Crescent Point Energy to change name to Veren Inc.
BY BRIAN ZINCHUK
CALGARY – The company that grew through the drill bit and over 30 acquisitions to at one point the largest oil producer in Saskatchewan is changing its name. Crescent Point Energy Corp. (TSX: CPG) (NYSE: CPG) announced Mar 20 that it intends to change its name to Veren Inc. and will seek shareholder approval for the change at its upcoming Annual and Special Meeting of Shareholders on May 10, 2024. And if you’ve been following “CPG,” that’s going to change, too. “Our new name and logo represent the culmination of our remarkable transformation over the last several years and better reflect the notable improvements we have made to our business,” said Craig Bryksa, President and CEO of Crescent Point. “Our portfolio now boasts a top-quartile asset base with significant inventory. 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. Through our hard work, we have reached a turning point and are on a new and exciting trajectory. It is now time to embrace a new brand that is representative of our promising future and our purpose statement of Bringing Energy To Our World – The Right Way.”
The company said 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’, shortly after shareholder approval is received, with further details to be provided at a later date. The name “Crescent Point,” was derived from the location of former president and CEO and founder’s Scott Saxberg’s summer cabin. With this name change, the transformation from Saxberg’s influence to Bryksa’s is solidified.
Crescent Point Road, Shebandowan, Ontario, northwest of Thunder Bay. Google Streeview
The name change appears to coincide with a shift in focus by the company from Saskatchewan, where at one point it was spending over 90 per cent of its capital budget, to Alberta, where it is now spending 80 per cent of its capital expenditure. As Crescent Point, the company was closely associated with Saskatchewan, where most of those 30-plus acquisitions took place, and where, for several years it employed over 20 drilling rigs, leading all Canadian producers in number of rigs employed for nearly all of that time. When that was taking place, typically Crescent point would have around 24 rigs working in Canada, all but one of which were working in Saskatchewan. This last drilling season, the company employed just a handful of rigs working in the Viewfield Bakken, none in the Flat Lake play near Torquay, or the Shaunavon play.
During its Saskatchewan heyday, Crescent Point was instrumental in bringing STARS air ambulance to this province, and was one of the first oil companies to put its logo on those helicopters. Rinks in Shaunavon and Weyburn are both called “Crescent Point Place.” The company in recent months gave up its long-term sponsorship of the lounge at Estevan’s Affinity Place.