Vermilion Energy posts Q2 earnings improvements
Calgary-based international producer Vermilion Energy said August 11 net earnings, fund flows and free cash flow were all higher sequentially in Q2 2022, as higher commodity prices more than offset a modest decline in total production.
Net earnings for the period increased to C$362.6mn (US$283.7mn) from C$283.9mn in the first quarter, while fund flows from operations rose to C$452.9mn from C$389.9mn and free cash flow climbed to C$339.7mn from C$304.5mn. Net earnings in Q2 2021 were C$451.3mn.
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Global oil and gas production slipped to 84,868 barrels of oil equivalent (boe)/day from 86,213 boe/day in Q1 2022, but North American production was 3% higher sequentially, at 58,027 boe/day, on the strength of Vermilion’s C$477mn acquisition of Leucrotta Exploration, which closed May 31. International production declined 9% from Q1 2022, to 26,840 boe/day, due largely to natural reservoir decline, offshore drilling delays and unplanned downtime in Australia.