View source for Whitecap Resources

{{Short description|Canadian Calgary, Alberta-based public oil company founded in 2009}}
{{use mdy dates|date=January 2021}}
{{use Canadian English|date=January 2021}}
{{Infobox company
| name = Whitecap Resources
| logo = Whitecap_Logo.svg
| image =
| image_caption =
| type = [[Public Company|Public]]
| traded_as = {{tsx|WCP}}<br>[[S&P/TSX Composite Index|S&P/TSX Composite Component]]
| industry = [[Petroleum industry|Oil and Gas]]
| founded = 2009
| founder =
| hq_location_city = [[Calgary]], Alberta
| hq_location_country = Canada
| key_people = Grant Fagerheim (President, [[Chief Executive Officer]], and Chairman)
| revenue = {{decrease}} {{CA$|923 million|link=yes}} {{small|(2020)}}<ref name="Financial Statement">{{cite web|url=https://www.wcap.ca/application/files/3416/1420/5292/WCP_FS_YE_2020_FINAL.pdf |title=Whitecap Resources 2020 Consolidated Balance Sheet |date=February 2021}}</ref>
| net_income = {{decrease}} {{CA$|–1,845 million}} {{small|(2020)}}<ref name="Financial Statement" />
| assets = {{decrease}} {{CA$|3,381 million}} {{small|(2020)}}<ref name="Financial Statement" />
| equity = {{decrease}} {{CA$|1,000 million}} {{small|(2020)}}<ref name="Financial Statement" />
| website = {{URL|www.wcap.ca}}
}}
'''Whitecap Resources''' is a Canadian public oil company based in [[Calgary]], Alberta, with operations in Alberta, Saskatchewan, and British Columbia.  In 2018, it produced 74,415 [[Barrel of oil equivalent|barrels of energy]] per day, with 85% of production consisting of crude oil and other liquids.  It is listed on the [[Toronto Stock Exchange]].
== History ==
Whitecap Resources was founded in 2009.<ref name=":0">{{Cite news|url=https://www.albertaoilmagazine.com/2013/06/whitecap-resources-oil-production/|title=Whitecap Resources is focused on oil production – but not exploration - Alberta Oil Magazine|date=June 26, 2013|work=Alberta Oil Magazine|access-date=February 27, 2018|language=en-US}}</ref>  Its daily production grew rapidly in the following years, from 275 barrels of energy per day in 2009 to 14,052 in 2012.  In 2012, it acquired Midway Energy, another Alberta light oil producer, for $550 million.<ref>{{Cite news|url=https://www.theglobeandmail.com/report-on-business/industry-news/energy-and-resources/whitecap-resources-to-acquire-midway-energy/article549671/|title=Whitecap Resources to acquire Midway Energy|date=February 28, 2012|work=The Globe and Mail|access-date=February 27, 2018}}</ref>  In 2016, Whitecap bought some of  [[Husky Energy]]'s oil assets in Southwest Saskatchewan for $595 million.<ref>{{Cite news|url=https://www.winnipegfreepress.com/business/whitecap-resources-strikes-deal-to-buy-husky-oil-assets-for-595-million-378861081.html|title=Whitecap Resources strikes deal to buy Husky oil assets for $595 million|author=Dan Healing|agency=The Canadian Press|date=May 10, 2016|work=Winnipeg Free Press|access-date=February 27, 2018}}</ref>
In 2017, [[Brad Wall]], then-premier of Saskatchewan, invited Whitecap to move to that province, citing lower taxes and subsidized relocation costs.<ref name=":1">{{Cite news|url=http://www.cbc.ca/news/canada/calgary/brad-wall-calgary-energy-companies-invitation-1.4046020|title=Brad Wall invites Calgary energy companies to move to Saskatchewan|work=CBC News|access-date=February 27, 2018|language=en}}</ref>  The company CEO, Grant Fagerheim, said that it was considering the offer, but would only move if it benefited shareholders.<ref name=":1" />
In November 2017, Whitecap purchased a 62% interest in the [[Weyburn-Midale Carbon Dioxide Project|Weyburn oil project]] in Saskatchewan for $940 million from [[Cenovus Energy]].  The deal was expected to increase Whitecap's oil production by 25%.<ref name="cbc.ca">{{Cite news|url=http://www.cbc.ca/news/canada/saskatchewan/cenovus-selling-majority-stake-in-weyburn-oil-project-1.4400817|title=Cenovus selling majority stake in Weyburn oil project {{!}} CBC News|work=CBC|access-date=February 27, 2018|language=en-US}}</ref>
== Operations ==
Whitecap Resources primarily produces light, [[sweet crude oil]],<ref name=":0" /> as opposed to heavy oil or natural gas.  It generally focuses on oil development and production instead of exploration.  It has properties in northwest Alberta & B.C., central Alberta, and Saskatchewan with 2019 production guidance of 70,000 - 72,000 barrels of energy per day.  As of 2019, Whitecap has identified 2,827 gross drilling locations (8 to 10 years of inventory) with 1,568 proved plus probable.
Whitecap's strategy is to deliver 10% to 15%/annum dividend + growth through balance sheet strength, sustainable dividends and moderate growth.
==Carbon sequestration ==
{{main| Carbon sequestration}}
Whitecap's  [[Weyburn-Midale Carbon Dioxide Project]], transports emissions from a North Dakota coal power plant and a coal gasification facility to the Weyburn oilfields located south of Regina oilfield in region south of Regina, Saskatchewan.<ref name="CBC_Bakx_20210125">{{Cite news| last = Bakx| first = Kyle| title = You've heard of net zero? These oil companies say they've reached 'net-negative' carbon emissions| work = CBC News| access-date = January 25, 2021| date = January 25, 2021| url = https://www.cbc.ca/news/business/bakx-ccs-enhance-whitecap-david-keith-1.5884107}}</ref> According to a January 25, 2021 ''CBC News'' article, the Whitecap project is very similar but much larger than the Enhance Energy project<ref name="CBC_Bakx_20210125"/> that is part of the [[Alberta Carbon Trunk Line System]].<ref name="CBC_Bakx_20210125"/>
In November 2017, Whitecap purchased a 62% interest in the [[Weyburn-Midale Carbon Dioxide Project|Weyburn oil project]] in Saskatchewan for $940 million from [[Cenovus Energy]].  The deal was expected to increase Whitecap's oil production by 25%.<ref name="cbc.ca"/>
According to a 2008 article in ''Canadian Geographic Magazine'', at that time the Weyburn carbon monitoring and storage project was the world's largest [[carbon capture and storage]] project.<ref name="Casey_2008">{{cite magazine |first=Allan |last=Casey |title= Carbon Cemetery |magazine=Canadian Geographic Magazine |date=January 2008}}</ref>{{rp|63}}
== References ==
{{Reflist}}
[[Category:Companies listed on the Toronto Stock Exchange]]
[[Category:Companies based in Calgary]]
[[Category:Oil companies of Canada]]