Morningstar DBRS Assigns Credit Rating of BBB With a Stable Trend to Whitecap Resources Inc.'s Unsecured Notes Offering

DBRS, Inc. (Morningstar DBRS) assigns a credit rating of BBB with a Stable trend to Whitecap Resources Inc.'s (Whitecap or the Company; rated BBB with a Stable trend) offering of $300 million 3.761% Senior Unsecured Notes due June 19, 2028 (Series 2). Morningstar DBRS notes that the Company intends to use the net proceeds from the Notes for repayment of existing indebtedness and for general corporate purposes.

The credit ratings are underpinned by Whitecap's expanding scale in the liquids-rich Montney and Duvernay resource plays, complemented by continual improvement in its conventional assets, and its competitive cost structure and conservative financial policy.

The credit rating assigned to this newly issued debt instrument is based on the credit ratings of an already-outstanding debt series of the above-mentioned debt instrument. Please refer to https://dbrs.morningstar.com/research/454400 for more information, including all relevant disclosures.

The ratings listed above are based on the 1) Trust Indenture dated November 1, 2024; 2) First Supplemental Trust Indenture dated November 1, 2024; 3) Second Supplemental Trust Indenture dated June 19, 2025; 4) Final Term Sheet dated June 17, 2025 and information provided by Whitecap to Morningstar DBRS as of June 19, 2025.

Continuation of the rating is subject to the provision to Morningstar DBRS of timely and sufficient information and/or data for the purposes of monitoring the above-noted rating.

Information regarding Morningstar DBRS credit ratings, including definitions, policies, and methodologies, is available on dbrs.morningstar.com or contact us at info-DBRS@morningstar.com.

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