UPDATED 2024 GUIDANCE

• Veren now expects to generate annual average production of 191,000 boe/d (65% oil and liquids) in 2024. The Company also expects its 2024 annual development capital expenditures to be $1.45 billion to $1.50 billion, reflecting incremental capital spending on facilities projects and changes to further optimize its completions design in the Alberta Montney, partially offset by a reallocation of development capital from its Saskatchewan assets.
• Based on US$75/bbl WTI and $1.50/Mcf AECO for the full year, the Company expects to generate excess cash flow of $625 million in 2024. Veren expects to exit the year with net debt of $2.5 billion, reflecting a total reduction of $1.3 billion in 2024.

2025 GUIDANCE

• Based on the current commodity price outlook, Veren expects its development capital expenditures to total $1.48 billion to $1.58 billion in 2025, generating annual average production of 188,000 to 196,000 boe/d (65% oil and liquids). Adjusting for non-core asset dispositions in 2024, the mid-point of the 2025 production guidance range represents growth of 10,000 boe/d, or five percent, year-over-year.
• Approximately 85 percent of the Company's 2025 budget is allocated to its Alberta Montney and Kaybob Duvernay plays, which provide top quartile returns, scalability and quick well payouts. In the Alberta Montney, the company has allocated incremental capital for recently identified facilities projects to increase capacity in the play. The remaining capital budget is allocated to Veren's long-cycle, low-decline Saskatchewan assets, which generate among the highest operating netbacks in the portfolio and significant excess cash flow. Consistent with its capital allocation framework, the Company's annual budget also includes a portion of capital allocated to long-term projects, such as decline mitigation, and various environmental initiatives.
• Under its 2025 budget, the Company expects to generate excess cash flow of $575 million to $775 million at US$70/bbl to US$75/bbl WTI and $2.50/Mcf AECO, allowing for significant returns to shareholders and further strengthening of the balance sheet. Veren will continue to target the return of 60 percent of its excess cash flow to shareholders, with plans to increase the percentage of excess cash flow returned as the Company further reduces its debt. Veren maintains a strong balance sheet with ample liquidity, access to the investment-grade institutional debt market and an active hedging program to mitigate against commodity price volatility.
• Veren will monitor the macroeconomic environment, including results from the upcoming OPEC meeting, and will retain flexibility to lower its overall capital budget and allocation in response to weakness in commodity prices. The Company will continue to prioritize operational execution, strengthening and optimizing its balance sheet and increasing its return of capital to shareholders.