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Vermilion Energy(VET) - 2024 Q4 - Annual Report
2025-03-05 22:20
FORM 6-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 REPORT OF FOREIGN PRIVATE ISSUER Pursuant to Rule 13a-16 or 15d-16 Under the Securities Exchange Act of 1934 For the month of March 2025 Commission File Number: 001-35829 Vermilion Energy Inc. (Exact name of registrant as specified in its charter) 3500, 520 – 3 Avenue S.W., Calgary, Alberta T2P 0R3 (Address of principal executive offices) Form 20-F ☐ Form 40-F ☒ Exhibit Exhibit Description 99.1 News Release dated March 5, 2025 ...
Vermilion Energy Inc. Announces Results for the Year Ended December 31, 2024 and Significant European Gas Discovery
Prnewswire· 2025-03-05 22:01
Core Viewpoint - Vermilion Energy Inc. reported strong operational and financial results for the year ended December 31, 2024, with significant increases in fund flows from operations and free cash flow, alongside successful exploration activities in Europe and strategic acquisitions in North America [21][25][39]. Financial Performance - Petroleum and natural gas sales for Q4 2024 were $504.4 million, compared to $490.1 million in Q3 2024 and $523.0 million in Q4 2023, totaling $1.98 billion for the year [6][7]. - Fund flows from operations (FFO) reached $1.206 billion, or $7.63 per basic share, representing a 6% increase over the prior year [7][21]. - Free cash flow (FCF) was $583 million, marking a 9% increase on a per basic share basis relative to 2023 [7][21]. - The net loss for the year was $47 million, a significant improvement from a net loss of $238 million in the prior year [7][8]. - Net debt decreased by over $110 million to $967 million, with a net debt to trailing FFO ratio of 0.8 times [7][21]. Production and Reserves - Average production for 2024 was 84,543 boe/d, with a production mix of 54% natural gas and 46% crude oil and liquids [7][21]. - Year-end proved developed producing (PDP) reserves were 168 mmboe, while total proved plus probable (2P) reserves were 435 mmboe, reflecting a reserve life index of 5.4 years and 14.1 years, respectively [7][35]. - The after-tax net present value of PDP reserves is estimated at $2.8 billion, and for 2P reserves, it is $5.2 billion, or $27.62 per basic share after deducting year-end net debt [7][35]. Exploration and Development - Vermilion executed its largest exploration drilling campaign in Europe in 2024, achieving 100% success on six exploration wells, notably in Germany [22][23]. - The Wisselshorst well tested at a restricted rate of 21 mmcf/d, with an estimated recoverable natural gas of 68 Bcf, marking Vermilion's largest discovery in Europe in the past decade [22][23][31]. - In Canada, the company expanded its Montney asset, nearly doubling production capacity to approximately 14,000 boe/d, with plans for further expansion [24][25]. Strategic Initiatives - The acquisition of Westbrick Energy Ltd. added approximately 50,000 boe/d of liquids-rich natural gas production, enhancing Vermilion's operational scale and inventory quality [25][39]. - The company launched a formal sales process for its southeast Saskatchewan and Wyoming assets, aiming to maximize shareholder value and accelerate deleveraging efforts [26][39]. - Vermilion's 2025 capital budget and production guidance have been revised to incorporate the Westbrick acquisition, with expected production ranging between 125,000 to 130,000 boe/d [7][39].
