Vermilion Energy Inc. T.VET

Alternate Symbol(s): VET

Energy Oil & Gas E&P

Vermilion Energy Inc. is a Canada-based international energy producer. The Company seeks to create value through the acquisition, exploration, development, and optimization of producing assets in North America, Europe, and Australia. Its business model emphasizes free cash flow generation and returning capital to investors when economically warranted, augmented by value-adding acquisitions. The Company’s operations are focused on the exploitation of light oil and liquids-rich natural gas conventional and unconventional resource plays in North America and the exploration and development of conventional natural gas and oil opportunities in Europe and Australia. The Company operates through seven geographical segments: Canada, the United States, France, Netherlands, Germany, Ireland, and Australia. In Canada, the Company is a key player in the highly productive Mannville condensate-rich gas play. It holds a 100% working interest in the Wandoo field, offshore Australia.

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Post by divime1on Dec 12, 2023 5:08pm

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Post# 35780915

Good news

On November 30, 2023, the European Union published a review of the temporary windfall tax and subsequent market developments in the energy sector. The report stated that the situation in energy markets is very different from the exceptional circumstances when the temporary windfall tax was initially established in October 2022, and therefore the European Union has not proposed to extend the mandate beyond 2023.
Quarterly cash dividend increased by 20% to $0.12 CDN per share, effective with the Q1 2024 dividend payable in April 2024.
Plan to increase return of capital allocation target to 50% of excess FCF ("EFCF")(4), starting April 1, 2024. When combined with our forecasted 40% increase in FCF, the amount of capital allocated to share buybacks in 2024 is expected to double from 2023 levels.
Since initiating our share buyback program in July 2022, we have repurchased and retired 7.2 million shares including 4.9 million in 2023 year-to-date. During the month of November 2023, we repurchased 671,000 shares for approximately $12 million and plan to further increase the amount of share repurchases in December.