资产/投资组合管理

加拿大电影制作公司 Whitecap 和 Veren 合并,价值 150 亿美元

新公司名为 Whitecap,将成为阿尔伯塔省蒙特尼和杜韦奈最大的土地所有者,总产量为 370,000 桶油当量/天。

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合并后的公司将保留“Whitecap Resources”名称。
消息来源:Whitecap Resources

加拿大西部运营商 Whitecap Resources 和 Veren Inc. 已同意进行一项价值 150 亿加元的合并,这将创建一家轻质油和凝析油生产商,其资产集中在阿尔伯塔省蒙特尼和杜韦奈。合并后的公司将成为阿尔伯塔省蒙特尼和杜韦奈最大的土地所有者,也是萨斯喀彻温省的轻质油生产商,并将利用合并后的资产基础和技术专长来提高盈利能力并为股东带来回报。

两家公司已签署最终业务合并协议,将通过全股票交易进行合并。据两家公司称,合并后的公司企业价值将达到 150 亿加元,产量为 370,000 桶油当量/日(63% 为液体),非常规和常规资产的重叠程度很高,将成为加拿大最大的轻质油生产商和加拿大西部沉积盆地第七大生产商,具有巨大的天然气增长潜力。

合并后的公司将由 Whitecap 现有的管理团队领导,并以 Whitecap 的名义运营,四名 Veren 董事将加入 Whitecap 董事会,其中包括 Veren 现任总裁兼首席执行官 Craig Bryksa。预计交易将于 2025 年 5 月 30 日之前完成。

Whitecap 总裁兼首席执行官 Grant Fagerheim 表示:“我们很高兴能够将两家公司异常强大的资产基础整合在一起,打造一家世界级的能源生产商,拥有最深厚的库存增长组合,既有富含液体的 Montney 和 Duvernay 机会,也有西加拿大盆地一些最赚钱的地区的传统轻质油机会。”“合并后的公司将包括两家公司在办公室和现场的杰出技术和支持人员,以及一个经验丰富的董事会,该董事会优先考虑可持续和盈利增长,为我们的合并股东创造强劲回报。我们期待着将 Whitecap 和 Veren 合并,并在未来为双方股东提供更高的价值。”

根据协议条款,Veren 股东每持有一股 Veren 普通股将获得 1.05 股 Whitecap 普通股。交易完成后,Whitecap 股东将持有合并后公司总流通股的约 48%,而 Veren 股东将持有合并后公司总流通股的约 52%。

新成立的 Whitecap 公司成为 Kaybob Duvernay 和 Alberta Montney 最大的生产商,非常规产量约为 220,000 桶油当量/天。合并后的公司成为 Alberta Montney 最大的土地所有者,也是非常规 Montney 和 Duvernay 航道的第二大土地所有者,在 Alberta 拥有 150 万英亩土地,在 Montney 和 Duvernay 拥有超过 4,800 个开发地点,以推动未来的产量增长。

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加拿大西部 Whitecap 和 Veren 的综合土地持有量。资料来源:Whitecap Resources。

预计运营、供应链和企业协同效应每年将带来 2 亿加元的节省,与商品价格无关。

“这一战略组合为所有股东带来了巨大价值,使我们成为一家更强大、更具韧性的公司,”Veren 总裁兼首席执行官 Craig Bryksa 表示。“通过扩大规模、丰富库存和增加自由资金流,我们正在打造一家具有差异化竞争优势的企业。我们的合并资产负债表增强了我们的财务实力和信用状况,确保在不断变化的市场中取得长期成功。我们共同释放协同效应,创造新机遇,为可持续增长奠定基础。”

Veren董事会已批准该协议,并一致建议Veren股东在2025年5月6日左右举行的Veren股东特别会议上投票赞成批准该交易的决议。Whitecap董事会也一致批准了该协议,并建议Whitecap股东投票赞成合并。

原文链接/JPT
Asset/portfolio management

Canadian Producers Whitecap, Veren Merge in $15 Billion Combination

The new company, to be called Whitecap, will be the largest Alberta Montney and Duvernay landholder, sporting 370,000 BOE/D in combined production.

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The combined company will retain the name Whitecap Resources.
SOURCE: Whitecap Resources

Western Canada operators Whitecap Resources and Veren Inc. have agreed to a CAD $15 billion merger that will create a 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, a light-oil producer in Saskatchewan, and will leverage the combined asset base and technical expertise to drive profitability and returns to shareholders.

The companies have entered into a definitive business combination agreement to combine in an all-share transaction. The combined company will have an enterprise value of CAD $15 billion and 370,000 BOE/D (63% liquids) of production with significant overlap across both unconventional and conventional assets and will be the largest Canadian light-oil-focused producer and the seventh largest producer in the Western Canadian Sedimentary Basin, with significant natural gas growth potential, according to the companies.

The combined company will be led by Whitecap’s existing management team under the Whitecap name with four Veren directors to join the Whitecap board of directors, including the current president and CEO of Veren, Craig Bryksa. The transaction is expected to close before 30 May 2025.

“We are excited to bring together two exceptionally strong asset bases to create one world-class energy producer with one of the deepest inventory growth sets of both liquids-rich Montney and Duvernay opportunities, along with conventional light-oil opportunities in some of the most profitable plays in the Western Canadian basin,” said Grant Fagerheim, Whitecap’s president and CEO. “Our combined company will include exceptional technical and support personnel from the two companies in both the office and field and an experienced board of directors that prioritizes sustainable and profitable growth to generate strong returns for our combined shareholders. We look forward to bringing Whitecap and Veren together and providing increased value to both sets of shareholders well into the future.”

Under the terms of the agreement, Veren shareholders will receive 1.05 common shares of Whitecap for each Veren common share held. Following the closing, Whitecap shareholders will own approximately 48% and Veren shareholders will own approximately 52% of the total common shares outstanding of the combined company.

The new Whitecap becomes the largest producer in the Kaybob Duvernay and Alberta Montney with about 220,000 BOE/D of unconventional production. The combined company becomes the largest landholder in the Alberta Montney and the second largest landholder across unconventional Montney and Duvernay fairways with 1.5 million acres in Alberta and boast over 4,800 total development locations in the Montney and Duvernay to drive future production growth.

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The combined acreage holdings of Whitecap, Veren in Western Canada. SOURCE: Whitecap Resources.

Operating, supply chain, and corporate synergies are expected to result in annual savings of CAD $200 million independent of commodity prices.

“This strategic combination unlocks significant value for all shareholders and together positions us as a stronger, more resilient company,” said Craig Bryksa, Veren’s president and CEO. “With enhanced scale, deep inventory, and increased free funds flow generation, we're building a business with a differentiated competitive advantage. Our combined balance sheet reinforces our financial strength and enhanced credit profile, ensuring long-term success in an evolving market. Together we're unlocking synergies, creating new opportunities, and setting the stage for sustainable growth.”

The Veren board has approved the agreement and has unanimously recommended that Veren shareholders vote in favor of the resolution to approve the transaction at the special meeting of Veren shareholders to be held on or about 6 May 2025. The Whitecap board also unanimously approved the agreement and recommends that Whitecap shareholders vote in favor of the combination.