Vermilion Energy Reports 2023 Results, Boosts Capital Return

Ticker: VET · Form: 6-K · Filed: 2024-03-07T00:00:00.000Z

Sentiment: neutral

Topics: results, capital-return, announcement

TL;DR

Vermilion Energy dropped its 2023 year-end results and is accelerating capital returns. Check the news release for details.

AI Summary

Vermilion Energy Inc. announced its results for the year ended December 31, 2023, and an accelerated return of capital on March 6, 2024. The company is filing a Form 6-K to report this information, which includes a news release detailing their financial performance and capital allocation strategies.

Why It Matters

This filing provides investors with an update on Vermilion Energy's financial performance and its plans for returning capital, which can influence investment decisions and stock valuation.

Risk Assessment

Risk Level: low — This is a routine financial results and capital return announcement, not indicating any immediate operational or financial distress.

Key Players & Entities

FAQ

What is the primary purpose of this Form 6-K filing?

The primary purpose of this Form 6-K filing is to report the results for the year ended December 31, 2023, and an accelerated return of capital for Vermilion Energy Inc., as detailed in a news release dated March 6, 2024.

What is the filing date of this report?

This report was filed as of March 7, 2024.

Which exhibit is included with this Form 6-K?

Exhibit 99.1, a news release dated March 6, 2024, announcing Vermilion Energy Inc.'s results for the year ended December 31, 2023, and accelerated return of capital, is included.

What is Vermilion Energy Inc.'s principal executive office address?

Vermilion Energy Inc.'s principal executive office is located at 3500, 520 – 3rd Avenue S.W., Calgary, Alberta T2P 0R3.

Does Vermilion Energy Inc. file annual reports under Form 20-F or Form 40-F?

Vermilion Energy Inc. files annual reports under Form 40-F.

From the Filing

0001279569-24-000250.txt : 20240307 0001279569-24-000250.hdr.sgml : 20240307 20240306173304 ACCESSION NUMBER: 0001279569-24-000250 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20240306 FILED AS OF DATE: 20240307 DATE AS OF CHANGE: 20240306 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VERMILION ENERGY INC. CENTRAL INDEX KEY: 0001293135 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] ORGANIZATION NAME: 01 Energy & Transportation IRS NUMBER: 000000000 STATE OF INCORPORATION: A0 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-35829 FILM NUMBER: 24727219 BUSINESS ADDRESS: STREET 1: 3500, 520 - 3RD AVENUE S.W. CITY: CALGARY STATE: A0 ZIP: T2P 0R3 BUSINESS PHONE: 403-269-4884 MAIL ADDRESS: STREET 1: 3500, 520 - 3RD AVENUE S.W. CITY: CALGARY STATE: A0 ZIP: T2P 0R3 FORMER COMPANY: FORMER CONFORMED NAME: VERMILION ENERGY TRUST DATE OF NAME CHANGE: 20040607 6-K 1 vermilion6k.htm FORM 6-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER Pursuant to Rule 13a-16 or 15d-16 Under the Securities Exchange Act of 1934 For the month of March 2024 Commission File Number: 001-35829 Vermilion Energy Inc. (Exact name of registrant as specified in its charter) 3500, 520 – 3 rd Avenue S.W., Calgary, Alberta T2P 0R3 (Address of principal executive offices) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F ☐ Form 40-F ☒ Exhibit Exhibit Description 99.1 News Release dated March 6, 2024 - Vermilion Energy Inc. Announces Results for the Year Ended December 31, 2023 and Accelerated Return of Capital SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. 	 	 VERMILION ENERGY INC. By: /s/ Lars Glemser Title: Lars Glemser, VP and Chief Financial Officer Date: March 6, 2024 EX-99.1 2 ex991.htm NEWS RELEASE DATED MARCH 6, 2024 Exhibit 99.1 Vermilion Energy Inc. Announces Results for the Year Ended December 31, 2023 and Accelerated Return of Capital CALGARY, AB, March 6, 2024 /CNW/ - Vermilion Energy Inc. ("Vermilion", "We", "Our", "Us" or the "Company") (TSX: VET) (NYSE: VET) is pleased to report operating and condensed financial results for the year ended December 31, 2023. The audited financial statements, management discussion and analysis and annual information form for the year ended December 31, 2023 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 . Highlights Q4 2023 Results Q4 2023 fund flows from operations ("FFO") (1) was $372 million ($2.27/basic share) (2) and exploration and development ("E&D") capital expenditures (3) were $143 million, resulting in free cash flow ("FCF") (4) of $229 million ($1.40/basic share) (5) . Net debt (6) decreased by $164 million in Q4 2023 to $1.1 billion, the lowest level in a decade and a 50% reduction from the peak in 2020. In addition, Vermilion returned $45 million to shareholders comprised of $16 million of dividends and $29 million of share buybacks. Production during the fourth quarter of 2023 averaged 87,597 boe/d (8) , comprised of 54,216 boe/d (8) from our North American assets and 33,381 boe/d (8) from our International assets. Q4 2023 production benefited from a full quarter of production from Australia and Ireland following maintenance downtime in the prior quarter, as well as increased production in the Netherlands due to new production from our 2023 drilling program. Year End 2023 Results 2023 FFO (1) was $1,143 million ($6.98/basic share) (2) and E&D

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