Veren Inc.’s share price plunges as oil producer lowers output …

Nov 1, 2024 · Oil producer Veren Inc. saw its share price plunge by more than 14 per cent on Thursday, on news that the company is lowering its production forecast for 2024 and grappling …

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Does Veren have a logo?

Veren Inc. logo is shown in a handout. THE CANADIAN PRESS/HO Oil producer Veren Inc. saw its share price plunge by more than 14 per cent on Thursday, on news that the company is lowering its production forecast for 2024 and grappling with “under-performance” from some of its wells. ...

Was Veren's stock price impact an 'overreaction'?

On a conference call with analysts, Veren CEO Craig Bryksa fielded multiple questions about the disappointing well test results and lowered production forecast. He emphasized that it is only a few well pads in one specific region that have under-performed, and said he believes the stock price impact Thursday was an “overreaction.” ...

Did Veren make a profit?

Veren Inc. reported a profit of $277.2 million in its latest quarter compared with a loss a year earlier. The former Crescent Point Energy says its net income amounted to 45 cents per share for the three months ended Sept. 30 compared with a loss of $809.9 million or $1.52 per share in the same quarter last year. ...

How much oil does Veren produce a day?

Average daily production for the quarter was 184,829 barrels of oil equivalent per day, up from 180,581 a year earlier. Veren says its adjusted net earnings from operations amounted to 29 cents per share, down from an adjusted profit of 59 cents per share a year earlier. ...

How did Veren perform in 2024?

Veren says its adjusted net earnings from operations amounted to 29 cents per share, down from an adjusted profit of 59 cents per share a year earlier. In its guidance for 2024, Veren says it now expects total annual average production of 191,000 barrels of oil equivalent per day, down from earlier expectations for between 192,500 and 197,500. ...

Is Veren's third-quarter results 'negative'?

Harvey called Veren’s third-quarter results “negative” and pointed out that in addition to trimming its 2024 forecast, the company also unveiled a 2025 forecast that came in five per cent below what analysts had been expecting. ...