The following is a summary of the Veren Inc. (VRN) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Veren Inc. reported Q2 2024 production of 192,500 BOE per day, an increase driven by strong well results in Alberta Montney and Kaybob Duvernay.

• The company generated $195 million in excess cash flow, returning 60% of that to shareholders through share repurchases and base dividends.

• Veren reduced its net debt by almost $800 million since the beginning of the year, with a target to exit the year with $2.8 billion in net debt, which corresponds to 1 times debt to cash flow.

Business Progress:

• Veren Inc. continued to optimize drilling and completions, enhancing operational execution. The company plans to further expand with 22 more wells in the Alberta Montney and Kaybob Duvernay regions.

• They achieved an investment-grade rating of BBB low from Morningstar/DBRS, aiding a strategic push into public debt markets and leading to a $1 billion senior notes issuance at favorable rates.

Opportunities:

• Plans to bring additional 22 wells on stream in the Kaybob Duvernay area and additional wells in the Alberta Montney region throughout the remainder of 2024 and extend into 2025, indicating a growth trajectory in production and operations.

Risks:

• The gradual increase in well-streaming may pose challenges in maintaining consistent production rates, particularly as Veren seeks to match or exceed type profiles with newly optimized well designs.

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