{{Short description|Canadian oil and gas company}} {{Use Canadian English|date=March 2025}} {{Use mdy dates|date=March 2025}} {{Infobox company | name = Veren Inc. | logo = Veren Logo CLR.png | caption = | type = Public company | traded_as = {{TSX|VRN}}<br />{{NYSE|VRN}} | fate = Acquired by Whitecap Resources | predecessor = | successor = | foundation = 2001 as Crescent Point Energy Ltd. | founder = | defunct = {{End date|df=yes|2025|05|12}} | location_city = Calgary, Alberta | location_country = Canada | locations = | area_served = | key_people = Craig Bryksa, President and CEO<br />Barbara Munroe, Chair of the Board | industry = Oil and gas industry | products = Light Oil<br />Natural gas | services = | revenue = CAD$3.8 billion (2023) | operating_income = | net_income = | assets = | equity = | owner = | num_employees = | parent = | divisions = | subsid = | homepage = {{URL|www.vrn.com}} | footnotes = | intl = }}
'''Veren Inc.''' (formerly '''Crescent Point Energy''') was an oil and gas exploration and production company based in Calgary, Alberta, Canada. The company focused primarily on light oil production in southern Saskatchewan and central Alberta.<ref name=":1">{{Cite web |title=Our Operations |url=https://vrn.com/our-operations |access-date=2024-10-10 |website=Veren |language=en-CA}}</ref> The company was founded in 2001, and was one of the largest independent oil and gas producers in Canada, having a significant presence in the Western Canadian Sedimentary Basin.
In 2025, the company was acquired by Whitecap Resources.
==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. The company's name was derived from a road leading to a summer cabin in Thunder Bay, Ontario, owned by the grandfather of president and CEO Scott Saxberg.<ref name=":0">{{Cite web |last=Varcoe |first=Chris |date=2024-03-22 |title=Varcoe: Fine art of the name-change game as Crescent Point to become Veren |url=https://calgaryherald.com/business/varcoe-company-name-change-crescent-point-veren |access-date=2025-08-22 |website=Calgary Herald}}</ref>
In 2003, it merged with Tappit Resources.<ref>{{Cite news |date=2003-05-27 |title=Crescent-Tappit deal drives up firms' stock |url=https://www.theglobeandmail.com/report-on-business/crescent-tappit-deal-drives-up-firms-stock/article25285240/ |access-date=2024-10-10 |work=The Globe and Mail |language=en-CA}}</ref> As part of the merger, the company converted to an income trust. In February 2007, it acquired Mission Oil and Gas for $628 million.<ref>{{Cite news |date=2006-09-11 |title=Crescent Point buys Mission in $700-million deal |url=https://www.theglobeandmail.com/report-on-business/crescent-point-buys-mission-in-700-million-deal/article20413443/ |access-date=2024-10-10 |work=The Globe and Mail |language=en-CA}}</ref> In 2009, Crescent Point converted back to a normal corporation from an income trust.<ref>{{Cite web |title=Canoils - Login |url=https://www.canoils.com/secure/Login.aspx?ReturnUrl=%2fUniversal%2fView.aspx%3ftype%3dStory%26id%3d3622&CanUseGuest=True |access-date=2024-10-10 |website=www.canoils.com}}</ref>
In 2010, Crescent Point acquired properties in the Lower Shaunavon resource play in southwest Saskatchewan from Penn West Energy Trust.<ref>{{Cite web |title= |url=https://www.pressreader.com/canada/calgary-herald/20091217/282553014345349 |access-date=2024-10-10 |via=PressReader}}</ref>
In May 2015, Crescent Point acquired Legacy Oil and Gas for $1.5 billion.<ref>{{Cite news |last=Healing |first=Dan |date=July 1, 2015 |title=Legacy Oil + Gas investors agree to sell to Crescent Point |url=https://calgaryherald.com/business/energy/legacy-oil-gas-investors-agree-to-be-bought-by-crescent-point |access-date=October 10, 2024}}</ref>
