The corporate presentation shows a 10% FCF yield at WTI US$80 in 2026. Three hidden assumptions make that number misleading - my model is corrected for all three. Whitecap is carrying significant hedging losses right now. When they expire, the cash flow profile looks very different. WCP has historically been one of the weakest gas realizers among large-cap Canadian E&Ps. A new deal with Centrica and expanded Henry Hub exposure are about to change that structurally.