Veren Business Combination Completion
Successfully completed the Veren business combination on May 12, increasing production to approximately 365,000 BOE per day and enterprise value to over $15 billion.
Strong Second Quarter Production
Achieved strong second quarter production of 292,754 BOE per day, exceeding internal forecasts with Montney, Duvernay, and Southeast Saskatchewan assets contributing significantly.
Successful Integration of Veren Assets
Integration of Veren assets and staff was successful, leading to consolidation of corporate costs and improved credit profile.
Operational and Financial Performance
Funds flow was strong at $713 million, up 6% per share from the previous year, with a net debt to annualized funds flow of approximately 1x.
Duvernay and Montney Asset Advancements
Duvernay production at Kaybob exceeded forecasts, and Montney wells at Gold Creek and Karr performed in line with internal expectations.
Debt Management and Credit Rating
Closed an issuance of investment-grade senior notes with a fixed coupon of 3.761% and achieved a BBB rating by DBRS.