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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Vermilion Energy Inc > Oil shares on the rise as freeze cuts U.S. output by 2M bbl/

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Comment by Nystromon Feb 16, 2021 1:34pm

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Post# 32574859

RE:RE:Oil shares on the rise as freeze cuts U.S. output by 2M bbl/

On BNN this morning it was mentioned that 2M+ drop in production was just the permian. Other areas are facing similar albeit less catastrophic shutdowns.

Last week's Oil draw was 7M barrels vs 100k estimate. Not sure who's doing the estimates but geeze that wasn't even close. This week who knows.

Overall, US storage was at ~540 Million barrels in August, which was well above average. Since August inventories have steadily declined. Now inventories stand at ~450 Million barrel which is almost exactly average historically.

Storage is almost certain to decline this week and next which will undoubtably lead to US inventories being below historical average. If the trend of declines continue the US will almost certainly need to ramp up oil imports to compensate.