Core Viewpoint - Vermilion Energy Inc. has received approval from the Toronto Stock Exchange to initiate a normal course issuer bid (NCIB) to repurchase up to 15,259,187 common shares, approximately 10% of its public float, over a twelve-month period starting July 12, 2025 [1][2]. Group 1: NCIB Details - The NCIB will allow the company to repurchase shares until July 11, 2026, with a daily purchase limit of 205,865 shares, which is 25% of the average daily trading volume of 823,460 shares over the six months ending June 30, 2025 [2]. - Vermilion plans to implement an automatic purchase plan (ASPP) with its broker to facilitate share purchases during self-imposed blackout periods, ensuring compliance with TSX regulations [3]. Group 2: Shareholder Returns - The company has a history of returning capital to shareholders, having paid over $40 per share in dividends since 2003, and plans to return 40% of excess free cash flow to shareholders in 2025 through dividends and share repurchases [4]. - Under the previous NCIB, which runs until July 11, 2025, Vermilion repurchased 5,631,463 shares at a weighted average price of $12.96 per share as of June 30, 2025 [5]. Group 3: Financial Reporting - Vermilion will release its second quarter operating and financial results on August 7, 2025, with a conference call scheduled for August 8, 2025, to discuss these results [6][7].

Core Viewpoint - Investors are increasingly seeking growth stocks that demonstrate above-average growth potential, with Vermilion Energy (VET) identified as a strong candidate due to its favorable growth metrics and Zacks Rank [2][9]. Group 1: Earnings Growth - Vermilion's historical EPS growth rate stands at 13.5%, but projected EPS growth for this year is an impressive 152.3%, significantly surpassing the industry average of 36.7% [4]. - Double-digit earnings growth is preferred by growth investors as it indicates strong future prospects and potential stock price increases [3]. Group 2: Asset Utilization - The asset utilization ratio (sales-to-total-assets ratio) for Vermilion is 0.32, indicating that the company generates $0.32 in sales for every dollar in assets, which is higher than the industry average of 0.31 [5]. Group 3: Sales Growth - Vermilion's sales are projected to grow by 15% this year, contrasting sharply with the industry average of 0% [6]. Group 4: Earnings Estimate Revisions - The current-year earnings estimates for Vermilion have been revised upward by 9.5% over the past month, indicating a positive trend that correlates with potential stock price movements [7][9]. Group 5: Overall Positioning - Vermilion has achieved a Zacks Rank of 2 (Buy) and a Growth Score of B, positioning it well for potential outperformance in the growth stock category [9].

Core Viewpoint - Vermilion Energy (VET) shares have seen a 1.2% increase over the past four weeks, closing at $7.4, with a potential upside indicated by Wall Street analysts' price targets suggesting a mean estimate of $9.6, representing a 29.7% upside [1] Price Targets and Estimates - The average of 10 short-term price targets ranges from a low of $7.18 to a high of $12.52, with a standard deviation of $1.79, indicating variability among analysts [2] - The lowest estimate suggests a 3% decline from the current price, while the highest estimate indicates a 69.2% upside [2] - Analysts' consensus on price targets is often questioned, as they may not accurately reflect future stock prices [3][7] Earnings Estimates and Analyst Agreement - Analysts are optimistic about VET's earnings prospects, with a strong agreement in revising EPS estimates higher, which correlates with potential stock price increases [4][11] - The Zacks Consensus Estimate for the current year has increased by 9.5% over the past month, with no negative revisions [12] - VET holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimates [13] Conclusion on Price Movement - While consensus price targets may not be reliable for predicting the extent of VET's gains, they can provide a directional guide for potential price movements [14]

Core Viewpoint - Vermilion Energy Inc. has entered into a definitive agreement to sell its United States assets for cash proceeds of $120 million, aiming to strengthen its balance sheet through debt repayment [1][3][4]. Financial Summary - The net proceeds from the transaction will be used for debt repayment, with an expected net debt of $1.3 billion by the end of 2025, resulting in a trailing net debt to FFO ratio of 1.3 times [3][4]. - The updated 2025 capital budget is adjusted to a range of $630 to $660 million, reflecting a reduction of approximately $100 million from the previous range [6][7]. - Full year and second half 2025 production is expected to range between 117,000 to 122,000 boe/d, with 68% of production being natural gas-weighted in the second half of 2025 [6][7]. Asset Details - The assets sold consist of approximately 5,500 boe/d of production, with 81% being oil and liquids, and approximately 10 mmboe of Proved Developed Producing reserves [4][5]. - The transaction has an effective date of January 1, 2025, and is anticipated to close in Q3 2025, subject to customary closing conditions [4][5]. Strategic Focus - This transaction, along with the previous sale of East Finn assets in 2023, completes Vermilion's exit from the United States, allowing the company to concentrate on its core gas-weighted assets in Canada and Europe [5][11]. - Over 90% of future production is expected to come from the global gas portfolio, with over 80% of capital allocated to these assets [6][11]. Operational Metrics - The company expects to maintain a royalty rate of 8-10% of sales and has adjusted operating costs to $13.00 - $14.00 per boe [7][8]. - Cash taxes are projected to be between 4-8% of pre-tax FFO [7][8].

