VERMILION VERMILION ENERGY Q3 2023 CONFERENCE CALL INTERNATIONALLY DIVERSIFIED FREE CASH FLOW FOCUSED ESG LEADERSHIP Q3 2023 HIGHLIGHTS | --- | --- | --- | --- | --- | --- | --- | --- | |-------|---------|------------------------------------------------------------------------------------------------------------------------------|-------------------------------|-------------------|--------------------|-------------------------------------------|-------| | | • \no | Q3 production was at top end of guidance r ...

Vermilion Energy Inc. (NYSE:VET) Q3 2023 Earnings Conference Call November 2, 2023 11:00 AM ET Company Participants Dion Hatcher - President, Chief Executive Officer Lars Glemser - Vice President & Chief Financial Officer Darcy Kerwin - Vice President, International and HSE Conference Call Participants Travis Wood - National Bank Financial Dennis Fong - CIBC Operator Good morning. My name is Sylvie, and I will be your conference operator today. At this time, I would like to welcome everyone to the Vermilio ...

Production and Operations - Production averaged 82,727 boe/d in Q3 2023, at the top end of guidance, with Q4 2023 guidance set at 86,000 to 89,000 boe/d[31]. - North American production averaged 56,758 boe/d in Q3 2023, a 5% increase from the prior quarter, driven by recovery from fire-related downtime[36]. - International production averaged 25,969 boe/d in Q3 2023, an 11% decrease primarily due to a planned turnaround at the Corrib facility[41]. - The company commenced drilling on its first exploration gas well in Germany as part of a two-well program, with site preparation for a gas plant in Croatia underway[33]. - The Mica Montney BC battery construction began in August 2023, with expected operational status by mid-2024, supporting future growth[39]. - Total production in Q3 2023 was 82,727 boe/d, a 2% decrease from 84,237 boe/d in Q3 2022, with crude oil and condensate production down 16%[75]. - The Wandoo facility in Australia resumed production in early September 2023, with forecasts of approximately 4,000 bbls/d in Q4 2023[111]. - The Corrib facility in Ireland is expected to produce approximately 10,000 boe/d in Q4 2023 following a successful turnaround[111]. - Crude oil and condensate production in North America averaged 20,883 bbls/d in Q3 2023, compared to 19,778 bbls/d in Q2 2023, reflecting a 5.6% increase[203]. - International crude oil and condensate production was 10,534 bbls/d in Q3 2023, up from 9,564 bbls/d in Q2 2023, marking a 10.1% increase[202]. Financial Performance - Fund flows from operations (FFO) reached $270 million in Q3 2023, with free cash flow (FCF) of $144 million, an 80% increase from the prior quarter[32]. - Q3 2023 sales reached $475.532 million, a decrease from $964.678 million in Q3 2022, with a sales per barrel of $62.92 compared to $127.39[49]. - Fund flows from operations for Q3 2023 were $270.218 million, down from $507.876 million in Q3 2022, with a fund flow per barrel of $35.76[51]. - Free cash flow for Q3 2023 was $144.579 million, significantly lower than $323.861 million in Q3 2022[50]. - Net earnings for Q3 2023 were $57.309 million, compared to $271.079 million in Q3 2022[49]. - Dividends declared in Q3 2023 totaled $16.367 million, an increase from $13.031 million in Q3 2022, representing 58% of fund flows from operations[55]. - Cash flows from operating activities decreased by $638.3 million to $680.7 million for the nine months ended September 30, 2023, compared to the prior year[88]. - For the nine months ended September 30, 2023, net earnings totaled $565.5 million, a decrease of 38% from $917.7 million in the same period in 2022, attributed to lower FFO and a loss from the sale of southeast Saskatchewan assets[87]. - The return on capital employed (ROCE) for the twelve months ended September 30, 2023, was 26%, down from 32% in the previous year[216]. Debt and