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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 reported Q1 2022 financial results showcasing significant growth in fund flows from operations (FFO) at $390 million, a 21% increase from the prior quarter, and free cash flow (FCF) of $305 million, up 73%. Production averaged 86,213 boe/d, a 2% rise driven by North American and international assets. The company announced strategic acquisitions, including Leucrotta Exploration for $477 million, aiming to enhance its long-term cash flow and inventory. Vermilion reinstated a $0.06 CDN quarterly dividend and aims to achieve a $1.2 billion net debt target by the second half of 2022.
Vermilion Energy Inc. (TSX: VET) has successfully closed a private offering of US$400 million in 8-year senior unsecured notes, priced at 99.241% of par. The notes, which carry a fixed coupon of 6.875% per annum, are set to mature on May 1, 2030. Proceeds will be used to reduce the outstanding balance on Vermilion's revolving credit facility, which has been extended to May 29, 2026 and reduced to $1.6 billion. The offering was made on a prospectus-exempt basis in Canada and to qualified institutional buyers in the U.S.
Vermilion Energy Inc. announced a private offering of US$400 million in 8-year senior unsecured notes, priced at 99.241% of par with a 6.875% coupon, maturing on May 1, 2030. The offering is set to close on or about April 26, 2022. Proceeds will be used to reduce the credit facility from $2.1 billion to $1.6 billion. The notes will not be registered under U.S. Securities laws and will be offered solely to accredited institutional buyers. Forward-looking statements highlight the uncertainties surrounding the offering and its impact on the company’s financials.
Vermilion Energy Inc. (TSX: VET, NYSE: VET) has reported strong Q1 2022 results with production exceeding guidance at 86,200 boe/d. The operating netback is estimated at $59.72/boe, supported by high commodity prices. Fund flows from operations are projected between $380 - $390 million, while free cash flow is expected to be $295 - $305 million. Net debt decreased by $280 million to $1.365 billion. Vermilion aims to meet a $1.2 billion debt target in the second half of 2022, alongside acquisitions of Leucrotta Exploration and the Corrib project.
On April 19, 2022, Vermilion Energy Inc. (VET) announced plans to issue up to US$400 million in senior unsecured notes over eight years. The net proceeds will help reduce their outstanding credit facility from $2.1 billion to $1.6 billion. The offering is limited to qualified institutional buyers and is subject to market conditions. Furthermore, the company warned that the completion of this offer may face risks, including the potential inability to secure necessary approvals.
Vermilion Energy Inc. (TSX: VET, NYSE: VET) is set to release its 2022 first quarter operating and financial results on May 11, 2022, after market hours. The unaudited financial statements will be accessible on SEDAR, EDGAR, and Vermilion's website. The company is also holding its Annual General Meeting on the same day at 3:00 pm MT, which will be conducted virtually. Shareholders are urged to submit their proxies by May 9, 2022. Additional information is available on Vermilion's website.
Vermilion Energy has announced a strategic acquisition of Leucrotta Exploration for $477 million, aimed at enhancing its Montney oil and natural gas assets. This acquisition includes 77,000 net acres and is expected to generate over $200 million in annual free cash flow upon reaching a plateau production of 28,000 boe/d. Vermilion's 2022 production guidance has increased to 86,000-88,000 boe/d, with plans for significant capital investment. The deal is anticipated to close by mid-2022, supported by major shareholder agreements and a break fee of $20 million.
Vermilion Energy reported strong financial results for Q4 and full year 2021, with Q4 2021 fund flows from operations (FFO) increasing to $322 million, a 23% rise quarter-over-quarter driven by high commodity prices, particularly European natural gas. Net earnings for Q4 reached $345 million, reversing a prior loss. For 2021, FFO totaled $920 million, and free cash flow (FCF) was $545 million, representing year-over-year increases of 83% and 304%, respectively. The company plans a quarterly dividend of $0.06 per share and significantly reduced long-term debt, highlighting improved financial stability.
Vermilion Energy Inc. (TSX: VET) announced a cash dividend of $0.06 CDN per share, payable on April 18, 2022, to shareholders recorded on March 31, 2022. The ex-dividend date is set for March 30, 2022. This dividend qualifies as an eligible dividend under the Income Tax Act in Canada. Vermilion focuses on generating free cash flow and returning capital to investors, emphasizing health, safety, environmental protection, and profitability in its operations across North America, Europe, and Australia.
Vermilion Energy Inc. (TSX: VET, NYSE: VET) will release its 2021 fourth quarter and year-end operating and financial results on March 7, 2022, before North American markets open. The report will also include 2021 reserves information. Audited financial statements and management discussion will be available on SEDAR, EDGAR, and Vermilion's website. A conference call will follow at 9:00 AM MST for results discussion. For more information, visit Vermilion’s investor relations page.
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