Veren (TSE:VRN) Full Year 2024 Results

Key Financial Results

• Revenue: CA$3.97b (up 25% from FY 2023).
• Net income: CA$283.9m (down 65% from FY 2023).
• Profit margin: 7.1% (down from 25% in FY 2023). The decrease in margin was driven by higher expenses.
• EPS: CA$0.46 (down from CA$1.47 in FY 2023).

VRN Production and Reserves

Oil reserves

• Proven reserves: 385.67 MMbbls.

Gas reserves

• Proven reserves: 1611.404 Bcf.

LNG reserves

• Proven reserves: 158.408 MMbbls.

Combined production

• Oil equivalent production: 69.775 MMboe (50.489 MMboe in FY 2023).

All figures shown in the chart above are for the trailing 12 month (TTM) period

Veren Revenues Beat Expectations, EPS Falls Short

Revenue exceeded analyst estimates by 2.3%. Earnings per share (EPS) missed analyst estimates by 12%.

In the last 12 months, the only revenue segment was Oil & Gas - Exploration & Production contributing CA$3.97b. The largest operating expense was Depreciation & Amortisation (D&A) costs, amounting to CA$1.34b (58% of total expenses). Explore how VRN's revenue and expenses shape its earnings.

Looking ahead, revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 2.7% growth forecast for the Oil and Gas industry in Canada.

Performance of the Canadian Oil and Gas industry.

The company's shares are up 4.0% from a week ago.

Risk Analysis

It is worth noting though that we have found 2 warning signs for Veren that you need to take into consideration.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.