Welcome to our dedicated page for Veren news (Ticker: VRN), a resource for investors and traders seeking the latest updates and insights on Veren stock.
Veren Inc. (formerly Crescent Point Energy Corp) is an independent exploration and production company with a focus on acquiring, developing, and holding interests in petroleum and natural gas properties. Through a general partnership and its wholly-owned subsidiaries, Veren has established a robust portfolio of assets that generate significant revenue from oil and gas sales.
Recently, on June 14, 2024, Veren Inc. announced the successful completion of a strategic disposition of certain non-core assets in Saskatchewan, resulting in $600 million in cash. After closing adjustments, this amounts to approximately $540 million. The net proceeds from this transaction are aimed at further strengthening the company's balance sheet.
Veren Inc. plans to reduce its net debt to $2.8 billion by the end of 2024, based on average commodity prices of $75 per barrel for West Texas Intermediate (WTI) oil and $2.10 per thousand cubic feet (Mcf) for Alberta Energy Company (AECO) natural gas. This financial maneuver aligns with Veren's strategic priorities, which include operational execution, optimizing its balance sheet, and enhancing the return of capital to shareholders.
For a detailed understanding of the company's financial condition and strategic initiatives, you can refer to Veren’s Annual Information Form and Management's Discussion and Analysis for the 2023 fiscal year and the first quarter of 2024.
For more information, you can contact Sarfraz Somani, Manager, Investor Relations, at (403) 693-0020 or toll-free at 888-693-0020. Veren Inc.'s office is located at Suite 2000, 585 - 8th Avenue S.W., Calgary AB, T2P 1G1.
Veren (TSX/NYSE: VRN) reported Q3 2024 results with $548.3 million in adjusted funds flow ($0.89 per share) and net income of $277.2 million ($0.45 per share). The company generated $114 million in excess cash flow and averaged production of 184,829 boe/d. Key developments include a strategic infrastructure transaction yielding $400 million in net proceeds for debt reduction, with year-end net debt expected at $2.5 billion. The company returned $290 million to shareholders year-to-date through dividends and share repurchases. For 2025, Veren projects excess cash flow of $575-775 million under its disciplined budget.
Veren (TSX/NYSE: VRN) has declared a quarterly cash base dividend of $0.115 per share, payable on January 2, 2025, to shareholders of record on December 15, 2024. The dividends are designated as 'eligible dividends' for Canadian tax purposes and 'qualified dividends' for U.S. tax purposes.
Veren (TSX/NYSE: VRN) has announced it will release its Q3 2024 financial and operating results before markets open on Thursday, October 31, 2024. The company will host a conference call at 10:00 a.m. MT (12:00 p.m. ET) on the same day to discuss results and outlook. Participants can join via webcast or register online for an automated callback. Alternatively, they can dial 1-888-510-2154 for operator assistance. The webcast will be archived on Veren's website after the call.
Veren Inc. (TSX/NYSE: VRN) has announced a strategic partnership with Pembina Gas Infrastructure (PGI) involving infrastructure assets in the Alberta Montney. Key highlights include:
1. $400 million in net cash proceeds directed towards debt reduction
2. Gaining operatorship of additional oil battery sites
3. Renegotiated agreements resulting in reduced fees
4. Priority access and firm processing at Patterson Creek Gas Plant
5. Option for future infrastructure development with PGI funding up to $300 million
The transaction is expected to close in Q4 2024. Veren has narrowed its 2024 production guidance to 192,500-197,500 boe/d and maintains its development capital expenditures budget of $1.4-1.5 billion. The company aims to reduce its year-end 2024 net debt to $2.4 billion, resulting in a total reduction of $1.3 billion in 2024.
Veren Inc. (TSX: VRN) (NYSE: VRN) announced its Q2 2024 results, highlighting strong operational execution and financial performance. Key achievements include:
- Generated $195 million in excess cash flow, with 60% returned to shareholders
- Reduced net debt by $620 million
- Issued $1.0 billion of investment-grade senior notes
- Projected $825 million in excess cash flow for 2024
Financial highlights:
- Adjusted funds flow: $611.7 million ($0.99 per share diluted)
- Operating netback: $40.00 per boe
- Development capital expenditures: $350.6 million
- Net debt as of June 30, 2024: $3.0 billion
- Net income: $261.0 million ($0.42 per share diluted)
Veren Inc. (TSX: VRN) (NYSE: VRN) has announced a quarterly cash base dividend of $0.115 per share, payable on October 1, 2024 to shareholders of record on September 15, 2024. The dividends are designated as "eligible dividends" for Canadian income tax purposes and "qualified dividends" for U.S. income tax purposes. Veren, a Calgary-based company, trades on both the Toronto Stock Exchange and New York Stock Exchange under the symbol VRN. This announcement demonstrates the company's commitment to providing regular returns to its shareholders.
Veren Inc. (TSX: VRN) (NYSE: VRN) has announced its plans to report Q2 2024 financial and operating results on Thursday, July 25, 2024, before markets open. The company will hold a conference call at 10:00 a.m. MT (12:00 p.m. ET) on the same day to discuss the results and outlook. Investors can participate via webcast or by registering online for an automated callback. The call can also be accessed with operator assistance by dialing 1-888-390-0605. A replay of the webcast will be available on Veren's website after the call. For more information, investors can contact Sarfraz Somani, Manager of Investor Relations, at (403) 693-0020 or toll-free at 888-693-0020.
Veren has announced the completion of its sale of non-core assets in Saskatchewan for $600 million in cash (adjusted to $540 million). The proceeds will be used to strengthen the company's balance sheet. Veren expects net debt to be $2.8 billion by the end of 2024, assuming average commodity prices of US$75/bbl WTI and $2.10/Mcf AECO. The company will focus on operational execution, optimizing its balance sheet, and increasing shareholder returns. Financial measures like 'net debt' are not standardized under IFRS and may vary with other issuers.
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