CALGARY,
AB, July 8, 2024 /PRNewswire/ - Vermilion
Energy Inc. ("Vermilion", "We", "Our", or the "Company") (TSX: VET)
(NYSE: VET) will release its 2024 second quarter operating and
condensed financial results on Wednesday,
July 31, 2024 after the close of North American markets. The
unaudited interim financial statements and management discussion
and analysis for the three months ended June
30, 2024 will be available on the System for Electronic
Document Analysis and Retrieval ("SEDAR") at www.sedarplus.ca, on
EDGAR at www.sec.gov/edgar.shtml, and on Vermilion's website at
www.vermilionenergy.com.
Conference Call and Webcast Details
Vermilion will discuss these results in a conference call and
webcast presentation on Thursday, August 1,
2024 at 9:00 AM MST
(11:00 AM EST). To participate, call
1-888-664-6383 (Canada and US Toll
Free) or 416-764-8650 (International and Toronto Area). A recording of the conference
call will be available for replay by calling 1-888-390-0541
(Canada and US Toll Free) or
1-416-764-8677 (International and Toronto
Area) and using conference replay entry code 186140# from
August 1, 2024 at 12:00 PM MST to August 15,
2024 at 12:00 PM MST.
To join the conference call without operator assistance, you may
register and enter your phone number at
https://emportal.ink/3KZvTFT to receive an instant automated
call back. You may also access the webcast at
https://app.webinar.net/L58NP7WPlRe. The webcast links, along with
conference call slides, will be available on Vermilion's website at
https://www.vermilionenergy.com/invest-with-us/events-presentations/ under
Upcoming Events prior to the conference call.
Renewal of Normal Course Issuer Bid
We are pleased to announce that the Toronto Stock Exchange
("TSX") has approved the notice of Vermilion's intention to
commence a normal course issuer bid ("NCIB") through the facilities
of the Toronto Stock Exchange ("TSX"), New York Stock Exchange and
other alternative trading platforms in Canada and USA.
The NCIB allows Vermilion to purchase up to 15,689,839 common
shares, representing approximately 10% of its public float as at
June 28, 2024, over a twelve month
period commencing on July 12, 2024.
The NCIB will expire no later than July 11,
2025. The total number of common shares Vermilion is
permitted to purchase on the TSX is subject to a daily purchase
limit of 180,974 common shares, representing 25% of the average
daily trading volume of 723,899 common shares on the TSX calculated
for the six-month period ended June 30,
2024; however, Vermilion may make one block purchase per
calendar week which exceeds the daily repurchase restrictions. Any
common shares that are purchased under the NCIB will be cancelled
upon their purchase by Vermilion.
In connection with the NCIB, Vermilion will enter an automatic
purchase plan ("ASPP") with its designated broker to allow for
purchases of its common shares during self-imposed blackout
periods. Such purchases would be at the discretion of the broker
based on parameters provided by the Company prior to any
self-imposed blackout period or any period when it is in possession
of material undisclosed information. The ASPP has been pre-cleared,
as required by the TSX. Outside of these blackout periods, common
shares may be purchased under the NCIB in accordance with
Management's discretion.
Vermilion has a long history of returning capital to its
shareholders as we have paid out over $40 per share in dividends since 2003. The
Company anticipates returning 50% of excess free cash
flow(1) to shareholders in 2024, primarily through the
base dividend and share repurchases. Share repurchases continue to
screen as one of the most compelling options for returning capital
to shareholders as we believe our common shares are trading at a
price that does not reflect the appropriate value of the
company.
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(1)
|
Most directly
comparable to cash flows from operating activities, FCF is
comprised of fund flows from operations less drilling and
development costs and exploration and evaluation cost and EFCF is
comprised of FCF less payments on lease obligations and asset
retirement obligations settled. The measure is used to determine
the funding available for investing and financing activities
including payment of dividends, repayment of long-term debt,
reallocation into existing business units and deployment into new
ventures. EFCF is used to determine the funding available to return
to shareholders after costs attributable to normal business
operations.
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Under its prior NCIB, which runs from July 12, 2023 to July 11,
2024, the Company was allowed to purchase up to 16,308,587
common shares. As at June 28, 2024,
Vermilion repurchased an aggregate of 7,451,594 common shares
under its prior NCIB at a weighted average price of $16.27 per common share, excluding brokerage
fees. The company purchased all common shares through the
facilities of the TSX, the NYSE and alternative trading platforms
in Canada and the United States.
About Vermilion
Vermilion is an international energy producer that seeks to
create value through the acquisition, exploration, development and
optimization of producing assets in North
America, Europe and
Australia. Our business model
emphasizes free cash flow generation and returning capital to
investors when economically warranted, augmented by value-adding
acquisitions. Vermilion's operations are focused on the
exploitation of light oil and liquids-rich natural gas conventional
and unconventional resource plays in North America and the exploration and
development of conventional natural gas and oil opportunities in
Europe and Australia.
Vermilion's priorities are health and safety, the environment,
and profitability, in that order. Nothing is more important to
us than the safety of the public and those who work with us, and
the protection of our natural surroundings. We have been
recognized by leading ESG rating agencies for our transparency on
and management of key environmental, social and governance issues.
In addition, we emphasize strategic community investment in each of
our operating areas.
Vermilion trades on the Toronto Stock Exchange and the New York
Stock Exchange under the symbol VET.
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SOURCE Vermilion Energy Inc.