Core Viewpoint - Vermilion Energy Inc. has sold 26 million common shares of Coelacanth Energy Inc. for $19.76 million, reducing its ownership from approximately 15.0% to 10.2% of Coelacanth's outstanding shares, as part of its strategy to reduce debt and enhance business resiliency [1][2][3]. Group 1: Share Transactions - On December 17, 2025, Vermilion sold 26,000,000 common shares of Coelacanth at a price of $0.76 per share, totaling $19,760,000 [1]. - Prior to the sale, Vermilion held 80,179,104 common shares, representing about 15.0% of Coelacanth's issued shares [2]. - After the transaction, Vermilion's holdings decreased to 54,179,104 common shares, which is approximately 10.2% of the total [2]. Group 2: Strategic Intent - The sale of common shares aligns with Vermilion's priority of reducing debt to improve business resilience [3]. - The company will continue to assess its investment in Coelacanth and may adjust its holdings based on market and economic conditions [3]. - Following the sale, Vermilion is restricted from selling more than 4,000,000 common shares without Coelacanth's consent [3]. Group 3: Company Overview - Vermilion is a global gas producer focused on acquiring, exploring, and developing liquids-rich natural gas in Canada and conventional natural gas in Europe [5]. - The company aims to optimize low-decline oil assets to generate significant free cash flow [5]. - Vermilion prioritizes health and safety, environmental protection, and profitability in its operations [6].

Core Insights - Bonterra Energy Corp. announced positive results from its latest Charlie Lake wells, with a combined average 30-day peak rate of 2,650 BOE per day, including 1,100 barrels per day of light crude oil [2][8] - The company has entered into a definitive agreement to acquire an adjacent asset in the Greater Bonanza Area for $15.7 million, which is expected to enhance production and cash flow [4][10] - The preliminary budget for 2026 anticipates production growth of 8% year-over-year, with a capital expenditure range of $75 to $80 million [13][21] Charlie Lake Well Results - Completion operations on two new wells were finished in Q4 2025, achieving peak rates of approximately 1,325 BOE per day per well [8] - The new wells utilized three-mile laterals and increased fracture stimulation intensity compared to previous wells [2] - An additional well is planned for completion in Q1 2026 [2] Strategic Acquisition - The acquisition will increase Bonterra's land holdings in the Greater Bonanza Area by 36% and add approximately 760 BOE per day of production [4][9] - The deal includes 21 top-tier drilling locations and enhances the company's existing infrastructure [9][10] - The acquisition is expected to close before December 31, 2025, and will be funded through the company's revolving credit facility [10] 2026 Preliminary Budget Guidance - The budget aims for an average production of 16,200 to 16,400 BOE per day, with a focus on Charlie Lake and Montney assets [13][21] - Expected funds flow is projected between $105 million to $110 million, with free funds flow of approximately $21 million [14][21] - The budget allocates approximately 60% towards the Charlie Lake core area, 10% towards Montney, and 25% towards Cardium [22] Financial Metrics and Projections - The company anticipates a free funds flow yield of approximately 14% based on a WTI price of $60 per barrel [14][21] - The net debt to last twelve months' EBITDA ratio is expected to be around 1.3x by the end of 2026 [14][23] - Hedges are in place for approximately 31% of expected crude oil and 21% of natural gas production to mitigate market volatility [17]

