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Vermilion Energy reports C$60.2M net loss in Q2 despite strong sales

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Vermilion Energy reports C$60.2M net loss in Q2 despite strong sales

Canada-based oil and gas producer Vermilion Energy Inc. reported July 30 a net loss of C$60.2 million, or 45 Canadian cents per share, in the second quarter, from a gain of C$25.1 million the previous quarter and a gain of C$48.3 million in the same quarter in 2017.

Oil and natural gas sales were C$394.5 million for the quarter, up from C$318.3 million the previous quarter and C$271.4 million in the same quarter last year.

Fund flows from operations for the quarter were C$193 million, up 23% on the quarter and 31% on the year as production volumes and commodity prices increased, according to the earnings release.

On May 28, Vermilion acquired all of the issued and outstanding common shares of Spartan Energy Corp. for a total consideration of C$1.4 billion consisting of the issuance of 27.9 million Vermilion common shares valued at approximately C$1.2 billion and the assumption of approximately C$175 million of Spartan's outstanding debt at the time the transaction closed.

Following the full integration of the Spartan assets, Vermilion will have an established production base of approximately 100,000 barrels of oil equivalent per day with the capability of generating over C$1.2 billion of funds flows from operations based on an annualized estimate for the fourth quarter at the strip.

Vermilion Energy increased its capital budget by C$70 million to C$500 million for the year amid plans to accelerate its Australia two-well drilling campaign from 2019 to the fourth quarter, and to account for minor capital increases in other business units mainly due to changes in foreign exchange rates as compared to its original budget.