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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) 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.
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.
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