the Musro facility or some other very similar projects that have been done, we've got the same facility team working on it.

Speaker #6: And it's important to know that they're in hand early as a result of getting in front of at the very start getting in front of our design basis very early .

Speaker #6: And that started with a strong understanding of both the the technical like the subsurface of the asset base itself and then some familiarity with with building some some similar facilities .

Speaker #6: You know , whether we look at the facility or some other very similar projects that have been done , we've got the same facility team working on it , so they could draw on a lot of that experience and really compress that initial planning and engineering time so that when we went out for permits , which we again to to repeat myself , we have all of them now , but we got those early and that allowed us to to start construction early , had a very productive past few months and find ourselves where we're at right now .

Joey Wong: You know, whether we look at the Musreau facility or some other very similar projects that have been done, we've got the same facility team working on it, so they could draw on a lot of that experience and really compress that initial planning and engineering time so that when we went out for permits, which again, to repeat myself, we have all of them now. We got those early, and that allowed us to start construction early, had a very productive past few months and find ourselves where we're at right now. In terms of, you know, what we're looking for for critical path, it's just execution now. Procurement is all long leads are placed and deliveries are on track.

Joey Wong: They could draw on a lot of that experience and really compress that initial planning and engineering time so that when we went out for permits, which we have all of them now, we got those early, and that allowed us to start construction early, had a very productive past few months, and find ourselves where we're at right now. In terms of what we're looking for, for critical path, it's just execution now. Procurement is, all long leads are placed and deliveries are on track. Really not looking for any other check marks except for just following through. Your other question on the ultimate productive capability of the asset base. Latour phase one is what we're speaking about here right now, 35,000 to 40,000 BOEs per day, in that 40% to 50% liquids range.

Speaker #6: So , so in terms of , you know , what we're looking for , for critical path , it's just execution . Now procurement is is all along .

Speaker #6: Leads are placed and deliveries are on track, so we are really not looking for any other check marks except for just following through on your other question about the ultimate productive capability of the asset base.

Joey Wong: Really not looking for any other check marks except for just following through. Your other question on the ultimate productive capability of the asset base. Lator phase one is what we're speaking about here right now, 35,000 to 40,000 BOEs per day in that 40% to 50% liquids range. When we look at the entirety of the asset base, the way that we envision it is a likely phase two at some point to bring us up to somewhere in that 85,000 BOEs per day range. Recognizing again that, you know, when we first envisioned that, it was outside of the context of having the combined assets that we have again, the benefit of working with.

Speaker #6: So Latour phase one is what we're speaking about here right now , 35,000 to 40,000 Boes per day in that 40 to 50% liquids range .

Speaker #6: When we look at the entirety of the asset base , the way that we envision it is a likely phase two at some point to bring us up to somewhere in that 85,000 dose per day range and recognizing again that , you know , when we first envisioned that it was outside of the context of having these , the combined assets that we have , again , the benefit of working with .

Joey Wong: When we look at the entirety of the asset base, the way that we envision it is a likely phase two at some point, to bring us up to somewhere in that 85,000 BOEs per day range, and recognizing again that when we first envisioned that, it was outside of the context of having the combined assets that we have, again, the benefit of working with. What we intend to do going into the back part of this year and continually refresh that, of course, is evaluate where that next leg of growth comes from. Is it a Latour phase two? It's very compelling. We like Latour phase one, and we'll definitely like a phase two. Having a wealth of opportunities to look at there, we'll put them all against each other and see what makes sense to grow into at the right period of time.

Speaker #6: So what we intend to do going into the back part of this year and , you know , continually refresh that , of course , is evaluate where that next leg of growth comes from .

Joey Wong: What we intend to do going into the back part of this year and, and, you know, continually refresh that, of course, is evaluate where that next leg of growth comes from. Is it, is it a Lator phase two? It's very compelling. We, we like Lator phase one and, and we'll definitely like a phase two. But again, having a bit of a wealth of opportunities to look at there, we'll put them all against each other and see what makes sense to grow into at the right period of time. Is it more up in the northern part of our acreage? Is it, is it looking into... Depending on what commodity prices look like in the long term, is it something down in Resthaven? We'll, we'll look to make that determination into the future.

Speaker #6: Is it a Latour phase two ? It's very compelling . We like Latour phase one , and we'll definitely like a phase two .

