Vermilion Energy

Last updated

Vermilion Energy Inc.
Company type Public
TSX:  VET
NYSE:  VET
S&P/TSX Composite Component
Industry Petroleum
Founded1994
Headquarters
Calgary, Alberta
,
Canada
Key people
Lorenzo Donadeo, Executive Chair
Dion Hatcher, President
Products Oil, natural gas
Production output
83,994 boe/d [1]
RevenueDecrease2.svg US$ 2.008 billion [1]  (2023)
Decrease2.svg US$ -237.6 million [1]  (2023)
Total assets Decrease2.svg US$6.236 billion [1]  (2023)
Number of employees
740 [2]
Website vermilionenergy.com

Vermilion Energy is an international energy producer based in Calgary, Canada. It has operations in North America, Europe and Australia. Vermilion is listed on the Toronto Stock Exchange and the New York Stock Exchange.

Contents

History

Vermilion was founded in 1994 as a Canadian oil and gas exploration and production company focused on assets in Alberta, Canada. [3]

In 1997, Vermilion took the highly innovative step of expanding internationally through the acquisition of oil-producing assets in France. Since that time, Vermilion has continued to add assets to its portfolio focusing on three core regions: North America, Europe and Australia. Vermilion has successfully leveraged its international diversification to outperform the relevant energy and broad market indices over the long-term.

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 2004, Vermilion started to operate in the Netherlands. The following year in 2005, Vermilion completed an acquisition of 60% of the offshore Wandoo field and platform located on the northwest shelf of Australia. [5]

Vermilion acquired an 18.5% non-operating stake in the Corrib field in the Republic of Ireland from Marathon Oil in 2009, which grew to 20% along with operatorship when Royal Dutch Shell exited the project in 2018. [6] In 2021, Vermilion acquired Equinor's 36.5% stake for $434 million (€382 million), increasing its share of the gas field to 56.5%. [7]

In March 2013, Vermilion began trading on the NYSE under the ticker symbol "VET". Vermilion entered the US market with the acquisition of properties in the Powder River Basin of northeastern Wyoming in 2014. Vermilion acquired a 25% non-operated interest in four producing natural gas fields in Germany from GDF Suez in February 2014. [8] Also that year, Vermilion was awarded its first concession in Hungary, representing Vermilion’s initial entry into Central and Eastern Europe.

In April 2018, Vermilion announced the acquisition of Spartan Energy, a Saskatchewan-focused light oil producer, for $1.4 billion. [9] The following year, Vermilion drilled two successful natural gas wells in Croatia.

The strategic acquisition of Leucrotta Exploration was announced on May 31, 2022, marking Vermilion’s entry into the prolific Montney resource play in Canada. [10]

Operations

In Canada, Vermilion's operations are focused in the West Pembina region near Drayton Valley in Alberta, in the Peace River Arch in northeast British Columbia and northwest Alberta and the Northgate Region of southeast Saskatchewan and southwest Manitoba. [11]

Vermilion's activities in the United States are targeting oil and gas development in the Turner Sands tight-oil play. [12]

Vermilion has become the largest oil producer in France. [13] In 2017, under a new climate change bill, Vermilion will no longer be an oil producer for France as of 2040. [14] The company estimates there are more than 1.7 billion barrels of original oil in place in the five biggest conventional oil pools. [15]

In the Netherlands, the company has undeveloped land base approximately 800,000 acres (3,200 km2). [16] 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).

In Germany, the assets include four natural gas producing fields across 11 production licenses, spanning 1,100,000 acres (4,500 km2) in the prolific North German Basin. [17]

Vermilion is the operator and minority owner of the Corrib gas project in Ireland. At peak production, the Corrib project has been projected to 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 30 December 2015. [18]

Wandoo is Vermilion's Australian asset, an offshore oil field and platform approximately 80 kilometres (50 mi) off the northwest coast of Australia. Wandoo production receives a premium to Brent Crude pricing. [19] Vermilion originally purchased a 60% operated interest in Wandoo in 2005. The company then purchased the remaining 40% interest in Wandoo in 2007. [20]

See also

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References

  1. 1 2 3 4 "2023 Annual Report" (PDF). Retrieved 27 November 2024.
  2. ↑ "2023 AIF" (PDF). Retrieved 27 November 2024.
  3. ↑ "Our History". Vermilion Energy. Retrieved 13 November 2024.
  4. ↑ "Vermilion History 2003 to Present" . Retrieved 20 July 2015.
  5. ↑ "Our History". Vermilion Energy. Retrieved 13 November 2024.
  6. ↑ Falconer, Kirk (3 December 2018). "Shell Completes $1.3 bln sale of Corrib gas field stake to CPPIB". PE Hub. Retrieved 1 January 2019.
  7. ↑ "Equinor Exits Ireland with $434M Sale of Corrib Gas Field Stake to Vermilion Energy". Offshore Engineering. 29 November 2021. Retrieved 1 December 2021.
  8. ↑ "Our History". Vermilion Energy. Retrieved 13 November 2024.
  9. ↑ "Vermilion Energy to buy Spartan Energy in C$1.4 billion deal". Reuters. 16 April 2018. Archived from the original on 20 April 2018. Retrieved 19 April 2018.
  10. ↑ Inc, Vermilion Energy. "Vermilion Energy Inc. Announces Closing of the Acquisition of Leucrotta Exploration Inc". www.newswire.ca. Retrieved 13 November 2024.{{cite web}}: |last= has generic name (help)
  11. ↑ "Canada". Vermilion Energy. Retrieved 13 November 2024.
  12. ↑ "United States" . Retrieved 16 July 2015.
  13. ↑ France Is About to Ban Oil Production and No One Will Even Notice
  14. ↑ "France bids Vermilion Energy adieu in new climate-change bill". The Globe and Mail. 24 September 2017. Retrieved 24 April 2018.
  15. ↑ "France". Archived from the original on 21 July 2015. Retrieved 16 July 2015.
  16. ↑ "Netherlands" . Retrieved 16 July 2015.
  17. ↑ "Germany" . Retrieved 26 January 2017.
  18. ↑ "Ireland Background" . Retrieved 26 January 2017.
  19. ↑ "Australia" . Retrieved 16 July 2015.
  20. ↑ "Vermilion 2003 to Present" . Retrieved 16 July 2015.
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