Veren Inc. (Veren) is an oil and gas exploration, development and production company.
The company is a conventional oil and gas producer with assets strategically focused in properties consisted of long life, operated, light and medium crude oil, natural gas liquids and natural gas reserves in Western Canada. The primary assets of the company is its interest in the Partnership and shares in VHL.
The crude oil and natural gas properties and related assets generating income for the benefit of th...
Veren Inc. (Veren) is an oil and gas exploration, development and production company.
The company is a conventional oil and gas producer with assets strategically focused in properties consisted of long life, operated, light and medium crude oil, natural gas liquids and natural gas reserves in Western Canada. The primary assets of the company is its interest in the Partnership and shares in VHL.
The crude oil and natural gas properties and related assets generating income for the benefit of the company is located in the provinces of Alberta and Saskatchewan. The properties and assets consist of producing crude oil, natural gas liquids, and natural gas reserves; and Proved plus Probable crude oil, natural gas liquids and natural gas reserves not yet on production, and land holdings.
The existing business of the company is carried on through the Partnership (Veren Partnership, a general partnership formed under the laws of the Province of Alberta, having VHL (Veren Holdings Ltd.) and the company as partners) and through Veren U.S. Corp. (VERUS). The Partnership holds all the company’s Canadian operating assets and VERUS holds all of the company’s U.S. assets.
VHL
VHL is a wholly owned subsidiary of the company. VHL is a partner of the Partnership.
VERUS
VERUS is a wholly owned indirect subsidiary of the company.
Strategy
The company’s strategy is to deliver lasting market-leading value to the company’s stakeholders as a trusted, ethical and environmentally responsible source for energy.
The company strategically develops its properties through detailed technical analysis, including reservoir characteristics, petroleum initially in place, recovery factors and the applicability of enhanced recovery techniques. The company’s development strategies include, multi-stage fracture stimulation of horizontal wells, infill and step-out wells, re-completion of existing wells along with the application of secondary and enhanced oil recovery techniques, including waterflood programs.
Revenue Sources
The company’s liquids and natural gas volumes are produced in Alberta and Saskatchewan. During 2024, approximately 62% of the company’s liquids volumes were produced in Alberta and 38% in Saskatchewan. Approximately, 95% of the company’s natural gas volumes were produced in Alberta and 5% in Saskatchewan. The company sells a portion of its Canadian natural gas production into the U.S. pricing markets through VERUS.
For 2024, the company’s commodity production mix was approximately 37% tight oil, 34% shale gas, 23% NGLs, 5% light and medium oil, and 1% heavy oil.
Dispositions
On January 26, 2024, the company completed the disposition of its Southern Alberta assets.
On May 6, 2024, the company announced that it had entered into an agreement with Saturn Oil & Gas Inc. to sell certain non-core assets in Saskatchewan. The transaction closed on June 14, 2024.
On September 9, 2024, the company entered into a strategic long-term partnership with Pembina Gas Infrastructure, which included the sale of certain infrastructure assets in the Alberta Montney. Veren closed the transaction on October 9, 2024 and applied the proceeds against bank indebtedness.
Major Oil and Gas Properties
The following is a description of the major oil and natural gas producing properties in which Veren has an interest and that are material to the company’s operations and activities. All of the company’s assets are located onshore within Canada.
Alberta Montney Area
The company’s Montney production is a combination of tight oil, natural gas, and natural gas liquids, weighted approximately 53% to oil and natural gas liquids. The company continued developing the play using pad based multi-staged fractured horizontal wells. In 2024, Veren's production from the Montney averaged approximately 89,600 boe per day.
Kaybob Duvernay Area
The company’s Kaybob Duvernay production is approximately 60% natural gas liquids, weighted towards condensate, along with natural gas. The company is developing the play using multi-staged fractured horizontal wells. In 2024, Veren's production averaged approximately 49,500 boe per day.
Viewfield Area
In the Viewfield resource area, located in southeastern Saskatchewan, the company has development in the Bakken resource play, as well as conventional plays, including the Frobisher and Midale. In 2024, Veren's production averaged approximately 27,700 boe per day in the area. The majority of the production is from the Bakken resource, which is a high-quality light oil and exploited using a combination of multi-stage fractured horizontal wells and open hole multi-lateral wells. The core area of the Bakken resource has mostly been unitized, which has allowed Veren to implement various waterflood projects.
Shaunavon Area
In the Shaunavon resource area, located in southwest Saskatchewan, the company has development occurring in the Upper and Lower Shaunavon resource zones, as well as conventional Upper Shaunavon pools, all of which are medium quality oil. The company has developed tight oil Upper and Lower resource plays using multi-stage fracture stimulated horizontal wells. In 2024, Veren's production averaged approximately 17,500 boe per day.
History
The company was incorporated in 1994. It was formerly known as the company Energy Corp. and changed its name to Veren Inc. in 2024.
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