Vermilion Energy Inc. Announces $0.13 CDN Cash Dividend for April 15, 2025 Payment Date
Prnewswire· 2025-03-05 22:00
Core Viewpoint - Vermilion Energy Inc. has announced a cash dividend of $0.13 CDN per common share, payable on April 15, 2025, to shareholders of record on March 31, 2025 [1] Company Overview - Vermilion is a global gas producer focused on creating value through the acquisition, exploration, development, and optimization of producing assets in North America, Europe, and Australia [2] - The company's business model emphasizes free cash flow generation and returning capital to investors when economically warranted, supplemented by value-adding acquisitions [2] - Vermilion's operations focus on exploiting light oil and liquids-rich natural gas resources in North America, as well as exploring and developing conventional natural gas and oil opportunities in Europe and Australia [2] Corporate Priorities - The company's priorities are health and safety, environmental protection, and profitability, in that order [3] - Vermilion places a strong emphasis on the safety of the public and its workforce, as well as the protection of natural surroundings [3] - The company also emphasizes strategic community investment in each of its operating areas [3]
Vermilion Energy Inc. Announces Closing of the Acquisition of Westbrick Energy Ltd. and Confirms Q4 2024 Release Date and Conference Call Details
Prnewswire· 2025-02-26 16:41
Core Viewpoint - Vermilion Energy Inc. has successfully completed the acquisition of Westbrick Energy Ltd., enhancing its production capacity and operational synergies in the Deep Basin trend of Alberta [1][2]. Acquisition Details - The acquisition adds stable annual production of 50,000 barrels of oil equivalent per day (boe/d), comprising 75% gas and 25% liquids, along with approximately 1.1 million acres of land [2]. - The deal includes four operated gas plants with a total capacity of 102 million cubic feet per day (mmcf/d) [2]. - Vermilion has identified over 700 future drilling locations on the acquired acreage, with half-cycle internal rates of return (IRRs) ranging from 40% to over 100% based on estimates from McDaniel & Associates [2]. Financial Considerations - Westbrick shareholders have the option to receive up to 1.7 million Vermilion common shares, with certain shareholders electing to receive 1.1 million shares valued at $14.2 million [3]. - The remaining consideration for the acquisition will be paid in cash, funded through cash on hand, a new $450 million term loan, and an undrawn $1.35 billion revolving credit facility [3]. Future Guidance - Vermilion plans to provide updated 2025 budget and financial guidance reflecting the increased scale of the company following the acquisition during the release of its Q4 2024 results on March 5, 2025 [4].
Vermilion Energy (VET) Expected to Beat Earnings Estimates: Should You Buy?
ZACKS· 2025-02-26 16:05
Core Viewpoint - Vermilion Energy (VET) is anticipated to report a year-over-year decline in earnings due to lower revenues for the quarter ended December 2024, with actual results potentially impacting its near-term stock price [1][3]. Earnings Expectations - The consensus estimate for Vermilion's quarterly earnings is $0.36 per share, reflecting a year-over-year decrease of 62.1%. Revenues are projected to be $358.35 million, down 6.7% from the previous year [3]. Estimate Revisions - Over the last 30 days, the consensus EPS estimate has been revised 171.43% higher, indicating a reassessment by analysts regarding the company's earnings prospects [4][10]. Earnings Surprise Prediction - The Zacks Earnings ESP model shows a positive Earnings ESP of +19.44%, suggesting that analysts have recently become more optimistic about Vermilion's earnings [10][11]. Historical Performance - In the last reported quarter, Vermilion was expected to post earnings of $0.33 per share but only achieved $0.24, resulting in a surprise of -27.27%. Over the last four quarters, the company has only beaten consensus EPS estimates once [12][13]. Investment Considerations - While Vermilion is seen as a compelling earnings-beat candidate, investors are advised to consider other factors that may influence stock performance beyond just earnings results [14][16].
