TP&H08:17 AM EDT, 10/28/2021 (MT Newswires) -- Tudor, Pickering, Holt & Co on Thursday said with cash flow and production at Whitecap (WCP.TO) largely in line with the Street, it expects the update to be neutral for shares. TPH noted tale of the tape on the print had cash flow of C$0.46 per share in-line with the Street at C$0.45/shr (TPH was at C$0.47/shr) on production of 115.9mboepd -- also in-line with the Street's 115mboepd expectation -- with lower capital (C$135 million vs. Street forecast C$165MM, TPH forecast C$160MM) driving free cash ahead of the Street at C$160MM (Street was at C$120MM, TPH at C$140MM), albeit appearing timing-related given unchanged FY guidance (C$425-$435MM). Other highlights on the quarter, TPH said, include results from the first four wells on the company's Kakwa program, with wells averaging 1,195 boepd IP30s (47% liquids) for C$10MM per well vs. initial expectations for C$10.7MM. TPH added: "With the company having recently laid out its preliminary 2022 guidance and capital allocation framework, we expect little major changes on the conference call, but given the improvement in commodity prices we expect the outlook for hedging to be topical."