Whitecap Resources is a Canadian public oil company based in

Calgary Calgary ( ) is the largest city in the western Canadian province of Alberta and the largest metro area of the three Prairie Provinces. As of 2021, the city proper had a population of 1,306,784 and a metropolitan population of 1,481,806, makin ...

, Alberta, with operations in Alberta, Saskatchewan, and British Columbia. In 2018, it produced 74,415 barrels of energy per day, with 85% of production consisting of crude oil and other liquids. It is listed on the

Toronto Stock Exchange The Toronto Stock Exchange (TSX; french: Bourse de Toronto) is a stock exchange located in Toronto, Ontario, Canada. It is the 10th largest exchange in the world and the third largest in North America based on market capitalization. Based in t ...

History

Whitecap Resources was founded in 2009. 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. In 2016, Whitecap bought some of

Husky Energy Husky Energy Inc. is a company engaged in hydrocarbon exploration, headquartered in Calgary, Alberta, Canada. It operates in Western and Atlantic Canada, the United States and the Asia Pacific region, with upstream and downstream business segm ...

's oil assets in Southwest Saskatchewan for $595 million. In 2017,

Brad Wall Bradley John Wall (born November 24, 1965), is a Canadian former politician who served as the 14th premier of Saskatchewan from November 21, 2007 until February 2, 2018. He is the fourth longest-tenured premier in the province's history. His so ...

, then-premier of Saskatchewan, invited Whitecap to move to that province, citing lower taxes and subsidized relocation costs. The company CEO, Grant Fagerheim, said that it was considering the offer, but would only move if it benefited shareholders. In November 2017, Whitecap purchased a 62% interest in the Weyburn oil project in Saskatchewan for $940 million from

Cenovus Energy Cenovus Energy Inc. (pronounced se-nō-vus) is an integrated oil and natural gas company headquartered in Calgary, Alberta. Cenovus was formed in 2009 when Encana Corporation split into two distinct companies, with Cenovus becoming focused on oi ...

. The deal was expected to increase Whitecap's oil production by 25%.

Operations

Whitecap Resources primarily produces light,

sweet crude oil Sweet crude oil is a type of petroleum. The New York Mercantile Exchange designates petroleum with less than 0.5% sulfur as ''sweet''. Petroleum containing higher levels of sulfur is called sour crude oil. Sweet crude oil contains small amounts o ...

, 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

Whitecap's

Weyburn-Midale Carbon Dioxide Project The Weyburn-Midale Carbon Dioxide Project (or IEA GHG Weyburn-Midale Monitoring and Storage Project) is, as of 2008, the world's largest carbon capture and storage project.Allan Casey, ''Carbon Cemetery'', Canadian Geographic Magazine, Jan/Feb 2 ...

, 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. According to a January 25, 2021 ''CBC News'' article, the Whitecap project is very similar but much larger than the Enhance Energy project that is part of the

Alberta Carbon Trunk Line System The Alberta Carbon Trunk Line (ACTL) is a pipeline owned and operated Wolf Midstream, which is in length and part of a $CDN1.2 billion system that captures carbon dioxide from industrial emitters in the Alberta's Industrial Heartland and tran ...

. In November 2017, Whitecap purchased a 62% interest in the Weyburn oil project in Saskatchewan for $940 million from

. The deal was expected to increase Whitecap's oil production by 25%. 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 Carbon capture and storage (CCS) or carbon capture and sequestration is the process of capturing carbon dioxide (CO2) before it enters the atmosphere, transporting it, and storing it (carbon sequestration) for centuries or millennia. Usually th ...

project.

References

{{Reflist Companies listed on the Toronto Stock Exchange Companies based in Calgary Oil companies of Canada