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.
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.
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.
The company also says it now expects its development capital expenditures to total between $1.45 billion and $1.5 billion for 2024 compared with earlier guidance for between $1.4 billion and $1.5 billion.
This report by The Canadian Press was first published Oct. 31, 2024.
Companies in this story: (TSX:VRN)
The Canadian Press
