Vermilion Energy, $37.56, symbol VET on Toronto (Shares outstanding: 110.8 million; Market cap: $4.2 billion; www.vermilionenergy.com), produces oil and gas in Western Canada, Europe and Australia. It also holds an 18.5% interest in Ireland’s Corrib gas field. The company’s output is 58% oil and 42% gas.
In the three months ended September 30, 2015, Vermilion’s production rose 12.7%, to a record 56,280 barrels of oil equivalent a day (including gas) from 49,920 a year ago. However, lower oil and gas prices offset the higher output, causing cash flow per share to fall 36.8%, to $1.17 from $1.85.
To conserve cash while it waits for oil and gas prices to recover, Vermilion will cut its 2016 exploration and development spending by 27.8%, to $350 million from the $485 million it likely spent in 2015. The 2016 total is also 50% lower than the company’s 2014 spending.
Vermilion expects to be able to completely fund its 2016 capital spending and dividends from its cash flow…
Privacy Policy and Terms of Use
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Changes to this Policy
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