Crescent Point Energy Corp. intends to change its name to Veren Inc. to reflect the company’s “remarkable transformation” and improvements made over the past several years, President and CEO Craig Bryksa said in a March 20 press release.
The company will seek shareholder approval for the change at its upcoming annual and special meeting of shareholders on May 10.
"Our portfolio now boasts a top-quartile asset base with significant inventory,” Bryksa said. “In addition to strengthening our long-term excess cash flow and return of capital profile for shareholders, we have also bolstered our ESG practices, including enhanced governance, environmental stewardship, safety practices and community involvement.”
He said that the company had reached a time to “embrace a new brand that is representative of our promising future.”
The name Veren combines the Latin word for truth—veritas—and energy. The company will formally adopt the new name and visual identity upon receiving all necessary shareholder and regulatory approvals.
The company's common shares will begin trading on the Toronto and New York stock exchanges under the symbol VRN after shareholder approval is received.
Recommended Reading
Diamondback’s Van’t Hof Plays Coy on Potential Delaware Divestiture
2024-05-16 - Diamondback Energy’s President and CFO Kaes Van't Hof also addressed new Permian exploration and the lack of “fun” dealing with the FTC on its deal to buy Endeavor Energy Resources.
FTC Strikes Again: Diamondback’s $26B Endeavor Merger Delayed
2024-04-30 - Diamondback Energy, which was nearing the end of a regulatory review period of its merger with Endeavor Energy Resources, is the latest E&P to see a deal postponed by the Federal Trade Commission.
Diamondback Prices Senior Notes to Help Cover Endeavor Deal Cost
2024-04-10 - Diamondback Energy’s notes will help cover cash consideration for the pending acquisition of Endeavor Energy as well as repaying debt owed by Endeavor.
Stice: Diamondback’s Small Company Culture Suits Big M&A Appetite
2024-05-01 - Diamondback Energy CEO Travis Stice tells analysts that the company’s nimble nature is among its top qualities, allowing for rapid growth and the successful integration of Endeavor Energy this year.
‘Unexpected’ JV to Move Permian NatGas to Gulf Coast LNG Terminals
2024-03-26 - A trio of midstream companies—Enbridge, Whitewater and MPLX—will work together to build infrastructure to transport Permian Basin natural gas to Gulf Coast LNG terminals.