Whitecap Taps PwC Vet for Board, Bolstering Oversight Post-Veren Deal

CALGARY, AB – February 03, 2026 – Whitecap Resources Inc. is strategically reshaping its board of directors, appointing seasoned financial expert Scott Althen while announcing the retirement of Craig Bryksa. The changes, effective March 1, 2026, signal a new phase of governance for the energy giant as it solidifies its structure following the monumental acquisition of Veren Inc. last year.

Mr. Althen, a recently retired partner from PwC Canada, brings a formidable three-decade career in public practice to the role. His appointment is widely seen as a deliberate move to deepen the board's financial acumen and oversight capabilities as Whitecap navigates its future as a significantly larger and more complex entity.

A Strategic Shift in Financial Stewardship

The appointment of Scott Althen is more than a routine board refreshment; it is a direct response to Whitecap's evolved scale and strategic priorities. With over 30 years spent advising public and private energy companies at PwC, Althen possesses deep institutional knowledge of the exploration and production (E&P) sector, coupled with significant experience in complex financial transactions. His background is further solidified by his past role as a Director of the Petroleum Accountants Society of Canada, placing him at the center of the industry's financial best practices.

This expertise aligns perfectly with Whitecap's current position. After closing the approximately $15 billion acquisition of Veren Inc. in May 2025, Whitecap became one of Canada's largest energy producers. Integrating such a massive portfolio of assets requires rigorous financial discipline and sophisticated governance, areas where Althen's experience is expected to be invaluable.

Ken Stickland, Chair of Whitecap's Board of Directors, underscored this strategic fit in the company's announcement. "We're pleased to welcome Scott to the Whitecap Board and look forward to leveraging his deep financial expertise to further strengthen our Board," he stated. For investors and analysts, the addition of a director with Althen's pedigree is a strong signal of the company's commitment to robust financial stewardship and transparent reporting in its post-merger era.

The Final Chapter of the Veren Integration

Coinciding with Althen's appointment is the retirement of Craig Bryksa from the board. Bryksa's departure marks a symbolic end to the Veren Inc. integration chapter. He joined the Whitecap board on May 12, 2025, the same day the transformative merger was completed. His presence was instrumental in ensuring a smooth transition, given his long and storied career with Veren and its predecessor organizations, which he first joined in 2006 and led as President and CEO from May 2018.

His brief nine-month tenure on the Whitecap board appears to have been a planned transitional role. With the integration of Veren's assets reportedly proceeding seamlessly—and in some cases ahead of schedule—Bryksa's mission is largely complete. Whitecap has reported achieving early operational synergies, cost reductions, and improved capital efficiency, validating the strategic rationale behind the merger. His retirement to "pursue other opportunities" is seen by industry observers as a natural and orderly conclusion to his leadership role in the Veren legacy.

In thanking Bryksa, Stickland acknowledged his dual contribution, noting his "service on the Whitecap Board and for the significant contributions he made to Veren and its predecessors over many years." This transition allows Whitecap to evolve its board composition from one focused on merger integration to one geared toward long-term, steady-state governance and strategic growth.

Bolstering Key Committees for Future Growth

Mr. Althen's value to Whitecap is further illuminated by his specific committee assignments: the Corporate Governance and Compensation Committee and the Reserves Committee. These appointments are far from ceremonial, placing him at the heart of the company's most critical oversight functions.

The Reserves Committee is arguably the most vital for an E&P company, as it oversees the evaluation and reporting of the oil and natural gas reserves that form the bedrock of the company's value. Accurate and conservative reserve booking is paramount for maintaining investor confidence and securing favorable financing. Althen's extensive background in public accounting within the energy sector provides the precise skill set needed to ensure the integrity of this crucial process, especially with the vast and varied asset base inherited from Veren.

Simultaneously, his role on the Corporate Governance and Compensation Committee addresses another key area for a large public company. This committee ensures that management's incentives are aligned with shareholder interests and that the company adheres to the highest standards of corporate governance. Following a major merger, establishing a cohesive and fair compensation structure and a unified governance framework is essential for long-term stability and performance. Althen's experience provides a strong foundation for navigating these complexities.

Market Confidence and Forward-Looking Strategy

The market has responded favorably to Whitecap's post-merger execution and strategic clarity. The company's stock has shown robust performance, with a one-year total shareholder return of over 40% reported in late January 2026. Analysts have maintained a consensus "Buy" rating, reflecting confidence in the company's direction.

This confidence is built on a clear and disciplined strategy focused on balance sheet strength, efficient capital allocation, and robust shareholder returns through a combination of a stable monthly dividend and opportunistic share buybacks. Operationally, Whitecap is concentrating its 2026 capital budget on its high-return unconventional assets in the Montney and Duvernay formations, leveraging existing infrastructure to drive repeatable growth and free funds flow.

The appointment of Scott Althen is another deliberate step in this well-regarded strategy. By fortifying its board with elite financial and governance expertise, Whitecap is not only securing the gains from its transformative Veren acquisition but is also building a more resilient and transparent foundation for creating sustained, long-term shareholder value.