Crescent Point Energy Corp. intends to change its name to Veren Inc. to reflect the company’s “remarkable transformation” and improvements made over the past several years, President and CEO Craig Bryksa said in a March 20 press release.

The company will seek shareholder approval for the change at its upcoming annual and special meeting of shareholders on May 10.

"Our portfolio now boasts a top-quartile asset base with significant inventory,” Bryksa said. “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.”

He said that the company had reached a time to “embrace a new brand that is representative of our promising future.”

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 after shareholder approval is received.

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