Core Viewpoint - Vermilion Energy Inc. has announced the divestment of its Saskatchewan and Manitoba assets for $415 million in cash, aiming to strengthen its balance sheet and improve financial position through debt repayment and deleveraging processes [1] Asset Overview: Production, Reserves and Liabilities - The divested assets produce approximately 10,500 barrels of oil equivalent per day (boe/d) and are expected to yield about $110 million of annual net operating income at current strip commodity prices [2] - The assets include Proved Developed Producing reserves of approximately 30 million boe and have undiscounted future abandonment liabilities worth $250 million [3] Revised 2025 Outlook - Following the asset sale, Vermilion expects its full-year average daily production to be in the range of 120,000-125,000 boe, with capital expenditures projected between $680 million and $710 million, reflecting a $50 million reduction due to the divestment [4] - The company plans to focus on increasing free cash flow rather than growing production in 2025 and 2026, amid extreme volatility in the energy market [4]

Core Viewpoint - Vermilion Energy Inc. has entered into a definitive agreement to sell its Saskatchewan and Manitoba assets for cash proceeds of $415 million, aimed at debt repayment and strengthening its balance sheet [1][2]. Financial Summary - The net proceeds from the transaction will be used for debt repayment, with an expected net debt of $1.5 billion by the end of 2025, resulting in a trailing net debt to FFO ratio of 1.4 times [2][7]. - The assets being sold currently produce approximately 10,500 boe/d, with 86% being oil and liquids, and are forecasted to generate about $110 million in annual net operating income at current commodity prices [3][4]. - The transaction is expected to close in Q3 2025, subject to regulatory approvals [3]. Production and Capital Expenditure - Assuming a mid-Q3 2025 close, Vermilion anticipates full-year 2025 production to average between 120,000 to 125,000 boe/d, with capital expenditures projected between $680 to $710 million, reflecting a reduction of approximately $50 million due to the divested assets [4][5]. - The company will prioritize free cash flow over production growth during 2025 and 2026 amid increased market volatility [4]. Strategic Direction - The transaction is part of Vermilion's strategic plan to enhance its asset portfolio, focusing on long-duration, scalable assets with high return on capital opportunities [5]. - The company aims to strengthen its balance sheet and provide more capital allocation flexibility for its core Canadian and European assets [5][8]. Operational Insights - Vermilion emphasizes health and safety, environmental protection, and profitability as its top priorities [10]. - The company operates in North America, Europe, and Australia, focusing on the exploitation of light oil and liquids-rich natural gas [9].