Capital Management - Net debt decreased by 6% to $1.2 billion, resulting in a trailing net debt-to-FFO ratio of 1.2 times[32]. - The company is on track to achieve its debt target in Q1 2024 and plans to increase returns of capital to shareholders[35]. - Long-term debt decreased to $1.0 billion as of September 30, 2023, from $1.1 billion at the end of 2022, mainly due to repayments of $113.7 million[95]. - Net debt as of September 30, 2023, was $1.243 billion, a decrease from $1.345 billion at the end of 2022, with a net debt to trailing fund flows from operations ratio of 1.2[59]. - The ratio of net debt to four-quarter trailing fund flows from operations increased to 1.2 as of September 30, 2023, from 0.8 at the end of 2022, due to lower fund flows[95]. - The company revised its 2023 capital expenditure guidance to $590 million, up from the previous $570 million, reflecting accelerated Montney development[70]. - Capital expenditures for Q3 2023 were $125.639 million, down from $184.015 million in Q3 2022[53]. - Year-to-date capital expenditures reached $447.304 million, up 17% from $382.512 million in the same period of 2022[196]. Market Conditions and Pricing - Approximately 20% of the company's commodity exposure is to European gas, with hedges locking in 38% of 2024 European gas production at an average floor price of $33 per mmbtu[34]. - Crude oil prices decreased by 8% for WTI and 12% for Brent in Q3 2023 compared to Q3 2022, with Canadian dollar WTI averaging $110.33/bbl[96][98]. - European natural gas prices linked to NBP and TTF decreased by 67% and 81% respectively on a day-ahead basis year-over-year, reflecting lower demand and high storage levels[99]. - The average total production for Q3 2023 was 82,727 boe/d, compared to 85,450 boe/d in Q4 2022, indicating a decline of 3.0%[202]. - The average natural gas sales price was $6.32 per mcf in Q3/23, a decrease from $7.37 in Q2/23, indicating market volatility[205]. Risk Management and Hedging - Vermilion has outstanding risk management positions with a total of 12,500 bbl of WTI sold for Q4 2023 at a price of $79.00[191]. - The company is actively managing its exposure to market fluctuations through a diversified portfolio of energy derivatives[192]. - The realized hedging gain for the total company in Q3 2023 was $9.74/boe, compared to a loss of $6.91/boe in Q3 2022, indicating a positive shift in hedging performance[188]. - Vermilion's strategy includes a focus on risk management through various derivatives and swaps, ensuring price stability in volatile markets[192]. Acquisitions and Investments - Acquisitions in Q3 2023 amounted to $5.238 million, compared to $6.220 million in Q3 2022[57]. - Vermilion acquired an additional 36.5% interest in the Corrib Natural Gas Project for $192.4 million, increasing its operated interest to 56.5% and making it the largest provider of domestic natural gas in Ireland[146]. - The company reported a total of $3,191 million in acquisitions net of cash acquired for YTD 2023, significantly lower than $506.715 million in YTD 2022[196]. Operational Efficiency and Cost Management - Operating expenses in North America decreased to $63.138 million in Q3 2023 from $73.583 million in Q3 2022, primarily due to lower maintenance and fuel costs[108]. - Operating expenses per boe were $(16.26) in Q3/23, down from $(17.91) in Q2/23, indicating better operational efficiency[205]. - The operating netback for Canada in Q3 2023 was $42.39/boe, down from $45.24/boe in Q3 2022, indicating a decrease of 1.85%[187]. Shareholder Returns - Vermilion purchased 0.6 million common shares under the normal course issuer bid (NCIB) for a total consideration of $11.6 million during Q3 2023[170]. - Vermilion's NCIB allows for the purchase of up to 16.31 million common shares, representing approximately 10% of outstanding shares, from July 12, 2023, to July 11, 2024[169].

