Vermilion Energy's output and net earnings increased in Q1 as oil and gas prices increased.

Vermilion Energy's output and net earnings increased in Q1 as oil and gas prices increased.

April 29, 2021

This Calgary-based international energy-producing company states that it had produced 86,300 barrels of oil equivalent per day in the three months ended March 31 thanks to a revitalized drilling program, ahead of its annual guidance range of 83,000 to 85,000 boe/d but well short of its first-quarter 2020 output of 97,200 boe/d.

The producer of oil and gas in North America, Europe, and Australia says its financial results were buoyed by higher global oil prices and strong natural gas prices in Europe. A year ago, it recorded a $1.2-billion write-down on its oil and gas assets due to low commodity prices.

Vermilion says its North American operations averaged 56,780 boe/d in the first quarter, down three percent from the fourth quarter mainly due to natural well declines and cold weather downtime during February. 

Production in its international assets averaged 29,500 boe/d, up to one percent from the prior quarter thanks to higher production in Australia and Germany. It says it realized average prices for oil and condensate of C$71.09 per barrel, up from $58.66 a year ago, while its natural gas price averaged C$5.51 per thousand cubic feet, up from $2.94.

Source - https://www.vermilionenergy.com/

 

Author : Emily

x

We use cookies to deliver the best possible experience on our website. To learn more, visit our Privacy Policy and Cookie Policy. By continuing to use this site or closing this box, you consent to our use of cookies! Accept