On May 29 2018, Crescent Point announced that Scott Saxberg would be leaving the company after 17 years, with Craig Bryksa taking over duties as president and CEO on an interim basis.<ref name=":3">{{Cite web |date=2018-05-29 |title=Crescent Point Announces New President and CEO as Part of Transformation Plan |url=https://energynow.ca/2018/05/crescent-point-announces-new-president-and-ceo-as-part-of-transformation-plan/ |access-date=2024-10-10 |website=Canadian Energy News, Top Headlines, Commentaries, Features & Events - EnergyNow |language=en-US}}</ref> On September 5, 2018, Crescent Point confirmed Craig Bryksa as its new president and CEO.<ref name=":3" /> Robert (Bob) Heinemann also replaced Peter Bannister as chairman on Crescent Point's board of directors.<ref name=":2">{{Cite web |title=Crescent Point Announces 2024 Annual and Special Meeting of… |url=https://vrn.com/investors-media/news-releases/crescent-point-announces-2024-annual-and-special-meeting-of-shareholders-results-and-changes-name-to-veren |access-date=2024-10-10 |website=Veren |language=en-CA}}</ref> Barbara Munroe was appointed as board chair following Bob Heinemann's retirement in October 2019.<ref>{{Cite web |last=Corp |first=Crescent Point Energy |title=Crescent Point Announces Q3 2019 Results |url=https://www.newswire.ca/news-releases/crescent-point-announces-q3-2019-results-808484710.html |access-date=2024-10-10 |website=www.newswire.ca |language=en}}</ref>
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.<ref>{{Cite press release |last=Corp |first=Crescent Point Energy |title=Crescent Point Announces Accretive Acquisition of Kaybob Duvernay Assets for $900 Million and Enhanced Free Cash Flow |url=https://www.prnewswire.com/news-releases/crescent-point-announces-accretive-acquisition-of-kaybob-duvernay-assets-for-900-million-and-enhanced-free-cash-flow-301230377.html |access-date=2024-10-10 |website=www.prnewswire.com |language=en}}</ref> In March 2023, Crescent Point acquired Spartan Delta's oil and gas assets in the Alberta Montney, for $1.7 billion.<ref>{{Cite news |last=Stephenson |first=Amanda |title=Crescent Point to buy Spartan Delta Corp.'s Montney assets in $1.7B deal |url=https://www.cbc.ca/news/canada/calgary/crescent-point-energy-spartan-delta-deal-purchase-1.6793585 |access-date=October 10, 2024 |work=CBC}}</ref> In November 2023, the company further expanded into the Alberta Montney by acquiring Hammerhead Energy Inc. for $2.55 billion.<ref>{{Cite news |date=2023-11-06 |title=Crescent Point Energy to buy Hammerhead Energy in $1.86-billion deal |url=https://www.theglobeandmail.com/business/article-crescent-point-energy-to-buy-hammerhead-energy-in-186-bln-deal/ |access-date=2024-10-10 |work=The Globe and Mail |language=en-CA}}</ref>
In March 2024, the company announced that it would rebrand as Veren; the name change was considered a reflection of changes in the company's operations since Bryksa took over as CEO.<ref name=":0" /><ref>{{Cite web |date=2024-05-12 |title=Crescent Point no more: Veren Inc. is the new name |url=https://pipelineonline.ca/crescent-point-no-more-veren-inc-is-the-new-name/ |access-date=2025-08-22 |website=Pipeline Online |language=en-US}}</ref>
In March 2025, Whitecap Resources announced its intent to acquire Veren. The acquisition was completed on May 12, 2025.<ref>{{Cite web |date=2025-05-13 |title=The shark gets swallowed: Whitecap closes Veren (formerly Crescent Point) strategic combination |url=https://pipelineonline.ca/the-shark-gets-swallowed-whitecap-closes-veren-formerly-crescent-point-strategic-combination/ |access-date=2025-08-22 |website=Pipeline Online |language=en-US}}</ref><ref>{{Cite news |date=2025-05-06 |title=Veren shareholders approve $15-billion combination with Whitecap Resources |url=https://www.theglobeandmail.com/business/industry-news/energy-and-resources/article-veren-shareholders-approve-15-billion-combination-with-whitecap/ |access-date=2025-08-22 |work=The Globe and Mail |language=en-CA}}</ref><ref>{{Cite web |title=Shareholders approve $15B Whitecap-Veren deal |url=https://globalnews.ca/news/11167216/whitecap-veren-deal-oil-canada/ |access-date=2025-08-22 |website=Global News |language=en-US |agency=Canadian Press}}</ref>
==Assets and holdings== Veren produces over 190,000 boe/day.<ref>{{Cite web |title=Crescent Point Announces Q1 2024 Results |url=https://vrn.com/investors-media/news-releases/crescent-point-announces-q1-2024-results |access-date=2024-10-10 |website=Veren |language=en-CA}}</ref> 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.<ref name=":1" />
== References == {{Reflist}}
==External links== *{{official website}}
{{Authority control}} {{DEFAULTSORT:Veren}} Category:Companies listed on the Toronto Stock Exchange Category:Companies listed on the New York Stock Exchange Category:Oil companies of Canada Category:Natural gas companies of Canada Category:Companies based in Calgary Category:2025 mergers and acquisitions