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WHITECAP RESOURCES INC NEWS RELEASE July 29 , 2021 WHITECAP RESOURCES INC . REPORTS RECORD PRODUCTION IN THE SECOND QUARTER , INCREASES PRODUCTION GUIDANCE WITH NO INCREASE TO CAPITAL SPENDING AND RELEASES 2021 ESG REPORT CALGARY , ALBERTA - Whitecap Resources Inc. ( " Whitecap " or the " Company " ) ( TSX : WCP ) is pleased to report its operating and unaudited consolidated financial results for the three and six months ended June 30 , 2021 . Selected financial and operating information is outlined below and should be read with Whitecap's unaudited interim consolidated financial statements and related Management's Discussion and Analysis for the three and six months ended June 30 , 2021 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 Basic ( $ / share ) Diluted ( $ / share ) Dividends paid or declared Per share Expenditures on property , plant and equipment ( " PP & E ” ) Total payout ratio ( % ) ( 1 ) Property acquisitions Six months ended June 30 2021 2020 414,784 Three months ended June 30 2021 613,520 2020 150,467 1,062,412 18,558 ( 78,285 ) 38,193 ( 2,189,759 ) 0.03 ( 0.19 ) 0.07 ( 5.36 ) 0.03 ( 0.19 ) 0.07 ( 5.36 ) 266,564 78,134 454,331 209,911 0.43 0.43 0.19 0.80 0.51 0.19 0.79 0.51 28,784 17,448 52,965 52,354 0.05 0.04 0.09 0.13 39,420 21,301 26 181 50 5,208 ( 47 ) 372,528 1,389,320 1,238,956 158,282 46 72,359 ( 67 ) 1,779,910 1,389,320 160,098 101 5,284 18,149 1,238,956 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 ) 80,071 54,067 72,475 55,349 11,308 5,288 10,413 5,183 152,521 68,712 140,901 69,589 116,799 70,807 106,372 72,130 Crude oil ( $ / bbl ) 73.57 26.55 69.81 37.25 NGLS ( $ / bbl ) 31.29 13.17 33.20 12.74 Natural gas ( $ / Mcf ) 3.26 2.16 3.30 2.17 Total ( $ / boe ) 57.72 23.35 55.18 31.60 Netbacks ( $ / boe ) Petroleum and natural gas revenues 57.72 23.35 55.18 31.60 Tariffs ( 0.36 ) ( 0.42 ) ( 0.40 ) ( 0.44 ) Processing & other income 0.61 0.95 0.73 0.64 Marketing revenue 3.97 0.59 3.18 0.95 Petroleum and natural gas sales 61.94 24.47 58.69 32.75 Realized hedging gain ( loss ) ( 4.83 ) 7.82 ( 4.19 ) 5.35 Royalties ( 9.13 ) ( 2.02 ) ( 8.43 ) ( 3.96 ) Operating expenses ( 13.73 ) ( 11.18 ) ( 13.56 ) ( 11.70 ) Transportation expenses ( 2.32 ) ( 2.39 ) ( 2.20 ) ( 2.36 ) Marketing expenses Operating netbacks ( 1 ) Share information ( 000s ) Common shares outstanding , end of period ( 4.02 ) ( 0.63 ) ( 3.21 ) ( 0.92 ) 27.91 16.07 27.10 19.16 631,304 408,181 631,304 408,181 Weighted average basic shares outstanding Weighted average diluted shares outstanding Notes : 615,398 408,146 566,716 408,384 621,234 410,354 571,863 412,863 ( 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 .