07:15 AM EDT, 10/31/2024 (MT Newswires) -- Veren ( VRN ) on Thursday said it swung to a profit in the third quarter.

The company reported profit of $277.2 million, or $0.45 per diluted share, compared with a loss of $810 million, or $1.52 per share, last year.

Cash flow from operating activities fell to $561.7 million, from $648.9 million.

Veren ( VRN ) said it expects to generate annual average production of 191,000 boe/d (65% oil and liquids) in 2024.

For 2025, the company now expects to generate annual average production of 188,000 to 196,000 boe/d (65% oil and liquids).

Veren's ( VRN ) annual average production is forecast to grow to 250,000 boe/d in 2029 under its updated five-year plan, driven by its Alberta Montney and Kaybob Duvernay assets. The company expects to generate excess cash flow per share growth of over 10% on a compounded annual basis.

Veren ( VRN ) was last seen up US$0.07, to US$6.10 in U.S. premarket trade.