CALGARY — Veren Inc. reported a fourth-quarter profit of $146.8 million, down from $951.2 million in the same quarter last year.
The oil and gas producer, which changed its name from Crescent Point Energy last year, says its net income amounted to 24 cents per share for the quarter ended Dec. 31, down from $1.70 per share a year earlier.
Veren says its adjusted net earnings from operations amounted to 40 cents per share in its most recent quarter, up from 34 cents per share in the last three months of 2023.
The results came as the company's oil and gas sales totalled $1.03 billion, up from $946.7 million in the last three months of 2023.
Average daily production amounted to 188,721 barrels of oil equivalent per day, up from 162,269 a year earlier.
Veren's average selling price for the quarter was $59.56 per barrel of oil equivalent, down from $67.82.
This report by The Canadian Press was first published Feb. 27, 2025.
Companies in this story: (TSX:VRN)
The Canadian Press
