Crescent Point drilling in 2018. Photo by Brian Zinchuk

 

The company previously known as Crescent Point has been swallowed

CALGARY, ALBERTA – The company that pretty much defined Saskatchewan’s Bakken Boom, gobbling up over 30 companies (most of them in southeast Saskatchewan) is no more.

Known for most of its history as Crescent Point Energy Corp., and as Veren Inc, for the last year, the most significant serial acquirer in Saskatchewan in recent decades has, itself, been swallowed up in a merger which closed on Monday, May 12.

Whitecap Resources Inc. announced the successful closing of its strategic combination with Veren Inc., creating the seventh largest oil and natural gas producer and the fifth largest natural gas producer in Canada. Whitecap said it is now the largest Alberta Montney and Duvernay landholder and a prominent light oil producer in Saskatchewan with an enviable portfolio of premium drilling opportunities which provides for decades of sustainable production and funds flow growth. “We plan to leverage the combined asset base and technical expertise to drive incremental improvements to profitability and increased returns to shareholders,” Whitecap’s press release said.

In January, 2015, Crescent Point employed 26 drilling rigs. Nearly all were in Saskatchewan. These four rigs were working northeast of Stoughton. Photo by Brian Zinchuk

Crescent Point was the leading player in the Bakken Boom, spending over $700 million in the 2008 land sales that drove the largest Crown land sales in Saskatchewan history. That year, Saskatchewan had over a billion dollars in land sales. Most of that was driven by Crescent Point in the Viewfield Bakken.

That kicked off an intense oil boom that rocked southeast Saskatchewan with an intensity that is hard to describe. The $100 per barrel oil prices led to labour shortages and housing shortages as workers flocked to the region. Drilling rigs in the Stoughton area could be seen in all directions. Saskatchewan’s rig count hit over 100, and most of that was in southeast Saskatchewan. They either drilling wells for Crescent Point, or as often as not, wells that would eventually be owned by Crescent Point. Many fortunes were made, both big and small, as individuals sought the high paying jobs, service companies grew by leaps and bounds, and junior oil producers sprung up like spring flowers.

In its heyday during the Bakken Boom, Crescent Point was briefly the largest oil producer in Saskatchewan and its then-CEO Scott Saxberg was named Saskatchewan Oilman of the Year. Over the course of those dozens of acquisitions there was a common pattern – a bought deal financing package would be announced, and a few weeks later, the next acquisition was made public. Many millions were made as small teams of executives would launch a small junior oil company in southeast Saskatchewan, grow it through the drill bit or maybe an acquisition or two, then hit the exit point. In most cases, the exit plan or “liquidity event” was simple: sell to Crescent Point. And they did, time and time again. Some teams flipped several companies into Crescent Point, often for hundreds of millions of dollars each. The company seemed to buy everything they could get their hands on.

  • 0053 Kingston Midstream Westspur Alameda Click Before You Dig
    0053 Kingston Midstream Westspur Alameda Click Before You Dig
  • 0092 Turnbull projects big and small
    0092 Turnbull projects big and small
  • 0046 City of Estevan This is Estevan Teaser
    0046 City of Estevan This is Estevan Teaser
  • 0087 Lori Carr Coal Expansion
    0087 Lori Carr Coal Expansion
  • 0086 Sask Gov Oil and Gas Incentive Programs
    0086 Sask Gov Oil and Gas Incentive Programs
  • 0084 EMP Metals Pipeline Online
    0084 EMP Metals Pipeline Online
  • 0077 Caprice Resources Stand Up For Free Speech
    0077 Caprice Resources Stand Up For Free Speech
  • 0076 Latus only
    0076 Latus only
  • 0061 SIMSA 2024 For Sask Buy Sask
    0061 SIMSA 2024 For Sask Buy Sask
  • 0055 Smart Power Be Smart with your Power office
    0055 Smart Power Be Smart with your Power office
  • 0051 JML Hiring Pumpjack assembly
    0051 JML Hiring Pumpjack assembly
  • 0049 Scotsburn Dental soft guitar
    0049 Scotsburn Dental soft guitar
  • 0041 DEEP Since 2018 now we are going to build
    0041 DEEP Since 2018 now we are going to build
  • 0032 IWS Summer hiring rock trailer music
  • 0022 Grimes winter hiring
  • 0021 OSY Rentals S8 Promo
  • 0018 IWS Hiring Royal Summer
  • 0013 Panther Drilling PO ad 03 top drive rigs
  • 0006 JK Junior
  • 0002 gilliss casing services
    0002 gilliss casing services
  • 9002 Pipeline Online 30 sec EBEX
    9002 Pipeline Online 30 sec EBEX
  • 9001

