07:33 AM EST, 01/21/2025 (MT Newswires) -- Veren ( VRN ) on Tuesday said it met its fiscal 2024 production guidance and is on track to meet 2025 targets.

The company exited 2024 with December production of 190,296 boe/d, and fourth quarter average production of 188,721 boe/d. Its full year 2024 annual average production was 191,163 boe/d, in-line with its guidance of 191,000 boe/d.

Veren ( VRN ) remains on track with its 2025 annual average production guidance of 188,000 to 196,000 boe/d (65% oil and liquids) based on development capital expenditures of $1.48 billion to $1.58 billion.

The company also announced the results from its 2024 independent reserves report. Its reserves at the end of last year, excluding acquisitions and dispositions, increased across all categories. Proved plus Probable reserves totaled 1,13 million boe (MMboe), while Proved reserves totaled 739.1 MMboe.

"Our strong reserve additions, driven by both our Alberta Montney and Kaybob Duvernay assets, continue to demonstrate the depth and quality of our asset base as we execute our long-term plan," said Craig Bryksa, President and CEO of Veren ( VRN ). "We organically replaced 173 percent of our annual production, marking our highest reserve replacement in the last five years."

Veren ( VRN ) was last seen up US$0.05, to US$5.50, in New York trading.