Whitecap, Veren Complete $15B Merger to Form Canada’s 7th Largest Oil Producer
Whitecap Resources Inc. has officially completed its $15-billion merger with Veren Inc., creating Canada’s seventh-largest oil and gas producer by output. The combined company will operate under the Whitecap name and management team.
With this deal, Whitecap becomes the largest landholder in the Montney and Duvernay shale plays across Alberta and British Columbia and now holds a major light oil position in Saskatchewan — making it Saskatchewan’s second-largest oil producer.
The company expects to produce 295,000–300,000 barrels of oil equivalent per day (boe/d) this year, with a planned capital spend of around $2 billion. Post-merger, Whitecap projects total production capacity of 370,000 boe/d.
In early steps to optimize its portfolio, Whitecap announced it had already secured $270 million through the sale of non-core assets — including medium oil production in southwest Saskatchewan and a minority stake in a natural gas facility in northwest Alberta.
The merger received overwhelming shareholder approval, with 88.7% of Whitecap and 99.8% of Veren shareholders voting in favour. Veren’s shares will be delisted from the Toronto Stock Exchange.
CEO Grant Fagerheim acknowledged there will be job cuts due to integration, citing the difficult decisions required when combining two large, experienced teams. The company anticipates over $200 million in cost synergies.
Fagerheim emphasized that Whitecap has stress-tested the business at US$50 WTI through 2026 and remains focused on delivering strong per-share returns for shareholders amid market volatility.
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