Veren Inc. (VRN) stock soared 5.19% in the pre-market trading session on Thursday, after the Canadian oil and gas company reported better-than-expected fourth quarter and full-year 2024 results.
The company reported adjusted earnings of CAD 0.40 per share for the fourth quarter, beating the consensus estimate of CAD 0.55. However, its oil and gas sales of CAD 1.03 billion for the quarter also exceeded analysts' expectations of CAD 1.11 billion.
Veren's strong performance was driven by its focus on developing high-quality assets, particularly in the Alberta Montney and Kaybob Duvernay regions. The company achieved record production levels, with its key assets contributing 77% of total production in the fourth quarter. Additionally, Veren's efforts to optimize infrastructure and completions designs in these regions have led to significant operational efficiencies and cost savings.
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