Accessibility StatementSkip Navigation CALGARY, AB, Oct. 22, 2025 /PRNewswire/ -Â Vermilion Energy Inc. ("Vermilion", "We", "Our", or the "Company") (TSX: VET) (NYSE: VET)Â will release its 2025 third quarter operating and condensed financial results on Wednesday, November 5, 2025, after the close of North American markets. The unaudited interim financial statements and management discussion and analysis for the three and nine months ended September 30, 2025 will be available on the System for Electronic Do ...

Core Insights - The Muhlenkamp Fund, once a top performer in the 1990s, faced significant challenges during the tech boom and financial crisis, leading to a drastic decline in assets and performance [1][3] - Under the management of Jeffrey Muhlenkamp, the fund has recently outperformed the S&P 500, achieving an average annual return of 17.56% over the past five years [5] - The fund has shifted its investment strategy to include a significant allocation in gold stocks, reflecting concerns over inflation and geopolitical instability [7][8] Historical Performance - The Muhlenkamp Fund's assets grew from approximately $200 million in the late 1990s to over $3 billion before the financial crisis, but fell to $1 billion by the end of 2009 [2][3] - An investment in the fund yielded less than 9% annually over 15 years, compared to a 12% return from the S&P 500 [3] Management Transition - Jeffrey Muhlenkamp took over the fund in 2020 after a military career, aiming to revitalize the investment strategy while maintaining core principles established by his father [4] Investment Strategy - The fund currently allocates 19% of its $400 million in assets to gold stocks, which have seen significant price increases, with gold prices more than doubling in the last five years [7][8] - The investment philosophy emphasizes companies with high return on equity and a focus on inflation trends, adapting to current market conditions [9] Key Holdings - Major holdings include Microsoft, Berkshire Hathaway, and Apple, with a focus on companies that provide steady cash flow rather than just growth potential [10] - The fund's longest-held investment, Rush Enterprises, has yielded significant returns, highlighting a successful consolidation strategy in the truck dealership sector [10] Market Outlook - The fund is cautious about AI investments, drawing parallels to past market bubbles and emphasizing the potential for a downturn in capital spending [11] - The portfolio has shifted towards manufacturing and healthcare sectors, which are currently out of favor, indicating a contrarian investment approach [10]

Core Viewpoint - The Australian market has seen nearly $40 billion in failed buyouts this year, the highest in fifteen years, primarily due to regulatory risks and misaligned valuations [1][3]. Group 1: Market Overview - The ADNOC-led consortium's $18.7 billion bid for Santos, Australia's second-largest gas producer, is among the notable deals that have collapsed this year [1][2]. - The total value of failed deals has reached the highest level since 2010, raising concerns about the feasibility of large-scale transactions in Australia [3]. Group 2: Regulatory Environment - A lengthy approval process involving the Australian Competition and Consumer Commission (ACCC), Foreign Investment Review Board (FIRB), and other agencies has made deal execution more challenging [3]. - New ACCC rules effective from January 1 require mandatory pre-approval for most deals, adding complexity to the deal-making landscape [4][5]. Group 3: Industry Sentiment - Despite public equity markets being at record highs and funding being readily available, factors such as technological disruption and new regulatory requirements have hindered M&A activity [4]. - The ACCC's push for a mandatory approval process has created uncertainty and added burdens to deal activity, contrasting with previous voluntary approval options [5].

