Whitecap Resources Inc. said it is pumping up the natural gas and oil volumes in the Montney Shale and Duvernay formations following a breakout year.

The Calgary-based independent, which reports in Canadian dollars (C$1.00/US 75 cents), last year paid $1.7 billion to buy assets in the Montney and Duvernay formations owned by ExxonMobil affiliates, including XTO Energy Canada. The transaction, which the company had called  “transformational,” is set to lift operations in 2023.

“The strategic acquisitions completed in 2022, most notably the XTO acquisition with assets in the Montney and Duvernay, have further enhanced our unconventional asset base, adding multi-decade growth potential to complement our low decline, high netback conventional oil asset base,” management said...