Veren is a large Canadian upstream producer with a portfolio anchored in the Alberta Montney and Kaybob Duvernay resource plays, plus legacy light-oil assets in southeast Saskatchewan. After several years of portfolio high-grading, the company rebranded as Veren Inc. in 2024 and, on May 12, 2025, completed a strategic combination with Whitecap Resources. Explore Rextag analysis (context, assets map, and implications).
From June through August 2025, the combined company reported strong operational performance, increased guidance to the high end, and advanced key infrastructure that underpins growth in its Montney and Duvernay areas.
Veren’s 2025 story is defined by three threads:
1) continued operational outperformance in liquids-rich Alberta plays,
2) midstream de-risking through long-term partnerships and asset sales executed in 2024–2025,
3) the Whitecap combination that consolidated a top-tier footprint across Alberta and Saskatchewan for the second half of 2025.
Identity, strategy, and timeline
Crescent Point Energy, founded in 2001 and long associated with the Viewfield Bakken in Saskatchewan, changed its corporate name to Veren Inc. after shareholder approval at the May 2024 annual meeting.
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Portfolio transformation.
Beginning in 2019, management pivoted from a broader North American footprint to a focused Canadian liquids-rich strategy. The company entered the Kaybob Duvernay in 2021 by acquiring Shell’s position, expanded in 2022 via a Paramount bolt-on, and made a major step-change in November–December 2023 by acquiring Hammerhead Energy, consolidating a significant position in the Alberta Montney. For maps, play context, and rationale behind that step-change, see our breakdown: Crescent Point Acquires Hammerhead for $1.86 Billion for Expansion in Montney Shale.
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2024–2025 midstream partnership
Veren monetized and partnered on select Montney infrastructure with Pembina Gas Infrastructure (PGI) in late 2024 and into early 2025, using long-term agreements to secure market access and fund new facilities while retaining operatorship in key areas.
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2025 strategic combination
On May 12, 2025, Veren closed an all-stock combination with Whitecap Resources. Post-close guidance for the full year moved to 295–300 thousand boe/d, and the second-half run-rate was guided at 363–368 thousand boe/d, reflecting the enhanced scale and overlapping core areas in Alberta and Saskatchewan.
Related context note: not to be confused with Veren, Crescent Energy in the United States pursued a liquids-weighted strategy of its own in 2023. If you are comparing portfolio paths across North America, our brief on that move can be useful: read here.
Core Canadian portfolio in 2025
Alberta Montney (Karr, Gold Creek, Lator, Kakwa/Musreau)
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Resource and development focus
This is Veren’s largest growth engine, targeting high-rate, liquids-rich Montney zones with multi-rig development in Karr and Gold Creek, continued delineation in Lator, and optimization in the Kakwa/Musreau fairway.
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Facilities and market access
Veren executed a midstream transaction in September 2024 to sell a package of Montney oil battery sites to PGI with a long-term take-or-pay arrangement and continued operatorship at Karr and Gold Creek. In parallel, the company advanced the Lator 04-13 battery project. The planned Phase 1 battery includes about 150 MMcf/d of compression and 10–15 Mbbl/d of condensate stabilization, designed to unlock 35–40 Mboe/d of Montney production in Lator on commissioning, with expansion potential in a Phase 2 concept.
The combined Whitecap-Veren plan keeps three rigs active in Karr and Gold Creek, progresses facility upgrades and debottlenecking in the 31-09 node, and continues a three-well pad in Lator to further validate core productivity.
Kaybob Duvernay (North and South fairways, Fox Creek area)
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Liquids-rich condensate corridor
Veren’s Duvernay program remains a premium liquids-weighted contributor. The company runs two rigs across the North Duvernay volatile-oil window and South Duvernay liquids-rich gas window.
The 15-07 facility in North Duvernay provides 36.5 Mboe/d of oil and condensate stabilization with 155 MMcf/d of gas compression capacity. Midstream integration with Pembina/PGI provides downstream NGL pathways via the Duvernay Complex.
The plan includes eight Duvernay wells to be brought onstream in the second half, sustaining a strong liquids contribution.
Saskatchewan light oil (Viewfield Bakken and Shaunavon)
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Low-decline, high-netback base
In recent years Veren streamlined its Saskatchewan footprint and sold the Flat Lake and Battrum packages in 2024. Remaining core assets include Viewfield Bakken and Shaunavon, which benefit from waterfloods and polymer floods that keep declines low.
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Open-hole multilateral (OHML) evolution
In Viewfield, Veren advanced open-hole multilateral well designs to reduce costs and improve EURs. This is primarily a maintenance and optimization program in 2025, contributing steady light-oil volumes and cash flow.
Brief U.S. context
Veren previously held U.S. assets. It exited the Uinta Basin (Utah) in October 2019 and sold its North Dakota position in 2023. As of 2025 the business is essentially Canada-focused.
2025 operations at a glance
Pre-combination Veren
Start to the year. Veren produced about 191 thousand boe/d in January 2025 and reiterated full-year guidance of 188–196 thousand boe/d, about 65% liquids, on a development capital plan of $1.48–1.58 billion.
Reserves and inventory. The 2024 reserves release and AIF emphasized a deep, liquids-rich location set in the Montney and Duvernay with continued investment planned for 2025, and only a modest portion of capital allocated to Saskatchewan maintenance.
Post-combination Whitecap + Veren
Full-year guidance. On May 12, 2025 the combined company raised full-year guidance to 295–300 thousand boe/d with ~63% liquids.
H2 run-rate and Q2 results. The company guided 363–368 thousand boe/d for H2 2025 and, on July 23, 2025, reported Q2 average production ~293 thousand boe/d and said it expects to finish the year at the high end of the range without increasing the planned $2.0 billion annual capital budget.
Integration and dispositions. At close, Whitecap announced two non-strategic asset sales totaling ~$270 million that were expected to close by June 30, 2025. The integration of Veren’s operations was described as seamless due to overlapping core areas and shared technical approaches.
Infrastructure and market access
PGI partnership: In September 2024, Veren signed a strategic transaction with Pembina Gas Infrastructure to sell four Montney oil battery sites and entered a 15-year capacity agreement, while retaining operatorship at key batteries. This added balance-sheet flexibility and secured takeaway for future growth.
Lator 04-13 project: Engineering and early-works planning continued into 2025. Earthworks and civil construction are targeted for the second half of 2025, with commissioning targeted in late 2026 or early 2027.
Duvernay downstream tie-ins: PGI’s Duvernay Complex and associated assets provide a stable NGL pathway for condensate-rich development.
Technology and operations notes
OHML in Viewfield Bakken: Open-hole multilateral designs have been used to reduce or eliminate fracture stimulation in specific patterns, lowering costs while protecting productivity.
Montney and Duvernay execution: The development model uses multi-rig programs, pad drilling, facility debottlenecking, and targeted infrastructure builds to keep cycle times short and liquids capture high.
Outlook into 2026
With the combination complete and H2 2025 activity weighted to Alberta, the company has signaled a pathway to higher corporate volumes in 2026. The Lator 04-13 Phase 1 project is expected to unlock a step-change in the Montney. Expansion potential at Lator and continued multi-rig programs in Karr, Gold Creek, and Kaybob Duvernay point to sustained liquids-rich growth, supported by long-term midstream agreements and company-owned stabilization capacity in Duvernay.
