- Due to a shut-in caused by the wildfires in Alberta, Vermillion Energy (VET) lowered its current quarter production outlook
- The Calgary-based energy company reported that it had restored 60 per cent of the 30,000 boe/d of production that was temporarily shut-in because of the wildfires in West Central Alberta
- The team had inspected all of its key assets and confirm that there was no major damage to its facilities or well sites, and it will bring the remaining curtailed production back online as soon as it is safe to do so
- Vermillion Energy (TSX:VET) opened trading at C$16.10 per share
Due to a shut-in caused by the wildfires in Alberta, Vermillion Energy (VET) lowered its current quarter production outlook.
The Calgary-based energy company reported that it had restored 60 per cent of the 30,000 boe/d of production that was temporarily shut-in because of the wildfires in West Central Alberta.
The team had inspected all of its key assets and confirm that there was no major damage to its facilities or well sites, and it will bring the remaining curtailed production back online as soon as it is safe to do so.
As a result of this production being temporarily offline, Vermillion now expects Q2 2023 production to average 80,000 to 83,000 boe/d. Its 2023 annual production guidance of 82,000 to 86,000 boe/d remains unchanged.
Vermilion has been operating internationally for over 26 years and continues trying to diversify its asset base.
This fiscal year, the company is continuing to focus on increasing the return of capital to its shareholders as debt levels decrease.
Vermilion Energy Inc. (TSX:VET) is an international oil and gas producing company. It engages in full-cycle exploration and production programs that focus on the acquisition, exploration, development, and optimization of producing properties in North America, Europe, and Australia. Most of Vermilion’s revenue has derived from the production and sale of petroleum and natural gas.
Vermillion Energy (VET) opened trading at C$16.10 per share, up 0.53 per cent by midday trading. This comes as its shares lowered by 4.5 per cent over the last week, down 12.6 per cent this month and is 33 per cent lower since the year began.
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