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 ...

Vermilion Energy Inc. (NYSE:VET) Annual General Meeting & Q1 2023 Results May 3, 2023 5:00 PM ET Company Participants Robert Michaleski – Chair Lars Glemser – Vice President and Chief Financial Officer Bryce Kremnica – Vice President, North America Darcy Kerwin – Vice President, International and Health Safety & Environment Jenson Tan – Vice President-Business Development Dion Hatcher – President and Chief Executive Officer Conference Call Participants Operator Good afternoon, ladies and gentlemen. Thank yo ...

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]

MARCH 9, 2023 | --- | --- | --- | |-------|----------------------------------------------------------------|----------------| | | VERMILION ENERGY | | | | | | | | Q4 2022 CONFERENCE CALL | | | | INTERNATIONALLY DIVERSIFIED \| FREE CASH FLOW FOCUSED \| | ESG LEADERSHIP | VERMILION 2022 HIGHLIGHTS ► Generated $1.6B of FFO and $1.1B of FCF, a year-overyear increase of 78% and 99%, respectively ► Net debt decreased by $300MM or 18% to $1.3B, while net debt to FFO ratio more than halved to 0.8x(1) ► Annual produ ...

[Financial & Operational Highlights](index=1&type=section&id=Highlights) The company achieved record full-year cash flow and reserves growth in 2022, with solid Q4 results despite significant one-time tax impacts [Full-Year 2022 Highlights](index=1&type=section&id=Year-end%202022%20Results) Vermilion achieved record 2022 financial results with a 78% increase in FFO and a 99% increase in FCF, enabling significant debt reduction and acquisitions 2022 Full-Year Key Financial Metrics | Metric | Value | Change (YoY) | | :--- | :--- | :--- | | Fund Flows from Operations (FFO) | $1.6 billion | +78% | | Free Cash Flow (FCF) | $1.1 billion | +99% | | Net Earnings | $1.3 billion | +14% | | Net Debt Reduction | >$300 million | N/A | | Shareholder Returns (Dividends & Buybacks) | >$100 million | N/A | | Net Debt to Trailing FFO Ratio | 0.8 times | Down from 1.8x in 2021 | - Total proved plus probable (2P) reserves increased by **9% to 523 mmboe**, replacing **234% of production**, with the after-tax net present value rising **36% to $8.9 billion**[6](index=6&type=chunk) - Financial results were impacted by **$406 million in realized hedging losses** and **$223 million in temporary European windfall taxes**[3](index=3&type=chunk) [Fourth Quarter 2022 Highlights](index=2&type=section&id=Fourth%20Quarter%202022%20Results) Q4 2022 FFO was significantly impacted by a full-year European windfall tax, while production saw a slight sequential increase led by North America Q4 2022 Financial and Production Summary | Metric | Q4 2022 Value | Note | | :--- | :--- | :--- | | Fund Flows from Operations (FFO) | $284 million | Includes $223M full-year windfall tax | | Free Cash Flow (FCF) | $115 million | Includes $223M full-year windfall tax | | Average Production | 85,450 boe/d | +1% vs Q3 2022 | | North American Production | 58,499 boe/d | +2% vs Q3 2022 | | International Production | 26,953 boe/d | -1% vs Q3 2022 | - Without the temporary windfall tax, Q4 2022 FFO would have been **$507 million** and FCF would have been **$338 million**[6](index=6&type=chunk) - Q4 production was affected by unplanned downtime in Australia, cold weather in North America, and a delayed startup of a Montney pad in Alberta[6](index=6&type=chunk) [Financial & Operational Summary](index=3&type=section&id=Financial%20%26%20Operational%20Summary) This section presents detailed comparative financial and operational data, highlighting year-over-year growth and key performance metrics [Consolidated Financial and Operational Data](index=3&type=section&id=Consolidated%20Financial%20and%20Operational%20Data) Key financial and operational metrics for Q4 and full-year 2022 show significant growth in sales and earnings compared to the prior year Key Financial Data Comparison ($M) | Financial Metric | Q4 2022 | Q4 2021 | 2022 (Full Year) | 2021 (Full Year) | | :--- | :--- | :--- | :--- | :--- | | Petroleum and natural gas sales | 842.7 | 765.9 | 3,476.4 | 2,079.8 | | Fund flows from operations | 284.2 | 322.2 | 1,634.9 | 919.9 | | Net earnings | 395.4 | 344.6 | 1,313.1 | 1,148.7 | | Capital expenditures | 169.3 | 145.8 | 551.8 | 374.8 | | Free cash flow | 114.9 | 176.4 | 1,083.0 | 545.1 | | Net debt | 1,344.6 | 1,644.8 | 1,344.6 | 1,644.8 | Key Operational Data Comparison | Operational Metric | Q4 2022 | Q4 2021 | 2022 (Full Year) | 2021 (Full Year) | | :--- | :--- | :--- | :--- | :--- | | Total Production (boe/d) | 85,450 | 84,417 | 85,187 | 85,408 | | Realized Crude Oil Price ($/bbl) | 115.02 | 96.88 | 123.89 | 83.78 | | Realized Natural Gas Price ($/mcf) | 17.43 | 17.89 | 18.99 | 9.53 | [Outlook and Guidance](index=3&type=section&id=Outlook) The company provides revised 2023 production guidance, maintains its capital budget, and announces increased shareholder returns [2023 