Page 1

WHITECAP RESOURCES INC February 24 , 2021 NEWS RELEASE WHITECAP RESOURCES INC . ANNOUNCES STRONG 2020 RESULTS , COMPLETES TRANSFORMATION TO A LEADING LIGHT OIL PRODUCER AND PROVIDES 2021 BUDGET CALGARY , ALBERTA - Whitecap Resources Inc. ( " Whitecap " or the " Company " ) ( TSX : WCP ) is pleased to report its operating and audited financial results for the quarter and year ended December 31 , 2020 . Selected financial and operating information is outlined below and should be read with Whitecap's audited annual consolidated financial statements and related management's discussion and analysis for the three and twelve months ended December 31 , 2020 which are available at www.sedar.com and on our website at www.wcap.ca. FINANCIAL AND OPERATING HIGHLIGHTS Financial ( $ 000s except per share amounts ) Petroleum and natural gas revenues Net income ( loss ) Basic ( $ / share ) Diluted ( $ / share ) Funds flow Twelve months ended December 31 2020 901,556 ( 1,844,973 ) Three months ended December 31 2020 238,489 331,951 2019 369,190 2019 1,418,476 ( 203,946 ) ( 155,873 ) 0.81 ( 0.50 ) ( 4.52 ) ( 0.38 ) 0.81 ( 0.50 ) ( 4.52 ) ( 0.38 ) 104,650 184,546 433,881 675,610 Basic ( $ / share ) 0.26 0.45 1.06 1.64 Diluted ( $ / share ) 0.25 0.45 1.06 1.63 Dividends paid or declared 17,468 35,018 87,276 138,341 Per share 0.04 0.09 0.21 0.34 Expenditures on property , plant and equipment 21,713 98,762 195,886 403,977 Total payout ratio ( % ) ( 1 ) 37 72 Property acquisitions 26 410 65 5,381 80 4,016 Property dispositions Corporate acquisition Net debt Operating Average daily production Crude oil ( bbls / d ) NGLS ( bbls / d ) Natural gas ( Mcf / d ) Total ( boe / d ) ( 2 ) Average realized price ( 3 ) ( 266 ) ( 978 ) 1,083,029 1,193,267 18,417 1,083,029 1,193,267 48,527 58,044 52,656 55,413 4,874 4,805 4,982 4,503 62,289 70,811 66,146 66,801 63,783 74,651 68,662 71,050 Crude oil ( $ / bbl ) 47.52 64.42 42.19 66.11 NGLS ( $ / bbl ) 22.48 17.56 16.75 20.58 Natural gas ( $ / Mcf ) 2.84 2.68 2.39 1.95 Total ( $ / boe ) 40.64 53.76 35.88 54.70 Netbacks ( $ / boe ) Petroleum and natural gas revenues 40.64 53.76 35.88 54.70 Tariffs ( 0.54 ) ( 0.42 ) ( 0.48 ) ( 0.48 ) Processing & other income 0.73 0.50 0.74 0.69 Marketing revenue 0.95 1.05 0.94 1.17 Petroleum and natural gas sales 41.78 54.89 37.08 56.08 Realized hedging gain ( loss ) 1.81 ( 0.37 ) 3.62 ( 0.78 ) Royalties ( 5.89 ) ( 8.88 ) ( 4.82 ) ( 9.79 ) Operating expenses ( 11.96 ) ( 11.85 ) ( 11.84 ) ( 12.38 ) Transportation expenses ( 2.27 ) ( 2.40 ) ( 2.36 ) ( 2.26 ) Marketing expenses Operating netbacks ( 1 ) Share information ( 000s ) Common shares outstanding , end of period ( 0.97 ) ( 1.05 ) ( 0.94 ) ( 1.14 ) 22.50 30.34 20.74 29.73 409,234 409,619 409,234 409,619 Weighted average basic shares outstanding Weighted average diluted shares outstanding Notes : 408,468 409,579 408,371 412,000 411,807 412,026 410,880 414,072 ( 1 ) Total payout ratio and operating netbacks do not have a standardized meaning under GAAP . Refer to non - GAAP measures in this press release for additional disclosure and assumptions . ( 2 ) Disclosure of production on a per boe basis in this press release consists of the constituent product types and their respective quantities disclosed in this table . ( 3 ) Prior to the impact of hedging activities and tariffs .