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Vermilion Energy (VET) investor relations material
Vermilion Energy Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 production averaged 136,000 BOE/d, up 32% sequentially, driven by Westbrick integration and asset sales, with 63–70% natural gas weighting.
Strategic divestments in Saskatchewan and the US for $535M strengthened the balance sheet and refocused the portfolio on global gas.
Achieved $200M+ in Westbrick-related synergies (NPV10), with $300M in total cost savings and synergies since the start of the year.
Strong ESG focus, achieving a 16% reduction in Scope 1 emissions intensity from 2019, ahead of 2025 targets.
Diversified global gas producer with a robust asset base in Deep Basin, Montney, and Germany, emphasizing free cash flow and financial discipline.
Financial highlights
Q2 2025 fund flows from operations were $260M, with $144M in free cash flow after E&D capex.
Net debt reduced to $1.4B from $2.1B at March 31, 2025, with a year-end 2025 target of $1.3B.
Q2 realized gas price was $4.88/Mcf, significantly above the AECO benchmark of $1.69/Mcf.
Market capitalization of $1.7B and enterprise value of $3.0B as of 2025.
Returned $26M to shareholders in Q2 2025 via $20M dividends and $6M share buybacks.
Outlook and guidance
2025 production guidance: 117,000–122,000 BOE/d, with 65–67% natural gas; capital guidance unchanged at $630M–$660M.
Q3 2025 production expected at 117,000–120,000 BOE/d post-divestments.
Over 80% of future capital investment to be directed to global gas assets.
Plans to reach 28,000 BOE/d in Montney by 2028, with eight wells per year to maintain production.
Return of capital payout target is 40% of excess FCF, increasing to 50% as leverage declines.
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