Group 1: Central Bank Actions - The U.S. Federal Open Market Committee implemented a 25 basis point rate cut, with only Governor Stephen Miran dissenting for a larger 50 basis point cut [2] - The Bank of Canada also cut rates, while the People's Bank of China maintained its position, and the Hong Kong Monetary Authority followed the Fed's lead [2] - The Bank of England is expected to announce its decision later, followed by the Bank of Japan [2] Group 2: Market Reactions - After a decline on Wall Street, Asian markets rebounded, with S&P 500 e-minis rising 0.5% and Nasdaq futures increasing by 0.7% [3] - European futures are also showing positive movement, with pan-region futures up 0.6%, German DAX futures gaining 0.7%, and FTSE futures increasing by 0.2% [3] - Bond markets rallied, with the yield on 10-year Treasury notes decreasing to 4.068% from 4.076% [3] Group 3: Commodity and Currency Movements - The dollar remained stable at 97.024 after recovering from a three-and-a-half-year low [4] - Gold prices fluctuated, last trading at $3,659.40 per ounce after reaching a record high [4] Group 4: Company-Specific Developments - Santos shares fell by as much as 13.6% after a consortium led by ADNOC withdrew its $18.7 billion bid due to failure to agree on commercial terms [6] - Brent crude oil prices decreased by 0.2% to $67.84 per barrel [6] Group 5: Upcoming Economic Indicators - Key corporate earnings reports are expected from Auto Trader Group, Embracer Group, and Next [6] - The UK will release GfK Consumer Confidence data for September [6] - France is set to conduct government debt auctions for various maturities [6]

By Scott Murdoch and Christine Chen SYDNEY (Reuters) - Australian gas producer Santos' shares fell nearly 14% on Thursday after a consortium led by Abu Dhabi National Oil Company scrapped its $18.7 billion bid for the company, saying commercial terms could not be agreed. While analysts raised concern about a third failed takeover bid for Santos in seven years, investors shrugged it off, saying the company was set to benefit from two projects due to start producing soon in Australia and Alaska. "They sho ...

Energean, a gas producer, secured $4bn worth of new long-term Israeli gas offtake contracts in the first half of 2025 (H1 2025), ended 30 June. This strategic move has significantly bolstered the company’s contract pipeline to $20bn over the next two decades. Despite this positive development, Energean’s financial performance in the first half of the year has been affected by a series of operational challenges including a planned shutdown for essential works and a government-mandated suspension of produc ...

Financial Data and Key Metrics Changes - FY 2025 marked a record year for the company with production of 26.6 petajoules equivalent, up 17% from FY 2024 [6] - Record revenue of $268 million, a 22% increase compared to FY 2024 [6] - Underlying EBITDAX reached $173.9 million, up 36% year-over-year, with a margin of 65% [6][27] - Adjusted cash from operations was CAD 160.5 million, a 40% increase from FY 2024 [6][30] - Unit production costs decreased by 10% to $2.33 per gigajoule [6][29] Business Line Data and Key Metrics Changes - Average annual group production rate was 73 terajoules equivalent per day, exceeding targets [2][28] - The East Coast supply project (ECSP) is on track to bring gas online as early as 2028 [4] - Average processing rate at the August plant was 62 terajoules per day, a 25% increase from FY 2024 [10] - The Athena gas plant's average processing rate was 9.4 terajoules per day, with significant reliability improvements [13] Market Data and Key Metrics Changes - Average realized gas prices increased to approximately $10 per gigajoule, a 12% rise compared to FY 2024 [4] - Over 30% of Orbost volumes were sold into spot markets, up 15% from the previous year [36] - The Sydney spot market often trades at a premium to the Victorian market, contributing to higher realized prices [37] Company Strategy and Development Direction - The company is focused on transformational growth through the ECSP, targeting to backfill the Athena gas plant with up to 90 terajoules a day by 2028 [41] - Continuous improvement programs have identified over 70 initiatives aimed at cost reductions and efficiency [5][16] - The company aims to maximize asset utilization and increase production capacity while maintaining reliability [52] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued profitability improvements due to strong gas market conditions and operational efficiencies [7][8] - The company is well-positioned to benefit from the growing energy demand and volatility in the National Electricity Market (NEM) [38] - Future cash flows are expected to increase, providing financial flexibility for growth and debt repayment [35] Other Important Information - The company maintained a strong safety performance with a total recordable injury frequency rate of 3.36 injuries per million hours worked, below industry benchmarks [9] - The company achieved carbon neutral certification for its operations, demonstrating commitment to environmental excellence [10] Q&A Session Summary Question: Guidance for FY 2026 and production rates from Orbost - Management clarified that the guidance reflects historical performance and does not include debottlenecking work [56][60] Question: Critical path to first supply from ECSP by 2028 - Management indicated that securing gas sales agreements and contracting services for subsea tie-ins are critical steps [65][66] Question: Impact of Woodside's entry into the Gippsland Basin - Management noted potential opportunities for collaboration and growth in domestic gas supply [68]

