Vermilion Energy gains after US assets sale, raises annual production forecast

Vermilion Energy

05/06/2025 16:22

** Shares of Canadian gas producer Vermilion Energy VET.TO rise 1.2% to C$9.24

** Company to sell its U.S. assets for C$120 million ($87.91 million)

** Adds that using the proceeds it will repay debt and complete its exit from the U.S. market

** Company also raises its annual production forecast to between 117,000 and 122,000 barrels of oil equivalent per day (boepd) from 84,000 to 88,000 boepd earlier

** It also cut its 2025 capital budget plan by about C$100 million to between C$630 million and C$660 million, reflecting the removal of expenses related to the assets divested in Saskatchewan and the U.S.

** Sale transaction is expected to close in the third quarter

** Including session's moves, VET down 32% YTD

($1 = 1.3650 Canadian dollars)

 (Reporting by Sumit Saha in Bengaluru)

 ((Sumit.Saha@thomsonreuters.com;))