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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
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Post by Westcoastenergyon Jan 22, 2025 9:50am
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Post# 36414944

Scotia reiterates Outperform rating and $11 target

Scotia reiterates Outperform rating and $11 target

Veren Inc.

  • VRN-T: C$8.08
    VRN-N: US$5.45
  • Target: C$11.00
  • Rating: Sector Outperform

Q4 Production In Line; Strong Reserve Additions

OUR TAKE: Positive. Q4 production is in line with consensus and VRN’s December production positions the company well vs Q1/25 consensus. YE 2024 reserves included strong organic 1P and 2P reserve replacement ratios of 161% and 173%, respectively. Further, 65% of VRN’s organic 2P reserve adds were from its Montney assets. FY 2024 FDC has not been reported yet, but we believe the market will have a positive view of VRN’s reserve update.

Q4 production in line with consensus. VRN’s Q4 production averaged 188.7 mboe/d vs consensus of 188 mboe/d. December's production averaged 190.3 mboe/d, which positions the company well to achieve Q1/25 consensus production of 189.5 mboe/d.

Strong 2024 reserve additions. Excluding A&D, VRN replaced 173%, 161%, and 114% of its 2P, 1P, and PDP reserves, respectively. The company had 121.4 mmboe of organic 2P reserve additions, with 65% coming from the Montney and the remainder from the Duvernay. Management noted they have a 2P RLI of 16 years and >65% of the premium Montney and Duvernay locations are unbooked. The 1P reserves have a (pre-tax) NPV of $9.4B assuming average WTI of $75.75 and AECO of $3.30 for the next five years. FY 2024 FDC has not been reported yet, so we haven’t calculated VRN’s F&D or recycle ratios.

New board members added. Corey Bieber and Jodi Jenson has joined VRN’s board as independent directors. Mr. Bieber was CNQ’s CFO from 2012-2018 and Ms. Jenson was ERF’s CFO from 2015-2024.

VRN plans to release its AIF on Februrary 27, 2025.


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