Valeura Energy Posted Record Oil Output in Q4 2024

SEATTLE (Oil Monster): In the final quarter of 2024, the Canadian corporation Valeura Energy Inc. reported that its average oil output reached a record level. Additionally, the company's oil sales during the quarter exceeded production volumes, mostly due to a larger-than-normal inventory position. As of the end of the previous year, the corporation had 0.64 million barrels of crude oil in stock.

An average of 26,109 barrels of oil were produced every day throughout the quarter, according to a press release from the business. Compared to the previous quarter, this is 18% higher, and compared to the same quarter last year, it is 36% higher. In Q4 of last year, 2.95 million barrels of oil were sold, which was a 67% increase from Q3 2024 and a 48% increase over Q4 2023.

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The increased oil production during the quarter was partly due to the Nong Yao C field extension, which recorded a full quarter production. August of the previous year was when the field went online. The output was also influenced by the Jasmine field's infill drilling program. It should be mentioned that in November, the last three wells of the field were put into service.

President and CEO Sean Guest stated that the company's cash position has been further reinforced by the record oil production and sales in Q4, providing a strong foundation for the start of 2025. He noted that the average oil production for 2025 is expected to be between 23,000 and 25,500 barrels per day.