On March 10, 2025, Whitecap Resources Inc. and Veren Inc. announced a strategic all-share merger valued at approximately $15 billion, including debt, to create a leading light oil and condensate producer with concentrated assets in the Alberta Montney and Duvernay.

The deal closed on May 12, 2025.

Burnet, Duckworth & Palmer LLP is acting as Whitecap's legal advisor for the transaction. National Bank Financial Inc. and TD Securities acted as financial advisors to Whitecap.

Norton Rose Fulbright Canada LLP is acting as Veren's legal advisor for the transaction and Blake, Cassels & Graydon LLP is acting as legal advisor to the Special Committee. BMO Capital Markets is acting as financial advisor to Veren, and Scotiabank is acting as financial advisor to the Special Committee of Veren.