VERMILION VERMILION ENERGY Q2 2023 CONFERENCE CALL INTERNATIONALLY DIVERSIFIED FREE CASH FLOW FOCUSED ESG LEADERSHIP Q2 2023 HIGHLIGHTS • Q2 production increased 1% over prior quarter: o Added ~7,000 boe/d of European gas from the Corrib acquisition, partially offset by the sale of higher-cost assets in SE Sask o Organic production added from the Mica Montney, United States and SE Sask was largely offset by fire-related downtime in AB • Generated $247MM of FFO and $80MM of FCF | --- | |--------------------- ...

Vermilion Energy Inc. (NYSE:VET) Q2 2023 Earnings Conference Call August 3, 2023 11:00 AM ET Company Participants Dion Hatcher - President & Chief Executive Officer Lars Glemser - Vice President & Chief Financial Officer Darcy Kerwin - Vice President, International & Health Safety & Environment Conference Call Participants Amir Arif - ATB Capital Operator Good morning. My name is Julie, and I will be your conference operator today. At this time, I would like to welcome everyone to the Vermilion Energy Q2 Co ...

Exhibit 99.1 Disclaimer Certain statements included or incorporated by reference in this document may constitute forward-looking statements or information under applicable securities legislation. Such forward-looking statements or information typically contain statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", or similar words suggesting future outcomes or statements regarding an outlook. Forward looking statements or information in this document may in ...

Such forward looking statements or information are based on a number of assumptions, all or any of which may prove to be incorrect. In addition to any other assumptions identified in this document, assumptions have been made regarding, among other things: the ability of Vermilion to obtain equipment, services and supplies in a timely manner to carry out its activities in Canada and internationally; the ability of Vermilion to market crude oil, natural gas liquids, and natural gas successfully to current and ...

Financial Data and Key Metrics Changes - In 2022, the company generated record fund flows of $1.6 billion and record free cash flow of $1.1 billion, representing year-over-year increases of 78% and 99% respectively [39] - The company exited 2022 with net debt of $1.3 billion, resulting in a net debt to fund flow ratio of 0.8 times, the lowest leverage in over 10 years [40] - For Q1 2023, the company reported $253 million of fund flows and $98 million of free cash flow, with production averaging 82,455 BOEs per day [40][41] Business Line Data and Key Metrics Changes - Production from North American operations averaged 60,046 BOE per day, a 3% increase from the prior quarter, primarily due to new production from Alberta, Deep Basin, and Montney assets [43] - International operations averaged 22,408 BOE per day, down from the prior quarter due to unplanned downtime in Australia [45] - The company drilled 7 wells in Canada, with strong production results from Deep Basin wells and improvements in Montney development [43][44] Market Data and Key Metrics Changes - The company benefited from strong European gas prices due to its internationally diversified asset base [38] - The acquisition of Corrib significantly enhanced the company's exposure to European gas [38] Company Strategy and Development Direction - The company remains focused on financial discipline, reducing net debt, and returning capital to shareholders through dividends and share buybacks [39][61] - The Montney asset is identified as a primary focus for future growth, with plans to drill 12 wells in 2024 [52][59] - The company aims to balance debt reduction with increasing shareholder returns, projecting approximately $1.2 billion of fund flows for 2023 [62] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's long-term success, highlighting significant progress in strengthening the balance sheet and high grading the asset base [65] - The company anticipates further improvements in operational execution and productivity, particularly in the Montney asset [52][59] Other Important Information - The company reinstated its quarterly dividend in Q1 and commenced a share buyback program, returning a total of $46 million to shareholders in the quarter [42] - The company has reduced net debt by 50% and increased fund flows by 50% compared to the 2018-2020 period [62] Q&A Session Summary Question: What is the company's outlook for the Montney asset? - The Montney asset is a primary focus for the company, with plans to drill 12 wells in 2024 and expectations for strong deliverability and high liquid content [52][59] Question: How does the company plan to return capital to shareholders? - The company plans to allocate the majority of free cash flow to debt reduction until achieving a debt target of $1 billion, with incremental capital returns primarily through share buybacks [61] Question: What are the expectations for production in 2023? - The company maintains production guidance of 82,000 to 86,000 BOEs per day for 2023, including the impact from the Corrib acquisition [60]

