Summary of 2020 Reserves
(Whitecap prior to NAL & TORC Combinations)

Reserves as of December 31, 2020

  Company Share Reserves
Description Oil (Mbbl) Gas (MMcf) NGL (Mbbl) Total (Mboe)
Proved producing
Proved non-producing
Proved undeveloped
168,516
1,882
113,536
167,172
1,897
164,887
12,362
89
11,214
208,740
2,287
152,232
Total Proved
Probable
283,934
102,298
333,956
173,483
23,665
12,816
363,259
144,028
Total Proved plus Probable 386,233 507,439 36,481 507,287

Net Present Values

Summary of Before Tax Net Present Values (Forecast Pricing) As at December 31, 2020

 
 
Before Tax Net Present Value ($MM) (1) Discount Rate
Description 0% 5% 10% 15% 20%
Proved producing
Proved non-producing
Undeveloped
2,680
57
1,970
2,472
39
1,093
2,013
29
608
1,679
23
323
1,444
18
148
Total proved
Probable
4,707
4,271
3,603
2,196
2,649
1,359
2,025
937
1,610
693
Total proved plus probable 8,978 5,799 4,008 2,962 2,303

(1) Includes abandonment and reclamation costs as defined in NI 51-101 for all of our facilities, pipelines and wells including those without reserves assigned.


RESERVES EVALUATION (NAL & TORC)

NAL Summary of Reserves

Reserves as at December 31, 2020

 
 
company share reserves
Description Oil (Mbbl) Gas (MMcf) NGL (Mbbl) Total (Mboe)
Proved producing
Proved non-producing
Undeveloped
15,505
-
1,340
149,020
3,655
2,600
9,783
80
319
50,125
690
2,092
Total proved
Probable
16,844
4,697
155,275
39,435
10,182
2,493
52,906
13,762
Total proved plus probable 21,541 194,710 12,675 66,668

NAL Net Present Values

Summary of Before Tax Net Present Values (Forecast Pricing) as at December 31, 2020

 
 
Before Tax Net Present Value ($MM) (1) Discount Rate
Description 0% 5% 10% 15% 20%
Proved producing
Proved non-producing
Undeveloped
16
3
19
269
2
13
282
1
8
263
-
5
241
-
3
Total proved
Probable
39
235
283
151
291
107
268
82
244
66
Total proved plus probable 273 434 398 350 310

(1) Includes abandonment and reclamation costs as defined in NI 51-101 for all of the facilities, pipelines and wells including those without reserves assigned

TORC Summary of Reserves

Reserves as at December 31, 2020

 
 
company share reserves
Description Oil (Mbbl) Gas (MMcf) NGL (Mbbl) Total (Mboe)
Proved producing
Proved non-producing
Undeveloped
38,301
2,711
22,563
37,117
3,897
30,670
2,953
218
1,929
47,441
3,578
29,604
Total proved
Probable
63,575
37,048
71,684
50,427
5,100
3,190
80,622
48,642
Total proved plus probable 100,623 122,112 8,290 129,265

TORC Net Present Values

Summary of Before Tax Net Present Values (Forecast Pricing) as at December 31, 2020

 
 
Before Tax Net Present Value ($MM) (1) Discount Rate
Description 0% 5% 10% 15% 20%
Proved producing
Proved non-producing
Undeveloped
426
69
388
550
52
237
508
41
143
453
34
83
407
28
45
Total proved
Probable
883
1,122
840
685
692
460
570
331
480
250
Total proved plus probable 2,006 1,524 1,152 901 730

(1) Includes abandonment and reclamation costs as defined in NI 51-101 for all of the facilities, pipelines and wells including those without reserves assigned


Profitably Converting PDP Reserves to Cashflow


RECYCLE RATIO is a key measure of profitability in the oil and gas industry. The ratio is calculated by dividing the profit per barrel of oil by the cost of finding and developing the barrel of oil. Whitecap focuses on PDP recycle ratio as this reflects whether we are generating sufficient cashflow to replace the barrels we are producing, and therefore can grow economically through internally generated cashflow.


Sustainable Reserves Growth

Click here for full details and disclaimers on our 2020 year end reserves