Canada’s Vermilion Energy rebounds in Q2
Vermilion Energy, a Calgary-based producer active internationally, reported Q2 2021 net earnings of C$451.3mn (US$369.3mn) on August 16, a sharp rebound from a C$71.3mn loss a year ago. Sequentially, however, earnings were down from nearly C$500mn in Q1 2021.
Free cash flow increased to C$93.8mn from C$39.6mn in Q2 2020. For all of 2021, Vermilion expects free cash flow to exceed C$400mn, a reflection not only of rising commodity prices but also of its level-loaded capital programme.
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Total production averaged 86,335 barrels of oil equivalent/day in the second quarter, essentially unchanged from the previous quarter as gains in North America were offset by declines internationally.
Natural gas production rose slightly quarter-to-quarter, to 235.7mn ft3/d from 233.9mn ft3/d, while liquids production slipped to 47,049 barrels/d from 47,278 b/d in Q1 2021. In Q2 2020, natural gas production averaged 274.4mn ft3/day while liquids averaged 54,629 b/d, with the year-over-year change reflecting natural declines in North America and reduced capital activity as the company focuses on maximising free cash flow and reducing debt.