2024-04-27 02:11:22 ET
Summary
- Whitecap's 1Q2024 results have been great, as expected. Achieving record production and boosting the forecast.
- TMX pipeline causes the oil differentials to narrow, which should give a significant boost even to light oil producers like Whitecap.
- The PV12.5 valuation results in C$19 (80% upside) or C$21(100% upside) if accounted for long-term narrow differentials.
- Whitecap is very similar to Crescent Point Energy across many metrics, so I explain the minor differences and reasons for my preference.
Introduction
Whitecap Resources ( WCP:CA )( OTCPK:SPGYF ) just released its 1Q2024 results. As expected, the results were excellent, plus the management raised the production guidance without increasing the Capex, which was great news for investors.
In this article, I am going to touch on the quarterly earnings briefly. I am then going to build a future projection, valuation, and sensitivity analysis....
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For further details see:
Whitecap Resources: This Is How I Love To Play The Oil