Latest news with #Fagerheim
Yahoo
6 days ago
- Business
- Yahoo
Whitecap expects production to come in at high end of forecast range after Veren deal
CALGARY — Whitecap Resources Inc. says it's made good progress toward integrating the people and assets it acquired through its combination with Veren Inc. this spring. The deal closed in mid-May and chief executive Grant Fagerheim says there have been "plenty of early wins" on cutting corporate costs and improving Whitecap's credit profile. Whitecap says it expects production this year to come in at the high end of its forecast range of between 295,000 and 300,000 barrels of oil equivalent per day. Its capital budget for 2025 remains unchanged at $2 billion. The Calgary-based company is beginning its budgeting process for 2026, and Fagerheim says there are a lot of projects to choose from and the spending program can easily be tailored to commodity pricing. The all-stock transaction with Veren resulted in Whitecap becoming the biggest landholder in the Montney and Duvernay shales in Alberta and B.C. and the second-largest oil producer in Saskatchewan. This report by The Canadian Press was first published July 24, 2025. Companies in this story: (TSX:WCP) Lauren Krugel, The Canadian Press Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Winnipeg Free Press
6 days ago
- Business
- Winnipeg Free Press
Whitecap expects production to come in at high end of forecast range after Veren deal
CALGARY – Whitecap Resources Inc. says it's made good progress toward integrating the people and assets it acquired through its combination with Veren Inc. this spring. The deal closed in mid-May and chief executive Grant Fagerheim says there have been 'plenty of early wins' on cutting corporate costs and improving Whitecap's credit profile. Whitecap says it expects production this year to come in at the high end of its forecast range of between 295,000 and 300,000 barrels of oil equivalent per day. Its capital budget for 2025 remains unchanged at $2 billion. The Calgary-based company is beginning its budgeting process for 2026, and Fagerheim says there are a lot of projects to choose from and the spending program can easily be tailored to commodity pricing. The all-stock transaction with Veren resulted in Whitecap becoming the biggest landholder in the Montney and Duvernay shales in Alberta and B.C. and the second-largest oil producer in Saskatchewan. Monday Mornings The latest local business news and a lookahead to the coming week. This report by The Canadian Press was first published July 24, 2025. Companies in this story: (TSX:WCP)
Toronto Star
06-05-2025
- Business
- Toronto Star
Shareholders approve $15-billion Whitecap-Veren deal
CALGARY - Whitecap Resources Inc. is on track to join forces with Veren Inc. next week after shareholders of both companies gave their blessing for the $15-billion deal. Both companies held virtual shareholder meetings to vote on the transaction, each lasting about five minutes. In a news release, they say 88.7 per cent of Whitecap investors voted to issue Whitecap shares to Veren shareholders under the deal. ARTICLE CONTINUES BELOW Veren shareholders, meanwhile, voted 99.8 per cent in favour of the combination. The Court of King's Bench is to hear an application to approve the deal on Thursday, with closing slated for Monday and Veren shares to be delisted from the Toronto Stock Exchange on Tuesday. The Calgary-based companies announced a friendly deal in March that they say will create the seventh-largest Canadian oil company by production. The combined company will continue operating under the Whitecap name and management team. Whitecap is to become the biggest landholder in the Montney and Duvernay shale regions in western Alberta and the second-largest oil producer in Saskatchewan. CEO Grant Fagerheim warned some staff will not keep their jobs in the new company. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW 'The personnel decisions we made were certainly not easy with the large number of quality personnel we had to choose from,' he told shareholders after the vote. The companies are projecting more than $200 million in cost savings and efficiencies once they come together. Whitecap will have total daily production of 370,000 barrels with the deal. Fagerheim said Whitecap has stress-tested the combined company's ability to withstand a US$50 West Texas Intermediate crude price through 2026. The June contract was trading under US$60 on Tuesday. 'We are excited to bring the new Whitecap Resources together with one mission — to drive superior per-share returns to shareholders,' Fagerheim said. 'It's time to get it going.' This report by The Canadian Press was first published May 6, 2025. Companies in this story: (TSX: WCP, TSX: VRN)
Global News
06-05-2025
- Business
- Global News
Shareholders approve $15B Whitecap-Veren deal
Whitecap Resources Inc. is on track to join forces with Veren Inc. next week after shareholders of both companies gave their blessing for the $15-billion deal. The companies did not immediately provide breakdowns of how many votes were cast in favour of the transaction during separate virtual shareholder meetings that were each completed in about five minutes. The Calgary-based companies announced a friendly deal in March that they say will create the seventh-largest Canadian oil company by production. The combined company will continue operating under the Whitecap name and management team. Whitecap is to become the biggest landholder in the Montney and Duvernay shale regions in western Alberta and the second-largest oil producer in Saskatchewan. Get weekly money news Get expert insights, Q&A on markets, housing, inflation, and personal finance information delivered to you every Saturday. Sign up for weekly money newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy CEO Grant Fagerheim warned some staff will not be keeping their jobs in the new company. Story continues below advertisement 'The personnel decisions we made were certainly not easy with the large number of quality personnel we had to choose from,' he told shareholders after the vote. The companies are projecting more than $200 million in cost savings and efficiencies once they come together. Whitecap will have total daily production of 370,000 barrels with the deal. Fagerheim said Whitecap has stress-tested the combined company's ability to withstand a US$50 West Texas Intermediate crude price through 2026. The June contract was trading under US$60 on Tuesday. 'We are excited to bring the new Whitecap Resources together with one mission – to drive superior per-share returns to shareholders,' Fagerheim said. 'It's time to get it going.'
Calgary Herald
24-04-2025
- Business
- Calgary Herald
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. Article content Article content 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.' Article content Article content 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. Article content Article content 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. Article content 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. Article content Article content Under the all-stock transaction, Veren shareholders are to get 1.05 shares of Whitecap for each Veren share they own. Article content '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. Article content 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. Article content 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. Article content 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.
