Brief: Vermilion Energy Announces 2024 Budget

Vermilion Energy

12/12/2023 22:04

Dec 12 (Reuters) - Vermilion Energy Inc  VET.TO :
    * VERMILION ENERGY INC. ANNOUNCES 2024 BUDGET, UPDATED
RETURN OF
CAPITAL FRAMEWORK AND 20% DIVIDEND INCREASE
    * VERMILION ENERGY INC -  2024 CAPITAL EXPENDITURE BUDGET OF
$600
- $625 MILLION
    * VERMILION ENERGY INC - 2024 PRODUCTION GUIDANCE OF 82,000
-
86,000 BOE/D
    * VERMILION ENERGY INC - PRODUCTION GUIDANCE ASSUMES A
MID-YEAR
STARTUP OF NEW BC MONTNEY BATTERY AND CROATIA GAS PLANT
    * VERMILION ENERGY INC SEES  2024 FUND FLOWS FROM OPERATIONS
("FFO") AND FREE CASH FLOW TO BE APPROXIMATELY $1.3 BILLION AND
$700 MILLION, RESPECTIVELY
    * VERMILION ENERGY INC - IN NORTH AMERICA, WE PLAN TO INVEST
APPROXIMATELY $380 MILLION OF E&D CAPITAL
    * VERMILION ENERGY INC- WE ARE NOT PLANNING OPERATED
DRILLING
OPERATIONS IN UNITED STATES IN 2024
    * VERMILION ENERGY INC- PLAN TO INVEST APPROXIMATELY $230
MILLION
ACROSS OUR INTERNATIONAL ASSETS, CONSISTENT WITH 2023 INVESTMENT
LEVELS
    * VERMILION ENERGY INC- FOR Q1 OF 2024, WE WILL CONTINUE TO
PRIORITIZE DEBT REDUCTION AND MAINTAIN A RETURN OF CAPITAL
TARGET OF 30% OF EXCESS FCF
    * VERMILION ENERGY INC -  IN FRANCE, WE PLAN TO DRILL TWO
WELLS IN
CAZAUX FIELD
    * VERMILION ENERGY INC- STARTING APRIL 1, 2024, PLAN TO
INCREASE
OUR RETURN OF CAPITAL TARGET TO 50% OF EFCF, WITH BALANCE GOING
TOWARDS DEBT REDUCTION

Source text for Eikon:  ID:nCNWlSlRma 
Further company coverage:  VET.TO 

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