Core Viewpoint - Vermilion Energy Inc. has sold 30 million common shares of Coelacanth Energy Inc. for $22.8 million, reducing its ownership from approximately 20.7% to 15.0% of Coelacanth's outstanding shares, as part of its strategy to reduce debt and enhance business resiliency [1][2][3]. Group 1: Transaction Details - Vermilion sold 30,000,000 common shares at a price of $0.76 per share, totaling $22,800,000 [1]. - The sale represents more than 2% of the issued and outstanding common shares of Coelacanth, necessitating the filing of an Early Warning Report [1]. Group 2: Ownership Changes - Prior to the transaction, Vermilion held 110,179,104 common shares, equating to approximately 20.7% of Coelacanth's shares [2]. - After the transaction, Vermilion's holdings decreased to 80,179,104 common shares, representing about 15.0% of the total [2]. Group 3: Strategic Intent - The sale aligns with Vermilion's priority of reducing debt to improve business resilience [3]. - Vermilion is restricted from selling more than 60,000,000 of its remaining shares until June 8, 2026, without Coelacanth's consent, but may adjust its holdings based on market and economic conditions [3]. Group 4: Company Overview - Vermilion is a global gas producer focused on acquiring, exploring, and developing liquids-rich natural gas in Canada and conventional natural gas in Europe, aiming to optimize low-decline oil assets [5]. - The company emphasizes health and safety, environmental protection, and profitability as its core priorities [6].

Core Insights - Vermilion Energy Inc. will host an Investor Day on December 10, 2025, featuring presentations by senior management regarding the company's global gas portfolio and future outlook [1][2]. Event Details - The Investor Day will take place virtually at 9:00 AM MT (11:00 AM ET) [2]. - A live webcast will be available, and participants can access it through the company's website [2]. - Dial-in options are provided for participants, including toll-free numbers for Canada and the US, as well as international options [3]. Company Overview - Vermilion 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 [4]. - The company aims to optimize low-decline oil assets, which contributes to significant free cash flow through exposure to global commodity prices [4]. - The company's priorities include health and safety, environmental protection, and profitability, emphasizing community investment in operational areas [5].

Core Viewpoint - Bonterra Energy Corp. reported a 7% increase in year-to-date production, reduced net debt, and maintained production and capital expenditure guidance ranges for 2025 [1] Financial Highlights - Revenue from realized oil and gas sales for Q3 2025 was $55.2 million, down from $69.2 million in Q3 2024 [2] - Funds flow for Q3 2025 was $21.3 million ($0.58 per diluted share), a decrease of $8.7 million compared to Q3 2024 [2][8] - Net loss for the nine months ended September 30, 2025, was $12.5 million, primarily due to a one-time debt extinguishment cost of $11.6 million [3] - Capital expenditures totaled $53.6 million for the nine months ended September 30, 2025, with $22.7 million directed towards infrastructure and land acquisitions [2][8] Operational Highlights - Average production for the first nine months of 2025 was 15,600 BOE per day, a 7% increase from 14,586 BOE per day in the same period of 2024 [8] - Production costs averaged $16.92 per BOE in the first nine months of 2025, slightly up from $16.71 per BOE in the same period of 2024 [8] - The company drilled three gross (2.7 net) wells in Q3 2025, with two expected to be tied-in during Q4 2025 [9] Debt and Financial Position - Net debt as of September 30, 2025, was $167.8 million, a decrease of $2.1 million from Q2 2025 [8][13] - The net debt to EBITDA ratio was 1.4:1 as of September 30, 2025 [8][27] Strategic Initiatives - The company has secured physical delivery sales and risk management contracts for approximately 43% of expected crude oil production and 30% of natural gas production over the next nine months [14][15] - Bonterra is maintaining its annual production guidance of 15,000 to 15,200 BOE per day and capital expenditure guidance of $65 to $70 million for 2025 [17][18] - The company plans to continue focusing on free funds flow generation and balance sheet management [18][19]

