CALGARY,
AB, June 14, 2024 /CNW/ - Veren Inc. ("Veren",
or the "Company") (TSX: VRN) (NYSE: VRN) is pleased to announce
that it has successfully closed its previously announced
disposition of certain non-core assets in Saskatchewan for $600
million in cash (approximately $540
million including closing adjustments).
Net proceeds from this strategic disposition will be directed to
further strengthen the Company's balance sheet. Veren expects its
net debt to total $2.8 billion by
year-end 2024 based on average commodity prices of US$75/bbl WTI and $2.10/Mcf AECO for the full year.
The Company will continue to focus on its strategic priorities
of operational execution, strengthening and optimizing its balance
sheet, and increasing its return of capital to shareholders.
Advisory
Specified Financial Measures
"Net debt" does not have any standardized meaning
as prescribed by International Financial Reporting Standards
("IFRS") and, therefore, may not be comparable with the calculation
of similar measures presented by other issuers. Refer to the
Specified Financial Measures section of the Company's MD&A for
the three months ended March 31,
2024, which section is incorporated herein by reference, and
available on SEDAR+ at www.sedarplus.com and on EDGAR at
www.sec.gov/edgar.
The most directly comparable financial measure
for net debt disclosed in the Company's financial statements is
long-term debt, which was $3.59
billion as at March 31,
2024.
Forward-Looking
Statements
Any "financial outlook" or "future oriented
financial information" in this press release, as defined by
applicable securities legislation has been approved by management
of Veren. Such financial outlook or future oriented financial
information is provided for the purpose of providing information
about management's current expectations and plans relating to the
future. Readers are cautioned that reliance on such information may
not be appropriate for other purposes.
Certain statements contained in this press
release constitute "forward-looking statements" within the meaning
of section 27A of the Securities Act of 1933 and section 21E of the
Securities Exchange Act of 1934 and "forward-looking information"
for the purposes of Canadian securities regulation (collectively,
"forward-looking statements"). This press release contains
forward-looking statements pertaining to use of proceeds from the
disposition and 2024 year-end net debt, based on the commodity
prices specified.
By their nature, such forward-looking statements are subject to
a number of risks, uncertainties and assumptions, which could cause
actual results or other expectations to differ materially from
those anticipated, expressed or implied by such statements,
including those material risks and assumptions discussed in the
Company's Annual Information Form for the year ended December 31, 2023 and our Management's Discussion
and Analysis for the year ended December 31,
2023 and for the quarter ended March
31, 2024.
Readers are cautioned not to place undue reliance
on this forward-looking information, which is given as of the date
it is expressed herein or otherwise. Veren undertakes no obligation
to update publicly or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
unless required to do so pursuant to applicable law.
FOR MORE INFORMATION ON VEREN, PLEASE CONTACT:
Sarfraz Somani, Manager,
Investor Relations
Telephone: (403) 693-0020 Toll-free (US and Canada): 888-693-0020
Address: Veren Inc. Suite 2000, 585 - 8th Avenue S.W.
Calgary AB │T2P 1G1
www.vrn.com
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SOURCE Veren Inc.