Calgary-based independent Whitecap Resources Inc. called 2021 a “transformational year” as rising oil and natural gas prices rewarded the corporate takeovers and asset purchases completed during the industry slump the previous year.

Whitecap, which reports in Canadian dollars (C$1.00/U.S. 78 cents), said its nearly $2 billion in “strategic acquisitions,” which were completed “during the cyclical lows of the recent commodity price cycle” has improved the profitability and sustainability.

With the expanded portfolio, Whitecap’s average production grew in 2021 to 75,387 b/d of oil from 52,656 b/d in 2020. Natural gas liquids (NGL) output climbed to 10,418 b/d from 4,982 b/d. Natural gas rose to 158.5 MMcf/d from 66 MMcf/d in 2020.

Whitecap also stepped forward as...