1. Vermilion Energy closed a $415 million asset sale. 2. Assets sold include 10,500 boe/d of oil production. 3. Sale supports Vermilion's focus on high-return scalable assets. 4. Net proceeds will enhance balance sheet and capital flexibility. 5. Vermilion prioritizes safety, environment, and profitability.
The asset sale enhances financial stability, reflecting positive strategic moves similar to previous divestitures that netted liquidity for reinvestment.
The asset sale significantly impacts VET's financial position, supporting market confidence and potential stock appreciation.
Immediate proceeds from the sale improve liquidity and can affect stock valuations in the near term, as seen in similar transactions by other oil companies.
/PRNewswire/ - Vermilion Energy Inc. ("Vermilion") (TSX: VET) (NYSE: VET) is pleased to confirm the closing of the previously announced sale of Saskatchewan assets for gross proceeds of $415 million.
The assets are comprised of approximately 10,500 boe/d (86% oil and liquids) of non-core light oil production in Saskatchewan and Manitoba. This transaction marks another significant step in Vermilion's strategic plan to high-grade the asset portfolio that began three years ago, shifting our focus toward long-duration, scalable assets with deep inventory of high return on capital opportunities. Net cash proceeds from the sale will strengthen Vermilion's balance sheet and provide further capital allocation flexibility for core Canadian and European assets.
Vermilion is a global gas producer that seeks to create value through the acquisition, exploration and development of liquids-rich natural gas in Canada and conventional natural gas in Europe while optimizing low-decline oil assets. This diversified portfolio delivers outsized free cash flow through direct exposure to global commodity prices and enhanced capital allocation optionality.
Vermilion's priorities are health and safety, the environment, and profitability, in that order. Nothing is more important than the safety of the public and those who work with Vermilion, and the protection of the natural surroundings. In addition, the Company emphasizes strategic community investment in each of its operating areas.
Vermilion trades on the Toronto Stock Exchange and the New York Stock Exchange under the symbol VET.
For further information please contact: Dion Hatcher, President & CEO; Lars Glemser, Vice President & CFO; and/or Kyle Preston, Vice President, Investor Relations TEL (403) 269-4884 | IR TOLL FREE 1-866-895-8101 | info@vermilionenergy.com | www.vermilionenergy.com