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Highlights

  • 12% increase in production, reaching 22,825 bbls/d in 2024
  • 100% success rate in exploration and appraisal activities
  • Record reserves with significant growth in 2P net present value

Valeura Energy Inc. (TSX:VLE) has published its financial and operational results for the year ending December 31, 2024. The company's achievements include significant production growth, financial strength, and exploration results.

For the year, Valeura's production increased by 12% year-over-year, reaching an average of 22,825 barrels of oil per day (bbls/d). This improvement was primarily driven by a full year of drilling operations and the development of the Nong Yao C Field. The company also achieved a 100% success rate in its exploration and appraisal activities, with successful discoveries at Niramai, Wassana North, and Nong Yao D.

In terms of safety, Valeura completed its first full year of operations without any significant health, safety, or environmental incidents. Additionally, the company achieved a 20% reduction in its greenhouse gas emissions intensity compared to the baseline in 2023.

On the financial side, Valeura generated revenue of US$679 million, with an average price realization of US$81 per barrel. The company reported an Adjusted EBITDAX of US$378 million and adjusted cash flow from operations of US$273 million. This resulted in a strong cash position of US$259 million at the end of the year, alongside zero debt. Furthermore, Valeura reduced its asset retirement obligation (ARO) by 54% since taking operatorship of its Thai III petroleum concessions in early 2023.

Valeura also reported record-high year-end reserves, including 32 million barrels of proved (1P) reserves, 50 million barrels of proved plus probable (2P) reserves, and 60 million barrels of proved plus probable plus possible (3P) reserves. The company achieved an impressive 2P reserves replacement ratio of 245%, despite a 12% increase in production.

As of the end of 2024, Valeura's 2P net present value (NPV10) before tax increased to US$934 million, while the after-tax NPV10 grew to US$753 million. Additionally, the company's 2P net asset value after tax was US$1,012 million, equating to C$13.6 per share. The company also doubled its contingent resources to 48 million barrels compared to year-end 2023.