Whitecap Resources (TSE:WCP)
TSX:WCP
Earnings Data
Report Date
Apr 29, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.23Last Year’s EPS
0.27Same Quarter Last Year
Strong Buy
Based on 10 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized strong operational execution, meaningful cost and capital efficiency gains, substantial free cash flow generation (~$900M), disciplined returns to shareholders ($736M dividends and $193M buybacks), upgraded credit profile, and sizable reserve and drilling inventory (2.2 billion BOE 2P, ~10,500 locations). Management acknowledged a weaker commodity backdrop (WTI down ~15%, AECO < $1.70/GJ) and some near-term constraints (Musreau capacity), but they have mitigation plans, long-term gas marketing agreements, solid liquidity, and conservative hedging in place. On balance the positive operational and financial achievements substantially outweigh the challenges highlighted.Company Guidance
Record Quarterly Production and Per-Share Outperformance
Q4 production averaged over 379,000 BOE/day, exceeding expectations, and Q4 production per share was the highest quarterly result in company history, driven by accelerated timing and asset-level outperformance.
Strong Funds Flow and Free Cash Flow
Full-year funds flow of $2.95 per share (one of the strongest annual results in company history) and approximately $900 million of free cash flow generated with capital expenditures in line with $2.0 billion guidance.
Material Capital Returns to Shareholders
Returned $736 million to shareholders through dividends and $193 million through share repurchases; delivered 15% total shareholder return (at the high end of 10%–15% target), comprised of 6% production per share growth, 7% dividend yield and 2% share repurchases.
Operating Cost Improvements
Fourth quarter operating costs declined to $12.24 per BOE, an 11% decrease versus 2024, reflecting accelerated synergy capture and field-level optimization following the Veren combination.
Scale, Reserves and Inventory
2P reserves of 2.2 billion BOE, reserve life index >16 years, and ~10,500 high-quality drilling locations in inventory, providing decades of development runway and optionality across light oil, liquids-rich and lean gas.
Improved Financial Strength and Liquidity
Year-end net debt of $3.4 billion (less than 1x annualized Q4 funds flow), $1.5 billion available liquidity, and a credit rating upgrade to BBB (flat), improving cost of debt and financial flexibility.
Asset-Level Free Cash Flow and Facility Execution (Musreau & Kaybob)
Musreau: 6-well pad producing ~17,000–18,000 BOE/day at ~70% liquids, asset generated >$100 million of operating free cash flow and condensate performance drove ~20% higher EORs than anticipated. Kaybob: debottlenecked capacity now expected at 115,000–120,000 BOE/day by year-end (accelerated from H2 2027 expectation); at $60–$70 WTI expected asset-level free cash flow of $650M–$850M at capacity with only 50%–55% reinvestment.
Conventional Division Performance and Efficiency Gains
Conventional averaged ~140,000 BOE/day in 2025, invested $500 million and drilled 199 wells; Q4 outperformance ~3,000 BOE/day. Division is ~80% liquids weighted with ~52,000 bbl/day of dedicated waterflood and EOR production, providing stable cash flow.
Notable Well-Level Outperformance
Frobisher: IP180 exceeded expectations by 41%; capital efficiency improved ~26% vs initial type curve (IP365). Bakken: first 3-mile 8-leg open-hole multilateral well achieved IP90 38% above expectations. Glauconite production doubled from ~13,000 to ~27,000 BOE/day since 2021.
Hedging and Gas Price Diversification
Approximately 25% of 2026 oil production hedged (floor just under CAD 85/bbl) and 29% of 2026 gas hedged (~$3.75/GJ). Signed long-term gas marketing agreements: 10-year deal with Centrica for 50,000 MMBtu/day indexed to TTF and a 10-year agreement to deliver 35,000 MMBtu/day into Chicago (Henry Hub), reducing AECO exposure and improving price stability.
2026 Near-Term Production Guidance and Operational Momentum
Q1 2026 guidance: 375,000–380,000 BOE/day (up from internal forecast of 370,000–375,000). Full-year 2026 guidance unchanged at 370,000–375,000 BOE/day on capex $2.0–$2.1 billion; management reports operational momentum carrying into 2026.
TSE:WCP Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
TSE:WCP Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 23, 2026 | C$13.64 | C$13.48 | -1.23% |
Oct 22, 2025 | C$9.92 | C$10.20 | +2.74% |
Jul 23, 2025 | C$9.73 | C$10.30 | +5.89% |
Apr 23, 2025 | C$7.50 | C$7.65 | +2.12% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Whitecap Resources (TSE:WCP) report earnings?
Whitecap Resources (TSE:WCP) is schdueled to report earning on Apr 29, 2026, Before Open (Confirmed).
What is Whitecap Resources (TSE:WCP) earnings time?
Whitecap Resources (TSE:WCP) earnings time is at Apr 29, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is TSE:WCP EPS forecast?
TSE:WCP EPS forecast for the fiscal quarter 2026 (Q1) is 0.23.