And then in late November, 2014, Saudi Arabia opened the valves and flooded the market. The days of $100 oil were over, and Crescent Point was carrying a lot of debt on its books.

When the seven-year oil downturn hit in late 2014, Crescent Point demanded its vendors cut rates, but promised to keep activity going while other companies pulled in their horns and all but shut down. And keep drilling, it did, for several years being the most active driller in the country, often employing more rigs than the number 2 and 3 oil companies drilling activity combined. In January, 2015, the company employed 26 rigs, nearly all in Saskatchewan. Most were in southeast Saskatchewan, but a few were in the Shaunavon area and usually one or two in the Kindersley area.

Crescent Point drilling rigs in February, 2015, working in southeast Saskatchewan.

It also acquired vast swaths of land across southern Saskatchewan as part of those 30+ acquisitions. By 2018, mounting debt and a change in CEO saw the company start to shed assets through numerous sales. Tundra Oil and Gas, Whitecap Resources, Woodland Development and Saturn Oil and Gas were among the buyers. It also sold off its American operations, first in Utah, then in the North Dakota Bakken.

In May 2019, Crescent Point started doing what up until then was almost unheard of – selling vast swaths of land. This was from their sale package at the time.

Eventually all that remained in Saskatchewan was its play in the Shaunavon area, Torquay’s Flat Lake play and the Viewfield Bakken. For each of these areas, Crescent Point had locked up most of the acreage in that respective play. They were the last to go within Saskatchewan.

And while the company had clearly lost interest in Saskatchewan in recent years, it invested heavily in Alberta’s Duvernay and Montney plays, frequently drilling wells that were the best producers in Alberta at the time. For the company that was once mostly a Saskatchewan oil company, even dare say thee Saskatchewan oil company, it had evolved into one focused on Alberta and those two plays. While the Bakken was good in its time, in the Duvernay and Montney, Crescent Point’s drilling program was frequently knocking it out of the park, frequently drilling wells with over 1,200 bpd production.

And now, all of that is part of Whitecap.

  • 0053 Kingston Midstream Westspur Alameda Click Before You Dig
    0053 Kingston Midstream Westspur Alameda Click Before You Dig
  • 0092 Turnbull projects big and small
    0092 Turnbull projects big and small
  • 0046 City of Estevan This is Estevan Teaser
    0046 City of Estevan This is Estevan Teaser
  • 0087 Lori Carr Coal Expansion
    0087 Lori Carr Coal Expansion
  • 0086 Sask Gov Oil and Gas Incentive Programs
    0086 Sask Gov Oil and Gas Incentive Programs
  • 0084 EMP Metals Pipeline Online
    0084 EMP Metals Pipeline Online
  • 0077 Caprice Resources Stand Up For Free Speech
    0077 Caprice Resources Stand Up For Free Speech
  • 0076 Latus only
    0076 Latus only
  • 0061 SIMSA 2024 For Sask Buy Sask
    0061 SIMSA 2024 For Sask Buy Sask
  • 0055 Smart Power Be Smart with your Power office
    0055 Smart Power Be Smart with your Power office
  • 0051 JML Hiring Pumpjack assembly
    0051 JML Hiring Pumpjack assembly
  • 0049 Scotsburn Dental soft guitar
    0049 Scotsburn Dental soft guitar
  • 0041 DEEP Since 2018 now we are going to build
    0041 DEEP Since 2018 now we are going to build
  • 0032 IWS Summer hiring rock trailer music
  • 0022 Grimes winter hiring
  • 0021 OSY Rentals S8 Promo
  • 0018 IWS Hiring Royal Summer
  • 0013 Panther Drilling PO ad 03 top drive rigs
  • 0006 JK Junior
  • 0002 gilliss casing services
    0002 gilliss casing services
  • 9002 Pipeline Online 30 sec EBEX
    9002 Pipeline Online 30 sec EBEX
  • 9001

