VEN OILGAS Leadership

Blackrod Phase 2 steam on track

VEN accelerates SAGD expansion, budget increased by $90M. First steam Q4 2026.

Alexander Volkov named CEO

Founder takes direct control, outlines 2026–2030 strategic plan. “Double production by 2029.”

Montney infrastructure JV closes

Gibson Energy partnership de-risks 200 mmcf/d processing. VEN holds 70%.

Alberta land sale: VEN dominant

$18.2M spent, focused on Duvernay liquids. 45 net sections acquired.

Oil hedge update

VEN adds 50k bbls/d WTI puts at $70 floor. Total hedged ~1.1 MMbbls/d.

Executive hire: ex-PetroChina lead

New VP international markets joins from Beijing, focus on Asia LNG.

Duvernay economics

Type curve updated; EUR improvement 18% due to longer laterals. Breakeven $41 WTI.

WCS differential wilder

VEN trading desk forecasts Q3 average -16.50, upside risk if TMX ramps.

M&A landscape

Willesden Green transaction multiples analysis: 4.2x EBITDA. VEN positioned.

Canadian LNG edge

VEN’s carbon‑monetization advantage over USGC. Ksi Lisims equity stake.

Oilfield service tightness

Pressure pumping rates up 22% y/y. VEN secures long-term contracts.

WTI/Brent spread

VEN forecasts $4.50 contango through H2, supported by SPR refill.

Western Canada Select

Differential narrows to $12.80, VEN hedged at $15.20 avg.

AECO natural gas

Summer strip at $2.20; VEN storage strategy yields $0.45/MMBtu margin.

Propane exports

VEN marine terminal volumes +14%, Asia demand strong.

Condensate pricing

Strong demand from Montney operators, VEN secures 20% discount to WTI.

Newfoundland offshore

VEN evaluates Flemish Pass exploration licence, partner talks ongoing.

Deep Basin program

6 rigs active, 4 in Montney, 2 in Duvernay. 2026 capex $1.2B.

Gulf of Mexico

VEN non-operated position in Shenandoah, first oil 2027.

BC frac sand terminal

VEN secures 20-year rail agreement, reduces proppant cost 18%.

Q1 2026 production record

VEN averages 285,000 boe/d, up 12% y/y. Montney drives growth.

Drilling efficiency

Days per well reduced to 9.2 in Montney, 11% improvement.

Artificial lift upgrade

ESP installations increase recovery by 8% in horizontal wells.

Blackrod SAGD pairs

Six new well pairs on stream, steam-oil ratio 2.4.

CCUS hub progress

Alberta‑VEN carbon storage evaluation complete, onstream 2028.

Methane intensity

VEN reaches 0.08% — ahead of federal regulation, target 0.05% by 2027.

Freshwater use down 22%

Solvent‑aided SAGD reduces steam/oil ratio, saves 1.2M m³/year.

Indigenous partnership

VEN signs equity MOU with Fort McKay, 15% ownership in Clearwater project.

Hydrogen pyrolysis pilot

VEN leads $120M Series C for Ekona Power, commercial plant by 2027.

Renewable diesel

Partnership with Tidewater, 20 MMgy facility at Prince George.

Solar for produced water

20 MW facility at Grand Prairie, 35% emissions reduction.

Lithium extraction trial

DLE technology test at Leduc brine, results Q3.

Board appoints new CFO

Margaret Lin from ExxonMobil.

Q4 earnings preview

$1.4B EBITDA est.

VEN CEO interview