Outlook](index=3&type=section&id=2023%20Outlook) Vermilion revised its 2023 production guidance down due to an asset sale and maintenance, while increasing its quarterly dividend by 25% - Revised 2023 production guidance to **82,000 to 86,000 boe/d**, down from 87,000 to 91,000 boe/d[10](index=10&type=chunk)[31](index=31&type=chunk) - The guidance change is driven by the sale of **5,500 boe/d of assets** in southeast Saskatchewan for **$225 million** and extended production downtime in Australia[10](index=10&type=chunk)[32](index=32&type=chunk) - The 2023 capital budget is unchanged at **$570 million**[10](index=10&type=chunk)[31](index=31&type=chunk) - Declared a **25% increase** in the quarterly dividend to **$0.10 CDN per share** for Q1 2023 and has repurchased **1.1 million shares** in 2023 to date[10](index=10&type=chunk)[34](index=34&type=chunk) [Message to Shareholders](index=4&type=section&id=Message%20to%20Shareholders) The company highlights its successful 2022 strategic execution, including debt reduction, and details a key non-core asset disposition [Strategic Achievements and Priorities](index=4&type=section&id=Strategic%20Achievements%20and%20Priorities) In 2022, Vermilion successfully reduced debt by $300 million, completed two strategic acquisitions, and returned over $100 million to shareholders - Reduced net debt by **$300 million** and exited 2022 with a net debt to trailing FFO ratio of **0.8 times**, less than half the prior year's ratio[24](index=24&type=chunk)[25](index=25&type=chunk) - Completed two key strategic acquisitions: the Irish Corrib consolidation to increase exposure to premium-priced European gas, and the Leucrotta Exploration deal to enter the Montney resource play[25](index=25&type=chunk)[28](index=28&type=chunk) - The next debt target is **$1.0 billion**, which will enable increased return of capital to shareholders[25](index=25&type=chunk) [Asset Disposition](index=6&type=section&id=Asset%20Disposition) Vermilion agreed to sell non-core assets in southeast Saskatchewan for $225 million to high-grade its portfolio and accelerate debt reduction - Agreed to sell **~5,500 boe/d** of non-core light oil assets in southeast Saskatchewan[30](index=30&type=chunk) - Total cash consideration is **$225 million**, with proceeds designated for debt repayment[30](index=30&type=chunk) - The strategic rationale is to high-grade the North American portfolio and accelerate deleveraging after the Montney acquisition[30](index=30&type=chunk) [Q4 2022 Operations Review](index=7&type=section&id=Q4%202022%20Operations%20Review) This section reviews Q4 2022 operational performance, detailing production drivers and drilling activities in North America and International segments [North America](index=7&type=section&id=North%20America) North American production increased 2% from the prior quarter, driven by new production from the first six-well Montney pad - Q4 2022 production averaged **58,499 boe/d**, up **2%** from Q3 2022[35](index=35&type=chunk) - Brought the first six-well Montney pad on production, with output from Montney assets reaching **7,500 boe/d** in December[35](index=35&type=chunk) - Advanced Montney development by receiving key permits in British Columbia and acquiring 11 sections of adjacent land at Mica[35](index=35&type=chunk) [International](index=7&type=section&id=International) International production decreased 1% from Q3, mainly due to natural declines and unplanned downtime in Australia - Q4 2022 production averaged **26,953 boe/d**, down **1%** from Q3 2022[37](index=37&type=chunk) - The decrease was primarily caused by natural decline in Netherlands/Germany and unplanned downtime in Australia[37](index=37&type=chunk) - Drilled one successful oil well in Germany and one successful gas well in the Netherlands; two exploratory wells in Croatia were not commercial[38](index=38&type=chunk) [2022 Reserve Report](index=8&type=section&id=2022%20Reserve%20Report) The company reports a 9% increase in 2P reserves to 523 mmboe with a strong production replacement ratio and provides a detailed reconciliation [Reserve Highlights and Costs](index=8&type=section&id=Reserve%20Highlights%20and%20Costs) At year-end 2022, Vermilion's 2P reserves increased 9% to 523 mmboe with an after-tax NPV10 value of $8.9 billion 2022 Year-End Reserve Highlights | Metric | Value | Change (YoY) | | :--- | :--- | :--- | | Total 2P Reserves | 523 mmboe | +9% | | 2P After-Tax NPV10 | $8.9 billion | +36% | | 2P Reserve Life Index | 16.8 years | +9% | | 2P Production Replacement | 234% | N/A | 2022 Finding, Development & Acquisition (FD&A) Costs | Metric | Value ($/boe) | | :--- | :--- | | 2P FD&A Cost (incl. FDC) | $19.22 | | 2P FD&A Operating Recycle Ratio | 4.4x | [Reconciliation of Reserves](index=9&type=section&id=Reconciliation%20of%20Reserves) This section provides a tabular reconciliation of reserve changes, showing additions from extensions and