 

COMBINED COMPANY

The combined company will be led by Whitecap’s management team along with an eleven-member Board of Directors including seven Whitecap directors: Ken Stickland (Chair), Grant Fagerheim (President & CEO), Vineeta Maguire, Glenn McNamara, Steve Nikiforuk, Brad Wall and Grant Zawalsky. The four new directors joining from the Veren Board of Directors are: Craig Bryksa, Jodi Jenson Labrie, Barbara Munroe and Myron Stadnyk. Stepping down from their roles as Whitecap directors are Mary-Jo Case and Chandra Henry.

NON-STRATEGIC ASSET DISPOSITIONS

Whitecap has entered into two agreements to dispose of certain non-strategic assets for aggregate consideration of $270 million, prior to any closing adjustments. The non-strategic assets include approximately 8,000 boe/d1 (90% liquids) of medium oil production in southwest Saskatchewan and an 8.333% working interest in a natural gas facility in the Kaybob region. The dispositions are expected to close on or before June 30, 2025, subject to customary closing conditions, with the proceeds directed toward our balance sheet.

  • 0053 Kingston Midstream Westspur Alameda Click Before You Dig
    0053 Kingston Midstream Westspur Alameda Click Before You Dig
  • 0092 Turnbull projects big and small
    0092 Turnbull projects big and small
  • 0046 City of Estevan This is Estevan Teaser
    0046 City of Estevan This is Estevan Teaser
  • 0087 Lori Carr Coal Expansion
    0087 Lori Carr Coal Expansion
  • 0086 Sask Gov Oil and Gas Incentive Programs
    0086 Sask Gov Oil and Gas Incentive Programs
  • 0084 EMP Metals Pipeline Online
    0084 EMP Metals Pipeline Online
  • 0077 Caprice Resources Stand Up For Free Speech
    0077 Caprice Resources Stand Up For Free Speech
  • 0076 Latus only
    0076 Latus only
  • 0061 SIMSA 2024 For Sask Buy Sask
    0061 SIMSA 2024 For Sask Buy Sask
  • 0055 Smart Power Be Smart with your Power office
    0055 Smart Power Be Smart with your Power office
  • 0051 JML Hiring Pumpjack assembly
    0051 JML Hiring Pumpjack assembly
  • 0049 Scotsburn Dental soft guitar
    0049 Scotsburn Dental soft guitar
  • 0041 DEEP Since 2018 now we are going to build
    0041 DEEP Since 2018 now we are going to build
  • 0032 IWS Summer hiring rock trailer music
  • 0022 Grimes winter hiring
  • 0021 OSY Rentals S8 Promo
  • 0018 IWS Hiring Royal Summer
  • 0013 Panther Drilling PO ad 03 top drive rigs
  • 0006 JK Junior
  • 0002 gilliss casing services
    0002 gilliss casing services
  • 9002 Pipeline Online 30 sec EBEX
    9002 Pipeline Online 30 sec EBEX
  • 9001

 

2025 GUIDANCE

“After accounting for the Veren combination and the non-strategic asset dispositions, we are increasing our average 2025 production forecast to 295,000 – 300,000 boe/d (63% liquids) on capital expenditures of approximately $2.0 billion for the year. For the second half of 2025, we expect production to average 363,000 – 368,000 boe/d (62% liquids) on capital expenditures of approximately $1.1 billion,” Whitecap said.

Unconventional

“We plan to allocate approximately 75% of our second half capital budget to our Montney and Duvernay assets which includes drilling 67 (58.1 net) wells, of which 66 (63.5 net) wells are expected to come on stream in the second half of the year (including wells drilled in the first half of 2025). We are currently running 6 unconventional rigs focused in areas with established technical understanding and available infrastructure capacity.