Core Points - Vermilion Energy Inc. held its annual meeting of shareholders on May 7, 2025, with 77,221,704 common shares representing 50.03% of the total shares voted [1] - The meeting resulted in the approval of various resolutions, including the election of eight directors and the appointment of Deloitte LLP as auditors [2][4] Group 1: Voting Results - The resolution to fix the number of directors at eight was approved with 98.49% votes in favor [2] - The election of the eight nominees for the board received significant support, with individual votes for each nominee ranging from 94.59% to 96.06% [3] - The appointment of Deloitte LLP as auditors was approved with 97.09% votes in favor [4] Group 2: Executive Compensation and Incentive Plan - The advisory resolution on executive compensation was accepted with 94.36% votes in favor [4] - The unallocated entitlements under the Omnibus Incentive Plan were approved with 93.73% votes in favor [5] Group 3: Board Changes - Robert B. Michaleski and Timothy R. Marchant did not stand for re-election and retired from the board, with the company expressing appreciation for their contributions [5] Group 4: Company Overview - Vermilion is a global gas producer focused on creating value through acquisition, exploration, and optimization of assets in North America, Europe, and Australia [7] - The company emphasizes free cash flow generation and returning capital to investors, alongside strategic community investment [8]

[Company Overview and Q1 2025 Highlights](index=6&type=section&id=Company%20Overview%20and%20Q1%202025%20Highlights) [Q1 2025 Performance Highlights](index=6&type=section&id=Q1%202025%20Performance%20Highlights) Vermilion generated **$256 million** FFO and **$74 million** FCF in Q1 2025, with production averaging **103,115 boe/d**, boosted by the Westbrick acquisition and successful German deep gas exploration | Financial Metric | Q1 2025 | Q4 2024 | | :--- | :--- | :--- | | Fund Flows from Operations (FFO) | $256 million | $263 million | | Free Cash Flow (FCF) | $74 million | $62 million | | Production | 103,115 boe/d | 83,536 boe/d | | Net Debt | $2,063 million | $967 million | - Closed the Westbrick acquisition, adding approximately **50,000 boe/d** and establishing a dominant position in the Deep Basin of Alberta, with identified operational and development synergies of approximately **$100 million (NPV10)**[18](index=18&type=chunk)[40](index=40&type=chunk)[47](index=47&type=chunk) - Successfully tested the Wisselshorst deep gas exploration well in Germany, with a combined test flow rate of **41 mmcf/d** from two zones, and the Osterheide well was brought online, producing at a restricted rate of approximately **7 mmcf/d**[18](index=18&type=chunk)[49](index=49&type=chunk)[51](index=51&type=chunk) - Reduced drilling, completion, equipment, and tie-in (DCET) costs at the Mica Montney to approximately **$9 million per well**, improving development economics and representing a significant reduction in future development costs[18](index=18&type=chunk) [2025 Outlook and Guidance](index=6&type=section&id=2025%20Outlook%20and%20Guidance) Vermilion's 2025 capital budget and guidance remain unchanged, prioritizing free cash flow and debt reduction, with Q2 production forecasted at **134,000-136,000 boe/d** | Category | 2025 Current Guidance | | :--- | :--- | | Production (boe/d) | 125,000 - 130,000 | | E&D capital expenditures ($MM) | $730 - 760 | - Q2 2025 production is anticipated to average between **134,000 to 136,000 boe/d** (**62% natural gas**), reflecting the full contribution from the Westbrick acquisition[18](index=18&type=chunk)[54](index=54&type=chunk) - The company is prepared to adjust its capital program if necessary due to market volatility, supported by approximately **$1 billion of liquidity** and no near-term debt maturities[18](index=18&type=chunk)[42](index=42&type=chunk) - A quarterly cash dividend of **$0.13 per common share** was declared, payable on July 15, 2025[18](index=18&type=chunk) [Message to Shareholders](index=11&type=section&id=Message%20to%20Shareholders) Management emphasized the strategic Westbrick acquisition and European gas exploration, while actively managing market volatility and initiating asset divestitures for debt reduction - The combination of the Westbrick acquisition, European gas exploration success, and Mica Montney development enhances Vermilion's profile as a **global gas producer**[40](index=40&type=chunk) - The company is managing market volatility with over **50% of net-of-royalty production hedged** for the remainder of 2025, approximately **$1 billion in liquidity**, and no near-term debt maturities[42](index=42&type=chunk) - A formal sales process for oil-weighted assets in