The following is a summary of the Vermilion Energy Inc. (VET) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Q2 average production was 84,974 boes per day, at the upper end of the guidance range and up 6% per share year-over-year.

• Generated $237 million in fund flows and $126 million in free cash flow, though lower than Q1 due to reduced commodity hedge gains.

• Reduced net debt by $38 million to $907 million and increased shareholder returns through $47 million in share buybacks and $19 million in dividends.

• Increased annual production guidance to 83,000 to 86,000 boe per day while maintaining capital budget guidance of $600 million to $625 million.

Business Progress:

• Achieved milestones with the start-ups of Mica Montney and SA-10 gas plant in Croatia.

• In development, focusing on new production growth in Montney and European assets, substantial exploration success in Croatia with a 100% success rate in the inaugural SA-7 block campaign.

Opportunities:

• Expansion of Montney production to about 14,000 boes per day in 2025, with potential future expansion to 28,000 boes per day.

• Commissioned SA-10 gas wells in Croatia expected to ramp up contributing to European natural gas production growth.

Risks:

• Planned and unplanned downtime in operational facilities might affect production outputs negatively.

More details: Vermilion Energy IR

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