Speaker #6: But again , having a bit of a wealth of opportunities to look at there . We'll put them all against each other and see what makes sense to grow into at the right period of time .

Speaker #6: Is it more up in the northern part of our acreage ? Is it is it looking into depending on what commodity prices look like in the long term , is it something down in Resthaven ?

Joey Wong: Is it more up in the northern part of our acreage? Is it looking into, depending on what commodity prices look like in the long term, is it something down in Resthaven? We'll look to make that determination into the future.

Speaker #6: We'll look to make that determination into the future .

Speaker #10: Okay . Perfect . I'll turn it back . Appreciate the color .

David Brown: Okay, perfect. I'll turn it back. Appreciate the color.

Travis Wood: Okay, perfect. I'll turn it back. Appreciate the color.

[Analyst]: Okay. Perfect. I'll turn it back. Appreciate the color.

Speaker #3: Thank you. Next is a follow-up from Dennis Fung at CIBC World Markets. Please go ahead.

Operator: Thank you. Next is a follow-up from Dennis Fong at CIBC World Markets. Please go ahead.

Moderator: Thank you. Next is a follow-up from Dennis Fung at CIBC World Markets. Please go ahead.

Speaker #9: Hey , sorry , I just had one more question . Maybe as a follow up to Travis on Latour there . Just wanted to ask if you had if you could kind of highlight any of the either engineering work or the geology or the facility design that really kind of provides incremental confidence in showcasing on plan ramp up for that region .

David Brown: Hey, sorry. I just had one more question, maybe as a follow-up to Travis' on Lator there. Just wanted to ask if you could kinda highlight any of the either engineering work or the geology or the facility design that really kind of provides incremental confidence in showcasing an on-plan ramp-up for that region and that facility.

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

Grant Fagerheim: Hey, sorry, I just had one more question, maybe as a follow-up to Travis's on Latour there. Just wanted to ask if you could kind of highlight any of the either engineering work or the geology or the facility design that really kind of provides incremental confidence in showcasing an on-plan ramp-up for that region and that facility.

Speaker #9: And that facility .

Speaker #6: Yeah . When I drove back to Dennis , is is the the results that we've had to date , we've called those delineation paths and that's , that's intentional because we were testing different portions of the acreage base there as it pertained to both geological characteristics , like how the rock behaves , how it behaves when drilling , how it behaves when when fracked , and of course , of course , subsequent production .

Joey Wong: Yeah. What I draw back to, Dennis, is the results that we've had to date. We've called those delineation paths, and that's intentional, because we were testing different portions of the acreage base there as it pertained to both geological characteristics, like how the rock behaves, how it behaves when drilling, how it behaves when fracked, and, of course, subsequent production. What we've also looked to do is craft some of our development program around both the drawdown assessing what the optimal drawdown rate is and got a team of reservoir engineers that assess what the push and pull between strong initial production compared to ultimately looking at higher ultimate recoveries are and kind of looking to find a balance there.

Joey Wong: Yeah. What I'd draw back to, Dennis, is the results that we've had to date. We've called those delineation paths, and that's intentional, because we were testing different portions of the acreage base there as it pertained to both geological characteristics, like how the rock behaves, how it behaves when drilling, how it behaves when fracked, and of course, subsequent production. What we've also looked to do is craft some of our development program around both the drawdown, assessing what the optimal drawdown rate is, and got a team of reservoir engineers that assess what the push and pull between strong initial production, compared to ultimately looking at higher ultimate recoveries are, and kind of looking to find a balance there. Also crafting this year's program around being near existing horizontals to make sure that we've accounted for parent-child interaction appropriately in our plan.

Speaker #6: And then what we what we've also looked to do is craft some of our development program around both the drawdown , assessing what the optimal drawdown rate is , and got a team of reservoir engineers that assess what the push and pull between strong initial production compared to ultimately looking at higher ultimate recoveries are and kind of looking to find a balance there .

Speaker #6: And then also crafting the the this year's program around being near existing horizontals to make sure that we've accounted for parent child interaction appropriately in our plans .

Joey Wong: Also crafting this year's program around being near existing horizontals to make sure that we've accounted for parent-child interaction appropriately in our plan. Without pointing at anything specific there, Dennis, I would definitely say that when you look at the amount of work that's been done, be that through actual drilling, through modeling. I should also mention as well, by the way, we drilled and cored a well there in the past few quarters as well. When you look at the amount of work that's gone in, it is quite a high level of rigor.

