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]
Veren Announces 2024 Reserves & Board Appointments