2023 Production Guidance
Whitecap Resources Inc. has provided its full-year 2023 guidance for average production, which is expected to range between 157,000 and 159,000 boe/d. The company anticipates landing at the lower end of this production guidance range. In the fourth quarter, Whitecap Resources plans to bring a total of 19 wells (13.2 net) online.
2024 Commodity and Oil Prices
Whitecap Resources foresees robust but volatile commodity prices in 2024 due to the prevailing macro environment. Crude-oil prices are expected to remain strong, driven by the continued growth in global demand and limited production expansion caused by the underinvestment in the sector over the past years. Furthermore, the Trans Mountain Expansion Project's additional pipeline capacity, fully operational by early 2024, will enhance Canadian crude-oil price realizations and lead to improved price differentials.
Natural Gas Outlook
The completion of LNG Canada in 2025, the first LNG project in the country, along with other recently announced projects, brings heightened market diversification for Canadian natural gas. These incremental projects also play a crucial role in advancing Canada's leadership position in transitioning towards a lower carbon economy.