Q3 2024 Veren Inc Earnings Call Transcript
Key Points
- Veren Inc (VRN) generated excess cash flow of $114 million in Q3 2024, returning $85 million to shareholders through dividends and share repurchases.
- The company announced a strategic infrastructure transaction for proceeds of $400 million, which closed in the fourth quarter.
- Veren Inc (VRN) has reduced its net debt with a total expected repayment of $1.3 billion in 2024.
- The Alberta Montney assets have shown promising results, with wells ranking among the top 1% of all oil and liquids wells in North America.
- The company expects to generate $575 million to $775 million of full-year excess cash flow in 2025 at $70 to $75 per barrel WTI price.
- Production in Q3 2024 was impacted by third-party facility downtime and infrastructure constraints.
- Recent well underperformance in some Montney wells has led to an adjusted overall outlook for the remainder of 2024 and 2025.
- The plug and perf completions design trial did not meet production expectations, leading to a return to the single point entry design.
- The company's stock price experienced a negative reaction following the announcement of revised guidance and well results.
- Veren Inc (VRN) has increased its 2025 budget for Montney facilities by $70 million due to capacity issues, impacting overall capital expenditure.
Yeah, good morning, ladies and gentlemen. My name is Jenny and I will be your operator for Bein's third quarter, 2024 conference call.
This conference call is being recorded today and will be webcast along with a slide deck which can be found on Bein's website homepage. All amounts discussed today are in CAD with the exception of West Texas intermediate or WTI pricing, which is coded in us dollars, all lines have been placed on mute to prevent any background noise.
After the speakers' remarks, there will be a question and answer session for members of the investment community.
(Operator Instructions)
If you would like to withdraw your question, press star two during the call management may make projections or other forward-looking statements regarding future events or future financial performance. Any such statements are made subject to the forward-looking information and the nongaap measure sections. The press release issued earlier today, I will now turn the call over to Craig Brizza, President and Chief Executive Officer at Baron. Please go ahead Mr Bria.
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