Latest news with #WhitecapResourcesInc.
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
12-05-2025
- Business
- Winnipeg Free Press
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. Winnipeg Jets Game Days On Winnipeg Jets game days, hockey writers Mike McIntyre and Ken Wiebe send news, notes and quotes from the morning skate, as well as injury updates and lineup decisions. Arrives a few hours prior to puck drop. This report by The Canadian Press was first published May 12, 2025. Companies in this story: (TSX:WCP)
Yahoo
12-05-2025
- Business
- Yahoo
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) Lauren Krugel, The Canadian Press Sign in to access your portfolio
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.'
