Whitecap reports higher Q1 earnings as it works to close $15B Veren deal
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Chief executive Grant Fagerheim told analysts Thursday that '2025 has started off on the right foot, and we expect to have strong performance to continue through the year.'
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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 quarter in 2024. That amounted to 27 cents per diluted share, up from 10 cents a year earlier.
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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 with almost 170,000 a year earlier.
Shortly after that, Whitecap aims to update its 2025 financial and production forecasts, Fagerheim said.
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The combined company will continue operating under the Whitecap name and management team. It's expected to become the seventh-largest Canadian oil company by production, the biggest landholder in the Montney and Duvernay shales in western Alberta and the second-largest oil producer in Saskatchewan.
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Under the all-stock transaction, Veren shareholders are to get 1.05 shares of Whitecap for each Veren share they own.
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'We are very much looking forward to combining these outstanding assets and teams together to create a leading light oil condensate and natural gas producer focused on improving long-term sustainability and profitability to drive superior returns to our shareholders,' Fagerheim said.
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He said Whitecap expects to weather the current weakness in commodity prices, just as it did at the onset of the COVID-19 pandemic in 2020 and during the collapse in crude oil prices in 2015 and 2016.
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West Texas Intermediate crude prices have been hovering a little above the US$60 a barrel mark in recent weeks. But analysts have said many Canadian oilpatch firms became leaner in past downturns and now have the financial strength to withstand the current doldrums.
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For its part, Whitecap expects to be able to fully fund its annual base dividend of 73 cents per share with WTI at or below US$50 a barrel.
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