Join today and have your say! It’s FREE!

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.
Please Try Again
{{ error }}
By providing my email, I consent to receiving investment related electronic messages from Stockhouse.

or

Sign In

Please Try Again
{{ error }}
Password Hint : {{passwordHint}}
Forgot Password?

or

Please Try Again {{ error }}

Send my password

SUCCESS
An email was sent with password retrieval instructions. Please go to the link in the email message to retrieve your password.

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.
Quote  |  Bullboard  |  News  |  Opinion  |  Profile  |  Peers  |  Filings  |  Financials  |  Options  |  Price History  |  Ratios  |  Ownership  |  Insiders  |  Valuation

Veren Inc T.VRN

Alternate Symbol(s):  VRN

Veren Inc. is a Canada-based oil producer with assets in central Alberta and southeast and southwest Saskatchewan. The principal activities of the Company are acquiring, developing and holding interests in petroleum and natural gas properties and assets related thereto through a general partnership and wholly owned subsidiaries. Its core operational areas include Kaybob Duvernay and Alberta Montney, Shaunavon and Viewfield Bakken. Its Kaybob Duvernay is situated in the heart of the condensate rich fairway, Central Alberta, which provides low risk drilling inventory. Its Alberta Montney assets sit adjacent to its Kaybob Duvernay lands, possessing similar resource characteristics including pay thickness and permeability in the volatile oil fairway of the reservoir. Its Shaunavon resource play is located in southwest Saskatchewan. The Viewfield Bakken light oil pool is located in Saskatchewan.


TSX:VRN - Post by User

Bullboard Posts
Post by dsarkon Feb 19, 2015 7:32am
224 Views
Post# 23442490

Bloomberg: Large US Shale Producer Halts Growth

Bloomberg: Large US Shale Producer Halts Growth

Fastest Growing Shale Producer Is Going To Halt Output Growth

(Bloomberg) -- The biggest, fastest-growing oil producer in the U.S. said it plans to halt output growth this year, delivering a signal that shale companies are beginning to do what it takes to reduce oversupplies.

EOG Resources Inc., which has boosted its oil production by almost 50 percent annually for the past five years, is slashing spending 40 percent and will drill half the wells it did in 2014. The Houston-based company fell more than 6 percent in after-hours trading as it reported fourth-quarter profit Wednesday that missed expectations.

The company joins Apache Corp. in its plan to pump about the same volume of oil as last year. The cutbacks are a sign that shale producers can slow down a lot more quickly than forecasters are expecting, said Michael Scialla, a Denver-based analyst at Stifel Nicolaus & Co.

“EOG is viewed as the premier company in shale development, and if they’re not going to grow, it is a very important signal to the market,” Scialla said in a telephone interview. “The argument that this slowdown is going to take a while to have an impact on supply is completely wrong.”

The reductions come as agencies such as the U.S. Energy Information Administration forecast that overall domestic production will grow 7.8 percent to 9.3 million barrels of crude a day this year, adding to the glut that’s pushed down prices.

‘Not Interested’

“The company is not interested in accelerating crude oil production in a low-price environment,” EOG said in a statement.

The collapse of oil prices by more than half since June has forced major producers and drillers to cut more than $40 billion in spending and fire 50,000 workers. The number of oil drilling rigs working onshore has declined by a third since October.

Crude prices have rallied in recent weeks to more than $50 a barrel as the pace of cuts has surprised market analysts. The average price for Brent crude, the benchmark used by most of the world, fell 30 percent from a year earlier in the quarter, to $77.07 a barrel.

The producer’s net income fell to $444.6 million, or 81 cents a share, from $580 million, or $1.06, a year earlier. Profit excluding one-time items was 79 cents a share, less than the $1 average of 36 analysts’ estimates compiled by Bloomberg.

The earnings report was posted Wednesday after the close of regular trading on U.S. markets.

(EOG scheduled an earnings conference call Thursday at 9 a.m. New York time, accessible at EVTS <GO>.)

To contact the reporter on this story: Bradley Olson in Houston at bradleyolson@bloomberg.net

To contact the editors responsible for this story: Susan Warren at susanwarren@bloomberg.net Carlos Caminada

Bullboard Posts