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WHITECAP RESOURCES INC NEWS RELEASE October 28 , 2021 WHITECAP RESOURCES INC . REPORTS CONTINUED FINANCIAL AND OPERATIONAL MOMENTUM WITH THIRD QUARTER RESULTS 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 nine months ended September 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 nine months ended September 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 Property dispositions Nine months ended September 30 2021 1,740,527 1,552,826 Three months ended September 30 2021 678,115 2020 248,283 1,514,633 12,835 2020 663,067 ( 2,176,924 ) 2.40 2.37 0.03 2.64 ( 5.33 ) 0.03 2.62 ( 5.33 ) 293,741 119,320 748,072 329,231 0.46 0.29 1.27 0.81 0.46 0.29 1.26 0.80 30,807 17,454 83,772 69,808 0.05 0.04 0.14 0.17 135,204 14,075 57 26 2,646 71 ( 2,287 ) 68,855 268 1,313,871 1,151,409 293,486 50 75,005 ( 2,354 ) 1,848,765 1,313,871 174,173 74 5,355 18,417 1,151,409 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 ) 77,188 51,456 74,063 54,042 10,279 4,693 10,368 5,018 170,807 63,191 150,979 67,441 115,935 66,681 109,594 70,300 Crude oil ( $ / bbl ) 81.02 47.67 73.75 40.58 NGLS ( $ / bbl ) 45.64 19.57 37.36 14.89 Natural gas ( $ / Mcf ) 3.79 2.44 3.49 2.25 Total ( $ / boe ) 63.58 40.47 58.17 34.42 Netbacks ( $ / boe ) Petroleum and natural gas revenues 63.58 40.47 58.17 34.42 Tariffs ( 0.43 ) ( 0.49 ) ( 0.41 ) ( 0.46 ) Processing & other income 0.83 0.99 0.77 0.75 Marketing revenue 4.29 0.91 3.57 0.94 Petroleum and natural gas sales 68.27 41.88 62.10 35.65 Realized hedging gain ( loss ) ( 6.83 ) 1.65 ( 5.13 ) 4.17 Royalties ( 10.24 ) ( 5.61 ) ( 9.07 ) ( 4.49 ) Operating expenses ( 13.71 ) ( 12.02 ) ( 13.61 ) ( 11.80 ) Transportation expenses ( 2.29 ) ( 2.44 ) ( 2.23 ) ( 2.38 ) Marketing expenses Operating netbacks ( 1 ) Share information ( 000s ) Common shares outstanding , end of period ( 4.32 ) ( 0.96 ) ( 3.60 ) ( 0.93 ) 30.88 22.50 28.46 20.22 631,991 408,286 631,991 408,286 Weighted average basic shares outstanding Weighted average diluted shares outstanding Notes : ( 1 ) 632,101 408,250 588,750 408,339 638,060 412,405 593,407 412,967 ( 2 ) 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 . 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 . Refer to oil and gas advisories in this press release for additional disclosure . ( 3 ) Prior to the impact of hedging activities and tariffs .