1. Vermilion's 2024 FFO rose 9% per share to $7.63. 2. Net debt decreased 10% to $967 million at year-end 2024. 3. Significant gas discoveries in Germany may enhance production. 4. Quarterly dividends increased by 8%, signaling financial confidence. 5. U.S. tariffs on Canadian imports pose potential risks for future operations.
Vermilion's strong operational performance and increased dividends indicate positive financial health.
Positive financial results, discovery announcements, and dividend increases are likely to attract investors.
Discoveries and debt reduction may lead to sustainable growth over several quarters.
Vermilion Energy Inc. ("Vermilion" or the "Company") (TSX: VET) (NYSE: VET) is pleased to report operating and condensed financial results for the year ended December 31, 2024.
The audited financial statements, management discussion and analysis, and annual information form for the year ended December 31, 2024 will be available on the System for Electronic Document Analysis and Retrieval Plus ("SEDAR+") at www.sedarplus.ca, on EDGAR at www.sec.gov/edgar.shtml, and on Vermilion's website at www.vermilionenergy.com.
| $M except as indicated | Q4 2024 | Q3 2024 | Q4 2023 | 2024 | 2023 |
|---|---|---|---|---|---|
| Petroleum and natural gas sales | 504,352 | 490,095 | 522,969 | 1,981,407 | 2,022,555 |
| Cash flows from operating activities | 212,587 | 134,547 | 343,831 | 967,751 | 1,024,528 |
| Net earnings (loss) | (18,316) | 51,697 | (803,136) | (46,739) | (237,587) |
Vermilion delivered strong operational and financial results in 2024, achieving annual production above the mid-point of guidance while executing a $623 million E&D capital expenditures program, including several early-stage investments that will contribute to future production growth.
The Company executed its largest ever exploration drilling campaign in Europe in 2024, achieving 100% success on six exploration wells. Most notable were the two (1.6 net) deep gas exploration wells drilled in Germany, Osterheide and Wisselshorst, which tested at restricted rates of 17 mmcf/d and 21 mmcf/d, respectively.
Total proved plus probable ("2P") reserves increased by 1% from the prior year to 435.1 mmboe, primarily due to extensions and improved recovery on the Mica Montney asset.
Subsequent to year-end, Vermilion announced the closing of the Westbrick acquisition, adding approximately 50,000 boe/d of Deep Basin liquids-rich natural gas.
(Signed "Dion Hatcher")
Dion Hatcher
President & Chief Executive Officer
March 5, 2025
Vermilion is a global gas producer that seeks to create value through the acquisition, exploration, development and optimization of producing assets in North America, Europe and Australia.
Certain statements included or incorporated by reference in this document may constitute "forward-looking information" and "forward-looking statements".