{"id":950709,"date":"2026-10-29T14:06:12","date_gmt":"2026-10-29T14:06:12","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/950709\/"},"modified":"2026-10-29T14:06:12","modified_gmt":"2026-10-29T14:06:12","slug":"calgary-energy-producer-whitecap-reports-spiking-revenues-profits-on-high-oil-prices","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/950709\/","title":{"rendered":"Calgary energy producer Whitecap reports spiking revenues, profits on high oil prices"},"content":{"rendered":"

\"weyburn070921-7.JPG\"<\/a> A view of the entrance to the water and oil storage facility at the Whitecap Resources Weyburn Unit Plant south of Weyburn, Saskatchewan on Sept. 7, 2021. (Credit: BRANDON HARDER\/ Regina Leader-Post) <\/p>\n

Canada’s fifth largest producer of oil and natural gas<\/a> raised its dividend and lifted its production forecast for the third time this year after reporting profits rose by about 60 per cent. <\/p>\n

Whitecap Resources Inc.<\/a> said high prices for its light oil and condensate pushed third-quarter cash flow up by nearly a third while production averaged 390,720 barrels of oil equivalent per day in the three months ended Sept. 30. <\/p>\n

Funds flow, a metric that measures the cash-generating capability of a company’s core operations, rose to $1.17 billion from $896.6 million a year earlier, a 32 per cent increase on a per-share basis. <\/p>\n

Net income rose to $326.4 million from $204.2 million. <\/p>\n

Oil prices<\/a> did much of the work for the company’s third-quarter performance. <\/p>\n

Whitecap received an average of $113.89 per barrel for its crude oil and condensate in the quarter, compared with $84.34 a year earlier. <\/p>\n

The company also said it is drilling faster than planned. <\/p>\n

Instead of slowing activity before year-end, it will keep its rigs running through the fourth quarter. That adds about $100 million to its 2026 capital budget, which now totals about $2.2 billion. <\/p>\n

The board approved a monthly dividend increase of about 1.5 per cent to 6.17 cents per share, or 74 cents annually. <\/p>\n

Most of the extra cash is going to the balance sheet. <\/p>\n

Net debt has fallen by about $1.3 billion since the end of 2025 to $2.1 billion. The company expects to finish the year with less than $2 billion in net debt. <\/p>\n

For 2027, Whitecap set a capital budget of $2.4 billion to $2.6 billion to drill 332 new wells, with roughly three quarters of spending going to its Montney and Duvernay unconventional division. <\/p>\n

The company projects 2027 free funds flow of about $1.6 billion, a figure it said would rise to roughly $2 billion if Ottawa’s proposed Productivity Mega Deduction becomes law as proposed. <\/p>\n

“We view [Whitecap’s] quarterly results positively,” said analyst Michael Harvey with RBC Capital Markets. <\/p>\n

Harvey is referring to the third quarter for Canada’s oilpatch as a “beat and raise” quarter, meaning quarterly results that exceed analyst expectations and raise its financial projections for future periods. <\/p>\n

The company will hold a conference call with analysts at 9 a.m. MT on Thursday. <\/p>\n","protected":false},"excerpt":{"rendered":"A view of the entrance to the water and oil storage facility at the Whitecap Resources Weyburn Unit…\n","protected":false},"author":2,"featured_media":950710,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[194293],"tags":[15261,45,161,49,2798,48,46,133,1828,1829,74172,1830,1831,39783,8123,131,2519,968,1705,2511,1832,1833,176,74173,3322,74174],"class_list":["post-950709","post","type-post","status-publish","format-standard","has-post-thumbnail","category-calgary","tag-401k","tag-business","tag-business-news","tag-ca","tag-calgary","tag-canada","tag-economy","tag-finance","tag-financial-information","tag-investing","tag-investment-tools","tag-investor","tag-market-news","tag-mortgage","tag-mutual-funds","tag-personal-finance","tag-quote","tag-real-estate","tag-retirement","tag-stock","tag-stock-research","tag-stock-valuation","tag-stocks","tag-suze-orman","tag-tax","tag-track-portfolio"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/950709","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=950709"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/950709\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/950710"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=950709"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=950709"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=950709"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}