By Adriano Marchese
Veren shares rose Thursday morning after the company said that production in January was strong, and that it maintained its guidance for the year.
Shares traded over 10% higher at 7.63 Canadian dollars ($5.32).
Veren has begun production on a high note, generating 191,000 barrels a day in January, trending higher than analyst expectations for the first three months at 183,700 barrels a day.
This is up from the previous quarter's production average of 188,721 barrels of oil equivalent a day, 64% of which was oil and liquids. The quarter's production rate was in line with analyst forecasts.
Veren said it remains on track to meet its guidance for the year of producing between 188,000 and 196,000 barrels a day, and that it expects to generate excess cash flow of C$625 million to C$825 million.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
February 27, 2025 10:38 ET (15:38 GMT)
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