Whitecap Resources Targets Modest Growth Awaiting Firmer Market Signals

Whitecap will likely acquire adjacent blocks to its core territory, as it has since its founding. Acquiring and trading acreage to block up or expand runway is an important part of the business and should be expected. Larger acquisitions look less likely, as management targets a modest 3%-5% per share annual production growth. In the near term, organic growth from improving new and base wells has lifted production without much incremental spending.