Veren stock drops after lowering 2024 production goals [Wealth Professional (Canada)]
Veren Inc. Common shares (VRN)
Company Research
Source: Wealth Professional
By Mav Rodriguez Veren Inc. announced a cut to its 2024 production forecast after encountering setbacks with new well designs in Alberta's Montney region, causing its stock to drop over 14% on Thursday as reported by BNN Bloomberg. The company reported that a key test of its “plug and perf” well design in the Gold Creek area underperformed, forcing Veren to return to its previous single-point-entry design for the region. The revised forecast now estimates 2024 production at 191,000 barrels of oil equivalent per day (boe/d), down from an earlier range of 192,500 to 197,500 boe/d. This reduction highlights the challenges Veren faces in streamlining operations in the Montney region, where it has heavily invested through major acquisitions to strengthen its position in North America's resource-rich zones. Addressing the well performance and revised production targets on an analyst call, Veren CEO Craig Bryksa clarified that the disappointing results were limited to specific well
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VRN
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 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
- Veren Confirms Quarterly DividendPR 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