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Veren Inc T.VRN

Alternate Symbol(s):  VRN

Energy Oil & Gas E&P
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

Veren Inc > I learned something today...
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Comment by jleer42on Nov 17, 2021 2:13pm
110 Views
Post# 34137326

RE:I learned something today...

RE:I learned something today...Depends how they calculate costs. WAC (weighted average) - which avoids this - is the standard for commodoties and required under IFRS. Even US GAAP dictates FIFO over LIFO unless there is a specific reason. 

CashHungry wrote:
Tom Kloza
 
@TomKloza
Oil getting clobbered today, but EIA is mixed. Overall products' demand climbed 2.34 mil b/d, but mostly due to a 2 mil b/d surge in "other oils." Overall stocks incl. SPR off 12.1 mil bbl. Oil veterans know that Dec. brings LIFO, tax avoidance and leads to crude stock declines.

If I understand correctly, by following LIFO (last-in-first-out), companies holding inventories will deplete their reserves of expensive recently acquired inventory to minimize profit margins (but cashflow is less affected).  This will only be advantageous in a year of rising oil prices.  We have not had a year like this - with such a significant increase in oil prices since 2007, so it could be a significant factor.


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