Whitecap Resources Inc. said Wednesday it expects strong oil prices in 2024.
On 2023 production guidance:
“Full-year 2023 guidance is for average production of 157,000-159,000 boe/d, and we currently expect to be at the low end of our production guidance range. In the fourth quarter we plan to bring on a total of 19 (13.2 net) wells.”
On 2024 commodity and oil prices:
“In 2024 we are expecting commodity prices to remain robust but volatile, given the macro environment. We believe that crude-oil prices will remain strong due to continued growth in world-wide demand combined with limited production growth as a result of global underinvestment in our sector over the past several years. The incremental pipeline capacity that the Trans Mountain Expansion Project will provide when fully operational in early 2024 will ensure that Canadian crude-oil price realizations remain strong with improving price differentials.”
On natural gas:
“On the natural gas side, we look forward to the completion of LNG Canada in 2025, the country’s first LNG project that, along with other recently announced projects, will provide additional market diversification for Canadian natural gas. These incremental projects will also advance Canada’s leadership role in moving towards a lower carbon economy.”
Write to Matt Walker at [email protected]
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