Whitecap Resources (TSX:WCP) has released its operating and unaudited financial results for the third quarter of 2024. The company reported that it exceeded its production expectations both in total production and liquids production. Production averaged 173,302 boe/d, surpassing the previously forecasted 167,500 boe/d. As a result, Whitecap Resources now anticipates full-year production to average 172,500 boe/d, an increase from its previous guidance of 167,000-172,000 boe/d.
Shares of Whitecap Resources have decreased by 1.62% to C$10.32 as of 12:04 pm ET. The company highlighted its production momentum and operational execution, leading to a 12% growth in production per share compared to the third quarter of the previous year. The company’s crude oil and concentrate production from its various assets contributed to the overall outperformance in liquids production.
Whitecap Resources provided insights into its future plans, including drilling 20 Duvernay wells and operating its gas processing facility at full capacity by mid-2025. The company also mentioned its ongoing operational activities and the expectation of continued strong performance in the coming year.
Whitecap Resources is an oil-weighted growth company with a focus on acquiring, developing, and holding interests in petroleum and natural gas properties across areas such as West Division and East Division. It is important to note that the information provided in this article is for informational purposes only and should not be considered as investment advice.
