Veren, formerly Crescent Point Energy, sees profit rise in second quarter

Veren Inc. VRN-T reported its profit rose in its latest quarter to $261 million from $212.3 million a year ago.

The oil and gas producer formerly known as Crescent Point Energy Corp. says that amounted to 42 cents per share for the quarter ended June 30 compared with a profit of 39 cents per share a year earlier.

Oil and gas sales totalled $1.14 billion, up from $791.6 million in the second quarter of 2023.

On an adjusted basis, the company says its net earnings from operations amounted to 38 cents per share, unchanged from the same quarter last year.

Veren president and chief executive Craig Bryksa says the company built on momentum in the quarter by delivering “additional efficiencies along with strong and consistent results in our Alberta Montney and Kaybob Duvernay assets.”

In March, the company announced it would undergo a rebrand, combining the Latin word for truth – veritas – and energy.