PR Newswire
CALGARY, AB, Aug. 11, 2022
CALGARY, AB, Aug. 11, 2022 /PRNewswire/ - Vermilion Energy Inc. ("Vermilion", "We", "Our", "Us" or the "Company") (TSX: VET) (NYSE: VET) is pleased to report operating and condensed financial results for the three and six months ended June 30, 2022, a 33% dividend increase and our Return of Capital Framework.
The unaudited interim financial statements and management discussion and analysis for the three and six months ended June 30, 2022 will be available on the System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com, on EDGAR at www.sec.gov/edgar.shtml, and on Vermilion's website at www.vermilionenergy.com.
Highlights
(1) | Fund flows from operations (FFO) is a total of segment measures comparable to cash flows from operating activities that is comprised of sales less royalties, transportation, operating, G&A, corporate income tax, PRRT, interest expense, and realized loss (gain) on derivatives, plus realized gain (loss) on foreign exchange and realized other income. More information and a reconciliation to primary financial statement measures can be found in the "Non-GAAP and Other Specified Financial Measures" section of this document. |
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(2) | Fund flows from operations per basic share is a supplementary financial measure and is not a standardized financial measure under IFRS and may not be comparable to similar measures disclosed by other issuers. It is calculated using FFO (total of segments measure) and basic shares outstanding. The measure is used to assess the contribution per share of each business unit. More information and a reconciliation to primary financial statement measure can be found in the "Non-GAAP and Other Specified Financial Measures" section of this document. |
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(3) | Free cash flow (FCF) is a non-GAAP financial measure comparable to cash flows from operating activities and is comprised of FFO less drilling and development and evaluation and exploration expenditures. More information and a reconciliation to primary financial statement measures can be found in the "Non-GAAP and Other Specified Financial Measures" section of this document. |
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(4) | Free cash flow per basic share is a non-GAAP supplementary financial measure and is not a standardized financial measure under IFRS and may not be comparable to similar measures disclosed by other issuers. It is calculated using FCF and basic shares outstanding. |
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(5) | Mid-cycle cycle commodity prices: WTI US$55.00/bbl; AECO $3.43/mmbtu ($3.25/GJ); TTF $12.50/mmbtu. |
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(6) | 2022 full year average reference prices as at July 18 2022: Brent US$104.59/bbl; WTI US$97.74/bbl; LSB = WTI less US$3.69/bbl; TTF $51.72/mmbtu; NBP $39.28/mmbtu; AECO $5.88/mmbtu; CAD/USD 1.28; CAD/EUR 1.36 and CAD/AUD 0.90. 2023 full year average reference prices as at July 18, 2022: Brent US$88.40/bbl; WTI US$82.98/bbl; LSB = WTI less US$5.07/bbl; TTF $51.32/mmbtu; NBP $47.32/mmbtu; AECO $5.44/mmbtu; CAD/USD 1.30; CAD/EUR 1.35 and CAD/AUD 0.88. |
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(7) | Capital expenditures is a non-GAAP financial measure that is the sum of drilling and development costs and exploration and evaluation costs from the Consolidated Statements of Cash Flows. More information and a reconciliation to primary financial statement measures can be found in the "Non-GAAP and Other Specified Financial Measures" section of this document. |
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(8) | Net debt is a capital management measure comparable to long-term debt and is comprised of long-term debt (excluding unrealized foreign exchange on swapped USD borrowings) plus adjusted working capital (see below). More information and a reconciliation to primary financial statement measures can be found in the "Non-GAAP and Other Specified Financial Measures" section of this document. |
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(9) | Net debt to trailing FFO is a supplementary financial measure and is not a standardized financial measure under IFRS. It may not be comparable to similar measures disclosed by other issuers and is calculated using net debt (capital management measure) and FFO (total of segment measure). The measure is used to assess the ability to repay debt. Information in this document is included by reference; refer to the "Non-GAAP and Other Specified Financial Measures" section of this document. |
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(10) | Please refer to Supplemental Table 4 "Production" of the accompanying Management's Discussion and Analysis for disclosure by product type. |
($M except as indicated) | Q2 2022 | Q1 2022 | Q2 2021 | YTD 2022 | YTD 2021 |
Financial | | | | | |
Petroleum and natural gas sales | 858,844 | 810,179 | 407,179 | 1,669,023 | 775,316 |
Cash flows from operating activities | 530,364 | 341,053 | 253,406 | 871,417 | 372,553 |
Fund flows from operations | 452,901 | 389,868 | 172,942 | 842,769 | 334,993 |
Fund flows from operations ($/basic share) (1) | 2.75 | 2.40 | 1.07 | 5.16 | 2.09 |
Fund flows from operations ($/diluted share) (1) | 2.68 | 2.32 | 1.05 | 5.00 | 2.06 |
Net earnings | 362,621 | 283,954 | 451,274 | 646,575 | 951,238 |
Net (loss) earnings ($/basic share) | 2.20 | 1.75 | 2.79 | 3.96 | 5.94 |
Cash flows used in investing activities | 612,634 | 110,330 | 97,238 | 722,964 | 171,897 |
Capital expenditures (2) | 113,153 | 85,344 | 79,176 | 198,497 | 162,539 |
Acquisitions | 522,223 | 6,712 | 12,519 | 528,935 | 12,912 |
Asset retirement obligations settled | 4,300 | 6,320 | 3,321 | 10,620 | 10,344 |
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