Core Viewpoint - Vermilion Energy Inc. has announced a cash dividend of $0.13 CDN per common share, payable on October 15, 2025, to shareholders of record on September 29, 2025 [1] Group 1: Company Overview - Vermilion Energy Inc. is a global gas producer focused on creating value through the acquisition, exploration, and development of liquids-rich natural gas in Canada and conventional natural gas in Europe [2] - The company aims to optimize low-decline oil assets, which contributes to a diversified portfolio that generates significant free cash flow [2] Group 2: Corporate Priorities - The company's priorities are health and safety, environmental protection, and profitability, in that order [3] - Vermilion emphasizes the importance of public safety and environmental protection, alongside strategic community investment in its operating areas [3]

Financial Data and Key Metrics Changes - The company achieved record production, spot gas sales, and revenue for the June quarter, with group production averaging 77 terajoules per day, exceeding the target of 70 terajoules per day set a year ago [3][18] - For FY '25, total sales revenue reached $267.7 million, a 22% increase from FY '24, with quarterly revenue hitting a record of £70.7 million, up 12% from the previous quarter [4][5] - Net debt decreased to $242.8 million, over $35 million below its peak, despite investments in the East Coast supply project [5][18] Business Line Data and Key Metrics Changes - Production from the August field averaged 67.1 terajoules per day for the quarter, a 17% increase from the prior quarter, while Orbis produced an average of 62 terajoules per day for FY '25, a 25% increase from FY '24 [8][18] - Spot sales reached a new record of 2 petajoules of gas sold into spot markets, averaging 21 terajoules per day, representing about a third of average production [4] Market Data and Key Metrics Changes - The East Coast domestic gas market is in urgent need of new supply sources, with the company positioned to deliver significant new gas supply to meet the demands of over 600,000 homes [19][20] - Spot gas prices increased due to a combination of factors, including outages at power stations and seasonal demand, with the average realized gas price for FY '25 at $9.91 per gigajoule, a 12% increase over FY '24 [13][20] Company Strategy and Development Direction - The company is focused on four business priorities for FY '25, including production performance, progressing the East Coast Supply project, increasing realized gas prices, and driving cost and emission reductions [7][14] - The East Coast Supply project aims to utilize existing infrastructure to bring new gas supply to the southeast Australian market by 2028, with drilling of the first well expected to commence later this year [10][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining production near nameplate capacity and highlighted the importance of gas in ensuring energy security in Australia [4][18] - The company anticipates continued growth into FY '26, with a strong focus on optimizing production costs and debottlenecking operations [18] Other Important Information - The company has initiated a marketing campaign for the East Coast Supply Project, engaging with potential gas customers for foundation contracts [12][38] - A pilot sales agreement for sulfur produced from the Orbis gas processing plant has been established, contributing to sustainable agricultural practices while reducing waste costs [17] Q&A Session Summary Question: Regarding realized gas prices and the drop relative to the previous quarter - Management explained that the drop was due to warm weather at the start of the quarter, affecting spot prices, but noted strong pricing in June due to increased demand from power generation [23][24] Question: On the Minerva decommissioning work - Management confirmed that the capping of wells is complete, and arrangements are being made for infrastructure removal, targeting better weather windows for the work [25] Question: About the Patricia Bellem project and its commercialization - Management indicated that they are in the early stages of assessing the restart and potential gas storage opportunities, with further studies planned [26][28] Question: Update on debottlenecking activities at Orbost - Management confirmed that technical work is complete and regulatory approvals are in progress, with incremental increases in production being trialed [30][32] Question: Cost comparison of awarded contracts for the East Coast Supply project - Management stated that over 98% of contracts have been awarded within the previously announced cost range [34] Question: Engagement with gas buyers for the East Coast Supply project - Management confirmed that marketing efforts have begun, with positive sentiment from customers regarding future contracts [36][38] Question: Potential uplift in sole reserves - Management indicated that there is confidence in the potential uplift, with further details to be provided in the upcoming reserves report [42][43] Question: Progress on Athena gas plant and potential tolling - Management confirmed ongoing discussions with parties interested in utilizing the Athena gas plant for tolling [44][45] Question: Competitiveness of Patricia Bailene as a storage field - Management noted that while it's early days, existing brownfield infrastructure makes it competitive compared to other options [47][48]

