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Whitecap Resources (WCP · TSX)

Large independent — HQ Canada. Oil & gas valuation, proved reserves, production, break-even, net-asset-value and jurisdiction-risk screen.
Category Large independentRegion N. AmericaCEO Grant Fagerheim (2009)Jurisdiction risk Low (8)

Overview

Balanced Canadian producer greatly enlarged by the 2025 Veren (ex-Crescent Point) merger: unconventional Montney/Duvernay plus conventional light oil in Alberta/Saskatchewan; ~370 kboe/d, ~65% liquids; runs CO2 EOR/CCS at Weyburn.

Strong balance sheet (~1.0x net debt/EBITDA), a monthly dividend plus buybacks and targeted Veren synergies. Flags: commodity price and merger-integration execution.

Valuation snapshot (FY2025)

Market cap
$14.9bn
Enterprise value
$17.4bn
EV / EBITDA
7.2x
P / E
20.7x
FCF yield
4.4%
Dividend yield
4.4%
ROACE
10%
Debt / equity
34%
Net debt / EBITDA
1.0x
EV / reserves
$11.89/boe
EV / flowing
$57k/boe/d
Free cash flow
$0.7bn

Its EV/EBITDA of 7.2x is above the 5.9x median across the 142-company universe, the free-cash-flow yield of 4.4% is lower than the 6.5% median, and at $11.89/boe of proved reserves it is cheaper than the $13.51/boe median.

On a balanced screen across the universe, Whitecap Resources scores 58/100, strongest on growth (86/100). Sub-scores: value 41, quality 60, growth 86, risk 29 (higher = riskier).

Reserves & production

Whitecap Resources holds approximately 1.46 billion boe of proved (1P) reserves with FY2025 production of about 307 thousand boe/d (62% liquids), a reserve life of roughly 13.1 years. Break-even: ~$45 (WTI breakeven) — Balanced light oil + Montney/Duvernay gas; enlarged and lower-cost after the 2025 Veren merger; monthly dividend.

Net asset value (public-source)

For Whitecap Resources, no SEC standardized measure is disclosed (non-US filer or listed NOC), so a public-source proved-NAV floor is not computable from US filings. See the interactive screener's NAV tab for peers where an SEC figure exists.

Jurisdiction risk · production-weighted country risk

8 /100
Low jurisdiction risk
Production-weighted average of the country scores below (0 = safest, 100 = riskiest).
Country / regionProd. shareCountry riskKey jurisdiction risk
Canada100%8Stable; pipeline egress constraints, oil-sands emissions policy.
How this is scored. Each country's risk (0–100) is anchored to two named public indices — the OECD Country Risk Classification (0–7 official export-credit country risk) and the World Bank Worldwide Governance Indicators (Political Stability & Absence of Violence percentile) — blended 55/45 and rescaled to 0–100. A company's jurisdiction risk is the production-weighted average across the countries where it operates. This is a pure country measure, kept separate from company & financial risk (leverage, governance). Source: OECD Country Risk Classification (CRC) as of 24 July 2025, sourced via the German Federal Export Credit Guarantees (exportkreditgarantien.de) which applies the OECD consensus country risk category directly (values 0-7; 0 = lowest risk). High-income OECD members are not individually rated by the OECD and are set to crc=0 per the model spec (US, UK, Norway, Canada, Australia, Japan, NZ, and most of Europe incl. OECD members Israel, Poland, Hungary, Czechia, Lithuania, Ireland). 'ps' = World Bank Worldwide Governance Indicators (WGI) 'Political Stability and Absence of Violence/Terrorism' percentile rank, latest available (2023 vintage), 0-100 with higher = more stable; ps values are best sourced estimates rounded to the WGI percentile scale. Yemen not on OECD list ('./.') so crc estimated at 7. Iraq-Kurdistan and Falklands are non-standard model rows using judgment, not official OECD entries..

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Key assets & projects

AssetLocationTypeNotes
Montney (Kaybob/Musreau)CanadaCondensate/gasgrowth engine
Duvernay (Kaybob)CanadaLiquids-richcondensate
Saskatchewan light oilCanadaLight oilVeren legacy
Alberta conventional oilCanadaLight oilconventional
Weyburn CO2 EOR/CCSCanadaEOR/CCSenhanced oil recovery
Veren (merger)CanadaOil/gas2025 combination
Kaybob complexCanadaCondensate/gascore
Central AlbertaCanadaOil/gasconventional

Five-year trend (FY2021–FY2025)

Metric20212022202320242025
Production (mboe/d)117133156174307
Proved reserves (bnboe)0.420.480.530.571.46
Revenue ($bn)2.03.02.72.84.1
EBITDA ($bn)1.11.81.61.62.4
Net income ($bn)0.61.70.90.80.7
Free cash flow ($bn)0.50.90.60.60.7

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Peer companies — Large independent

COP · ConocoPhillipsEOG · EOG ResourcesOXY · Occidental PetroleumDVN · Devon EnergyWDS · Woodside Energy1605.T · InpexAKRBP · Aker BPPTTEP · PTT E&POVV · OvintivSTO · SantosAPA · APA CorporationVAR · Var EnergiPRIO3 · PRIO S.A.SM · SM Energy Company

Sources

✓ FY2025 figures verified against primary sources:

↗ Compare WCP against 141 peers in the interactive screener

Disclaimer. Screening research only — a starting point, not investment or transactional advice. Figures are drawn from public sources (~mid-2026), may contain errors, and require independent due diligence before any decision.
Enerquill Advisory. Data compiled from company FY2025 filings and results releases; market data ~mid-2026. Larger names are verified against primary sources (shown on each page); smaller names are best-estimates pending verification. © Enerquill Advisory. enerquilladvisory.com