11:56 AM EST, 02/27/2025 (MT Newswires) -- (Updates shares.)

Veren ( VRN ) at last look surged 10% on the TSX despite the company's adjusted earnings missing analyst estimates in the fourth quarter of 2024.

The Western Canadian oil and gas producer reported adjusted earnings, excluding most one-time items, of $247.0 million, or $0.40 per share, up from $192.8 million, or $0.34, in the year-prior quarter but below the Factset consensus estimate of $0.55 per share.

Oil and gas sales stood at $1.03 billion, below the forecast compiled by FactSet of $1.05 billion but a 9% increase from $946.7 million in the previous year.

Adjusted funds flow from operations jumped to $619.6 million from $574.5 million while average daily production climbed to 188,721 barrels of oil equivalent per day (boe/d) from 162,269 boe/d.

"Last year marked a continued advancement in the execution of our long-term strategy as we significantly strengthened our balance sheet, consistently returned meaningful capital to our shareholders and achieved strong reserve additions," said chief executive Craig Bryksa.

For 2025, Veren ( VRN ) said it remains on track to meet its annual production guidance of 188,000 to 196,000 barrels of oil equivalent per day, based on its development capital expenditures budget of $1.48 billion to $1.58 billion.

"We are off to a great start in 2025 and remain focused on maximizing the long-term potential of our assets, supporting our commitment to shareholder returns and maintaining a strong financial position," Bryksa said.

Veren's ( VRN ) board declared a quarterly dividend of $0.115 per share. The base dividend is payable on April 1 to shareholders of record on March 15.

Veren ( VRN ) shares were last seen up $0.71 to $7.63 on the Toronto Stock Exchange.

Price: 7.65, Change: +0.73, Percent Change: +10.48