“Application of our unconventional development workflows on the acquired lands has already commenced and we will now proceed with the integration of the two technical teams and undertake detailed reviews of the respective assets. Through this process, we will investigate opportunities for overall enhancement of the asset base through variations on development, including well spacing, benching, completions technology, and drawdown strategies. As with our development to date, our priority remains on long-term value generation from these lands through deliberate progression of capital efficiency improvement initiatives,” the company said.

  • 0053 Kingston Midstream Westspur Alameda Click Before You Dig
    0053 Kingston Midstream Westspur Alameda Click Before You Dig
  • 0092 Turnbull projects big and small
    0092 Turnbull projects big and small
  • 0046 City of Estevan This is Estevan Teaser
    0046 City of Estevan This is Estevan Teaser
  • 0087 Lori Carr Coal Expansion
    0087 Lori Carr Coal Expansion
  • 0086 Sask Gov Oil and Gas Incentive Programs
    0086 Sask Gov Oil and Gas Incentive Programs
  • 0084 EMP Metals Pipeline Online
    0084 EMP Metals Pipeline Online
  • 0077 Caprice Resources Stand Up For Free Speech
    0077 Caprice Resources Stand Up For Free Speech
  • 0076 Latus only
    0076 Latus only
  • 0061 SIMSA 2024 For Sask Buy Sask
    0061 SIMSA 2024 For Sask Buy Sask
  • 0055 Smart Power Be Smart with your Power office
    0055 Smart Power Be Smart with your Power office
  • 0051 JML Hiring Pumpjack assembly
    0051 JML Hiring Pumpjack assembly
  • 0049 Scotsburn Dental soft guitar
    0049 Scotsburn Dental soft guitar
  • 0041 DEEP Since 2018 now we are going to build
    0041 DEEP Since 2018 now we are going to build
  • 0032 IWS Summer hiring rock trailer music
  • 0022 Grimes winter hiring
  • 0021 OSY Rentals S8 Promo
  • 0018 IWS Hiring Royal Summer
  • 0013 Panther Drilling PO ad 03 top drive rigs
  • 0006 JK Junior
  • 0002 gilliss casing services
    0002 gilliss casing services
  • 9002 Pipeline Online 30 sec EBEX
    9002 Pipeline Online 30 sec EBEX
  • 9001

 

Montney

At Musreau, Whitecap plans to drill a 6-well (6.0 net) pad late in the second quarter which will be completed in early 2026 as plant capacity becomes available. It is also investigating debottlenecking options at this facility in order to modestly enhance the pace of development of these lands, which could add 10% – 20% of incremental throughput.

In Kakwa, completions are scheduled to commence late in the second quarter on its latest 4-well (4.0 net) pad, with production onstream in the third quarter. This pad features inter-well spacing of 250 metres, consistent with our inter-well spacing pilots in Kakwa in 2023 which were successful in improving per-well recoveries. “We are also anticipating the spud of an 8-well (1.6 net) non-op pad in the area, which will be drilled in later 2025 and on production in 2026,” the company said.

“In Lator, a planned 3-well (3.0 net) pad at 10-24-061-03W6 will continue to progress our technical delineation in this area. This pad is positioned to further confirm the productive capability of the core of our land base and quantify the impact of interaction between a variety of offset development conditions. Our 04-13 facility is expected to commence earthworks and civil construction in the second half of this year as we continue to progress towards a late 2026/early 2027 commissioning and startup. Costs of the facility are expected to remain within our original expectations of $250 – $300 million, funded through our strategic partnership with Pembina Gas Infrastructure.

“In Gold Creek and Karr, we plan to drill 21 (21.0 net) wells in the second half of this year, building upon strong legacy results in this area. Our efforts will be focused on utilizing available infrastructure capacity that has been materially debottlenecked over the past twelve months. We plan to perform a detailed asset review through the third quarter, utilizing our unconventional workflow to assess the impact of well design changes, including plug-and-perf completions. We will assess the effectiveness of these changes while moderating risk exposure, consistent with our approach to drilling and completions optimization across our unconventional asset base over the years.”

