WCP turned in a solid 3Q result, with cash flow per share modestly ahead of the consensus forecast and guidance for 2024 production raised. Crude production rose 8%. EPS was 46c vs 25c last year. WCP now expects full-year output to average 172,500 barrels of oil equivalent daily, just above the top end of its earlier guidance of 167,000-172,000. 3Q total production and liquids production at 173,300 oil-equivalent barrels and 112,900 barrels a day beat the consensus forecast by 2% and 5%, respectively. Whitecap set a 2025 production target of 176,000-180,000 oil-equivalent barrels daily, which is 1% higher that the mid-point of consensus expectations. 34 new wells are coming onstream this year, expected to deliver growth of 20% year over year on year exit rates. Things look good at WCP and the stock remains cheap, and attractive.
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