Latest news with #CraigBryksa
Yahoo
08-05-2025
- Business
- Yahoo
WHITECAP RESOURCES INC. AND VEREN INC. ANNOUNCE RESULTS OF SPECIAL SHAREHOLDER MEETINGS
CALGARY, AB, May 6, 2025 /CNW/ - Whitecap Resources Inc. ("Whitecap") (TSX: WCP) and Veren Inc. ("Veren") (TSX: VRN) (NYSE: VRN) are pleased to announce that the shareholders of each company have voted in favour of the previously announced business combination between Whitecap and Veren (the "Business Combination"). On May 6, 2025, Whitecap and Veren held special shareholder meetings virtually, via live webcasts, with each company's shareholders voting on resolutions in connection with the proposed Business Combination. At the Whitecap special shareholders meeting, the resolution authorizing the issuance of Whitecap common shares to Veren shareholders pursuant to and in connection with the Business Combination, as set out in the joint management information circular of Whitecap and Veren dated March 28, 2025, was approved by 88.72% of the votes cast. At the Veren special shareholders meeting, the resolution approving the Business Combination was approved by 99.78% of the votes cast. The application for approval of the Business Combination by the Court of King's Bench is scheduled to be heard on May 8, 2025. Subject to approval of the Court of King's Bench and other customary closing conditions, the Business Combination is expected to close on or about May 12, 2025 and Veren's common shares are expected to be delisted from the Toronto Stock Exchange ("TSX") at close of markets on May 13, 2025. U.S. INVESTOR CONSIDERATIONS Assuming that the Business Combination closes before markets open on Monday, May 12, 2025 as is currently planned, Veren's common shares will cease trading on the New York Stock Exchange ("NYSE") at such time, and the last day of trading of the Veren common shares on the NYSE will be Friday, May 9, 2025. Whitecap's common shares will not be listed on the NYSE and Whitecap intends to terminate any reporting obligations it may have with the Securities and Exchange Commission ("SEC") as a result of this transaction. Investors in the United States should consult their own advisors regarding any implications of owning shares of an issuer that is not listed on a U.S. exchange or reporting with the SEC. For further information: Grant Fagerheim, President & CEO Craig Bryksa, President & CEO or or Thanh Kang, Senior Vice President & CFO Ken Lamont, CFO Whitecap Resources Inc. Veren Inc. 3800, 525 – 8th Avenue SW 2000, 585 – 8th Avenue SW Calgary, AB T2P 1G1 Calgary, AB T2P 1G1 (403) 266-0767 (403) 693-0020 InvestorRelations@ REGARDING FORWARD-LOOKING STATEMENTS This press release contains forward-looking statements and forward-looking information (collectively "forward-looking information") within the meaning of applicable securities laws relating to current expectations about the future, based on certain assumptions made by Whitecap and Veren. Although Whitecap and Veren believe that the expectations represented by such forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Forward-looking information in this press release is identified by words such as "expect", "will", or similar expressions and includes suggestions of future outcomes, including statements about the anticipated timing of the hearing of the Court of King's Bench with respect to the Business Combination, the expected closing date of the Business Combination, the expected timing for the delisting of Veren's common shares on the TSX, the expected timing for the cease trading of Veren's common shares on the NYSE, and the intention of Whitecap to terminate any reporting obligations it may have with the SEC. Readers are cautioned not to place undue reliance on forward-looking information as Whitecap's and Veren's actual results may differ materially from those expressed or implied. Neither Whitecap nor Veren undertake any obligation to update or revise any forward-looking information except as required by law. Developing forward-looking information involves reliance on a number of assumptions and consideration of certain risks and uncertainties, some of which are specific to Whitecap and Veren and others that apply to the industry generally. Material factors or assumptions on which the forward-looking information in this press release is based include: successful closing of the Business Combination, including obtaining necessary regulatory approvals and satisfying all other conditions to closing, within expected timelines. Additional information about assumptions, risk factors, and uncertainties on which the forward-looking information is based and that could cause Whitecap's or Veren's actual results to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements are described in the joint management information circular of Whitecap and Veren dated March 28, 2025, which is available on Whitecap's and Veren's SEDAR+ profiles at View original content: SOURCE Veren Inc. View original content: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
06-04-2025
- Business
- Yahoo
Why Veren Inc. (VRN) Performed Worst On Friday?
