Veren at a Glance Capital Markets Summary 20 Years of Premium Inventory (5,000 Premium & Additional Locations) Shares Outstanding 612 million Market Capitalization 4.8 billion Alberta Montney Net Debt 2.6 billion 50% of 2025…
2024 Reserves Highlights Strong organic reserve additions of 121.4 MMboe on a 2P basis, replacing 173% of 2024 annual production Alberta Montney asset contributed 65% of the additions Included 5.6 MMboe of positive technical…
Value Creation in the Kaybob Duvernay & Alberta Montney Kaybob Duvernay Booked Reserves Alberta Montney Booked Reserves 600 NPV10 400 5.2B NPV10 4.8B 544 2P Reserves (MMboe) 2P Reserves (MMboe) 341 MMboe 300 MMboe 400…
Returns-Focused 2025 Budget 2025 Budget Summary Generating annual average production of 188,000 - 196,000 boe/d (65% oil & liquids) 2025 Budget Highlights Generate significant excess cash flow which is 775MM 465MM directed to…
Strong & Returns-Focused 5-Year Plan Disciplined Growth Based on development capital expenditures of 1.48 - 1.58B Key 5-Year Metrics (US65 - 70 WTI) Production (boe/d) 300,000 250,000 192,000 Cumulative Excess 200,000 Cash…
Commitment to Delivering Shareholder Returns Track Record of Returning Capital 300 Updated return of capital framework unveiled in Q3 2022 100% Consistently returning 60% of excess cash flow Return of Capital Framework Prioritizing…
Strong Balance Sheet & Financial Flexibility Net Debt Outlook YE 2024E Debt Composition Long-term debt target…
Highly Economic Long-Term Plan Corporate Inventory vs 10-Year Plan Economics of Premium Locations (Well Payout US70 WTI & 3.00 AECO) 30 5,000 Locations 23 Additional locations that will be Additional drilled at higher commodity…
Strategic Priorities Operational Execution Balance Sheet Strength Increasing Return of Capital Execute long-term plan to deliver Allocating 40% of excess cash flow Increase return of capital beyond organic per-share growth to the…
Assets
Alberta Montney Asset Overview VRN Concourse KEC Sinopec AAV Cygnet LGN Storm ARX Halo NVA SCR BIR HWN Orlen Taqa Largest land position in the Volatile Oil fairway BNE GTE / LGN OVV TOU CNQ Insignia POU VET 350,000 contiguous net…
Alberta Montney Results & Development Plan PREVIOUS VERSION Gold Creek West 2024 Wells Peak 30-day Rate (boe/d): 2,000 Focused on optimizing well design to enhance recovery of Liquids: 80% light oil, 5% NGLs resource in place since…
Recent Results Highlighting Returns & Scalability of Alberta Montney Top Oil & Liquids Producing Wells in the Montney Top Oil & Liquids Producing Wells in the WCSB (Rig Released in the Last 12 Months) (Rig Released in the Last 12…
Alberta Montney 5-Year Outlook (2025 2029) Production Mix 2025 2029 Alberta Montney 2,000 160,000 50% 55% Production (boe/d) NOI & Capex (MM) 1,500 120,000 1,000 80,000 Excess Cash Flow Mix 2025 2029 500 40,000…
Kaybob Duvernay Asset Overview Largest land position in the Kaybob Duvernay 410,000 net acres primarily in oil and liquids-rich windows Largest producer in the Kaybob Duvernay 2025E production of 60,000 boe/d (60% condensate &…
Kaybob Duvernay Results & Development Plan Track record of cost efficiencies and improving productivity Black Oil Volatile Oil 2024 Wells Peak 30-day Rate (boe/d): 800 - 1,550 Initial entry into the play in Q2 2021 Volatile Oil…
Kaybob Duvernay 5-Year Outlook (2025 2029) Production Mix 2025 2029 Kaybob Duvernay 1,200 80,000 30% 30% Production (boe/d) NOI & Capex (MM) 60,000 800 40,000 Excess Cash Flow Mix 400 2025 2029 20,000 30% 30% 0…
Saskatchewan: Decline Mitigation & OHML High-netback oil & liquids assets generating significant excess cash flow Viewfield OHML Decline Mitigation Low decline rate (15%) as a result of commitment to decline mitigation projects,…
Saskatchewan 5-Year Outlook (2025 2029) Production Mix 2025 2029 Saskatchewan 15% 800 60,000 20% NOI & Capex (MM) 600 Production (boe/d) 40,000 400 Excess Cash Flow Mix 20,000 2025 2029 200 15% 40% 0 0 2025E…
Appendix
