The following is a summary of the Vermilion Energy Inc. (VET) Q1 2024 Earnings Call Transcript:
Financial Performance:
Vermilion reported Q1 fund flows of $431 million and invested $190 million of A&D capital.
The company generated $241 million of free cash flow for the quarter and reduced debt by $134 million to reach net debt of $944 million.
Production numbers came in at 32,546 BOEs per day for international operations and 52,959 BOEs a day for North American operations.
Forecasts for 2024 show about $1.3 billion of fund flow and free cash flow of approximately $700 million, while 2025 outlook shows $1.1 billion fund flow.
Vermilion's balance sheet was declared strong with the lowest debt to cash flow in over a decade.
Business Progress:
Vermilion advanced key growth projects including Montney, Germany gas project, Croatia gas project, and the construction of the BC Montney battery.
Successful drilling of a deep gas exploration well in Germany and discovery of gas in Croatia.
Completion of Croatia's gas plant is expected by mid-year, adding 2,000 BOEs a day of gas.
Vermilion has bought back 2.4 million shares in Q1 and additional 1 million shares in April.
The company plans to return 10% of the market cap to shareholders through fixed base dividends and share buybacks.
Key operational momentum areas included Australia unit and growth projects in Montney, Croatia, and Germany.
Vermilion is focusing on maintaining financial discipline while executing its strategic plan for 2024 for profitable growth.
More details: Vermilion Energy IR
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