Core Insights - Cardinal Energy Ltd. reported its third quarter 2025 operating and financial results, highlighting a decrease in revenue and cash flow compared to the same period in 2024 [1][2]. Financial Highlights - Petroleum and natural gas revenue for Q3 2025 was $127.0 million, down 14% from $148.0 million in Q3 2024 [3]. - Cash flow from operating activities decreased by 34% to $55.5 million compared to $83.6 million in the previous year [3]. - Adjusted funds flow was $47.3 million, a 28% decline from $65.7 million in Q3 2024, with a per share value of $0.29 [3][7]. - Earnings fell by 45% to $13.8 million from $25.1 million in Q3 2024 [3]. Production and Operating Metrics - Average daily production was 20,772 boe/d, a slight decrease of 2% from 21,128 boe/d in Q3 2024 [6][8]. - Net operating expenses per boe decreased by 1% to $24.05/boe compared to $24.40/boe in Q3 2024 [9]. - The company drilled four conventional oil wells during the quarter, focusing capital expenditures on the completion of the Reford SAGD project [8][14]. Capital Expenditures and Debt - Total capital expenditures for Q3 2025 were $26.7 million, down 21% from $33.9 million in Q3 2024 [6]. - The company drew $111 million, or 46%, from its $240 million credit facility, resulting in a net debt to adjusted funds flow ratio of 1.2x [10][36]. Project Updates - Cardinal invested approximately $14.4 million in the Reford thermal project, which has moved into the warm-up phase of initial operations [12][19]. - The project construction and initial commissioning were completed on budget and ahead of schedule, with expectations for higher production rates in Q4 2025 [17][21]. Environmental, Social, and Governance (ESG) Initiatives - The company sequestered approximately 52,000 tonnes of CO2 during Q3 2025, contributing to enhanced oil recovery operations [15]. - Cardinal's safety record and regulatory compliance remain among the top tier in the industry [16]. Outlook - The company anticipates that the Reford thermal asset will significantly improve production and adjusted funds flow in 2026, estimating an additional $100 million at a WTI price of US$65 [21]. - Cardinal plans to reinvest in its conventional business units in 2026 to address modest production declines experienced in 2025 [18].

Core Insights - Cenovus Energy Inc. reported strong financial and operational results for Q3 2025, achieving record production levels in both Upstream and Downstream segments, with significant cash flow generation and shareholder returns [1][3][7]. Financial Summary - The company generated approximately $2.1 billion in cash from operating activities, $2.5 billion in adjusted funds flow, and $1.3 billion in free funds flow [1][16]. - Net earnings increased to $1.3 billion, up from $851 million in the previous quarter, reflecting higher production and sales, increased Downstream utilization, and stronger oil prices [16][17]. - Total revenues for Q3 were $13.2 billion, an increase from $12.3 billion in Q2 2025, with Upstream revenues at $6.7 billion and Downstream revenues at $8.4 billion [7][8]. Production and Throughput - Upstream production reached a record of 832,900 barrels of oil equivalent per day (BOE/d), up from 765,900 BOE/d in Q2 2025 [4][9]. - Downstream crude throughput also set a record at 710,700 barrels per day (bbls/d), compared to 665,800 bbls/d in the previous quarter [13][14]. - The U.S. Refining segment achieved a crude throughput of 605,300 bbls/d, with a utilization rate of 99% [5][14]. Growth Projects - Major growth projects are nearing completion, including the Foster Creek optimization project and the West White Rose project, with first oil expected in Q2 2026 [5][19]. - The Narrows Lake project achieved first oil in mid-July, and new well pads are expected to support continued production growth [18][19]. Shareholder Returns - The company returned $1.3 billion to shareholders in Q3, including $918 million through share repurchases and $356 million in dividends [25][24]. - An amended agreement to acquire MEG Energy Corp. was announced, with a shareholder vote scheduled for November 6, 2025 [20][21]. Sustainability Initiatives - Cenovus expanded its Indigenous Housing Initiative, committing up to $8 million annually to support housing construction in First Nation and Métis communities [21][23].

