Whitecap reports higher Q1 earnings as it works to close $15B Veren deal
CALGARY – Whitecap Resources Inc., weeks away from closing a $15-billion combination with fellow western Canadian oil and gas producer Veren Inc., has reported a jump in first-quarter profits, revenues and production.
The Calgary-based company had net income of $162.6 million during the first three months of the year, compared with $59.8 million during the same 2024 quarter.
That amounted to 27 cents per diluted share, up from 10 cents a year earlier.
Petroleum and natural gas revenues were $942.2 million versus $868.3 million in the first three months of 2024.
Average daily production was just over 179,000 barrels of oil equivalent per day compared to almost 170,000 a year earlier.
Whitecap says the deal with Veren has received Competition Bureau approval, is set to be voted on by shareholders of both companies on May 6 and is on track to close the following week.
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This report by The Canadian Press was first published April 24, 2025.
Companies in this story: (TSX: WCP) (TSX: VRN)
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