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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 Inc. (TSX: VET, NYSE: VET) has filed an early warning report following its acquisition of over 2% additional common shares in Coelacanth Energy Inc. The transactions occurred between June 20, 2022, and October 3, 2022, with Vermilion purchasing 7,057,322 shares for $4.8 million and exercising 1,444,804 warrants for about $0.4 million. Post transactions, Vermilion controls 69,342,595 shares, amounting to 16.3% of Coelacanth's outstanding shares. The acquisitions aimed to enhance Vermilion's investment in Coelacanth.
Vermilion Energy Inc. (TSX: VET, NYSE: VET) has corrected the ex-dividend date for its Q3 2022 dividend payment. The new ex-dividend date is September 28, 2022, changed from the previous date of September 29, 2022, due to a statutory holiday on September 30, 2022. The dividend payment is scheduled for October 17, 2022, with all other details remaining unchanged from the August 11, 2022, press release.
Vermilion Energy reported strong Q2 2022 results with fund flows from operations (FFO) of $453 million ($2.75/share), a 16% increase from Q1, and free cash flow (FCF) of $340 million ($2.07/share), a 12% increase. The Q3 dividend increased by 33% to $0.08/share, totaling an annual payment of $53 million. The company is focusing on reducing debt with a target of $1.2 billion by year-end 2022 and has implemented a return of capital framework, anticipating a return of up to 25% of FCF in the second half of 2022 and 50% to 75% in 2023.
Vermilion Energy Inc. (TSX: VET, NYSE: VET) has declared a 33% increase to its quarterly cash dividend, now at $0.08 CDN per share. This dividend will be paid on October 17, 2022 to shareholders on record as of September 30, 2022, with an ex-dividend date of September 29, 2022. The dividend qualifies as an eligible dividend under Canada’s Income Tax Act. Vermilion focuses on enhancing free cash flow and returning capital to investors.
Vermilion Energy (TSX: VET, NYSE: VET) will release its Q2 2022 financial results on August 11, 2022, after market close. The unaudited financial statements and management analysis for the three and six months ending June 30, 2022 will be accessible on SEDAR, EDGAR, and the company's website. A conference call will occur on August 12, 2022, at 7:00 AM MST to discuss the results. Investors can access the call at www.vermilionenergy.com. Vermilion emphasizes free cash flow and strategic acquisitions.
Vermilion Energy Inc. (TSX: VET) announced approval from the Toronto Stock Exchange for a normal course issuer bid (NCIB) to repurchase up to 16,076,666 common shares, about 10% of its public float, starting July 6, 2022, and expiring no later than July 5, 2023. This move supports Vermilion's strategy to return capital to shareholders, having paid over $40 per share in dividends since 2003. The company aims to enhance shareholder returns as it approaches a debt target of $1.2 billion and projects $1.8 billion in free cash flow for 2022.
Vermilion Energy Inc. (TSX: VET, NYSE: VET) announced on June 1, 2022, the appointment of Myron Stadnyk to its Board of Directors. With over 35 years of industry experience, he previously served as President and CEO of ARC Resources Ltd., successfully transforming it into a leading Montney producer. Stadnyk also holds positions on the boards of Crescent Point Energy Corp. and Prairie Sky Royalty Ltd. His expertise in operational effectiveness and governance is expected to enhance Vermilion's ongoing success.
Vermilion Energy has successfully closed the acquisition of Leucrotta Exploration, targeting the Mica property with 81,000 acres of Montney mineral rights in Alberta and British Columbia. The deal, valued at $1.73 per Leucrotta share, aims to enhance Vermilion's drilling prospects, identifying 275 low-risk drilling locations expected to deliver strong returns over the next two decades. The recent surge in North American gas prices bolsters the profitability of this acquisition, which integrates seamlessly into Vermilion's existing Canadian asset base.
Vermilion Energy Inc. (TSX: VET) announced the voting results from its annual meeting held on May 11, 2022. A total of 69,579,996 common shares, or 42.75% of issued shares, were voted. Key resolutions included fixing the number of directors at nine, electing ten nominees as directors, appointing Deloitte LLP as auditors, and approving the Omnibus Incentive Plan. Notably, the resolutions received strong support, with over 96% voting in favor of each. The company emphasizes free cash flow generation and returning capital to investors while maintaining high health and safety standards.
Vermilion Energy Inc. (TSX: VET, NYSE: VET) announced a cash dividend of $0.06 CDN per share, payable on July 15, 2022, to shareholders of record on June 30, 2022. The ex-dividend date is set for June 29, 2022. This dividend qualifies as an eligible dividend under the Income Tax Act in Canada. Vermilion is focused on generating free cash flow and returning capital to investors, with operations in North America, Europe, and Australia. The company's emphasis on health, safety, and environmental sustainability has garnered recognition from ESG agencies.
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