Whitecap Resources and Vern to Combine in $14 Billion Transaction
[Click image to enlarge]
[Click image to enlarge]
Whitecap Resources have entered into a strategic combination to create a leading light oil and condensate producer with concentrated assets in the Alberta Montney and Duvernay.
The combined company will be the largest Alberta Montney and Duvernay landholder, 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.
The companies have entered into the sgreement to combine in an all-share transaction valued at approximately $15 billion. The transaction is expected to close before May 30, 2025.
The combined company will be led by Whitecap’s existing management team under the Whitecap name with four Veren directors to join the Whitecap board of directors, including the current president and CEO of Veren, Craig Bryksa.
“We are excited to bring together two exceptionally strong asset bases to create one world-class energy producer with one of the deepest inventory growth sets of both liquids-rich Montney and Duvernay opportunities, along with conventional light oil opportunities in some of the most profitable plays in the Western Canadian basin,” said Grant Fagerheim, Whitecap’s president and CEO.
“Our combined company will include exceptional technical and support personnel from the two companies in both the office and field and an experienced board of directors that prioritizes sustainable and profitable growth to generate strong returns for our combined shareholders. We look forward to bringing Whitecap and Veren together and providing increased value to both sets of shareholders well into the future,” added Fagerheim.
“This strategic combination unlocks significant value for all shareholders and together positions us as a stronger, more resilient company. With enhanced scale, deep inventory, and increased free funds flow generation, we’re building a business with a differentiated competitive advantage,” said Craig Bryksa, Veren’s president and CEO.
“Our combined balance sheet reinforces our financial strength and enhanced credit profile, ensuring the long-term success in an evolving market. Together we’re unlocking synergies, creating new opportunities, and setting the stage for sustainable growth,” added Bryksa.
The combined company becomes the second largest producer in Saskatchewan with consolidated assets in west and southeast Saskatchewan. The combined business will have 40 percent of its conventional production under waterflood recovery supporting a decline rate of less than 20 percent on 150,000 boe/d of production. These foundational assets have approximately 7,000 development locations to support meaningful free funds flow generation into the future.
Visible operating, capital, and corporate synergies which, in addition to supply chain efficiencies, can generate meaningful savings. Anticipated annual synergies of more than $200 million can be achieved independent of commodity prices and will begin to be captured upon closing of the transaction.
The combined business will continue to be led by the Whitecap executive team, who have a long track record of operational excellence, financial discipline, strong safety performance and are focused on generating strong returns to shareholders. The board of directors will consist of eleven members, made up of seven directors from Whitecap and four directors from Veren.
Whitecap Resources an oil and gas company, focuses on the acquisition, development, and production of petroleum and natural gas assets in Western Canada. The company’s primary areas of focus of development programs are in Northern Alberta, British Columbia, Central Alberta, and Saskatchewan.
Veren is a leading North American oil producer with assets in central Alberta and southeast and southwest Saskatchewan.
Be in-the-know when you’re on-the-go!
FREE eNews delivery service to your email twice-weekly. With a focus on lead-driven news, our news service will help you develop new business contacts on an on-going basis.
CLICK HERE to register your email address.
Copyright © 2025 Mining Connection LLC. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
For licensing permission, .(JavaScript must be enabled to view this email address)
