Veren (company)

Last updated

Veren Inc.
Company typePublic company
TSX:  VRN
NYSE:  VRN
Industry Oil and gas industry
Founded2001 as Crescent Point Energy Ltd.
Headquarters
Calgary, Alberta
,
Canada
Key people
Craig Bryksa, President and CEO
Barbara Munroe, Chair of the Board
ProductsLight Oil
Natural gas
RevenueCAD$3.8 billion (2023)
Website www.vrn.com

Veren Inc. (formerly Crescent Point Energy) is an oil and gas exploration and production company based in Calgary, Alberta, Canada. The company focuses primarily on light oil production in southern Saskatchewan and central Alberta. [1] The company was founded in 2001 and is one of the largest independent oil and gas producers in Canada, having a significant presence in the Western Canadian Sedimentary Basin. [1] In 2024, the company changed its name to Veren and is listed on the Toronto Stock Exchange and the New York Stock Exchange under the ticker symbol VRN. [2]

Contents

History

In 2001 Crescent Point Energy began trading on the TSX Venture Exchange as a junior exploration and production company. It joined the Toronto Stock Exchange the following year. In 2003, it merged with Tappit Resources. [3] As part of the merger, the company converted to an income trust. In February 2007, it acquired Mission Oil and Gas for $628 million. [4] In 2009, Crescent Point converted back to a normal corporation from an income trust. [5]

In 2010, Crescent Point acquired properties in the Lower Shaunavon resource play in southwest Saskatchewan from Penn West Energy Trust. [6]

In May 2015, Crescent Point acquired Legacy Oil and Gas for $1.5 billion. [7]

On May 29 2018, Crescent Point announced that former President & CEO, Scott Saxberg, would be leaving the company after 17 years, with Craig Bryksa taking over duties as president and CEO on an interim basis. [8] On September 5 2018, Crescent Point confirmed Craig Bryksa as its new president and CEO. [8] Robert (Bob) Heinemann also replaced Peter Bannister as chairman on Crescent Point's board of directors. [9] Barbara Munroe was appointed as board chair following Bob Heinemann's retirement in October, 2019. [10]

On February 17, 2021, Crescent Point announced strategic entry into the Kaybob Duvernay play by acquiring 30,000 boe/d of production for $900 million from Shell Canada Energy. [11] In March 2023, Crescent Point acquired Spartan Delta's oil and gas assets in the Alberta Montney, for $1.7 billion. [12] In November 2023, the company further expanded into the Alberta Montney by acquiring Hammerhead Energy Inc. for $2.55 billion. [13]

At the company's 2024 Annual General Meeting on May 15, 2024, shareholders approved the company change its name to Veren Inc. [9]

Assets and holdings

Veren produces over 190,000 boe/day. [14] Veren mainly produces light and medium oil, as opposed to heavy oil or natural gas. Most of the company's oil production is from central Alberta and southern Saskatchewan; notable fields in these areas include the Kaybob Duvernay, Alberta Montney, Viewfield Bakken, and Shaunavon. [1]

Related Research Articles

<span class="mw-page-title-main">ConocoPhillips</span> American multinational energy company

ConocoPhillips Company is an American multinational corporation engaged in hydrocarbon exploration and production. It is based in the Energy Corridor district of Houston, Texas.

<span class="mw-page-title-main">Husky Energy</span> Canadian energy company

Husky Energy Inc. was a Canadian company engaged in hydrocarbon exploration, headquartered in Calgary, Alberta, Canada. It operated in Western and Atlantic Canada, the United States and the Asia Pacific region, with upstream and downstream business segments. In the 2020 Forbes Global 2000, Husky Energy was ranked as the 1443rd-largest public company in the world.

Invest in Canada is an arms-length Government of Canada organization that promotes and attracts foreign direct investment into Canada. It was created through the Investment Canada Act and launched on March 12, 2018 as a departmental corporation.

<span class="mw-page-title-main">Shaunavon, Saskatchewan</span> Town in Saskatchewan, Canada

Shaunavon is a town in southwest Saskatchewan. At the junction of Highways 37 and 13, it is 110 kilometres from Swift Current, 163 kilometres from the Alberta border, and 74 kilometres from the Montana border. Shaunavon was established in 1913 along the Canadian Pacific Railway line.

<span class="mw-page-title-main">APA Corporation</span> American energy company

APA Corporation is the holding company for Apache Corporation, an American company engaged in hydrocarbon exploration. It is organized in Delaware and headquartered in Houston. The company is ranked 431st on the Fortune 500.

<span class="mw-page-title-main">Advantage Energy</span>

Advantage Energy Ltd. is a Canadian oil and gas company based in Calgary, Alberta. The company is focused on the development of its Montney fossil gas and liquids resource play to provide Canadian energy. In 2019, it produced 45,833 barrels of oil equivalent per day, with 94% of production consisting of natural gas and 6% light oil and liquids with a low emission intensity of 4 kg CO2e/boe. It is listed on the Toronto Stock Exchange under the symbol TSX: AAV.

Enerplus Corporation is one of Canada’s largest independent oil and gas producers. It holds oil and natural gas property interest in the United States and in western Canada, in the provinces of Alberta, British Columbia and Saskatchewan.

ARC Resources Ltd. is a Canadian energy company with operations focused in the Montney resource play in Alberta and northeast British Columbia. The company has been operating since 1996. ARC pays a quarterly dividend to shareholders and its common shares trade on the Toronto Stock Exchange under the symbol ARX.

<span class="mw-page-title-main">Montney Formation</span>

The Montney Formation is a stratigraphical unit of Lower Triassic age in the Western Canadian Sedimentary Basin in British Columbia and Alberta.

