Veren Stock Price, News & Analysis

Whitecap Resources Inc. (TSX: WCP) and Veren Inc. (TSX/NYSE: VRN) have secured shareholder approval for their proposed business combination. At their respective special shareholder meetings on May 6, 2025, Whitecap shareholders approved the share issuance with 88.72% support, while Veren shareholders endorsed the combination with 99.78% approval.

The business combination is expected to close around May 12, 2025, pending Court of King's Bench approval scheduled for May 8, 2025. Following the closure, Veren's shares will be delisted from the TSX on May 13, 2025, and will cease trading on the NYSE on May 9, 2025. Notably, Whitecap's shares will not be listed on the NYSE, and the company plans to terminate its SEC reporting obligations.

Whitecap Resources and Veren have announced a strategic $15 billion all-share combination to create a leading Canadian light oil and condensate producer. Under the agreement, Veren shareholders will receive 1.05 Whitecap common shares for each Veren share, resulting in Veren shareholders owning 52% of the combined company.

The merged entity will become the largest Alberta Montney and Duvernay landholder with 370,000 boe/d production (63% liquids) and an enterprise value of $15 billion. Key highlights include:

• 220,000 boe/d of unconventional production
• 1.5 million acres in Alberta
• Over 4,800 development locations in Montney and Duvernay
• Expected annual synergies of over $200 million
• Initial leverage of 0.9x Net Debt to Funds Flow

The transaction, expected to close before May 30, 2025, will maintain Whitecap's annual dividend of $0.73 per share, representing a 67% increase for Veren shareholders. The combined company will be led by Whitecap's existing management team, with four Veren directors joining the board.

Veren Inc. (TSX and NYSE: VRN) has announced the filing of its Annual Information Form (AIF) for the fiscal year ended December 31, 2024, with Canadian securities regulatory authorities through SEDAR+. The company has simultaneously filed its Form 40-F with the U.S. Securities and Exchange Commission via EDGAR.

The AIF includes the company's reserves data and other oil and natural gas information as mandated by National Instrument 51-101. These documents are accessible through Veren's website, SEDAR+, and EDGAR platforms.

Veren (VRN) has announced its Q4 and full-year 2024 results, highlighting significant financial achievements. The company generated $642 million in excess cash flow in 2024, returning 60% ($386 million) to shareholders through dividends and share repurchases.

Key financial metrics include Q4 adjusted funds flow of $619.6 million ($1.01 per share) and full-year adjusted funds flow of $2.35 billion ($3.79 per share). The company reduced net debt by 35% to $2.48 billion and achieved average production of 191,163 boe/d in 2024, comprising 65% oil and liquids.

For 2025, Veren projects excess cash flow of $625-825 million (at US$70-75/bbl WTI) and maintains production guidance of 188,000-196,000 boe/d. The company successfully replaced 173% of 2024 production on a 2P reserves basis, primarily driven by Alberta Montney additions.

Veren (TSX/NYSE: VRN) has declared its quarterly cash base dividend of $0.115 per share, as approved by the Board of Directors. The dividend will be paid on April 1, 2025 to shareholders of record as of March 15, 2025. The company has designated these dividends as 'eligible dividends' for Canadian income tax purposes.

Veren Inc. (TSX: VRN) (NYSE: VRN) has scheduled the release of its fourth quarter and full year 2024 financial and operating results before markets open on Thursday, February 27, 2025. The company will host a conference call at 10:00 a.m. MT (12:00 p.m. ET) on the same day to discuss results and outlook.

Participants can join the call through an online webcast or register for an automated callback. Alternatively, they can dial 1-888-510-2154 for operator assistance. The webcast will be available for replay on Veren's website after the call concludes.

Veren (TSX/NYSE: VRN) has announced strong performance in its 2024 reserves report, achieving a 173% replacement of annual production on a Proved plus Probable (2P) basis. The company's Alberta Montney asset contributed 65% of the 2P reserve additions.

Key metrics include 2P reserves totaling 1,133.3 million boe, with a net present value of $14.0 billion. The company achieved strong December production of 190,296 boe/d and full-year 2024 production of 191,163 boe/d, meeting guidance targets.

For 2025, Veren projects production of 188,000 to 196,000 boe/d (65% oil and liquids) with capital expenditures of $1.48-1.58 billion. The company expects to generate excess cash flow of $575-775 million, primarily in the second half of 2025.

Additionally, Veren announced the appointment of two new independent directors: Corey Bieber and Jodi J. Jenson Labrie, both bringing extensive industry and financial experience to the board.

Veren (TSX/NYSE: VRN) reported Q3 2024 results with $548.3 million in adjusted funds flow ($0.89 per share) and net income of $277.2 million ($0.45 per share). The company generated $114 million in excess cash flow and averaged production of 184,829 boe/d. Key developments include a strategic infrastructure transaction yielding $400 million in net proceeds for debt reduction, with year-end net debt expected at $2.5 billion. The company returned $290 million to shareholders year-to-date through dividends and share repurchases. For 2025, Veren projects excess cash flow of $575-775 million under its disciplined budget.

Veren (TSX/NYSE: VRN) has declared a quarterly cash base dividend of $0.115 per share, payable on January 2, 2025, to shareholders of record on December 15, 2024. The dividends are designated as 'eligible dividends' for Canadian tax purposes and 'qualified dividends' for U.S. tax purposes.