Veren Inc.’s share price plunges as oil producer lowers output forecast
Oil producer Veren Inc. saw its share price plunge by more than 14 per cent on Thursday, on news that the company is lowering its production forecast for 2024 and grappling with “under-performance” from some of its wells.
The company, which has operations in Alberta and Saskatchewan and used to be known as Crescent Point Energy Corp., said Thursday it now expects total annual average production of 191,000 barrels of oil equivalent per day, down from earlier expectations for between 192,500 and 197,500 boe/d.
It also announced disappointing results from the Gold Creek area of Alberta’s Montney oil-and-gas-producing region, where it was testing a new type of well design in an effort to improve efficiencies.
The “plug and…
