Energy & Energy Transition

Whitecap Resources on Synergy Realization and Basin Optionality

Dec. 05, 2025

Guests: Thanh Kang, CFO, Whitecap Resources Inc. and Joey Wong, VP Unconventional Division, Whitecap Resources Inc.

Host: Aaron Bilkoski, Equity Research Analyst, Energy Producers, TD Cowen

In this episode, we speak with Whitecap Resources' Thanh Kang (CFO) and Joey Wong (VP, Unconventional Division). We discuss how synergy realization and operational efficiencies have unlocked free cash flow for 2026+ and set the stage for robust buybacks. At the operational level, we discuss the broader opportunity set across the Duvernay and Montney – including Lator.

This podcast was recorded on November 19, 2025.

Full transcription

Full transcript to come.

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Aaron Bilkoski

Equity Research Analyst, Energy Producers, TD Cowen

Aaron Bilkoski
Equity Research Analyst, Energy Producers, TD Cowen

Biography

Aaron Bilkoski joined TD Cowen's equity research group in 2009. Aaron is a Calgary-based Senior Research Analyst responsible for coverage of Canadian conventional oil & gas producers and north American energy royalty businesses. Prior to joining TD, Aaron held a similar role at an independent Canadian investment dealer. Based on over 15 years of experience covering energy producers, Aaron offers unique insight into a variety of companies, play types, infrastructure dynamics and underlying supply/demand drivers of North American natural gas markets. Aaron is a graduate of the University of Calgary.