Vermilion Energy Inc T.VET

Alternate Symbol(s): VET

Energy Oil & Gas Integrated

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 > Interesting details on the windfall tax

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Comment by 2021Gambleon Jan 06, 2023 9:52am

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Post# 35206607

RE:Interesting details on the windfall tax

I love that "however" veiled, or not so veiled....threat

Moemoney42 wrote:
European Windfall Tax

We expect our windfall tax exposure for both 2022 and 2023 to be at the lower end of our previous estimates, primarily due to lower 2023 European gas strip pricing. Based on the windfall tax frameworks outlined to date, we estimate a windfall tax of approximately $250 million for 2022 and approximately $300 million for 2023. We have reflected these updated estimates in our 2022 net debt forecast and 2023 windfall tax guidance. As a result of this, we expect to exit 2022 with net debt of $1.4 billion or less. Note, the 2023 estimate remains highly sensitive to European gas prices.

Included in these estimates is the assumption that Ireland moves ahead with its proposed 75% windfall tax (approximately 56% net of income tax) in each of 2022 and 2023. We remain firmly opposed to the windfall tax and the manner in which it is being implemented, and we continue to explore options to mitigate the impact. Vermilion has been a responsible operator in Europe for over 25 years, providing essential energy to the region as other oil and gas companies exited. It is our desire to continue working with governments in the region to enhance Europe's energy security; however, Vermilion and its partners require a stable, predictable and equitable regulatory regime in order to commit capital to long-term investments.