Duvernay

In the second half of the year, Whitecap plans to drill 35 (32.5 net) Duvernay wells with a focus on areas with good subsurface control and available infrastructure.

Included in those activities are 11 (11.0 net) wells in the volatile oil window of Kaybob North, and 24 (21.5 net) wells in the liquids-rich gas window of Kaybob South. The company expects that this will result in its 15-07 gas processing facility operating at capacity of approximately 36,500 boe/d in the third quarter of 2025. Concurrently, a recently constructed connection to a nearby third-party processing facility will be commissioned which will allow for incremental productive capacity of approximately 7,000 boe/d.

“We expect significant infrastructure synergies to come from the Kaybob area where we plan to reduce capital expenditure duplication on trunk lines, compression, and associated development infrastructure,” the company said.

  • 0053 Kingston Midstream Westspur Alameda Click Before You Dig
    0053 Kingston Midstream Westspur Alameda Click Before You Dig
  • 0092 Turnbull projects big and small
    0092 Turnbull projects big and small
  • 0046 City of Estevan This is Estevan Teaser
    0046 City of Estevan This is Estevan Teaser
  • 0087 Lori Carr Coal Expansion
    0087 Lori Carr Coal Expansion
  • 0086 Sask Gov Oil and Gas Incentive Programs
    0086 Sask Gov Oil and Gas Incentive Programs
  • 0084 EMP Metals Pipeline Online
    0084 EMP Metals Pipeline Online
  • 0077 Caprice Resources Stand Up For Free Speech
    0077 Caprice Resources Stand Up For Free Speech
  • 0076 Latus only
    0076 Latus only
  • 0061 SIMSA 2024 For Sask Buy Sask
    0061 SIMSA 2024 For Sask Buy Sask
  • 0055 Smart Power Be Smart with your Power office
    0055 Smart Power Be Smart with your Power office
  • 0051 JML Hiring Pumpjack assembly
    0051 JML Hiring Pumpjack assembly
  • 0049 Scotsburn Dental soft guitar
    0049 Scotsburn Dental soft guitar
  • 0041 DEEP Since 2018 now we are going to build
    0041 DEEP Since 2018 now we are going to build
  • 0032 IWS Summer hiring rock trailer music
  • 0022 Grimes winter hiring
  • 0021 OSY Rentals S8 Promo
  • 0018 IWS Hiring Royal Summer
  • 0013 Panther Drilling PO ad 03 top drive rigs
  • 0006 JK Junior
  • 0002 gilliss casing services
    0002 gilliss casing services
  • 9002 Pipeline Online 30 sec EBEX
    9002 Pipeline Online 30 sec EBEX
  • 9001

 

Conventional

Whitecap plans to invest approximately 25% of its second half capital budget on its conventional assets which includes drilling 91 (74.8 net) wells in Saskatchewan and 10 (5.2 net) wells in Alberta. “Our conventional assets in both Saskatchewan and Alberta provide Whitecap with strong free funds flow generation to support our return of capital strategy to shareholders,” the company said.

Ensign Drilling Rig 423 was drilling north of Lampman for Whitecap Resources Inc. on March 2. Photo by Brian Zinchuk

 

Saskatchewan

“In eastern Saskatchewan, our second half of the year Frobisher program will be the most active with 25 (22.8 net) wells planned with two rigs. The majority of this activity commences in late September and will continue to focus on triple leg lateral wells to maximize royalty incentives and well economics. This program will continue to build off the momentum of our first quarter program which outperformed IP90 expectations by approximately 25%,” Whitecap said.

“In western Saskatchewan, we plan to drill 18 (18.0 net) Viking wells in our legacy Kerrobert and Dodsland properties and in southwest Saskatchewan we plan to drill 17 (13.8 net) wells focused on the Shaunavon and Success formations. These areas are further supported by a low decline enhanced oil recovery (“EOR”) base which provides for strong free funds flow generation.