Vermilion Energy Inc. Announces the Closing of Its Senior Unsecured Notes Offering
Prnewswire· 2025-02-11 15:33
Core Viewpoint - Vermilion Energy Inc. has successfully closed a private offering of US$400 million in senior unsecured notes with a fixed coupon of 7.250% per annum, maturing on February 15, 2033 [1] Group 1: Offering Details - The offering consists of eight-year senior unsecured notes totaling US$400 million [1] - The notes will pay interest semi-annually starting August 15, 2025 [1] - The notes are not registered under the U.S. Securities Act and will be sold only to accredited investors in Canada and qualified institutional buyers in the U.S. [2] Group 2: Company Overview - Vermilion Energy is an international energy producer focused on creating value through the acquisition, exploration, development, and optimization of producing assets in North America, Europe, and Australia [4] - The company emphasizes free cash flow generation and returning capital to investors when economically justified, alongside value-adding acquisitions [4] - Vermilion's operations target light oil and liquids-rich natural gas resources, both conventional and unconventional, in North America, and conventional natural gas and oil opportunities in Europe and Australia [4] Group 3: Company Priorities - The company's priorities are health and safety, environmental protection, and profitability, in that order [5] - Vermilion places a strong emphasis on community investment in its operating areas [5] - The company is publicly traded on the Toronto Stock Exchange and the New York Stock Exchange under the symbol VET [5]
Vermilion Energy Inc. Announces the Pricing of Its Unsecured Notes Offering
Prnewswire· 2025-01-28 22:00
Core Viewpoint - Vermilion Energy Inc. announced a private offering of up to US$400 million in eight-year senior unsecured notes with a fixed coupon of 7.250% per annum, aimed at refinancing existing debt and funding an acquisition [1]. Group 1: Offering Details - The New Notes will have a maturity date of February 15, 2033, and will be issued in an aggregate principal amount of US$400 million [1]. - The offering is expected to close on or about February 11, 2025, subject to customary closing conditions [1]. - The net proceeds from the New Notes will be used for various purposes, including redeeming existing senior notes, funding the acquisition of Westbrick Energy Ltd., and covering transaction fees [1]. Group 2: Regulatory Information - The New Notes have not been registered under the U.S. Securities Act and will only be offered to institutional accredited investors in Canada and qualified institutional buyers in the U.S. [2]. - The offering will be made on a prospectus-exempt basis, adhering to applicable securities laws [2]. Group 3: Company Overview - Vermilion is an international energy producer focused on creating value through the acquisition, exploration, development, and optimization of producing assets in North America, Europe, and Australia [8]. - The company's business model emphasizes free cash flow generation and returning capital to investors when economically warranted, alongside value-adding acquisitions [8]. - Vermilion prioritizes health and safety, environmental protection, and profitability in its operations [9].
Vermilion Energy Inc. Announces Proposed Issuance of US$400 Million Senior Unsecured Notes
Prnewswire· 2025-01-28 13:07
Core Viewpoint - Vermilion Energy Inc. plans to issue up to US$400 million in senior unsecured notes to finance various corporate activities, including the redemption of existing notes and the acquisition of Westbrick Energy Ltd [1]. Group 1: Offering Details - The company intends to issue eight-year senior unsecured notes in a private offering to qualified institutional buyers [1]. - The net proceeds from the new notes will be used for multiple purposes, including redeeming existing senior notes, funding the Westbrick acquisition, and covering transaction fees [1]. Group 2: Company Overview - Vermilion is an international energy producer focused on creating value through the acquisition, exploration, development, and optimization of producing assets in North America, Europe, and Australia [7]. - The company's business model emphasizes free cash flow generation and returning capital to investors when economically justified, supplemented by value-adding acquisitions [8]. - Vermilion prioritizes health and safety, environmental protection, and profitability in its operations [9].
Vermilion Energy Inc. Announces Filing of Westbrick Financial Information and Increase to Term Loan Facility
Prnewswire· 2025-01-28 13:04
CALGARY, AB, Jan. 28, 2025 /PRNewswire/ - Vermilion Energy Inc. ("Vermilion" or the "Company") (TSX: VET) (NYSE: VET) has filed certain financial information relating to its proposed acquisition of Westbrick Energy Ltd. on its profile on SEDAR+ (www.sedarplus.ca). In addition, the Company has received commitments and consent from lenders to increase the previously announced fully underwritten term loan maturing May 2028 from $250 million to $450 million.About VermilionVermilion is an international energy pr ...
Vermilion Energy: Brick By Brick, Deal By Deal
Seeking Alpha· 2025-01-15 08:15
Vermilion Energy (NYSE: VET )(TSX: VET:CA ) has a significant asset base in Europe, with a large part of that being liquid natural gases. VET estimates that European gas production will be responsible for 37% of the total fund flowsMy name is Maxime and I like to write about finances and share my views on various companies and their potential as an investment opportunity. My preferred sector is industrial. I live and work in Europe and we have a very long and proud history of being an industrial superpower ...