MAY 3, 2023 ANNUAL GENERAL MEETING INTERNATIONALLY DIVERSIFIED | FREE CASH FLOW FOCUSED | ESG LEADERSHIP VERMILION 2 AGENDA ►Formal Business ►Presentation from the President & CEO ► 2022 Review ► Q1 2023 Results ►2023 Outlook FORMAL BUSINESS 3 VERMILION ENERGY BOARD OF DIRECTORS James J. Kleckner Jr. Robert B. Michaleski Dion Hatcher Carin S. Knickel Stephen P. Larke Dr. Timothy R. Marchant William B. Roby Manjit K. Sharma Judy A. Steele Myron M. Stadnyk 4 VERMILION ENERGY EXECUTIVE COMMITTEE Dion Hatcher P ...

Financial Data and Key Metrics Changes - Vermilion Energy generated record fund flows of $1.6 billion and record free cash flow of $1.1 billion, representing year-over-year increases of 78% and 99% respectively [5] - The company reduced net debt by $300 million, exiting the year with net debt of $1.3 billion and a net debt to fund flow ratio of 0.8 times, the lowest leverage in over 10 years [6][36] - In Q4 2022, fund flows were reported at $284 million, which included the full year impact of temporary EU windfall taxes; excluding this tax, Q4 fund flow would have been $507 million [7] Business Line Data and Key Metrics Changes - Production for Q4 was 85,450 BOE per day, slightly up from the prior quarter, impacted by unplanned downtime in Australia and third-party downtime in North America [8] - North American assets averaged production of 58,499 BOE per day, a 2% increase from the prior quarter, mainly due to new production from Montney assets [8] - International assets averaged 26,953 BOE per day, down slightly from the prior quarter due to natural decline in the Netherlands and Germany, as well as lower-than-anticipated production in Australia [12] Market Data and Key Metrics Changes - European gas prices averaged $48 per MMBtu in 2022, with a range from just under $30 to over $120; however, prices have decreased recently due to a warmer winter [16][17] - Approximately 40% of the forecasted 2023 corporate gas production is produced in Europe, sold directly into the European market [17] Company Strategy and Development Direction - The company is focused on financial discipline, strategic acquisitions, and enhancing its asset base, including the acquisition of Leucrotta Exploration to enter the Montney resource play [4][36] - Vermilion plans to return up to 25% of free cash flow to shareholders until achieving a debt target of $1 billion, after which it intends to increase shareholder returns [33][49] Management's Comments on Operating Environment and Future Outlook - Management expects elevated European gas prices to persist due to strong fundamentals, including declining domestic supply and reduced Russian pipeline supply [20][21] - The company views the recent agreements with First Nations in British Columbia as a positive development for future resource development [10] Other Important Information - The company completed a divestment of approximately 5,500 BOE per day of non-core light oil assets for $225 million, part of a strategy to reposition for long-term success [22][24] - Vermilion's proved plus probable reserves increased by 9% to 523 million BOE, with a reserve life index of 16.8 years [14][15] Q&A Session Summary Question: Montney development plans and production outlook for 2024 - Management confirmed plans to drill nine wells in 2023, with seven in Alberta and two in British Columbia, and discussed plans for 2024 to ramp up production to 12,000 to 13,000 BOE per day [39][44] Question: Negative technical revisions in reserves - Management explained that technical revisions were primarily in Saskatchewan, aligning with capital allocation priorities and the acquisition of Montney assets [45] Question: Shareholder capital returns and buyback strategy - Management indicated that the focus for 2023 is on achieving the $1 billion debt target while balancing shareholder returns through buybacks and dividends [49]