Whitecap Resources reported strong operational growth in its third quarter of 2025, with record production and sharply higher revenues compared to last year. However, profitability was impacted by lower oil prices, leading to a notable year-over-year drop in net income and earnings per share. Average production jumped to 374,623 barrels of oil equivalent per day (boe/d), more than doubling from 173,302 boe/d in Q3 2024. This figure exceeded internal expectations and reflected the contribution of the Veren Inc. merger. Petroleum and natural gas revenues soared to $1.66 billion, up from $890.9 million last year, primarily due to higher production volumes. Revenue was inline with estimates but EBITDA missed estimates by 17%. But production beat estimates and the company raised its 2025 production forecast. What it can control (production and cost) remains good. We are comfortable here.
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