Latest news with #VerenInc.
Hamilton Spectator
12-05-2025
- Business
- Hamilton Spectator
Whitecap Resources' $15B combination with Veren now official
CALGARY - The $15-billion deal to combine of Whitecap Resources Inc. and Veren Inc. has closed, creating Canada's seventh largest oil and gas producer. The new company is operating under the Whitecap name and management team. It is now the biggest landholder in the Montney and Duvernay shale regions in B.C. and Alberta, with a big light oil footprint in Saskatchewan. Whitecap says it has already reached two agreements to sell non-strategic assets for $270 million. The deals include medium oil production in southwest Saskatchewan and its minority interest in a natural gas facility in northwest Alberta. It's expecting to produce between 295,000 and 300,000 barrels of oil equivalent per day this year with capital spending totalling of about $2.0 billion. This report by The Canadian Press was first published May 12, 2025. Companies in this story: (TSX:WCP)
Winnipeg Free Press
24-04-2025
- Business
- Winnipeg Free Press
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. During Elections Get campaign news, insight, analysis and commentary delivered to your inbox during Canada's 2025 election. This report by The Canadian Press was first published April 24, 2025. Companies in this story: (TSX: WCP) (TSX: VRN)
