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Mittwoch, 06.03.2024 17:05 von PR Newswire | Aufrufe: 30

Vermilion Energy Inc. Announces Results for the Year Ended December 31, 2023 and Accelerated Return of Capital

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PR Newswire

CALGARY, AB, March 6, 2024

CALGARY, AB, March 6, 2024 /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 year ended December 31, 2023.

The audited financial statements, management discussion and analysis and annual information form for the year ended December 31, 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

Q4 2023 Results

Q4 2023 fund flows from operations ("FFO")⁽¹⁾ was $372 million ($2.27/basic share)⁽²⁾ and exploration and development ("E&D") capital expenditures⁽³⁾ were $143 million, resulting in free cash flow ("FCF")⁽⁴⁾ of $229 million ($1.40/basic share)⁽⁵⁾.
Net debt⁽⁶⁾ decreased by $164 million in Q4 2023 to $1.1 billion, the lowest level in a decade and a 50% reduction from the peak in 2020. In addition, Vermilion returned $45 million to shareholders comprised of $16 million of dividends and $29 million of share buybacks.
Production during the fourth quarter of 2023 averaged 87,597 boe/d⁽⁸⁾, comprised of 54,216 boe/d⁽⁸⁾ from our North American assets and 33,381 boe/d⁽⁸⁾ from our International assets.
Q4 2023 production benefited from a full quarter of production from Australia and Ireland following maintenance downtime in the prior quarter, as well as increased production in the Netherlands due to new production from our 2023 drilling program.

Year End 2023 Results

2023 FFO⁽¹⁾ was $1,143 million ($6.98/basic share)⁽²⁾ and E&D capital expenditures⁽³⁾ were $590 million, resulting in FCF⁽⁴⁾ of $552 million ($3.37/basic share)⁽⁵⁾.
Net debt⁽⁶⁾ decreased by $266 million in 2023 to $1.1 billion, representing a trailing net debt-to-FFO ratio⁽⁷⁾ of under 1.0 times. In addition, Vermilion returned $160 million to shareholders, comprised of $65 million in dividends and $95 million of share buybacks.
Reported a 2023 net loss of $238 million ($1.45/basic share) driven by non-cash impairment charges and dispositions, partially offset by strong price realization and acquisition activity. Excluding non-cash impairments, net earnings were $536 million ($3.27/basic share).
Production during 2023 averaged 83,994 boe/d⁽⁸⁾, which was at the mid-point of our 2023 guidance range. Strong performance across many of our business units served to offset wildfire-related downtime in Canada and maintenance downtime in Australia.
Year-end 2023 proved developed producing ("PDP") reserves were 173 mmboe⁽⁹⁾ and total proved plus probable ("2P") reserves were 430 mmboe⁽⁹⁾, reflecting a reserve life index of 5.6 years and 14.0 years, respectively.
The after-tax net present value of PDP reserves, discounted at 10%, is $3.2 billion⁽⁹⁾ and the after-tax net present value of 2P reserves, discounted at 10%, is $5.7 billion⁽⁹⁾, or $28.72 per basic share⁽⁹⁾ after deducting year-end net debt.

Outlook

In conjunction with our Q4 2023 release, we announced a quarterly cash dividend of $0.12 per share, payable on April 15, 2024 to shareholders of record on March 28, 2024. This quarterly cash dividend represents a 20% increase over the prior quarterly dividend.
Given our strong financial position and continued operational momentum, we are increasing our capital return target to 50% of excess FCF and will manage to this target on a full-year basis versus our previous effective date of April 1, 2024. Year-to-date, we have repurchased and retired 1.4 million shares and plan to increase the pace of share buybacks starting immediately.
Construction of the 16,000 boe/d Mica Montney battery is progressing as planned and remains on schedule for a mid-year start-up. With the additional capacity provided by this battery, we are able to move forward with the growth phase of our Mica Montney asset, and have drilled six wells on our 16-28 BC pad that will be completed and ready for tie-in during Q2 2024.
We continued to advance our deep gas exploration and development plans in Germany, with drilling operations nearly complete on the first well of our program. We expect to reach total depth in the coming weeks and will then move the rig to the next location, where the second well of our program will be drilled during Q2 2024.
In Croatia, we drilled the first exploration well on the SA-7 block in Q1 2024 and reached total measured depth of 2,371 metres, where we discovered hydrocarbons in multiple zones. We plan to evaluate and test these zones during the second quarter while commencing drilling on the second of four wells planned on the SA-7 block this year. Construction of the gas plant on the SA-10 block is progressing as planned and remains on schedule for a mid-year start-up.

($M except as indicated)

ARIVA.DE Börsen-Geflüster

Kurse

Vermilion Energy Inc.

12,33 $

+2,24%

Q4 2023

Q3 2023

Q4 2022

2023

2022

Financial

Petroleum and natural gas sales

522,969

475,532

842,693

2,022,555

3,476,394

Cash flows from operating activities

343,831

118,436

495,195

1,024,528

1,814,220

Fund flows from operations ⁽¹⁾

372,117

270,218

284,220

1,142,611

1,634,865

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

2.27

1.65

1.74

6.98

10.00

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

2.27

1.62

1.70

6.98

9.71

Net (loss) earnings

(803,136)

57,309

395,408

(237,587)

1,313,062

Net (loss) earnings ($/basic share)

(4.91)

0.35

2.42

(1.45)

8.03

Cash flows used in investing activities

132,932

170,404

168,053

576,435

1,059,292

Capital expenditures⁽³⁾

142,887

125,639

169,305

590,191

551,817

Acquisitions ⁽¹⁰⁾

25,724

5,238

4,558

273,018

539,713

Dispositions

14,855

—

197,007

—

Asset retirement obligations settled

28,937

13,582

16,508

56,966

37,514

Repurchase of shares

28,736

11,645

—

94,838

71,659

Cash dividends ($/share)

0.10

0.10

0.08

0.40

0.28

Dividends declared

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