<span class="mw-page-title-main">Cardium Formation</span> Stratigraphic range in western Canada

The Cardium Formation is a stratigraphic unit of Late Cretaceous age in the Western Canada Sedimentary Basin. It takes the name from the fossilized heart-shaped cockle shells in the family Cardiidae present. It was first described along the Bow River banks by James Hector in 1895. It is present throughout western Alberta and in northeastern British Columbia, and it is a major source of petroleum and natural gas.

<span class="mw-page-title-main">Viking Formation</span>

The Viking Formation is a stratigraphical unit of Cretaceous age in the Western Canadian Sedimentary Basin.

<span class="mw-page-title-main">Canadian petroleum companies</span>

Although there are numerous oil companies operating in Canada, as of 2009, the majority of production, refining and marketing was done by fewer than 20 of them. According to the 2013 edition of Forbes Global 2000, canoils.com and any other list that emphasizes market capitalization and revenue when sizing up companies, as of March 31, 2014 these are the largest Canada-based oil and gas companies.

Cenovus Energy Inc. is a Canadian integrated oil and natural gas company headquartered in Calgary, Alberta. Its offices are located at Brookfield Place, having completed a move from the neighbouring Bow in 2019.

The Duvernay Formation is a stratigraphical unit of Frasnian age in the Western Canadian Sedimentary Basin.

<span class="mw-page-title-main">Questerre Energy</span>

Questerre Energy Corporation (QEC) is an international energy exploration company headquartered in Calgary, Canada, and listed on the Toronto Stock Exchange and the Oslo Stock Exchange. It holds the largest acreage position in the Utica Shale in the Saint Lawrence Lowlands. Questerre also have operations in Saskatchewan and in the Montney Formation in Alberta.

<span class="mw-page-title-main">Vermilion Energy</span>

Vermilion Energy is an international energy producer based in Calgary, Canada. It has operations in North America, Europe and Australia. Vermilion is listed on the Toronto Stock Exchange and the New York Stock Exchange.

<span class="mw-page-title-main">Baytex Energy</span> Canadian energy company

Baytex Energy Corp. is an energy company based in Calgary, Alberta. The company is engaged in the acquisition, development and production of crude oil and natural gas in the Western Canadian Sedimentary Basin and in the Eagle Ford in the United States. Baytex's common shares trade on the Toronto Stock Exchange and on the New York Stock Exchange under the symbol BTE.

<span class="mw-page-title-main">Fracking in Canada</span>

Fracking in Canada was first used in Alberta in 1953 to extract hydrocarbons from the giant Pembina oil field, the biggest conventional oil field in Alberta, which would have produced very little oil without fracturing. Since then, over 170,000 oil and gas wells have been fractured in Western Canada. Fracking is a process that stimulates natural gas or oil in wellbores to flow more easily by subjecting hydrocarbon reservoirs to pressure through the injection of fluids or gas at depth causing the rock to fracture or to widen existing cracks.

Parkland Corporation is a Calgary, Alberta-based energy and retail company. Parkland operates gas stations under the Esso, Ultramar, Chevron, Pioneer, and Fas Gas Plus brands. The company holds the rights to the convenience store brand On the Run in Canada and most of the United States, and franchises White Spot's fast food restaurant chain Triple O's in Alberta, British Columbia, and Ontario. Parkland also operates commercial oil and gas businesses under the Bluewave Energy, Sparlings, and Ultramar brands.

Tourmaline Oil is a Canadian energy company engaged in the exploration, development, and extraction of crude oil and natural gas. It is headquartered in Calgary, Alberta in Canada. A major natural gas producer, it became the largest natural gas producer in Canada in 2021. It is also the first Canadian oil and gas exploration and development company to directly engage in the liquified natural gas business.

References

  1. 1 2 3 "Our Operations". Veren. Retrieved 10 October 2024.
  2. "Veren". www.vrn.com. Retrieved 10 October 2024.
  3. "Crescent-Tappit deal drives up firms' stock". The Globe and Mail. 27 May 2003. Retrieved 10 October 2024.
  4. "Crescent Point buys Mission in $700-million deal". The Globe and Mail. 11 September 2006. Retrieved 10 October 2024.
  5. "Canoils - Login". www.canoils.com. Retrieved 10 October 2024.
  6. https://www.pressreader.com/canada/calgary-herald/20091217/282553014345349 . Retrieved 10 October 2024 via PressReader.{{cite web}}: Missing or empty |title= (help)
  7. Healing, Dan (1 July 2015). "Legacy Oil + Gas investors agree to sell to Crescent Point" . Retrieved 10 October 2024.
  8. 1 2 "Crescent Point Announces New President and CEO as Part of Transformation Plan". Canadian Energy News, Top Headlines, Commentaries, Features & Events - EnergyNow. 29 May 2018. Retrieved 10 October 2024.
  9. 1 2 "Crescent Point Announces 2024 Annual and Special Meeting of…". Veren. Retrieved 10 October 2024.
  10. Corp, Crescent Point Energy. "Crescent Point Announces Q3 2019 Results". www.newswire.ca. Retrieved 10 October 2024.
  11. Corp, Crescent Point Energy. "Crescent Point Announces Accretive Acquisition of Kaybob Duvernay Assets for $900 Million and Enhanced Free Cash Flow". www.prnewswire.com (Press release). Retrieved 10 October 2024.
  12. Stephenson, Amanda. "Crescent Point to buy Spartan Delta Corp.'s Montney assets in $1.7B deal". CBC. Retrieved 10 October 2024.
  13. "Crescent Point Energy to buy Hammerhead Energy in $1.86-billion deal". The Globe and Mail. 6 November 2023. Retrieved 10 October 2024.
  14. "Crescent Point Announces Q1 2024 Results". Veren. Retrieved 10 October 2024.