We recently published a list of . In this article, we are going to take a look at where Veren Inc. (NYSE:VRN) stands against other Friday's worst performing stocks. The stock market suffered a bloodbath anew on Friday as investors digested news of a growing trade war, with China making good on its promise with a steep tariff on US goods. As of 2:55 PM, the S&P 500 lost 5.47 percent of its value, the tech-heavy Nasdaq fell 5.37 percent, and the Dow Jones was down by 5.09 percent. Following President Donald Trump's imposition of hefty tariffs on all imports to the US, China on Friday struck back with a 34-percent tariff on US goods. The tariffs will begin on April 10. Ten individual stocks mirrored a broader market pessimism, recording steep intra-day losses. In this article, let us explore Friday's worst intra-day performers and the reasons behind their decline. To come up with the list, we considered only the stocks with a $2-billion market capitalization and $5 million in trading volume. A close-up of a wellhead, showing off the company's production of oil and natural gas. Veren Inc. saw its share prices drop by 13.64 percent at intra-day trading as investors repositioned portfolios amid the heightening trade war between the US and its largest trading partners. In recent news, VRN announced it was merging with Whitecap Resources Inc. for a transaction worth $15 billion. Under the agreement, VRN shareholders will receive 1.05 common shares of Whitecap for each VRN common share held. The combined company will be led by Whitecap's existing management team under the Whitecap name with four VRN directors set to join the Whitecap Board of Directors, including the VRN's incumbent president and CEO, Craig Bryksa. The transaction is expected to close before May 30, 2025. Upon completion, the merged company would become the largest landholder title in Alberta Montney and Duvernay, a prominent light oil producer in Saskatchewan and will leverage the combined asset base and technical expertise to drive improved profitability and superior returns to shareholders. Overall, VRN ranks 10th on our list of Friday's worst performing stocks. While we acknowledge the potential of VRN as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is more promising than VRN but that trades at less than 5 times its earnings, check out our report about this cheapest AI stock. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey. Sign in to access your portfolio
Yahoo
05-04-2025
- Business
- Yahoo
Why Veren Inc. (VRN) Performed Worst On Friday?
We recently published a list of . In this article, we are going to take a look at where Veren Inc. (NYSE:VRN) stands against other Friday's worst performing stocks. The stock market suffered a bloodbath anew on Friday as investors digested news of a growing trade war, with China making good on its promise with a steep tariff on US goods. As of 2:55 PM, the S&P 500 lost 5.47 percent of its value, the tech-heavy Nasdaq fell 5.37 percent, and the Dow Jones was down by 5.09 percent. Following President Donald Trump's imposition of hefty tariffs on all imports to the US, China on Friday struck back with a 34-percent tariff on US goods. The tariffs will begin on April 10. Ten individual stocks mirrored a broader market pessimism, recording steep intra-day losses. In this article, let us explore Friday's worst intra-day performers and the reasons behind their decline. To come up with the list, we considered only the stocks with a $2-billion market capitalization and $5 million in trading volume. A close-up of a wellhead, showing off the company's production of oil and natural gas. Veren Inc. saw its share prices drop by 13.64 percent at intra-day trading as investors repositioned portfolios amid the heightening trade war between the US and its largest trading partners. In recent news, VRN announced it was merging with Whitecap Resources Inc. for a transaction worth $15 billion. Under the agreement, VRN shareholders will receive 1.05 common shares of Whitecap for each VRN common share held. The combined company will be led by Whitecap's existing management team under the Whitecap name with four VRN directors set to join the Whitecap Board of Directors, including the VRN's incumbent president and CEO, Craig Bryksa. The transaction is expected to close before May 30, 2025. Upon completion, the merged company would become the largest landholder title in Alberta Montney and Duvernay, a prominent light oil producer in Saskatchewan and will leverage the combined asset base and technical expertise to drive improved profitability and superior returns to shareholders. Overall, VRN ranks 10th on our list of Friday's worst performing stocks. While we acknowledge the potential of VRN as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is more promising than VRN but that trades at less than 5 times its earnings, check out our report about this cheapest AI stock. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey.
Yahoo
27-02-2025
- Business
- Yahoo
Veren, formerly Crescent Point Energy, sees stock rise over 10%
Shares of Canadian oil and gas producer Veren ( climbed as much as 11.6 per cent on Thursday. The Calgary-based company reported fourth-quarter financial results before the opening bell, including a cash flow figure more than 20 per cent above analyst estimates. The company, formerly known as Crescent Point Energy, reported adjusted funds flow from operations increased to $619.6 million in the three months ended Dec. 31, up eight per cent from $574.5 million in the same period last year. Scotiabank Global Equity Research analyst Kevin Fisk says Veren's free cash flow in the quarter beat consensus estimates by 22 per cent. Toronto-listed shares added 10.84 per cent to $7.68 as at 12:08 p.m. ET on Thursday. Veren reported its average selling price for the quarter was $59.56 per barrel of oil equivalent, down from $67.82 a year earlier. Profit slid to $146.8 million in the final three months of 2024, down from $951.2 million in the same period the year before. Sales rose nine per cent on an annualized basis to $1.03 billion in Q4. The company also reported that daily average production was 16 per cent higher year-over-year, at 188,721 barrel of oil equivalent per day. New wells added in Alberta's Montney and Kaybob Duvernay regions late last year boosted oil and gas output. 'We continue to be excited about the quality of our asset base,' president and CEO Craig Bryksa said on a post-earnings conference call on Thursday. Scotiabank's Fisk maintains an "outperformer" rating on Toronto-listed Veren shares, with an $11 per share one-year price target. The stock has fallen over 27 per cent in the past 12 months. Jeff Lagerquist is a senior reporter at Yahoo Finance Canada. Follow him on Twitter @jefflagerquist. Download the Yahoo Finance app, available for Apple and Android.
