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State: 17.08.2024 | 11PM
Thu, 31.10.2024       Veren Inc.

CALGARY, AB, Oct. 31, 2024 /CNW/ - Veren Inc. ("Veren" or the "Company") (TSX: VRN) (NYSE: VRN) is pleased to announce its operating and financial results for the quarter ended September 30, 2024, revised 2024 guidance, 2025 budget and updated five-year outlook.

KEY HIGHLIGHTS

Generated third quarter excess cash flow of $114 million, with full year 2024 excess cash flow expected to total $625 million.Returned $290 million to shareholders in dividends and share repurchases year-to-date, including $85 million in third quarter.Entered into a strategic infrastructure transaction, directing $400 million of net cash proceeds to debt reduction.Expect year-end net debt of $2.5 billion, or 1.1x debt to funds flow, reflecting $1.3 billion of total debt reduction in 2024.Production results from Gold Creek West pad in the Alberta Montney rank in the top one percent of wells in North America.Disciplined and returns-focused 2025 budget expected to generate excess cash flow of $575 million to $775 million.

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