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.

TSX:VET - Post by User

Vermilion Energy Inc > q3 report just out !!!

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Comment by Pandoraon Nov 01, 2023 9:58pm

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Post# 35712619

RE:RE:RE:RE:RE:RE:RE:q3 report just out !!!

Tourmaline also announced today: (TOU @ $73.57 per share)

Third quarter cash flow(1)(2) of $878.5 million ($2.55 per diluted share(3)).
Generated Q3 free cash flow(4) ("FCF") of $332.3 million ($0.96 per diluted share) enabling the Company to declare a special dividend of $1.00 per common share paid on November 1, 2023 to holders of record on October 24, 2023. Tourmaline has distributed total dividends of $6.52 per share (inclusive of this November 1, 2023 special dividend) since December 1, 2022, an implied 9% trailing yield(5).
Full-year 2023 free cash flow forecast of $1.9 billion(6) (2022 free cash flow - $3.2 billion).
September 30, 2023 net debt(7) of $879.8 million or 0.3 times Q3 2023 annualized cash flow of $3.5 billion.
Tourmaline Q3 2023 net earnings of $274.7 million ($0.80 per diluted share).
Exit Q3 2023 net debt was $879.8 million, well below the Company's long-term net debt target of $1.2-$1.4 billion. This net debt target will provide for a long-term net debt to cash flow ratio of approximately 0.25 to 0.35 times in 2024 and throughout the Company's five-year plan. The Company currently has $3.1 billion of total credit capacity.

T.Vet today: T.VET @ $20.14 per share.

Q3 2023 fund flows from operations ("FFO")(1) was $270 million ($1.65/basic share)(2) and exploration and development ("E&D") capital expenditures(3) were $126 million, resulting in free cash flow ("FCF")(4) of $144 million ($0.88/basic share)(5).
Year-to-date net earnings of $566 million ($3.45/basic share) driven by strong price realization and acquisition and disposition activity.
The TTF natural gas benchmark price in Europe averaged $14.11 per mcf in Q3 2023, which was over five times higher than the average AECO benchmark index price for the quarter. Approximately 35% of Vermilion's Q3 2023 gas production had direct exposure to European gas pricing.
Net debt(6) decreased to $1.2 billion, representing a trailing net debt-to-FFO ratio(7) of 1.2 times.
In conjunction with our Q3 2023 release, we announced a quarterly cash dividend of $0.10 per share, payable on January 15, 2024 to shareholders of record on December 29, 2023.
Given the improving FCF profile of the business, we are now targeting to return 30% of FCF to shareholders in 2023, compared to the prior range of 25 to 30%, until we achieve our net debt target of $1 billion