“At Viewfield, we plan to drill 17 (11.1 net) Bakken wells including 9 open hole multi-lateral wells ranging from 1.0 to 2.0 miles in length with approximately 8 legs per well. The remaining development will target historical horizontal multi-stage fracturing designs.

“At Weyburn, where we own and operate a world class carbon capture, utilization and storage project, we plan to drill 14 (9.1 net) wells to continue to support the low 3% – 5% base decline rate in this area.”

  • 0053 Kingston Midstream Westspur Alameda Click Before You Dig
    0053 Kingston Midstream Westspur Alameda Click Before You Dig
  • 0092 Turnbull projects big and small
    0092 Turnbull projects big and small
  • 0046 City of Estevan This is Estevan Teaser
    0046 City of Estevan This is Estevan Teaser
  • 0087 Lori Carr Coal Expansion
    0087 Lori Carr Coal Expansion
  • 0086 Sask Gov Oil and Gas Incentive Programs
    0086 Sask Gov Oil and Gas Incentive Programs
  • 0084 EMP Metals Pipeline Online
    0084 EMP Metals Pipeline Online
  • 0077 Caprice Resources Stand Up For Free Speech
    0077 Caprice Resources Stand Up For Free Speech
  • 0076 Latus only
    0076 Latus only
  • 0061 SIMSA 2024 For Sask Buy Sask
    0061 SIMSA 2024 For Sask Buy Sask
  • 0055 Smart Power Be Smart with your Power office
    0055 Smart Power Be Smart with your Power office
  • 0051 JML Hiring Pumpjack assembly
    0051 JML Hiring Pumpjack assembly
  • 0049 Scotsburn Dental soft guitar
    0049 Scotsburn Dental soft guitar
  • 0041 DEEP Since 2018 now we are going to build
    0041 DEEP Since 2018 now we are going to build
  • 0032 IWS Summer hiring rock trailer music
  • 0022 Grimes winter hiring
  • 0021 OSY Rentals S8 Promo
  • 0018 IWS Hiring Royal Summer
  • 0013 Panther Drilling PO ad 03 top drive rigs
  • 0006 JK Junior
  • 0002 gilliss casing services
    0002 gilliss casing services
  • 9002 Pipeline Online 30 sec EBEX
    9002 Pipeline Online 30 sec EBEX
  • 9001

 

Alberta

Whitecap’s conventional assets in Alberta will continue to focus on Cardium and Glauconite development with the drilling of 6 (3.6 net) Cardium wells in West Pembina and 3 (1.2 net) wells in the Glauconite. Both assets have continued to exceed its expectations with strong results and well design enhancements further improving the economics in these plays.

STRONG CREDIT PROFILE

Whitecap has also entered into a new $3 billion unsecured 4-year credit facility (the “New Facility”) with our syndicate of banks which replaces Whitecap’s existing credit facility. The New Facility, combined with our existing $1.4 billion investment grade senior notes and $223 million private placement notes, results in total credit capacity of $4.6 billion. At US$60/bbl WTI and $2.50/GJ AECO, net debt2 is expected to be approximately $3.4 billion by year end2, which represents a net debt to annualized funds flow ratio of approximately 1.0 times3 and leaves the company with $1.2 billion of unutilized capacity.

Whitecap’s materially improved business risk profile, low leverage and ample liquidity positions us well to navigate through the current market volatility and to execute on our long-term strategic priorities.