acquisitions offsetting production Reconciliation of 2P Reserves (mboe) | Category | North America | International | Vermilion Total | | :--- | :--- | :--- | :--- | | **Dec 31, 2021** | **357,780** | **123,227** | **481,007** | | Extensions & Improved Recovery | 47,369 | 3,223 | 50,592 | | Technical Revisions | (24,889) | (8,054) | (32,943) | | Acquisitions | 48,113 | — | 48,113 | | Production | (21,013) | (10,080) | (31,093) | | **Dec 31, 2022** | **412,045** | **110,745** | **522,790** | [Corporate Updates](index=9&type=section&id=Corporate%20Updates) This section outlines the company's current commodity hedging position and announces a key leadership promotion to CEO [Commodity Hedging](index=9&type=section&id=Commodity%20Hedging) As of March 2023, Vermilion has hedged 15% of its remaining 2023 production, focused primarily on European natural gas Hedging Position for Remainder of 2023 (as of March 8, 2023) | Commodity | Percentage Hedged | | :--- | :--- | | Total Net Production | 15% | | European Natural Gas | 50% | | Crude Oil | 0% | | North American Natural Gas | 13% | [Organizational Update](index=9&type=section&id=Organizational%20Update) Effective March 7, 2023, Mr. Dion Hatcher has been promoted to President and Chief Executive Officer and appointed to the Board of Directors - Mr. Dion Hatcher was promoted to **President and Chief Executive Officer** and appointed as a member of the Board of Directors, effective March 7, 2023[45](index=45&type=chunk) - Mr. Hatcher has been with Vermilion for **17 years** and was promoted to President on January 1, 2022[45](index=45&type=chunk)[46](index=46&type=chunk) [Non-GAAP and Other Specified Financial Measures](index=10&type=section&id=Non-GAAP%20and%20Other%20Specified%20Financial%20Measures) This section defines and provides detailed reconciliations for non-GAAP financial measures like FFO, FCF, and Net Debt [Definitions and Reconciliations](index=10&type=section&id=Definitions%20and%20Reconciliations) This section defines non-GAAP measures like FFO and FCF and reconciles them to their most comparable IFRS counterparts - **Fund flows from operations (FFO)** is used to assess the ability to generate income for dividends, debt repayment, and capital investments[52](index=52&type=chunk)[53](index=53&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[55](index=55&type=chunk)[56](index=56&type=chunk) - **Net debt** is a capital management measure comprised of long-term debt plus adjusted working capital, used to represent net financing obligations[63](index=63&type=chunk) Reconciliation of Net Debt ($M) | Component | As at Dec 31, 2022 | As at Dec 31, 2021 | | :--- | :--- | :--- | | Long-term debt | 1,081,351 | 1,651,569 | | Adjusted working capital | 265,111 | 9,284 | | Unrealized FX on swapped USD borrowings | (1,876) | (16,067) | | **Net debt** | **1,344,586** | **1,644,786** | [About Vermilion & Disclaimer](index=13&type=section&id=About%20Vermilion%20%26%20Disclaimer) This section provides a brief company overview and includes important disclaimers regarding forward-looking statements [Company Overview](index=13&type=section&id=Company%20Overview) Vermilion is an international energy producer focused on generating free cash flow and returning capital to shareholders - Vermilion is an international energy producer with assets in **North America, Europe, and Australia**[69](index=69&type=chunk) - The business model emphasizes **free cash flow generation** and returning capital to investors[69](index=69&type=chunk) - The company's stated priorities are **health and safety, the environment, and profitability**, in that order[70](index=70&type=chunk) [Forward-Looking Statements](index=14&type=section&id=Forward-Looking%20Statements) This section cautions that the document contains forward-looking statements subject to significant risks and uncertainties - The document includes forward-looking statements concerning future plans, including **capital expenditures, production guidance, debt reduction, and shareholder returns**[72](index=72&type=chunk) - These statements are based on assumptions about commodity prices, regulatory approvals, and operational success, which may prove incorrect[74](index=74&type=chunk) - Readers are warned not to place undue reliance on these statements as they are subject to numerous risks and uncertainties inherent in the oil and gas industry[75](index=75&type=chunk)

NOVEMBER 10, 2022 | --- | --- | --- | |-------|-------------------------------------------------------------------------|-------| | | VERMILION ENERGY | | | | | | | | Q3 2022 CONFERENCE CALL | | | | INTERNATIONALLY DIVERSIFIED \| FREE CASH FLOW FOCUSED \| ESG LEADERSHIP | | VERMILION Q3 2022 HIGHLIGHTS ► Record FFO(1) of $508MM driven by strong European gas prices ► FCF(1,2) of $324MM decreased 5% from prior quarter primarily due to Australia offshore drilling program ► ► Pro forma FFO/FCF incorporating the ...