Veren announces strategic infrastructure transaction

Veren announces it has entered into a strategic long-term partnership with Pembina Gas Infrastructure related to certain infrastructure assets in the Alberta Montney and will receive net cash proceeds of $400 million related to this transaction. KEY HIGHLIGHTS: Directing $400 million of proceeds toward debt reduction, resulting in total expected debt reduction of $1.3 billion in 2024. Gaining operatorship of additional oil battery sites, further enhancing efficiencies and reducing operating costs. Renegotiated and consolidated multiple prior agreements resulting in reduced fees. Receiving priority access for all products and firm processing for 100 percent of capacity at Patterson Creek Gas Plant. Option to design, construct and operate certain future infrastructure assets with PGI funding up to $300 million.