Capital Markets Summary & Guidance Capital Markets Summary 2025 Guidance VRN (TSX and NYSE) Share Price (Jan. 15, 2025) C7.89 / US5.51 Annual Avg. Production (boe/d)(1) 188,000 - 196,000 Shares Outstanding 612 million Development…
Hedging Summary Oil & Liquids Hedging Gas Hedging Oil & liquids hedges extend through 2025 Gas hedges extend through 2026 50,000 160,000 35% 35% 35% 40% Hedge Volume (bbl/d) 40% Hedge Volume (GJ/d) 40,000 30% 35%…
Significant Tax Pools Enhance Excess Cash Flow Canadian Tax Pools Cash Tax as % of Before Tax Cash Flow 15% 1.0B 1.1B 10% 7.0B 2.0B 5% 2.7B 0% VRN Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Class 41 COGPE CDE…
Strong Market Access Liquids (65% of Production) Ksi Lisims LNG Alberta (Kaybob Duvernay & Montney) Oil Sands MSW and C5 generally trade near WTI, with C5 benefitting Edmonton from a strong expected demand outlook Kaybob Duvernay…
Majority of Natural Gas Diversified Away from Alberta Diversification Through 2026 Malin 7% Dawn Fixed 9% Price 30% US Midwest 24% Henry Hub 8% TEP AECO 4% 18% 26 TEP Saskatchewan hub trades at a premium to…
Portfolio of High-Netback Assets Metric (US70 WTI) Alberta Montney Kaybob Duvernay Saskatchewan Average Production (boe/d) 92,000 60,000 40,000 % Liquids 55% 60% 90% Royalty (%) 12% 11% 10% Operating Expenses (/boe) 10.85…
Core Area Economics US70 WTI & 3.00 AECO IP30 boe/d EUR Mboe Net Cost Per NPV10% Payout Area IRR% (Liquids %) (Liquids %) Locations Well (MM) (MM) (Months) Alberta Montney (Volatile Oil) Gold Creek West 950 - 1,350 (60% - 70%)…
Alberta Montney Break-Even Economics & Sensitivity to Gas Prices Break-Even Pricing (USWTI) US47 US41 US42 US37 3.00/Mcf Gas 2.00/Mcf Gas Break-even (current unit costs) Break-even (15% unit cost reduction) Alberta…
Kaybob Duvernay Break-Even Economics & Sensitivity to Gas Prices Break-Even Pricing (USWTI) Break-Even Pricing (USWTI) (Current Unit Costs) (15% Unit Cost Reduction) US44 US41 US38 US38 US36 US37 US34 US32 US28 US28 US24…
Strategy Focused on Delivering Long-Term Value Deliver Long-Term Value Strategy Support Process driven with component strategies in place Finance People Digital Portfolio Communications Stakeholders & ESG Foundation Of Our…
Portfolio Transformation Focused Portfolio of High-Return Assets 250,000 Accomplishments Since 2018 Created high-quality, multi-basin portfolio of assets 200,000 Increased sustainability with 20 years of premium inventory…
Returns Based Capital Allocation Framework & Excess Cash Flow Priorities Asset Level Corporate Level Funds Flow (Maximize with a cost discipline) Base Plan Risk Adjusted Returns and Value Added (Well & Project Level)…
How Veren Executes Its Strategy Disciplined Significant Balance Sheet Per-Share Growth Return of Capital Strength Balanced portfolio of long and Currently returning 60% of Long-term leverage target of short-cycle assets excess…
Board of Directors Barbara Munroe John P. Dielwart 3 5 Francois Langlois 1 3 5 Chair of the Board 40 years of experience in the oil and gas sector. 35 years of domestic and international oil and gas experience. 30 years of legal…
Definitions / Specified Financial Measures Throughout this presentation the Company uses the terms funds flow (equivalent to adjusted funds flow), excess cash flow, excess cash flow per share diluted, development capital expenditures,…
Reserves & Drilling Data There are numerous uncertainties inherent in estimating quantities of crude oil, natural gas and NGL reserves and the future cash flows attributed to such reserves. The reserve and associated cash flow…
Reserves & Drilling Data Initial production is for a limited time frame only (30 days) and may not be indicative of future performance. Peak IP30 refers the 30 consecutive days with the highest production rates since a pad has come on…
Veren Inc. Suite 2000, 585 8th Ave SW Calgary, AB T2P 1G1 Investor Relations (403) 767-6930 (855) 767-6923 investorvrn.com Other Contacts & Website mediavrn.com sustainabilityvrn.com www.vrn.com 42
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