Whitecap Resources

Whitecap Resources
Public
Traded as TSX: WCP
S&P/TSX Composite Component
Industry Crude Oil Production
Founded 2009
Headquarters Calgary, Alberta, Canada
Key people
 Grant Fagerheim (President, Chief executive officer, and Chairman)
Website www.wcap.ca

Whitecap Resources is a Canadian public oil company based in Calgary, Alberta, with operations in Alberta, Saskatchewan, and British Columbia. In the third quarter of 2017, it produced 58,000 barrels of energy per day, with 82% of production consisting of crude oil and other liquids. It is listed on the Toronto Stock Exchange.

History

Whitecap Resources was founded in 2009.[1] 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.[2] In 2016, Whitecap bought some of Husky Energy's oil assets in Southwest Saskatchewan for $595 million.[3]

In 2017, Brad Wall, then-premier of Saskatchewan, invited Whitecap to move to that province, citing lower taxes and subsidized relocation costs.[4] The company CEO, Grant Fagerheim, said that it was considering the offer, but would only move if it benefited shareholders.[4]

In November 2017, Whitecap purchased a 62% interest in the Weyburn oil project in Saskatchewan for $940 million from Cenovus Energy. The deal was expected to increase Whitecap's oil production by 25%.[5]

Operations

Whitecap Resources primarily produces light, sweet crude oil,[1] 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, central Alberta, and Saskatchewan, with total production of 58,000 barrels of energy per day. As of 2017, approximately 50% of production was in Alberta, 40% was in Saskatchewan, and 10% was in British Columbia.[6]

References

  1. 1 2 "Whitecap Resources is focused on oil production – but not exploration - Alberta Oil Magazine". Alberta Oil Magazine. 2013-06-26. Retrieved 2018-02-27.
  2. ↑ "Whitecap Resources to acquire Midway Energy". The Globe and Mail. 2012-02-28. Retrieved 2018-02-27.
  3. ↑ Press, Dan Healing, The Canadian (2016-05-10). "Whitecap Resources strikes deal to buy Husky oil assets for $595 million". Winnipeg Free Press. Retrieved 2018-02-27.
  4. 1 2 "Brad Wall invites Calgary energy companies to move to Saskatchewan". CBC News. Retrieved 2018-02-27.
  5. ↑ "Cenovus selling majority stake in Weyburn oil project | CBC News". CBC. Retrieved 2018-02-27.
  6. ↑ "Wall's wooing of energy companies raises alarms, and hackles, in Calgary". Calgary Herald. 2017-03-30. Retrieved 2018-02-27.
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