Saskatchewan and Wyoming (approx. **15,000 boe/d** in Q1) was initiated to accelerate debt reduction and reallocate capital to growth assets[41](index=41&type=chunk) [Financial Performance](index=25&type=section&id=Financial%20Performance) [Consolidated Financial Results (Q1 2025)](index=25&type=section&id=Consolidated%20Financial%20Results%20(Q1%202025)) Q1 2025 FFO decreased **41%** to **$256 million** due to lower derivative gains, while net earnings increased significantly to **$15 million**, and sales grew **12%** to **$568.8 million** | ($M except per share) | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Petroleum and natural gas sales | 568,846 | 508,035 | +12% | | Fund flows from operations (FFO) | 256,029 | 431,358 | -41% | | FFO per share | $1.66 | $2.68 | -38% | | Net earnings | 14,953 | 2,305 | +549% | | Capital expenditures | 182,119 | 190,442 | -4% | - The decrease in FFO was primarily driven by lower realized gains on derivative contracts, which fell by **$209.5 million** compared to the prior-year period[107](index=107&type=chunk) - The significant increase in net earnings was mainly due to a **$175.1 million** positive change in unrealized derivative losses compared to Q1 2024[103](index=103&type=chunk) [Production Analysis](index=27&type=section&id=Production%20Analysis) Q1 2025 total production increased **21%** year-over-year to **103,115 boe/d**, driven by the Westbrick acquisition and growth in natural gas and NGLs | Production | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Crude oil and condensate (bbls/d) | 32,386 | 32,695 | -1% | | NGLs (bbls/d) | 9,167 | 7,046 | +30% | | Natural gas (mmcf/d) | 369.36 | 274.59 | +35% | | **Total (boe/d)** | **103,115** | **85,505** | **+21%** | - The increase in consolidated production was primarily the result of the Westbrick acquisition, which closed at the end of February 2025[108](index=108&type=chunk) - North American production averaged **73,760 boe/d**, a **41% increase** from Q4 2024, while International production averaged **29,355 boe/d**, a **6% decrease** from Q4 2024[44](index=44&type=chunk)[123](index=123&type=chunk)[132](index=132&type=chunk) [Segment Performance](index=31&type=section&id=Segment%20Performance) North American operations generated **$115.5 million** FFO on **73,760 boe/d**, while International operations generated **$174.4 million** FFO on **29,355 boe/d**, benefiting from premium European gas prices [North America](index=31&type=section&id=North%20America) North American operations saw a **41%** production increase, driven by the Westbrick acquisition and active drilling programs across multiple basins | North America (Q1 2025) | $M | $/boe | | :--- | :--- | :--- | | Sales | 266,417 | 40.13 | | Fund flows from operations | 115,506 | 17.39 | | Drilling and development | (130,810) | - | - Production increased **41%** from the previous quarter, primarily due to the Westbrick acquisition and resumption of production following prior quarter downtime[123](index=123&type=chunk) - Key activities included drilling **5 Montney wells**, **4 Deep Basin wells** (including Westbrick), **2 Saskatchewan wells**, and participating in **2 non-operated US wells**[111](index=111&type=chunk)[124](index=124&type=chunk)[125](index=125&type=chunk) [International](index=33&type=section&id=International) International operations generated higher FFO despite lower volumes, benefiting from premium European natural gas prices and new production from Croatia | International (Q1 2025) | $M | $/boe | | :--- | :--- | :--- | | Sales | 302,429 | 117.22 | | Fund flows from operations | 174,350 | 67.58 | | Capital Expenditures (D&D + E&E) | (51,309) | - | - Sales increased year-over-year despite lower volumes, driven by higher realized European natural gas prices and new production from Croatia[136](index=136&type=chunk) - Key activity was in Germany, with the drilling of two wells, including the Weissenmoor South deep gas exploration well, and bringing the Osterheide well online[133](index=133&type=chunk) [Commodity Prices and Realizations](index=29&type=section&id=Commodity%20Prices%20and%20Realizations) Mixed commodity prices influenced results, with European natural gas (TTF) surging **77%** and Vermilion's realized gas price at **$7.80/mcf**, significantly above AECO | Benchmark Prices (Q1 2025) | Price | YoY Change | | :--- | :--- | :--- | | WTI (US $/bbl) | $71.42 | -7% | | Dated Brent (US $/bbl) | $75.66 | -9% | | AECO ($/mcf) | $2.17 | -13% | | TTF ($/mcf) | $20.81 | +77% | - Vermilion's average realized natural gas price was **$7.80/mcf**, benefiting from a premium on European pricing, with approximately **28%** of its gas production exposed to this premium[18](index=18&type=chunk)[121](index=121&type=chunk) - European