Vermilion Energy Reports Q1 2024 Results

TL;DR

Vermilion Energy dropped Q1 2024 results, check the news release for details.

AI Summary

Vermilion Energy Inc. announced its financial and operational results for the three months ended March 31, 2024, on May 1, 2024. The company, headquartered in Calgary, Alberta, is a foreign private issuer filing a Form 6-K report. The filing includes a news release detailing these results.

Why It Matters

This report provides investors with key financial and operational performance indicators for Vermilion Energy Inc. during the first quarter of 2024, influencing investment decisions.

Risk Assessment

Risk Level: low — This is a routine financial results filing (6-K) and does not contain new material events or significant changes.

Key Players & Entities

• Vermilion Energy Inc. (company) — Registrant
• May 1, 2024 (date) — Filing Date
• March 31, 2024 (date) — Reporting Period End Date
• Lars Glemser (person) — Signatory

FAQ

From the Filing

0001279569-24-000502.txt : 20240501 0001279569-24-000502.hdr.sgml : 20240501 20240501163302 ACCESSION NUMBER: 0001279569-24-000502 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20240501 FILED AS OF DATE: 20240501 DATE AS OF CHANGE: 20240501 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: 24903568 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 May 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 May 1, 2024 - Vermilion Energy Inc. Announces Results for the Three Months Ended March 31, 2024 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: May 1, 2024 EX-99.1 2 ex991.htm NEWS RELEASE DATED MAY 1, 2024 Exhibit 99.1 Vermilion Energy Inc. Announces Results for the Three Months Ended March 31, 2024 CALGARY, AB, May 1, 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 three months ended March 31, 2024. The unaudited interim financial statements and management discussion and analysis for the three months ended March 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 . Highlights Q1 2024 fund flows from operations ("FFO") (1) was $431 million ($2.68/basic share) (2) and exploration and development ("E&D") capital expenditures (3) were $190 million, resulting in free cash flow ("FCF") (4) of $241 million ($1.49/basic share) (5) . Net debt (6) decreased by $134 million in Q1 2024 to $944 million, achieving our net debt target of $1 billion and representing a net debt to trailing FFO ratio (7) of 0.7 times, the lowest in over a decade. Vermilion returned $56 million to shareholders during Q1 2024, comprised of $19 million of dividends and $37 million of share buybacks. The Q1 2024 dividend represents a 20% increase over our previous quarterly dividend, aligned with our intention to provide ratable dividend increases as part of our return of capital framework. With the achievement of our $1 billion net debt, we increased our return of capital target to 50% of excess FCF on an annual basis and significantly increased our pace of share buybacks during the quarter, repurchasing and cancelling 2.4 million shares, including 1.0 million shares during the month of March and repurchasing an additional 1.0