scotia takeOUR TAKE: It was an in-line quarter for Whitecap, highlighted by a 5% ($0.0233/month to $0.0245/month) dividend increase. Overall, we continue to view Whitecap favourably, based on its strong balance sheet position and lower decline rate from foundation and exploitation assets, in combination with economic core plays and a capital-efficient business model. In our view, Whitecap will continue to explore further acquisition opportunities to add to its core positions as we move through 2017. We maintain our Sector Outperform rating and price target of $13.50.