Financial Data and Key Metrics Changes - The company achieved record production, spot gas sales, and revenue for Q4 FY '25, with group production averaging 77 terajoules per day in June, exceeding the target of 70 terajoules per day set a year ago [3][20] - For FY '25, total sales revenue reached $267.7 million, a 22% increase from FY '24, while quarterly revenue was £70.7 million, up 12% from the previous quarter [6][5] - Net debt decreased to $242.8 million, over $35 million below its peak, despite investments in the East Coast supply project [6][20] Business Line Data and Key Metrics Changes - Production from the August field averaged 67.1 terajoules per day for the quarter, a 17% increase from the prior quarter, while Orbis produced an average of 62 terajoules per day for FY '25, a 25% increase from FY '24 [8][10] - Spot sales reached a record of 2 petajoules, averaging 21 terajoules per day, with a third of average production now going into the spot market [4][3] - The average realized gas price for FY '25 was $9.91 per gigajoule, a 12% increase over FY '24, while the average spot gas price was $11.6 per gigajoule [14][13] Market Data and Key Metrics Changes - Spot gas prices rose and became more volatile due to increased demand for gas power generation following an outage at the Uborne Brown Coal Power Station [5] - The East Coast domestic gas market is in need of new supply sources, with the company positioned to deliver gas to meet the demands of over 600,000 homes [21][22] Company Strategy and Development Direction - The company is focused on four business priorities: production performance, progressing the East Coast Supply project, increasing realized gas prices, and driving cost and emission reductions [7][15] - The East Coast Supply project aims to bring new gas supply to the southeast Australian market by 2028, with drilling of the first well expected later this year [12][20] - Continuous improvement initiatives have resulted in improved cash flow of around $20 million in FY '25, with ongoing efforts to reduce costs and emissions [16][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining production near nameplate capacity and highlighted the importance of gas in ensuring energy security in Australia [3][5] - The company anticipates strong demand for gas in the coming years, particularly from 2028 onwards, and is optimistic about the gas market review focusing on streamlining regulations [22][21] - The company exited FY '25 with strong momentum and is focused on continuing growth into FY '26 [20] Other Important Information - The company is working on a pilot sales agreement for sulfur produced from the Orbis gas processing plant, contributing to sustainable agricultural practices while reducing waste costs [18][19] - Ian Davies will join the Board as Chairman-elect, succeeding John Conday, who will retire following the Annual General Meeting [23] Q&A Session Summary Question: Regarding realized gas prices and the drop relative to the previous quarter - Management explained that the drop was due to warm weather at the start of the quarter, which pushed spot prices down, but strong pricing returned in June due to increased demand from gas power generation [25][26] Question: Update on Minerva decommissioning work - Management confirmed that the capping of wells is complete, and arrangements are being made for infrastructure removal, targeting better weather windows for the work [27] Question: Potential commercialization of Patricia Bellem - Management indicated that they are in the select phase for the restart of Patricia Bellem, which involves studies and engineering to determine production rates [28][29] Question: Update on debottlenecking activities at Orbost - Management confirmed that technical work is complete and is now going through regulatory approvals, with incremental increases in production being tested [31][34] Question: Cost comparison of awarded contracts for the East Coast Supply project - Management stated that over 98% of contracts have been awarded and are within the previously announced cost range [35] Question: Engagement with gas buyers for the East Coast Supply project - Management confirmed that a marketing campaign has commenced, with positive sentiment from customers regarding future contracts [36][38] Question: Confidence in potential sole reserves uplift - Management indicated that the reserves are looking positive, with potential for additional production to be added to the reserve [42][43] Question: Progress on Athena gas plant and potential tolling - Management confirmed ongoing conversations with parties in the region to commercialize gas through the Athena gas plant [44][45] Question: Competitiveness of Patricia Bailene as a storage field - Management noted that while it's early days, existing brownfield infrastructure makes it competitive compared to other options [46][47]