By Adriano Marchese
Shares of Veren were down after the company said production this year will be at the bottom of guidance and that next year output will fall short of analysts forecast.
The stock declined 16% to at 7.08 Canadian dollars ($5.09). The shares are down 23% this year.
The Calgary-based oil and gas company said it expects average production of 191,000 barrels of oil equivalent per day in 2024. Veren's previous guidance was for 191,000 to 199,000 barrels per day. Analysts expected an average of 193,300 barrels a day, according to FactSet.
Veren forecast 2025 average production of 188,000 to 196,000 barrels of oil equivalent per day, which was below 202,600 barrels expected by analysts, according to FactSet.
Due to commodity price weakness, the company expects to generate about 575 million Canadian dollars ($413.5 million) to C$775 million in free cash flow from production next year, below analyst forecasts of C$821.9 million.
The company said it will retain flexibility to lower its overall capital budget and allocation in response to weakness in commodity prices.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
October 31, 2024 11:26 ET (15:26 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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