Latest news with #VerenInc
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.'
CBC
06-05-2025
- Business
- CBC
Veren shareholders approve $15B combination with Whitecap
Shareholders in oil and gas producer Veren Inc. have approved a $15-billion deal to join forces with Whitecap Resources Inc. Veren did not immediately provide a breakdown of how many votes were cast in favour of the deal during a virtual shareholder meeting that was 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 biggest landholder in the Montney and Duvernay shale regions in western Alberta and the second-largest oil producer in Saskatchewan. The combined company will continue operating under the Whitecap name and management team. Whitecap shareholders are to vote on the deal later Tuesday. The companies have said they aim to close the deal early next week.
Winnipeg Free Press
06-05-2025
- Business
- Winnipeg Free Press
Veren shareholders approve $15-billion combination with Whitecap
CALGARY – Shareholders in oil and gas producer Veren Inc. have approved a $15-billion deal to join forces with Whitecap Resources Inc. Veren did not immediately provide a breakdown of how many votes were cast in favour of the deal during a virtual shareholder meeting that was 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 biggest landholder in the Montney and Duvernay shale regions in western Alberta and the second-largest oil producer in Saskatchewan. The city skyline is seen behind the Saddledome, home of the Calgary Flames, in Calgary, Alta., Thursday, March 12, 2020. THE CANADIAN PRESS/Jeff McIntosh The combined company will continue operating under the Whitecap name and management team. Whitecap shareholders are to vote on the deal later Tuesday. The companies have said they aim to close the deal early next week. Winnipeg Free Press | Newsletter This report by The Canadian Press was first published May 6, 2025. Companies in this story: (TSX:WCP, TSX:VRN)
Yahoo
26-04-2025
- Business
- Yahoo
Why Veren Inc. (VRN) Is Up the Most So Far in 2025
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 energy stocks that are up the most so far in 2025. The energy sector has been volatile, and macro trends have led to fears of recession. The S&P 500 energy sector gained almost 9% from January till late March, but it has been dragged down by the broader market correction. Brent futures have hit lows and sent many energy stocks into a tailspin. Yet, there are still some energy stocks that have defied the odds and have delivered solid gains. Midstream companies have been exceptionally resilient, and renewables have also been a bright spot in the energy sector. Even during bear markets there are pockets of the market that perform exceptionally well. For instance, tech stocks have been in a bear market, but I recently identified in another article. For this article, I screened the best-performing energy stocks year-to-date. I will also mention the number of hedge fund investors in these stocks. Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter's strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (). Aerial view of an oil & gas refinery, showcasing the scale of operations. Number of Hedge Fund Holders In Q4 2024: 22 Veren Inc. (NYSE:VRN) is a Canadian oil and gas exploration and production company focused on light oil in southern Saskatchewan and central Alberta. The biggest recent driver for the stock's rally in 2025 was due to Whitecap Resources and Veren (NYSE:VRN) combining in a $15 billion transaction. This news, combined with speculation of a successful trial of a new tech product and quarterly earnings that beat expectations, has attracted significant investor interest and pushed the stock up. The consensus price target of $12.67 implies 112.53% upside. VRN stock is up 17.33% year-to-date. Overall, VRN ranks 11th on our list of energy stocks that are up the most so far in 2025. While we acknowledge the potential of VRN, 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 . READ NEXT: and . Disclosure: None. This article is originally published at .
Yahoo
24-04-2025
- Business
- Yahoo
Is Veren Inc. (VRN) the Top Oil & Gas E&P Stock Outperforming Despite Sinking Oil Prices?
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 top oil & gas E&P stocks outperforming despite sinking oil prices. Oil prices have crashed by as much as 8.5% since the start of this month as Donald Trump reignites the tariff war. At one point, it was down as much as 18%! The broader market, as well as investors, have come to terms with a harsh reality: the tariffs are here to stay! Inflation resulting from these tariffs threatens to send the country's economy into recession, and global oil demand is reacting accordingly. The oil prices continue to tumble, threatening the future of some of the major oil producers of the world. Amid this uncertain environment, some oil and gas stocks are outperforming the market. We decided to take a look at these stocks to find gems that can help retail investors outperform the market in these tough times. To come up with our list of the top 10 oil & gas stocks outperforming despite sinking oil prices, we looked at the oil & gas exploration and production industry, considering only the stocks with a market cap between $2 billion and $10 billion. tcly / Veren Inc. (NYSE:VRN) develops, acquires, and holds interests in petroleum assets operations. The company recently entered into a merger agreement with Whitecap Resources in an all-share transaction valued at approximately C$15 billion, along with debt. The company's stock is up 5.18% in the last one week of trading. Raymond James analyst Luke Davis shared his thoughts on this merger by saying: 'The merger is a match made in heaven and a long time in the making, as the combined company is positioned exceptionally well thanks to Whitecap's management team and poised to improve operational performance and capture synergies across the value chain.' Veren Inc. (NYSE:VRN) also offers an attractive dividend yield of 5.5%, which makes it a compelling candidate for income-oriented investors. There was a surge in the market price once the merger was announced, but that could be attributed to an arbitrage play between the two companies involved. Over time, one may see the stock price correct itself to come back to its previous valuations. However, investors shouldn't forget that the Canadian Oil landscape has now changed with the two companies coming together. The resulting entity will be in a better position to negotiate favorable pricing with service providers and be less prone to risks that normally affect its now smaller peers. Overall, VRN ranks 4th on our list of top oil & gas E&P stocks outperforming despite sinking oil prices. While we acknowledge the potential of VRN as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns, and doing so within a shorter time frame. There is an AI stock that has gone up since the beginning of 2025, while popular AI stocks have 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
