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Vermilion Energy Inc. Q1-2021 Earnings, Price Target

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Vermilion Energy Inc.(VET) is an international oil and natural gas producer operating in North America, Europe and Australia. Production is comprised of 70% oil and NGLs and 30% natural gas. Canadian production contributes 60%, Europe including France, Netherlands, Germany, Ireland and eastern Europe contribute 30% and Australia and the US at 5%. Canadian production is weighted 75% to oil and liquids, 25% natural gas. For Europe, 40% of production is oil and the balance natural gas. France is the largest oil producer; Netherlands and Ireland are natural gas. Australia and the US are primarily oil and natural gas liquids. European and Australian oil production is priced based on WTI and Brent, Canadian production on Edmonton Sweet Blend. Natural gas in Canada is tied to AECO in Europe to European benchmarks. Annual production is forecast at 31.5M boe, reserves as of Dec-31-2020 were 476M boe.

Canada operates in the Mannville condensate-rich gas play and West Pembina Cardium and southeast Saskatchewan for oil. In the United States, Vermilion has a significant land position in the Turner Sand play in the Powder River Basin. European assets consist of onshore and offshore operations that deliver premium commodity pricing through Brent-priced light oil production and European natural gas prices that are 2-2.5x greater than North American gas prices.

Vermilion holds a 20% operated interest in the Corrib gas field, offshore Ireland. Production at Corrib commenced in Dec-2015 and the Corrib field constitutes around 95% of Ireland's natural gas production. The Corrib gas field is located approximately 83 km off the northwest coast of Ireland. Gas is transported to the Bellenaboy Bridge gas plant through 90km of pipeline where it is then processed prior to being delivered to the national grid.

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