Vermilion Energy

Vermilion Energy Inc.
Public
Traded as TSX: VET
NYSE: VET
S&P/TSX Composite Component
Industry Petroleum
Founded 1994
Headquarters Calgary, Alberta, Canada
Key people
 Lorenzo Donadeo,chair
Anthony Marino,pres,ceo
Michael Kaluza",coo,exec vp
Products Oil, natural gas
Production output
 54,922 boe/d[1]
Revenue C$939.6 mil 2015 [1]
C$-217.3 mil 2015[1]
Total assets C$4,209.2 mil dec15[1]
Number of employees
 516[2]
Website vermilionenergy.com

Vermilion Energy is an international oil and gas producer with operations in North America, Europe and Australia. Vermilion pays a monthly dividend of Canadian $0.23 per share, which provides a current yield of approximately 6%. Vermilion trades on the Toronto Stock Exchange and the New York Stock Exchange.

History

Vermilion began in 1994 as Vermilion Resources Ltd, an Alberta focused oil and gas company. Vermilion had its initial public offering on the Alberta Stock Exchange in April 1996 for $0.10 per share.[3]

The company changed its status to that of a trust in December 2002 when it became known as Vermilion Energy Trust for eight years; in September 2010, it converted back to a corporation.[4]

In March 2013, Vermilion began trading on the NYSE under the ticker symbol "VET".

In April 2018, Vermilion announced the acquisition of Spartan Energy, a Saskatchewan-focused light oil producer, for $1.4 billion.[5]

Operations

In Canada, Vermilion's operations are focused in the West Pembina/Drayton Valley region of Alberta and the Northgate Region of southeast Saskatchewan. In West Pembina, Vermilion has the potential for three significant development projects sharing the same surface infrastructure:

  • Cardium light oil development (1,800 m depth)
  • Mannville liquids-rich gas inventory (2,400 - 2,700 m depth)
  • Extensive position in Duvernay liquids-rich gas resource play (3,200 - 3,400 m depth)[6]

Vermilion entered the US market in 2014 with the acquisition of properties in the Powder River Basin of northeastern Wyoming in 2014. Vermilion's activities are targeting oil and gas development in the Turner Sands tight-oil play.[7]

After entering the country in 1997, Vermilion has grown to become the largest oil producer in France. In 2017, under a new climate change bill, Vermilion will no longer be an oil producer for France as of 2040.[8] The company estimates there are more than 1.7 billion barrels of original oil in place in the five biggest conventional oil pools.[9]

Vermilion entered the Netherlands in 2004 and has since expanded its undeveloped land base to cover approximately 800,000 net acres.[10] The Netherlands is characterized by high impact natural gas drilling and development. Vermilion's natural gas production in the Netherlands is priced of Title Transfer Facility (TTF).

Vermilion acquired a 25% contractual participation interest in a four partner consortium in Germany from GDF Suez S.A. in February 2014. The assets include 4 natural gas producing fields across 11 production licenses, spanning 204,000 gross acres. Since that time, Vermilion has expanded its land position to include over 1.1 million net acres in the prolific North German Basin.[11]

Vermilion acquired a 18.5% non-operated stake in the Corrib field from Marathon Oil Corp in 2009. The other partners in the project are Shell with 45% (project operator) and Statoil with 36.5%. At peak production, the Corrib project will supply 60-65% of the country's natural gas demand and over 90% of the country's natural gas production. First-gas from Corrib began on December 30, 2015.[12]

Wandoo is Vermilion's Australian asset, an offshore oil field and platform approximately 80 kilometers off the northwest coast of Australia. Wandoo production receives a premium to Brent Crude pricing.[13] Vermilion originally purchased a 60% operated interest in Wandoo in 2005. The company then purchased the remaining 40% interest in Wandoo in 2007.[14]

References

  1. 1 2 3 4 "Vermilion Energy 2015 Annual Report" (PDF). 2016-02-29.
  2. ↑ "Vermilion Energy 2015Annual Information Form" (PDF). 2016-02-29.
  3. ↑ "Vermilion History 1994 to 2002". Retrieved 2015-07-16.
  4. ↑ "Vermilion History 2003 to Present". Retrieved 2015-07-20.
  5. ↑ "Vermilion Energy to buy Spartan Energy in C$1.4 billion deal". Reuters. 2018-04-16. Retrieved 2018-04-19.
  6. ↑ "Canada". Retrieved 2015-07-16.
  7. ↑ "United States". Retrieved 2015-07-16.
  8. ↑ "France bids Vermilion Energy adieu in new climate-change bill". Retrieved 2018-04-24.
  9. ↑ "France". Archived from the original on 21 July 2015. Retrieved 16 July 2015.
  10. ↑ "Netherlands". Retrieved 2015-07-16.
  11. ↑ "Germany". Retrieved 2017-01-26.
  12. ↑ "Ireland Background". Retrieved 2017-01-26.
  13. ↑ "Australia". Retrieved 2015-07-16.
  14. ↑ "Vermilion 2003 to Present". Retrieved 2015-07-16.

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