  • 0053 Kingston Midstream Westspur Alameda Click Before You Dig
    0053 Kingston Midstream Westspur Alameda Click Before You Dig
  • 0092 Turnbull projects big and small
    0092 Turnbull projects big and small
  • 0046 City of Estevan This is Estevan Teaser
    0046 City of Estevan This is Estevan Teaser
  • 0087 Lori Carr Coal Expansion
    0087 Lori Carr Coal Expansion
  • 0086 Sask Gov Oil and Gas Incentive Programs
    0086 Sask Gov Oil and Gas Incentive Programs
  • 0084 EMP Metals Pipeline Online
    0084 EMP Metals Pipeline Online
  • 0077 Caprice Resources Stand Up For Free Speech
    0077 Caprice Resources Stand Up For Free Speech
  • 0076 Latus only
    0076 Latus only
  • 0061 SIMSA 2024 For Sask Buy Sask
    0061 SIMSA 2024 For Sask Buy Sask
  • 0055 Smart Power Be Smart with your Power office
    0055 Smart Power Be Smart with your Power office
  • 0051 JML Hiring Pumpjack assembly
    0051 JML Hiring Pumpjack assembly
  • 0049 Scotsburn Dental soft guitar
    0049 Scotsburn Dental soft guitar
  • 0041 DEEP Since 2018 now we are going to build
    0041 DEEP Since 2018 now we are going to build
  • 0032 IWS Summer hiring rock trailer music
  • 0022 Grimes winter hiring
  • 0021 OSY Rentals S8 Promo
  • 0018 IWS Hiring Royal Summer
  • 0013 Panther Drilling PO ad 03 top drive rigs
  • 0006 JK Junior
  • 0002 gilliss casing services
    0002 gilliss casing services
  • 9002 Pipeline Online 30 sec EBEX
    9002 Pipeline Online 30 sec EBEX
  • 9001

 

STRATEGIC PRIORITIES

“We continue to prioritize balance sheet strength by ensuring capital expenditures and dividends are covered by our funds flow. Our capital investments are focused on capital efficiencies and free funds flow generation with a long-term organic production growth target of 3% – 5% per share4 enhanced by share repurchases. The dividend provides stable and reliable cash returns to shareholders during periods of commodity price volatility and is well supported by a best-in-class portfolio with decades of free funds flow generation and an excellent balance sheet with low leverage and ample liquidity.

“The integration of Veren’s assets is well underway and expected to be seamless given the significant operational overlap, our technical expertise in each of the areas and our proven ability to effectively acquire, integrate and optimize historical acquisitions. We will use our technical, operating and financial expertise to realize the previously identified $200 million of initial synergies over the next 6 – 12 months with the potential to further reduce our controllable costs and improve our capital efficiencies over the long term. We are very excited about the future potential of our consolidated portfolio and look forward to reporting back to shareholders on our progress,” the company said.

  • 0053 Kingston Midstream Westspur Alameda Click Before You Dig
    0053 Kingston Midstream Westspur Alameda Click Before You Dig
  • 0092 Turnbull projects big and small
    0092 Turnbull projects big and small
  • 0046 City of Estevan This is Estevan Teaser
    0046 City of Estevan This is Estevan Teaser
  • 0087 Lori Carr Coal Expansion
    0087 Lori Carr Coal Expansion
  • 0086 Sask Gov Oil and Gas Incentive Programs
    0086 Sask Gov Oil and Gas Incentive Programs
  • 0084 EMP Metals Pipeline Online
    0084 EMP Metals Pipeline Online
  • 0077 Caprice Resources Stand Up For Free Speech
    0077 Caprice Resources Stand Up For Free Speech
  • 0076 Latus only
    0076 Latus only
  • 0061 SIMSA 2024 For Sask Buy Sask
    0061 SIMSA 2024 For Sask Buy Sask
  • 0055 Smart Power Be Smart with your Power office
    0055 Smart Power Be Smart with your Power office
  • 0051 JML Hiring Pumpjack assembly
    0051 JML Hiring Pumpjack assembly
  • 0049 Scotsburn Dental soft guitar
    0049 Scotsburn Dental soft guitar
  • 0041 DEEP Since 2018 now we are going to build
    0041 DEEP Since 2018 now we are going to build
  • 0032 IWS Summer hiring rock trailer music
  • 0022 Grimes winter hiring
  • 0021 OSY Rentals S8 Promo
  • 0018 IWS Hiring Royal Summer
  • 0013 Panther Drilling PO ad 03 top drive rigs
  • 0006 JK Junior
  • 0002 gilliss casing services
    0002 gilliss casing services
  • 9002 Pipeline Online 30 sec EBEX
    9002 Pipeline Online 30 sec EBEX
  • 9001