Canada’s Whitecap and Veren to merge in $10.4-billion deal

Canada

CALGARY, March 10, 2025 – Canadian oil companies Whitecap Resources and Veren have agreed to merge in an all-share transaction valued at approximately CAD 15 billion [USD 10.4 billion], the companies announced on Monday.

The combined company will be the largest landholder in the Alberta Montney and Duvernay, with more than 4,800 development locations and a total production of approximately 370,000 boepd, of which 63% liquids.

Under the agreement, the company will bear the Whitecap name and will be led by Whitecap’s existing management team. Veren will appoint four directors to the board, including its current president and CEO, 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, president and CEO of Whitecap

Veren shareholders will receive 1.05 common shares of Whitecap for each share held. Following the close of the transaction, which is expected before May 39, 2025, Whitecap shareholders will own approximately 48% of the combined company and Veren shareholders will own approximately 52%.

Photo courtesy of Veren