Core Insights - Cenovus Energy Inc. reported strong operational performance in Q2 2025, achieving significant milestones in project execution and maintenance activities, which are expected to enhance free funds flow in the future [3][19][20] Financial Summary - The company generated approximately $2.4 billion in cash from operating activities, $1.5 billion in adjusted funds flow, and $355 million in free funds flow for Q2 2025 [4][17] - Total revenues for Q2 2025 were $12.3 billion, a decrease from $13.3 billion in Q1 2025, with upstream revenues at $6.8 billion and downstream revenues at $7.7 billion [8] - Net earnings for Q2 2025 were $851 million, slightly down from $859 million in Q1 2025, impacted by lower benchmark oil prices and higher maintenance costs [17][18] Production and Throughput - Total upstream production was 765,900 barrels of oil equivalent per day (BOE/d), down from 818,900 BOE/d in Q1 2025, primarily due to planned maintenance and wildfire impacts [10][12] - Downstream crude throughput was 665,800 barrels per day (bbls/d), slightly up from 665,400 bbls/d in the previous quarter, reflecting a utilization rate of 92% [13][14] Growth Projects - Cenovus achieved first oil at Narrows Lake in July 2025, with production expected to ramp up to peak rates of 20,000 to 30,000 bbls/d by year-end [6][19] - Significant progress was made on the West White Rose project, with the concrete gravity structure installed ahead of schedule and drilling expected to commence by year-end [20] Shareholder Returns - The company returned $819 million to shareholders in Q2 2025, including $301 million from share purchases and $368 million in dividends [26] - A quarterly base dividend of $0.20 per common share was declared, payable on September 29, 2025 [23]

Core Insights - Vermilion Energy Inc. has successfully closed the sale of Saskatchewan assets for gross proceeds of $415 million, which is part of its strategic plan to enhance its asset portfolio [1] - The sold assets include approximately 10,500 barrels of oil equivalent per day (boe/d), with 86% being oil and liquids, located in Saskatchewan and Manitoba [1] - The net cash proceeds from this transaction will improve Vermilion's balance sheet and provide greater capital allocation flexibility for its core Canadian and European assets [1] Company Overview - Vermilion 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 generating significant free cash flow through exposure to global commodity prices [2] Corporate Priorities - The company's priorities are health and safety, environmental protection, and profitability, emphasizing the importance of public safety and natural surroundings [3] - Vermilion also focuses on strategic community investment in its operating areas [3]

Core Insights - Cenovus Energy Inc. reported strong financial and operational results for Q1 2025, generating over $1.3 billion in cash from operating activities and $2.2 billion in adjusted funds flow [1][10][17] - The company announced an 11% increase in the base dividend to $0.80 per share annually, effective Q2 2025, supported by its growth plan and resilience at a US$45 WTI oil price [2][24] - Cenovus's total revenues for Q1 2025 reached $13.3 billion, up from $12.8 billion in Q4 2024, driven by rising commodity prices [10][18] Financial Performance - Cash from operating activities was $1,315 million, down from $2,029 million in Q4 2024 [4][17] - Adjusted funds flow increased to $2,212 million from $1,601 million in the previous quarter [4][17] - Free funds flow was $983 million, significantly higher than $123 million in Q4 2024 [4][17] - Net earnings for Q1 2025 were $859 million, compared to $146 million in Q4 2024 [4][17] - Long-term debt stood at $7.5 billion, with net debt increasing to $5.1 billion [19] Production and Operational Highlights - Upstream production reached 818,900 barrels of oil equivalent per day (BOE/d), slightly up from 816,000 BOE/d in Q4 2024 [6][12] - Downstream crude throughput was 665,400 barrels per day (bbls/d), consistent with the previous quarter [14] - Canadian refining achieved a record utilization rate of 104%, while U.S. refining had a utilization rate of 90% [8][15] - The company returned $595 million to shareholders, including share purchases and dividends [25] Growth Projects - Cenovus is progressing its major growth projects, including the Narrows Lake and West White Rose projects, with first oil expected in Q3 2025 and Q2 2026, respectively [21][22][23] - The optimization project at Foster Creek is approximately 75% complete and on schedule for startup in 2026 [21] Dividend Declarations - The Board declared a quarterly base dividend of $0.20 per common share, payable on June 30, 2025 [24] - The company also declared dividends on its preferred shares, with rates ranging from 2.577% to 4.568% [24]