Speaker #6: So without pointing out anything specific there , Dennis , I would definitely say that when you look at the amount of work that's been done , be that through actual drilling , through modeling , through , I should also mention as well , by the way , we caught a well drilled , drilled and quarter well there in the past few quarters there as well .

Joey Wong: Without pointing at anything specific there, Dennis, I would definitely say that when you look at the amount of work that's been done, be that through actual drilling, through modeling, I should also mention as well, by the way, we cored a well, drilled and cored a well there in the past few quarters there as well. When you look at the amount of work that's gone in, it is quite a high level of rigor. The good news for us anyways is, and should give, has given us anyways quite a bit of confidence, is with every either technical evaluation that's been done or observation of physical behavior of the assets, everything has either met or slightly exceeded expectations. That's really what's given us the confidence to stand behind the forecast there.

Speaker #6: When you look at the amount of work that's gone in , it is quite a high level of rigor . And the good news for us anyways , and should give , has given us anyways quite a bit of confidence is with every other technical evaluation that's been done or observation of physical behavior of the assets .

Joey Wong: The good news for us anyways, and should give, has given us anyways quite a bit of confidence is with every either technical evaluation that's been done or observation of physical behavior, of the assets, everything has either met or slightly exceeded expectations. That's really what's given us the confidence to stand behind the forecast there.

Speaker #6: Everything has either met or slightly exceeded expectations . So that's really what's given us the confidence to stand behind the forecast . There .

Speaker #9: Great. Thanks. I'll turn it over to you.

David Brown: Great. Thanks. I'll turn it back.

Dennis Fong: Great. Thanks. I'll turn it back.

[Analyst]: Great. Thanks. I'll turn it back.

Speaker #11: Back .

Speaker #3: Thank you . And at this time , gentlemen , we have no other questions registered . Please proceed .

Operator: Thank you. At this time, gentlemen, we have no other questions registered. Please proceed.

Moderator: Thank you. At this time, gentlemen, we have no other questions registered. Please proceed.

Speaker #4: Thank you . Sylvie , and thanks to each of you on the line today . And . And who continue to support us on our journey .

Joey Wong: Thank you, Sylvie. Thanks to each of you on the line today and who continue to support us on our journey. I do want to once again thank our entire Whitecap team for your dedication and efforts over the past 5-month period of time, as well as for the full year. We are excited about the opportunity set facing us, with our company and look forward to updating you on the progress through the balance of 25 and into the future. All the best to each of you. Signing off for now. Cheers.

Grant Fagerheim: Thank you, Sylvie. Thanks to each of you on the line today and who continue to support us on our journey. I do want to once again thank our entire Whitecap team for your dedication and efforts over the past 5-month period of time, as well as for the full year. We are excited about the opportunity set facing us, with our company and look forward to updating you on the progress through the balance of 25 and into the future. All the best to each of you. Signing off for now. Cheers.

Thanh Kang: Thank you, Sylvie, and thanks to each of you on the line today who continue to support us on our journey. I do want to once again thank our entire Whitecap Resources Inc. team for your dedication and efforts over the past five-month period of time, as well as for the full year. We are excited about the opportunity set facing us with our company and look forward to updating you on the progress through the balance of 2025 and into the future. All the best to each of you. Signing off for now. Cheers.

Speaker #4: I do want to once again thank our entire Whitecap team for your dedication and efforts over the past five month period of time , as well as for the full year .

Speaker #4: We are excited about the opportunity set facing us with our company and look forward to updating you on the progress through the balance of 25 and into the future .

Speaker #4: All the best to each of you. Signing off for now. Cheers!

Speaker #3: Thank you sir . Ladies and gentlemen , this does indeed your conference call for today . Once again , thank you for attending .

Operator: Thank you, sir. Ladies and gentlemen, this does indeed conclude the conference call for today. Once again, thank you for attending. At this time, we ask that you please disconnect your lines. Enjoy the rest of your day.

Moderator: Thank you, sir. Ladies and gentlemen, this does indeed conclude your conference call for today. Once again, thank you for attending. At this time, we ask that you please disconnect your lines. Enjoy the rest of your day.

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