Whitecap Resources Inc. and Veren Inc. reported a strategic combination to create a leading light oil and condensate producer with concentrated assets in the Alberta Montney and Duvernay.

The combined company will be the largest Alberta Montney and Duvernay landholder and a prominent light oil producer in Saskatchewan.

The companies have entered into a definitive business combination agreement to combine in an all-share transaction valued at approximately $15 billion, inclusive of net debt. The transaction is expected to close before May 30, 2025.

The combined company becomes the second largest producer in Saskatchewan with consolidated assets in west and southeast Saskatchewan. It also becomes the largest producer in the high margin Kaybob Duvernay and Alberta Montney plays with approximately 220k boe/d of unconventional production.

For more information, visit wcap.ca.