Valeura Vitality Inc. has mentioned its oil manufacturing common hit a file excessive within the fourth quarter of 2024, with oil gross sales surpassing manufacturing volumes. The corporate mentioned in a media launch that oil manufacturing averaged 26.1 million barrels per day in the course of the fourth quarter of 2024, up 18 p.c from the prior quarter and 36 p.c in opposition to the fourth quarter in 2023.
The corporate mentioned that its oil gross sales totaled 2.95 million barrels in the course of the fourth quarter of 2024, up 67 p.c in comparison with the prior quarter and 48 p.c in opposition to the corresponding quarter a 12 months prior.
Valeura’s oil manufacturing benefitted from a full quarter of operations on the Nong Yao C area extension, which got here on-line in August 2024, it mentioned. As well as, mixture manufacturing was lifted by an infill drilling program on the Jasmine area, with the final three wells of this system coming onstream in late November 2024, it mentioned.
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“With file oil manufacturing and gross sales volumes in This autumn, we’ve strengthened our money place to $259 million. This creates a strong platform for our firm as we begin 2025, which entails one other formidable work program targeted on continued progress in worth, funded solely with our money and money stream”, Sean Visitor, President and CEO, mentioned.
Oil gross sales have been greater than manufacturing in the course of the quarter on account of a larger-than-usual stock place on the finish of the third quarter of 2024, the corporate mentioned. As of December 31, 2024, Valeura held a crude oil stock of 0.64 million barrels, it mentioned.
Oil income in the course of the fourth quarter of 2024 was $226 million, up 62 p.c from the prior quarter, with decrease costs offsetting increased gross sales volumes offered. Worth realizations averaged roughly $76.7 a barrel in the course of the fourth quarter of 2024, representing a premium of about $2.0 per barrel to the common Brent crude oil benchmark in the course of the interval, the corporate mentioned.
Wanting forward, Valeura mentioned it expects common 2025 full-year oil manufacturing to land between 23,000 and 25,500 barrels per day. It mentioned that complete capex for the 12 months is anticipated to be $125-150 million, along with $11 million in deliberate exploration drilling.
“Having accomplished our company restructuring in This autumn, our means to generate money stream has shifted into excessive gear. We are going to deploy assets towards including reserves to develop the last word potential and lifetime of our belongings, will proceed pursuing value-accretive inorganic progress, and can proceed offering direct shareholder returns by the use of our ongoing share buyback program”, Visitor mentioned.
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