natural gas prices increased significantly due to higher global LNG demand, the termination of Russian gas exports through Ukraine, and below-average storage levels[121](index=121&type=chunk) [Financial Position and Capital Management](index=39&type=section&id=Financial%20Position%20and%20Capital%20Management) [Debt and Liquidity](index=39&type=section&id=Debt%20and%20Liquidity) Net debt more than doubled to **$2.1 billion** by March 31, 2025, primarily for the Westbrick acquisition, increasing the net debt to FFO ratio to **1.7x**, while maintaining over **$1 billion** in liquidity | Metric | Mar 31, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Long-term debt | $1,874.0 M | $963.5 M | | Net debt | $2,062.8 M | $966.9 M | | Net debt to four quarter trailing FFO | 1.7x | 0.8x | - The increase in long-term debt was driven by the Westbrick acquisition, funded by a new **$450 million term loan** and a **US$400 million (2033) senior notes issuance**, partially offset by the repayment of **US$300 million (2025) notes**[114](index=114&type=chunk)[175](index=175&type=chunk)[182](index=182&type=chunk) - As of March 31, 2025, Vermilion had **$1,020.6 million** in unutilized capacity on its revolving credit facility[172](index=172&type=chunk)[274](index=274&type=chunk) [Capital Expenditures](index=27&type=section&id=Capital%20Expenditures) Q1 2025 capital expenditures totaled **$182.1 million**, a **4% decrease** year-over-year, with spending primarily in North America and Germany's deep gas exploration program | Capital Expenditures by Country ($M) | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Canada | 125,643 | 124,282 | | United States | 5,167 | 12,227 | | Germany | 25,235 | 24,028 | | Other International | 25,074 | 29,905 | | **Total** | **182,119** | **190,442** | - North American capital of **$130.8 million** was focused on drilling and completion activities in the Montney and Deep Basin[111](index=111&type=chunk) - International capital of **$51.3 million** was primarily directed towards drilling in Germany (**$25.2M**), facilities work in Australia (**$9.7M**), and a gas field interconnector project in the Netherlands (**$7.7M**)[111](index=111&type=chunk) [Shareholder Returns](index=43&type=section&id=Shareholder%20Returns) Vermilion returned **$37 million** to shareholders in Q1 2025, comprising **$20 million** in dividends (increased to **$0.13/share**) and **$17 million** in share buybacks - Declared a quarterly dividend of **$0.13 per share**, an increase from the previous **$0.12 per share**[18](index=18&type=chunk)[188](index=188&type=chunk) - Repurchased and cancelled **1.3 million common shares** for a total of **$16.6 million** under the NCIB program during Q1 2025[18](index=18&type=chunk)[190](index=190&type=chunk) - Total dividends declared in Q1 2025 amounted to **$20.0 million**[19](index=19&type=chunk)[288](index=288&type=chunk) [Business and Strategy](index=11&type=section&id=Business%20and%20Strategy) [Westbrick Energy Acquisition](index=11&type=section&id=Westbrick%20Energy%20Acquisition) Vermilion acquired Westbrick Energy for **$1.1 billion**, adding **50,000 boe/d** and establishing a dominant Deep Basin position, with integration progressing ahead of schedule and **$100 million (NPV10)** synergies identified - Acquired Westbrick Energy for total consideration of **$1.1 billion**, paid with cash and **1.1 million Vermilion shares**[259](index=259&type=chunk) - The acquisition adds a production base of over **75,000 boe/d** in the Deep Basin and over **1.1 million net acres of land**[41](index=41&type=chunk) - Identified operational and development synergies, including longer laterals, improved gas marketing, and infrastructure optimization, valued at approximately **$100 million (NPV10)**[18](index=18&type=chunk)[47](index=47&type=chunk) [European Exploration Program](index=13&type=section&id=European%20Exploration%20Program) Germany's deep gas exploration program proved **85 Bcf (60 Bcf net)** reserves, with the Wisselshorst well testing at **41 mmcf/d**, and an estimated after-tax NPV of **$150 million** for three wells - The three-well deep gas program in Germany has proven up **85 Bcf (60 Bcf net)** from the first two wells and identified a structure supporting up to six follow-up drilling locations[52](index=52&type=chunk) - The Wisselshorst well tested at a combined restricted rate of **41 mmcf/d** from two zones and is expected to come on production in H1 2026[18](index=18&type=chunk)[49](index=49&type=chunk) - The after-tax net present value of the three wells drilled to date is estimated at approximately **$150 million ($1.00/basic share)**, with positive cash flow beginning in Q2 2025[52](index=52&type=chunk) [Asset Portfolio