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“By leveraging combined best practices and our enhanced scale, we are expecting to see capital efficiency improvements and operating cost reductions across the portfolio.”

The all-stock transaction with Veren closed in mid-May and has made Whitecap the biggest landholder in the Montney and Duvernay shales in Alberta and B.C. and the second-largest oil producer in Saskatchewan.

Through the second half of 2025, Whitecap plans to direct three-quarters of its capital budget on drilling in the Montney and Duvernay, with the rest in Saskatchewan and central Alberta. 

Whitecap said it expects production this year to come in at the high end of its forecast range of between 295,000 and 300,000 barrels of oil equivalent per day. Its capital budget for 2025 remains unchanged at $2 billion. 

“As we begin our 2026 budgeting process, our outstanding suite of assets provides us with significant optionality across the commodity spectrum, from light oil to condensate-rich natural gas to natural gas opportunities,” Fagerheim told the call. 

“This allows us to tailor our future capital program to commodity pricing and maximize our long-term value creation.” 

Whitecap shares were up more than five per cent in afternoon trading on the TSX a day after it reported its second-quarter results. 

Net income was $310.6 million for the three months ended June 30, up from $244.5 million during the same 2024 quarter. 

That amounted to 33 cents per diluted share compared with 41 cents per share a year earlier. 

Petroleum and natural gas revenues were $1.37 billion, an increase from $980.4 million during last year’s second quarter. 

Whitecap produced 292,754 barrels of oil equivalent per day during the period compared to 177,314. 

This report by The Canadian Press was first published July 24, 2025.

Companies in this story: (TSX: WCP)