07:48 AM EST, 02/27/2025 (MT Newswires) -- Veren ( VRN ) traded 2% higher at last look Thursday in NYSE pre-market trading despite the company's adjusted earnings missing analyst estimates in the fourth quarter of 2024.

The company reported adjusted earnings of $247.0 million, or $0.40 per share, below the consensus estimate compiled by FactSet of $0.55 per share.

Despite the miss, Verne's adjusted earnings increased from $192.8 million, or $0.34 per share, posted a year ago.

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 Craig Bryksa, Verne's president and CEO.

For 2025, Veren ( VRN ) said it remains on track to meet its previously released full year annual average production guidance of 188,000 to 196,000 boe/d, 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.

Its Board of Directors has approved and declared a quarterly cash base dividend of $0.115 per share. The base dividend is payable on April 1, 2025 to shareholders of record on March 15, 2025.