Oil and gas sales totalled $1.14 billion, up from $791.6 million in the second quarter of 2023
The oil and gas producer said Thursday its net debt as of June 30, 2024 was $3.0 billion, which reflects $620 million in debt that was paid down in the latest quarter.
“It ends up being just about $800 million of debt repayment that we’ve made in the first six months of this year. So you know, we feel really good about that,” Bryksa said. A series of blockbuster deals — which included the 2021 purchase of Shell Canada’s Kaybob Duvernay assets for $900 million, the 2023 purchase of Spartan Delta Corp.’s Montney assets for $1.7 billion and the purchase of Hammerhead Energy Corp.’s Montney assets for $2.55 billion shortly after that — has established Veren as the dominant player in two of North America’s most important petroleum plays.
“If everything stays status quo, with the commodity price range that we’re in today ... we’ll be somewhere around $2.8 billion at the end of the year.”
Veren Debt Purchase Quarter Company Oil Share Profit Saskatchewan Alberta North America
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