- Whitecap Resources (TSX:WCP) reports its operating and unaudited financial results for Q3 2024
- The company exceeded its production expectations on a total basis and on liquids production
- Production averaged 173,302 boe/d compared to 167,500 boe/d
- The company now expects its full-year production to average 172,500 boe/d, which is up from its guidance of 167,000-172,000 boe/d
- Shares of Whitecap Resources are down 1.62 per cent to C$10.32 as of 12:04 pm ET
Whitecap Resources (TSX:WCP) reports its operating and unaudited financial results for Q3 2024.
In a news release, the Calgary-based company stated it exceeded its production expectations on a total basis and on liquids production.
Notably, production during the quarter averaged 173,302 boe/d compared with its previously forecasted 167,500 boe/d.
As such, Whitecap Resources now expects its full-year production to average 172,500 boe/d, which is up from its guidance of 167,000-172,000 boe/d, representing its third production guidance increase for the year.
Overall, the company stated its production momentum and continued operational execution resulted in 12 per cent production per share growth compared with the third quarter of last year.
Whitecap Resources’ crude oil and concentrate production from its Montney and Duvernay and southeast Saskatchewan Frobisher assets also contributed to the company’s overall liquids production outperforming expectations.
At Duvernay, the company drilled its first pad in mid-2023 and has now drilled and brought onto production 10 Duvernay wells at Kaybob. According to the company, results have exceeded its expectations that were set out after completing an extensive analysis after acquiring the asset in Q3 2022.
Looking into next year, Whitecap Resources said it plans to drill 20 Duvernay wells, which will have its 15-07 gas processing facility operating at capacity by mid-2025.
At Musreau, the company’s 05-09 battery has been operating at condensate capacity with its most recent four well pad producing at restricted rates because of continued strong condensate production from our previous two pads.
The company has completed the drilling of its last four well pads in 2024 and is expected to be in production before year-end. In 2025, Whitecap Resources has a four well pad planned for the second half of the year to maintain production.
“Our operational execution to date has been exceptional and we expect this to continue for the rest of the year and into 2025. We believe that crude oil prices will remain volatile but on balance robust,” the company stated in a news release.
Whitecap Resources is an oil-weighted growth company focused on acquiring, developing and holding interests in petroleum and natural gas properties and assets. Its core areas include the West Division and East Division.
Shares of Whitecap Resources (TSX:WCP) are down 1.62 per cent to C$10.32 as of 12:04 pm ET.
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