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Mittwoch, 02.08.2023 17:00 von PR Newswire | Aufrufe: 75

Vermilion Energy Inc. Announces Results for the Three and Six Months Ended June 30, 2023

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PR Newswire

CALGARY, AB, Aug. 2, 2023

CALGARY, AB, Aug. 2, 2023 /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, 2023.

The unaudited interim financial statements and management discussion and analysis for the three and six months ended June 30, 2023 will be available on the System for Electronic Document Analysis and Retrieval Plus ("SEDAR+") at www.sedarplus.ca, on EDGAR at www.sec.gov/edgar.shtml, and on Vermilion's website at www.vermilionenergy.com.

Highlights

Q2 2023 fund flows from operations ("FFO")⁽¹⁾ was $247 million ($1.51/basic share)⁽²⁾ and exploration and development ("E&D") capital expenditures⁽³⁾ were $167 million, resulting in free cash flow ("FCF")⁽⁴⁾ of $80 million ($0.49/basic share)⁽⁵⁾.
Net earnings were $128 million ($0.78/basic share) for Q2 2023, primarily driven by strong price realization.
The TTF natural gas benchmark price in Europe averaged $15.04 per mcf in Q2 2023, which was six times higher than the average AECO benchmark index price for the quarter. Approximately 41% of Vermilion's Q2 2023 gas production had direct exposure to European gas pricing.
Repurchased 1.5 million common shares for $24 million and paid cash dividends of $16 million, for a total of $40 million returned to shareholders in the quarter. In conjunction with our Q2 2023 release, we announced a quarterly cash dividend of $0.10 per share, payable on October 16, 2023 to shareholders of record on September 29, 2023.
In early July 2023, we announced the renewal of our normal course issuer bid ("NCIB") with approval to purchase of up to 16,308,587 common shares, representing approximately 10% of Vermilion's public float as at June 28, 2023.
Net debt⁽⁶⁾ decreased to $1.3 billion, representing a trailing net debt-to-FFO ratio⁽⁷⁾ of 1.0 times. We were undrawn on our $1.6 billion covenant-based revolving credit facility at the end of Q2 2023 and extended the maturity date of this facility to May 2027 during the quarter.
Q2 2023 production averaged 83,152 boe/d⁽⁸⁾ an increase of 1% from the previous quarter due to the acquisition of additional working interest in the Corrib Natural Gas Project ("Corrib") in Ireland and new production from our Mica Montney, United States, and southeast Saskatchewan assets, partially offset by the disposition of higher-cost assets in southeast Saskatchewan and fire-related downtime in West Central Alberta.
All production that was temporarily shut-in as a result of the wildfires in West Central Alberta has been restored thanks to the hard work of our employees, and we confirm there was no major damage to our facilities or well sites.
As a result of strong operational execution and performance across our portfolio, we are maintaining our 2023 annual production guidance of 82,000 to 86,000 boe/d.
Late in the second quarter we received the final permit required to proceed with the construction of the 16,000 boe/d battery on our Montney Mica lands in British Columbia, which will facilitate the long-term development of our high-quality lands offsetting the strong BC well results.
We released the annual update to our online sustainability report in July 2023, marking our 10th year of ESG reporting. One notable highlight is the decrease in our 2022 Scope 1 emission intensity to 0.017 tCO2e per throughput operated boe, in line with our target to reduce our 2019 baseline of 0.019 tCO2e per throughput operated boe by 15% to 20% by 2025. The full report is available at https://www.vermilionenergy.com/sustainability.

($M except as indicated)

Q2 2023

Q1 2023

Q2 2022

YTD 2023

ARIVA.DE Börsen-Geflüster

Kurse

Vermilion Energy Inc.

11,38 €

+2,52%

YTD 2022

Financial

Petroleum and natural gas sales

471,356

552,698

858,844

1,024,054

1,669,023

Cash flows from operating activities

173,632

388,629

530,364

562,261

871,417

Fund flows from operations ⁽¹⁾

247,109

253,167

452,901

500,276

842,769

Fund flows from operations ($/basic share) ⁽²⁾

1.51

1.56

2.75

3.05

5.16

Fund flows from operations ($/diluted share) ⁽²⁾

1.48

1.51

2.68

2.99

5.00

Net earnings

127,908

380,332

362,621

508,240

646,575

Net earnings ($/basic share)

0.78

2.34

2.20

3.10

3.96

Cash flows used in investing activities

164,404

108,695

612,634

273,099

722,964

Capital expenditures⁽³⁾

166,845

154,820

113,153

321,665

198,497

Acquisitions ⁽¹⁴⁾

(9,716)

251,772

522,223

242,056

528,935

Dispositions

—

182,152

—

182,152

—

Asset retirement obligations settled

11,893

2,554

4,300

14,447

10,620

Repurchase of shares

24,316

30,141

—

54,457

—

Cash dividends ($/share)

0.10

0.10

0.06

0.20

0.12

Dividends declared

16,430

16,226

9,913

32,656

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