Vermilion Energy Stock Price, News & Analysis

Vermilion Energy Inc. (NYSE: VET) has announced the release date for its 2023 first quarter operating and financial results, set for May 3, 2023, after market close. The interim financial statements will be accessible via SEDAR, EDGAR, and the company’s website. In conjunction with this, Vermilion will conduct its Annual General Meeting on the same day at 3:00 PM MT, which will be held virtually. Shareholders are urged to vote and can submit proxies by May 1, 2023. The Board recommends voting for all proposed items. Details are available on Vermilion's investor page, including links to essential documents.

Vermilion Energy Inc. (TSX: VET, NYSE: VET) has successfully completed the acquisition of Equinor Energy Ireland Limited, effective March 31, 2023. This acquisition enhances Vermilion's interest in the Corrib Natural Gas Project to 56.5%, making it the largest domestic natural gas supplier in Ireland. The total deal value is approximately US$434 million, with a net purchase price around $200 million after adjustments. The Corrib facility provides 7,000 boe/d of high-value natural gas production, contributing to 20% of Ireland's consumption. This strategic move bolsters Vermilion's international portfolio and supports its cash flow generation model.

Vermilion Energy Inc. (NYSE: VET) has successfully closed the sale of non-core assets in southeast Saskatchewan, generating gross proceeds of $225 million. This divestment includes approximately 5,500 boe/d of light oil production from the Arcola and Queensdale areas. The effective date of the transaction is noted as September 1, 2022. Proceeds will aid Vermilion in repositioning for long-term success, enhancing North American inventory, reducing unit costs, and expediting debt reduction targets. The move aligns with Vermilion's strategy of focusing on free cash flow generation and returning capital to investors.

Vermilion Energy Inc. (TSX: VET, NYSE: VET) reported significant financial growth for 2022, achieving record fund flows from operations (FFO) of $1.6 billion ($10.00/share), up 78% year-over-year. The company generated $1.1 billion in free cash flow (FCF), enabling $500 million in acquisitions and over $100 million returned to shareholders through dividends and buybacks. Despite facing $406 million in hedging losses and $223 million in temporary windfall taxes, net earnings increased 14% to $1.3 billion. Production averaged 85,187 boe/d, with a 9% rise in total proved plus probable reserves to 523 mmboe. The outlook includes the closing of the Corrib acquisition on March 31, 2023, aimed at enhancing European gas production.

Vermilion Energy Inc. (NYSE: VET) announced a cash dividend of $0.10 CDN per share for shareholders of record on March 31, 2023. This dividend will be paid on April 17, 2023 and qualifies as an eligible dividend under the Income Tax Act in Canada.

Vermilion focuses on creating value through the acquisition and optimization of energy assets in North America, Europe, and Australia. The company prioritizes free cash flow generation and committed capital returns to investors, emphasizing environmental, social, and governance (ESG) responsibilities.