Management](index=11&type=section&id=Asset%20Portfolio%20Management) Vermilion initiated a formal sales process for Saskatchewan and Wyoming oil assets (**15,000 boe/d**) to accelerate debt reduction and began relinquishing its Kadarkut license in Hungary - Initiated a formal sales process for oil-weighted assets in Saskatchewan and Wyoming, which produced approximately **15,000 boe/d** in Q1 2025[41](index=41&type=chunk) - Proceeds from potential divestments will be used to accelerate debt reduction and free up capital for long-term growth assets[41](index=41&type=chunk) - The company has initiated the process to relinquish the Kadarkut license in Hungary with an expected minimal economic impact[53](index=53&type=chunk) [Supplementary Information](index=2&type=section&id=Supplementary%20Information) [Hedging Strategy](index=15&type=section&id=Hedging%20Strategy) Vermilion hedged **52%** of its expected net-of-royalty production for the remainder of 2025 to manage commodity price volatility and stabilize cash flows - In aggregate, **52%** of expected net-of-royalty production is hedged for the remainder of 2025[57](index=57&type=chunk) | Commodity | % Hedged (Remainder of 2025) | | :--- | :--- | | European Natural Gas | 55% | | Crude Oil | 42% | | North American Natural Gas | 55% | [Non-GAAP and Other Specified Financial Measures](index=16&type=section&id=Non-GAAP%20and%20Other%20Specified%20Financial%20Measures) The report utilizes non-GAAP measures like FFO, FCF, and Net Debt to provide additional insight into performance, with reconciliations to IFRS measures provided - Fund flows from operations (FFO) is used to assess the ability to generate income for dividends, debt repayment, and capital investments[20](index=20&type=chunk)[63](index=63&type=chunk) - Free cash flow (FCF) is defined as FFO less capital expenditures and is used to determine funding available for investing and financing activities[24](index=24&type=chunk)[67](index=67&type=chunk) - Net debt is a capital management measure calculated as long-term debt plus adjusted working capital deficit, representing net financing obligations[26](index=26&type=chunk)[78](index=78&type=chunk) [Key Disclosures and Risks](index=2&type=section&id=Key%20Disclosures%20and%20Risks) The report contains forward-looking statements subject to risks like operational hazards, commodity price volatility, and regulatory changes, with financial statements prepared under IFRS - The document contains forward-looking statements concerning capital expenditures, production guidance, business strategies, and other future outcomes, which are subject to numerous risks and assumptions[5](index=5&type=chunk)[6](index=6&type=chunk)[7](index=7&type=chunk) - Key risks include operational hazards, geological uncertainties, commodity price volatility, foreign exchange fluctuations, and regulatory changes[7](index=7&type=chunk)[195](index=195&type=chunk) - The scope of internal controls over financial reporting for Q1 2025 excludes the recently acquired Westbrick Energy, as permitted by regulations[198](index=198&type=chunk)

Group 1 - Vermilion Energy (NYSE: VET) is a gas company that is trading near its 52-week low, despite the fact that gas companies are trading near their 52-week highs [1] - Two-thirds of Vermilion's funds from operations (FFO) come from gas, indicating a significant reliance on this segment [1] Group 2 - The article highlights the disparity in trading performance between Vermilion Energy and other gas companies, suggesting potential undervaluation [1]

Company Performance - Vermilion Energy reported quarterly earnings of $0.07 per share, missing the Zacks Consensus Estimate of $0.17 per share, and showing an earnings surprise of -58.82% [1] - The company posted revenues of $396.23 million for the quarter ended March 2025, which was 3.54% below the Zacks Consensus Estimate and an increase from $376.85 million year-over-year [2] - Over the last four quarters, Vermilion has not surpassed consensus EPS estimates and has topped revenue estimates only once [2] Stock Outlook - Vermilion shares have declined approximately 33.8% since the beginning of the year, contrasting with the S&P 500's decline of -4.7% [3] - The current consensus EPS estimate for the upcoming quarter is -$0.07 on revenues of $446.64 million, and for the current fiscal year, it is $0.04 on revenues of $1.8 billion [7] Industry Context - The Oil and Gas - Exploration and Production - International industry, to which Vermilion belongs, is currently ranked in the bottom 15% of over 250 Zacks industries, indicating a challenging environment [8] - Empirical research suggests that the performance of stocks in this industry can be significantly influenced by the overall industry outlook [8]