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Vermilion Energy Inc. (TSX: VET, NYSE: VET) is an international energy producer with operations in North America, Europe, and Australia. The company specializes in the acquisition, exploration, development, and optimization of oil and gas-producing properties. Vermilion's diverse portfolio includes both conventional and unconventional resource plays, focusing on light oil and liquids-rich natural gas.
The company's core operations span from Canada and the United States to key European markets like Germany, Ireland, and Croatia, and even to Australia. Vermilion's business model aims to generate substantial free cash flow (FCF), which is strategically returned to investors through dividends and share buybacks. Notably, the company generated $1.1 billion in fund flows from operations in 2023, marking it as one of the strongest years in Vermilion's history.
Recent operational highlights include the successful restart of the Wandoo facility in Australia, the completion of a major turnaround at Ireland's Corrib facility, and the commencement of exciting new projects in North America's Mica Montney BC battery construction and Germany's gas exploration wells. These initiatives are expected to underpin Vermilion's long-term growth and sustainability.
Financially, the company has made significant strides in reducing debt and increasing operational efficiency. Q3 2023 results showed an 80% increase in free cash flow over the prior quarter, allowing Vermilion to fund dividends, reduce debt, and repurchase shares. Furthermore, the company has hedged a significant portion of its European gas production at favorable prices, providing stability and predictability to its revenue stream.
Vermilion is also committed to ESG (Environmental, Social, and Governance) principles, receiving recognition from leading rating agencies for its transparency and management of key environmental and social issues. The company places a high priority on health, safety, and environmental stewardship, aiming to mitigate risks and enhance operational sustainability.
With strategic community investments and a culture that emphasizes professional growth and safety, Vermilion has been recognized as one of the best workplaces in its operating regions. The strong leadership and collaborative spirit of its workforce continue to drive the company's success.
Vermilion Energy (VET) has announced a strategic acquisition of Westbrick Energy for $1.075 billion, expected to close in Q1 2025. The acquisition adds 50,000 boe/d of stable production and approximately 1.1 million acres of land in the Deep Basin, with over 700 drilling locations identified.
Key highlights include: four operated gas plants with 102 mmcf/d capacity, proved developed producing reserves of 92 million boe, and proved plus probable reserves of 256 million boe. The acquisition will be funded through Vermilion's undrawn credit facility and new debt facilities. Post-acquisition, Vermilion will become a 135,000 boe/d entity with >80% of production from its global gas franchise.
The company forecasts pro forma 2025 fund flows from operations of $1.2 billion and free cash flow of approximately $450 million based on forward commodity prices.
Vermilion Energy has announced its 2025 budget with key highlights including a capital expenditure budget of $600-625 million and production guidance of 84,000-88,000 boe/d, representing 2% growth. The company projects fund flows from operations of $1.0 billion and free cash flow of $400 million for 2025.
The company increased its quarterly cash dividend by 8% to $0.13 CDN per share, effective Q1 2025. Vermilion continues its share buyback program, having repurchased 16.8 million shares since July 2022, reducing share count by 4.8%. The company reported successful testing of its second deep gas exploration well in Germany, which flow tested at 21 mmcf/d with a wellhead pressure of 6,150 psi.
Vermilion Energy reported Q3 2024 fund flows from operations of $275 million ($1.76/basic share), a 16% increase from previous quarter, driven by stronger European gas prices. Production averaged 84,173 boe/d, up 2% year-over-year. The company invested $121 million in exploration and development, generating free cash flow of $154 million. Net debt decreased by $73 million to $833 million. Notable operational highlights include successful testing of a German deep gas exploration well at 17 mmcf/d and increased production in Croatia averaging 1,855 boe/d. The company returned $59 million to shareholders through dividends and share buybacks, representing 45% of excess free cash flow.
Vermilion Energy (TSX: VET) (NYSE: VET) has declared a cash dividend of $0.12 CDN per common share. The dividend will be paid on January 15, 2025 to shareholders of record as of December 31, 2024. The dividend qualifies as an eligible dividend under the Income Tax Act (Canada).
Vermilion Energy (TSX: VET) (NYSE: VET) has announced it will release its 2024 third quarter operating and financial results on Wednesday, November 6, 2024, after North American markets close. The company will host a conference call and webcast to discuss these results on Thursday, November 7, 2024, at 9:00 AM MST. The unaudited interim financial statements and management discussion will be available on SEDAR, EDGAR, and Vermilion's website. Interested participants can join via phone or webcast, with a replay available until November 21, 2024.
Vermilion Energy Inc. (TSX: VET) (NYSE: VET) has provided an operational update on key projects. In Germany, their first deep gas exploration well tested at 17 mmcf/d of natural gas, with tie-in operations progressing for production in H1 2025. A second exploration well is being drilled, with a farmdown agreement reducing their working interest to 30%. A third well is planned for Q4 2024.
In Croatia, production on the SA-10 block now exceeds 2,000 boe/d, while the SA-7 block's third well tested at 5.6 mmcf/d. In Canada, five Mica Montney wells achieved an average IP30 rate of over 1,000 boe/d per well. The company remains on track for Q3 2024 production of 83,000 to 85,000 boe/d and full-year guidance of 83,000 to 86,000 boe/d.
Vermilion has repurchased 7.5 million shares year-to-date and reaffirmed its quarterly dividend of $0.12 per share.
Vermilion Energy reported a Q2 2024 production average of 84,974 boe/d, a 2% YoY increase, driven largely by assets in Australia and Mica Montney. North American assets contributed 54,987 boe/d, while international assets added 29,987 boe/d. Fund flows from operations reached $237 million, with free cash flow at $126 million. The company returned $66 million to shareholders via dividends and buybacks.
Net debt decreased by $38 million to $907 million, the lowest in over a decade. Vermilion increased its annual production guidance to 83,000-86,000 boe/d while maintaining a capital budget of $600-$625 million. Q2 saw significant operational milestones including the completion of the Mica Montney battery and the SA-10 gas plant in Croatia. The quarterly dividend was announced at $0.12 per share, payable on October 15, 2024.
Vermilion Energy Inc. (TSX: VET) (NYSE: VET) has announced a cash dividend of $0.12 CDN per share, scheduled for payment on October 15, 2024. This dividend will be distributed to all shareholders of record as of September 27, 2024. The company has confirmed that this dividend qualifies as an eligible dividend under the Income Tax Act (Canada), which may have favorable tax implications for shareholders. This announcement demonstrates Vermilion's commitment to providing returns to its investors and may be indicative of the company's financial health and confidence in its future performance.
Vermilion Energy will release its Q2 2024 financial results on July 31, 2024, after North American markets close. These results will be accessible on SEDAR, EDGAR, and Vermilion's website. A conference call discussing the results will be held on August 1, 2024, at 9:00 AM MST. Additionally, Vermilion announced the renewal of its normal course issuer bid (NCIB), approved by the Toronto Stock Exchange, allowing the purchase of up to 15,689,839 common shares, or 10% of its public float, starting July 12, 2024, through July 11, 2025. Under the previous NCIB, Vermilion repurchased 7,451,594 shares at an average price of $16.27 per share. Vermilion aims to return 50% of excess free cash flow to shareholders in 2024 through dividends and share repurchases.
Vermilion Energy Inc. reported the voting results from its annual general meeting, where 42.64% of issued common shares were voted. The resolutions to approve the number of directors, elect directors, appoint auditors, approve By-Law No.2, and accept executive compensation were all passed with high percentages of votes in favor.
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