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Veren Inc T.CPG


Primary Symbol: T.VRN Alternate Symbol(s):  VRN

Veren Inc., formerly Crescent Point Energy Corp., is a Canada-based oil and gas exploration company. The Company is engaged in the business of acquiring, developing and holding interests in petroleum and natural gas properties and assets. Its crude oil and natural gas properties and related assets are located in the provinces of Saskatchewan, Alberta and the United States. Its operating areas include Viewfield area of southeastern Saskatchewan; Shaunavon resource play, which is located in southwest Saskatchewan; Flat Lake play, which is a multi-zone resource play located in southeast Saskatchewan; Kaybob Duvernay play, which is situated in the heart of the condensate rich fairway, Central Alberta, and Montney assets in Alberta. Its wholly owned subsidiaries include Crescent Point Resources Partnership, Crescent Point Holdings Ltd. and Crescent Point U.S. Holdings Corp.


TSX:VRN - Post by User

Bullboard Posts
Comment by jwallingfon Mar 07, 2019 3:15pm
72 Views
Post# 29457361

RE:RE:RE:Disappointing Results are being punished.

RE:RE:RE:Disappointing Results are being punished.I think you're stereotyping vonDraetz. Sure, there are some directors who like the status quo. But CPG's directors have hired a new CEO, replaced the Chairman, cut the dividend, initiated an NCIB. So can't really say they've been idle. 
I'm not sure what investors expect management to do about current operating conditions in the oil patch. Oil companies are price-takers. They can hedge their guesses about where oil prices are going to go but most of the results are out of their control. Cut expenses (they have), sell "non-core" assets (they have). They have also revamped the comp plan to a more performance-based one. 
Stock market history is full of stories of boards firing CEO's, changing the business strategy, going on cost-cutting missions, selling off weak divisions. 
The Cation effort to replace the board fell flat on its face. The reason was that shareholders thought that the board was doing its best to turn CPG's fortunes around. With the current writedown and the transition plan unfolding, the board and management have shown they are capable of change. How quickly this happens is the question. 
Bullboard Posts