Veren Announces Strategic Infrastructure Transaction
Veren Inc. Common shares (VRN)
Company Research
Source: PR Newswire
CALGARY, AB, Sept. 9, 2024 /PRNewswire/ - Veren Inc. ("Veren", or the "Company") (TSX: VRN) (NYSE: VRN) is pleased to announce it has entered into a strategic long-term partnership with Pembina Gas Infrastructure ("PGI") related to certain infrastructure assets in the Alberta Montney and will receive net cash proceeds of $400 million related to this transaction.KEY HIGHLIGHTSDirecting $400 million of proceeds toward debt reduction, resulting in total expected debt reduction of $1.3 billion in 2024.Gaining operatorship of additional oil battery sites, further enhancing efficiencies and reducing operating costs.Renegotiated and consolidated multiple prior agreements resulting in reduced fees.Receiving priority access for all products and firm processing for 100 percent of capacity at Patterson Creek Gas Plant.Option to design, construct and operate certain future infrastructure assets with PGI funding up to $300 million.TRANSACTION DETAILS AND STRATEGIC PARTNERSHIP SYNERGIESVeren and PG
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News
- Veren Inc. (NYSE: VRN) had its price target lowered by analysts at Royal Bank of Canada from $12.00 to $10.00. They now have an "outperform" rating on the stock.MarketBeat
- Veren stock drops after lowering 2024 production goals [Wealth Professional (Canada)]Wealth Professional
- Veren reports $277.2-million third-quarter profit, trims 2024 production guidance [Globe and Mail, The (Toronto, Canada)]Globe and Mail, The
- Veren Announces Q3 2024 Results & Updated Outlook [Globe and Mail, The (Toronto, Canada)]Globe and Mail, The
- Veren Announces Q3 2024 Results & Updated OutlookPR Newswire
VRN
Earnings
- 10/31/24 - Beat
VRN
Sec Filings
- 11/13/24 - Form SC
- 10/31/24 - Form 6-K
- 10/31/24 - Form 6-K
- VRN's page on the SEC website