Vermilion Energy
Vermilion Energy, founded 30 years ago, operates in North America, Europe, and Australia, focusing on responsible energy production and maintaining a diversified portfolio. The company has received several high ratings for its environmental and supplier engagement efforts, and it prioritizes safety, community investment, and environmental protection.
History
Vermilion Energy was founded 30 years ago. Over the decades, the company has positioned itself as a significant player in the energy sector. Known for its long-standing commitment to producing essential energy responsibly, Vermilion Energy has also diversified its operations internationally. Its operations span North America, Europe, and Australia, enabling it to provide stronger and more stable pricing through a diversified international portfolio.
Sustainability Ratings and Commitments
In recent years, Vermilion Energy has achieved noteworthy sustainability ratings. For the year 2022, the company received a B rating for CDP Water Security and an A rating for CDP Supplier Engagement. Additionally, it achieved an A- rating for CDP Climate Change. In 2023, Vermilion attained an AAA rating in the MSCI ESG Ratings assessment. These ratings reflect Vermilion's commitments to environmental, social, and governance (ESG) principles.
Community Investment and Environmental Initiatives
Vermilion Energy dedicates substantial resources to community investments and environmental protection. The company commits over $2 million in community investment donations annually and pledged $1.2 million over seven years to Inn from the Cold. In 2022 alone, Vermilion invested close to $62 million in environmental protection. The company focuses on safety, the environment, and community well-being as core aspects of its operations.
Financial Performance and Investments
In 2022, Vermilion Energy demonstrated strong financial performance and substantial investments. It produced approximately 31 million boe of oil and natural gas and invested close to $194 million in wages and benefits. The company also paid more than $755 million in taxes and royalties. Supply chain investments approached $1.1 billion, while $117 million were directed towards shareholder dividends and share repurchases. Vermilion's approach includes a free cash flow-oriented model and investing in project investment diversification.
Recent Acquisitions and Divestitures
Vermilion Energy has made strategic acquisitions and divestitures to optimize its portfolio. In 2022, the company closed the acquisition of Leucrotta Exploration Inc. Additionally, in 2023, Vermilion acquired Equinor Energy Ireland Limited. As part of its ongoing portfolio management, Vermilion divested approximately 5,500 boe/d of non-core light oil production in southeast Saskatchewan in 2023. These moves are part of its strategy to maintain a strong and stable oil and gas output across its operations.
Global Operations and Market Presence
Vermilion Energy operates across North America, Europe, and Australia, holding a 100% working interest in the Wandoo field offshore Australia. The company’s operations not only enhance its global footprint but also leverage regional market advantages. Notably, its Australian oil production benefits from premium Brent-indexed pricing. Vermilion's stock is traded on the Toronto Stock Exchange and the New York Stock Exchange under the symbol VET, affirming its solid market presence.