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]
 | |
| Company type | Public company |
|---|---|
| TSX: VRN NYSE: VRN | |
| Industry | Oil and gas industry |
| Founded | 2001 as Crescent Point Energy Ltd. |
| Headquarters | Calgary, Alberta , Canada |
Key people | Craig Bryksa, President and CEO Barbara Munroe, Chair of the Board |
| Products | Light Oil Natural gas |
| Revenue | CAD$3.8 billion (2023) |
| Website | www |
History
editIn 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
editVeren 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]
References
edit- ^ a b c "Our Operations". Veren. Retrieved 10 October 2024.
- ^ "Veren". www.vrn.com. Retrieved 10 October 2024.
- ^ "Crescent-Tappit deal drives up firms' stock". The Globe and Mail. 27 May 2003. Retrieved 10 October 2024.
- ^ "Crescent Point buys Mission in $700-million deal". The Globe and Mail. 11 September 2006. Retrieved 10 October 2024.
- ^ "Canoils - Login". www.canoils.com. Retrieved 10 October 2024.
- ^ https://www.pressreader.com/canada/calgary-herald/20091217/282553014345349. Retrieved 10 October 2024 – via PressReader.
{{cite web}}: Missing or empty|title=(help) - ^ Healing, Dan (1 July 2015). "Legacy Oil + Gas investors agree to sell to Crescent Point". Retrieved 10 October 2024.
- ^ a b "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.
- ^ a b "Crescent Point Announces 2024 Annual and Special Meeting of…". Veren. Retrieved 10 October 2024.
- ^ Corp, Crescent Point Energy. "Crescent Point Announces Q3 2019 Results". www.newswire.ca. Retrieved 10 October 2024.
- ^ 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.
- ^ Stephenson, Amanda. "Crescent Point to buy Spartan Delta Corp.'s Montney assets in $1.7B deal". CBC. Retrieved 10 October 2024.
- ^ "Crescent Point Energy to buy Hammerhead Energy in $1.86-billion deal". The Globe and Mail. 6 November 2023. Retrieved 10 October 2024.
- ^ "Crescent Point Announces Q1 2024 Results". Veren. Retrieved 10 October 2024.
