Canada's Pembina Pipeline to buy midstream assets from Veren [Yahoo! Finance Canada]
Veren Inc. Common shares (VRN)
Company Research
Source: Yahoo! Finance Canada
WHY IT'S IMPORTANT Consolidation in the pipeline and storage sector has been on the rise since last year as North American production grows, and as hurdles in getting new energy infrastructure approved and built have made existing operators more valuable. CONTEXT Pembina Gas Infrastructure, which is jointly owned by KKR, will acquire four oil battery sites in the Gold Creek and Karr areas, which have a natural gas handling capacity of 320 million cubic feet per day and liquids handling capacity of 53,000 barrels per day. Veren, formerly known as Crescent Point Energy, would retain operatorship of the Gold Creek and Karr sites and assume operatorship of the existing Pembina-owned batteries in the area. Additionally, Veren would enter into a 15-year "take-or-pay" agreement for capacity at the acquired batteries. BY THE NUMBERS The deal is expected to close in the fourth quarter of 2024 and yield C$50 million in annual adjusted EBITDA, of which C$30 million is net to Pembi
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VRN
News
- Veren Inc. (NYSE: VRN) had its price target lowered by analysts at Royal Bank of Canada from $12.00 to $10.00. They now have an "outperform" rating on the stock.MarketBeat
- Veren stock drops after lowering 2024 production goals [Wealth Professional (Canada)]Wealth Professional
- Veren reports $277.2-million third-quarter profit, trims 2024 production guidance [Globe and Mail, The (Toronto, Canada)]Globe and Mail, The
- Veren Announces Q3 2024 Results & Updated Outlook [Globe and Mail, The (Toronto, Canada)]Globe and Mail, The
- Veren Announces Q3 2024 Results & Updated OutlookPR Newswire
VRN
Earnings
- 10/31/24 - Beat
VRN
Sec Filings
- 11/13/24 - Form SC
- 10/31/24 - Form 6-K
- 10/31/24 - Form 6-K
- VRN's page on the SEC website