Core Insights - Veren Inc. reported strong operational and financial results for the fourth quarter and full year ended December 31, 2024, highlighting a commitment to shareholder returns and a robust balance sheet [2][5][19]. Financial Highlights - In 2024, Veren generated excess cash flow of CAD 642 million, returning CAD 386 million (60% of excess cash flow) to shareholders through dividends and share repurchases [5][6]. - Adjusted funds flow totaled CAD 2.35 billion, or CAD 3.79 per share diluted, driven by a strong operating netback of CAD 36.83 per boe [5][33]. - Net debt was reduced by 35% to CAD 2.48 billion, reflecting a significant decrease of CAD 1.26 billion throughout 2024 [5][33]. Operational Highlights - Average daily production for 2024 was 191,163 boe/d, with 65% from oil and liquids, aligning with production guidance [19][33]. - The Alberta Montney and Kaybob Duvernay assets contributed 77% of total production, with a 10% increase in production compared to Q1 2024 [6][19]. - Two multi-well pads in the Alberta Montney achieved an average initial production rate exceeding the average type wells in the area by 30% [6]. Reserve Highlights - As of December 31, 2024, 2P reserves totaled 1,133.3 million boe, with a reserve life index of approximately 16 years based on 2025 production guidance [19][22]. - The company replaced 173% of its 2024 production on a 2P reserves basis, primarily from the Alberta Montney [19][22]. Outlook - For 2025, Veren expects to generate excess cash flow of CAD 625 million to CAD 825 million, with production guidance set at 188,000 to 196,000 boe/d [11][15]. - Approximately 85% of the 2025 capital budget is allocated to short-cycle assets in Alberta, which are expected to provide top quartile returns [9][11]. Return of Capital Strategy - Veren plans to continue returning 60% of its annual excess cash flow to shareholders through dividends and share repurchases, with a commitment to increase this percentage as the balance sheet strengthens [6][11][20].

Core Points - Veren Inc. has announced a quarterly cash base dividend of $0.115 per share [1] - The dividend is payable on April 1, 2025, to shareholders of record on March 15, 2025 [1] - The dividends are designated as "eligible dividends" for Canadian income tax purposes [1] Company Information - Veren Inc. trades on the Toronto Stock Exchange and New York Stock Exchange under the symbol VRN [2] - Contact information for investor relations includes a telephone number and address in Calgary, AB [2]

Core Viewpoint - Veren Inc. (VRN) is expected to report its fourth-quarter 2024 earnings on February 27, with estimates indicating a decline in both earnings per share and revenues compared to the previous year [1][5]. Group 1: Previous Quarter Performance - In the third quarter, VRN's adjusted earnings were 21 cents per share, missing the Zacks Consensus Estimate of 25 cents and down from 31 cents in the same quarter last year [3]. - The decline in adjusted earnings was attributed to lower commodity prices, increased transportation and operating expenses, and the impact of asset dispositions on production [3][8]. - VRN has missed the Zacks Consensus Estimate in two of the last four quarters, with an average negative surprise of 11.24% [4]. Group 2: Fourth Quarter Estimates - The Zacks Consensus Estimate for VRN's fourth-quarter earnings per share is 24 cents, reflecting an 11% decline from the year-ago quarter [5]. - The estimated revenue for the fourth quarter is $694 million, indicating a 6.7% decline from the previous year [5]. Group 3: Market Conditions and Operational Factors - Average monthly prices for West Texas Intermediate crude were $71.99 in October, $69.95 in November, and $70.12 in December 2024, which are lower than the same quarter last year, potentially impacting fourth-quarter earnings from upstream operations [6]. - The underperformance of wells in the Gold Creek area was due to the use of a less effective completion design, leading to weaker production and potentially lower revenues in the fourth quarter [7]. Group 4: Earnings Expectations - The current Earnings ESP for VRN is 0.00%, indicating no expected earnings beat, as both the Most Accurate Estimate and the Zacks Consensus Estimate are at 24 cents [10]. - VRN holds a Zacks Rank of 4 (Sell), suggesting a less favorable outlook compared to other firms [10].

Core Points - Veren Inc. plans to report its fourth quarter and full year 2024 financial and operating results on February 27, 2025, before market opening [1] - A conference call will be held at 10:00 a.m. MT (12:00 p.m. ET) on the same day to discuss the results and outlook [1] - Participants can join the conference call via webcast or by dialing a provided phone number for operator assistance [2] Company Information - Veren Inc. shares are traded on the Toronto Stock Exchange and New York Stock Exchange under the symbol VRN [3] - For investor relations, Sarfraz Somani is the contact person, with a telephone number provided for inquiries [3]

Core Insights - Veren Inc. (NYSE: VRN) has announced a 5-year plan aiming to generate C$3.8 billion in excess cash flow, which represents over 80% of its current market capitalization [1] - The company plans to distribute 60% of the excess cash flow to shareholders, enhancing shareholder returns [1] - The current yield of 6.3% is nearly double the previous yield, indicating a strong return potential for investors [1]

Core Insights - Veren Inc. reported strong reserve additions and operational updates, highlighting a reserve replacement rate of 173% for 2024, the highest in five years, driven by Alberta Montney and Kaybob Duvernay assets [2][10][11] - The company anticipates generating excess cash flow of CAD 575 million to CAD 775 million in 2025, with a significant portion expected in the second half of the year [7][31] - Two independent board members, Corey Bieber and Jodi J. Jenson Labrie, have been appointed, bringing extensive industry knowledge and financial experience [8][9] Reserves Highlights - As of December 31, 2024, the company's proved plus probable (2P) reserves totaled 1,133.3 million barrels of oil equivalent (MMboe), with proved (1P) reserves at 739.1 MMboe and proved developed producing (PDP) reserves at 333.1 MMboe [11][15] - The Alberta Montney asset contributed 65% of the 2P reserve additions, with total organic reserve additions of 121.4 MMboe [11][10] - The company's 2P net present value (NPV) before tax was CAD 14.0 billion, based on an average WTI price of approximately USD 75.75 per barrel [11][17] Operations Update & Outlook - Veren's production for 2024 was strong, with an exit production rate of 190,296 barrels of oil equivalent per day (boe/d) and an annual average production of 191,163 boe/d, aligning with guidance [5][10] - The company is on track for 2025 production guidance of 188,000 to 196,000 boe/d, with development capital expenditures projected between CAD 1.48 billion and CAD 1.58 billion [6][31] - The capital program is weighted towards the first half of 2025, while production is expected to be more concentrated in the second half due to development timing [6][31] Board of Directors Update - The appointment of Corey Bieber and Jodi J. Jenson Labrie to the board is aimed at enhancing the company's governance and strategic direction [8][9] - Both new board members have significant experience in the energy sector, with Bieber having over 35 years in financial and management roles and Jenson Labrie over 25 years in energy and professional services [9][13]

Group 1 - The focus of the research is on the oil, gas, energy, and metals sectors, indicating a specialization in fundamental analysis within these industries [1] - The analyst emphasizes the importance of a "Margin of Safety" and a "Catalyst" for stock selection, suggesting a conservative investment approach [1] - The portfolio typically contains no more than 10 stocks, reflecting a concentrated investment strategy [1] Group 2 - The analyst holds a beneficial long position in VRN:CA, indicating confidence in the stock's performance [2] - The article expresses personal opinions and is not influenced by compensation from any company mentioned, ensuring an independent perspective [2] - There is no business relationship with any company whose stock is discussed, reinforcing the objectivity of the analysis [2]