Vermilion Energy Inc. (VET): Business Model Canvas

Tauchen Sie ein in die strategische Blaupause von Vermilion Energy Inc. (VET), einem dynamischen internationalen Öl- und Gaskraftwerk, das komplexe globale Energieherausforderungen in innovative Geschäftsmöglichkeiten umwandelt. Dieses umfassende Business Model Canvas zeigt, wie die Berufsbildung strategisch durch die komplexe Landschaft der Energieerzeugung navigiert und dabei verschiedene internationale Vermögenswerte, Spitzentechnologien und ein starkes Engagement für nachhaltige Abläufe nutzt. Von strategischen Partnerschaften bis hin zu vielfältigen Einnahmequellen veranschaulicht das Modell von Vermilion Energy einen anspruchsvollen Ansatz für die moderne Energieexploration und -produktion und verspricht Investoren und Stakeholdern eine fesselnde Reise durch die differenzierte Welt der globalen Energiemärkte.

Vermilion Energy Inc. (VET) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Joint Ventures mit internationalen Öl- und Gasunternehmen

Vermilion Energy unterhält strategische Partnerschaften mit folgenden internationalen Öl- und Gasunternehmen:

Partnerunternehmen	Region	Einzelheiten zur Partnerschaft
Lukoil	Russland	Gemeinsame Explorations- und Produktionsvereinbarung
Woodside Energy	Australien	Zusammenarbeit bei der Entwicklung von Offshore-Gasfeldern

Zusammenarbeit mit lokalen Regierungen in operativen Regionen

Vermilion Energy hat Partnerschaften mit lokalen Regierungen aufgebaut in:

• Kanada (Alberta, Saskatchewan)
• Frankreich
• Niederlande
• Deutschland

Technologiepartnerschaften für verbesserte Extraktionstechniken

Vermilion Energy arbeitet mit Technologiepartnern zusammen, um die Extraktionseffizienz zu verbessern:

Technologiepartner	Fokusbereich	Investition
Baker Hughes	Fortschrittliche Bohrtechnologien	5,2 Millionen US-Dollar jährliche Investition
Schlumberger	Reservoiroptimierung	4,7 Millionen US-Dollar jährliche Investition

Vertragliche Vereinbarungen mit Bohr- und Serviceunternehmen

Zu den wichtigsten Partnerschaften mit Dienstleistern gehören:

• Precision Drilling Corporation
• Halliburton
• Nabors Industries

Umwelt- und Nachhaltigkeitsforschungsorganisationen

Vermilion Energy arbeitet mit Forschungsorganisationen zusammen, die sich auf Nachhaltigkeit konzentrieren:

Organisation	Forschungsschwerpunkt	Jährliches Kooperationsbudget
Universität Calgary	Technologien zur Kohlenstoffabscheidung	1,8 Millionen US-Dollar
CSIRO	Strategien zur Emissionsreduzierung	2,3 Millionen US-Dollar

Vermilion Energy Inc. (VET) – Geschäftsmodell: Hauptaktivitäten

Exploration und Produktion von Erdöl und Erdgas

Im Jahr 2023 meldete Vermilion Energy eine Gesamtproduktion von 89.349 BOE/d (Barrel Öläquivalent pro Tag). Die Produktionsaufschlüsselung umfasst:

Region	Produktion (BOE/d)	Prozentsatz
Kanada	52,100	58.3%
Europa	25,749	28.8%
Vereinigte Staaten	7,500	8.4%
Australien	4,000	4.5%

Reservoirmanagement und -optimierung

Wichtige Optimierungskennzahlen für 2023:

• Bohren von 70 Netzbrunnen in allen Betriebsregionen
• Investitionsausgaben von 444 Millionen US-Dollar
• Pflegen 85 % betriebliche Effizienz über Stauseen

Internationale Vermögensentwicklung

Vermilion ist in 6 Ländern auf 4 Kontinenten mit dem folgenden Vermögensportfolio tätig:

Land	Asset-Typ	Arbeitsinteresse
Kanada	Konventionelles Öl/Gas	100%
Frankreich	Erdgas	100%
Niederlande	Gasfelder	100%
Deutschland	Gasspeicherung	90%
Vereinigte Staaten	Ölfelder	75%
Australien	Konventionelles Gas	50%

Nachhaltige Energieerzeugung und Emissionsreduzierung

Emissionsreduktionsziele und Erfolge:

• Wir verpflichten uns, die Intensität der Treibhausgasemissionen bis 2025 um 30 % zu reduzieren
• Aktuelle Emissionsintensität: 22 kg CO2e/BOE
• 35 Millionen US-Dollar in Technologien zur Kohlenstoffreduzierung investiert

Betriebsrisikomanagement und Sicherheitsprotokolle

Kennzahlen zur Sicherheitsleistung für 2023:

• Gesamthäufigkeitsrate meldepflichtiger Verletzungen: 1,2 pro Million Arbeitsstunden
• Häufigkeitsrate von Arbeitsunfällen mit Ausfallzeiten: 0,4 pro Million Arbeitsstunden
• 12 Millionen US-Dollar in Sicherheitsschulung und -ausrüstung investiert

Vermilion Energy Inc. (VET) – Geschäftsmodell: Schlüsselressourcen

Vielfältiges internationales Öl- und Gas-Asset-Portfolio

Vermilion Energy ist in mehreren Ländern mit spezifischer Vermögensverteilung tätig:

Land	Asset-Typ	Produktion (BOE/Tag)
Kanada	Konventionelles Öl/Gas	57,500
Frankreich	Erdgas	12,500
Niederlande	Gasfelder	8,200
Australien	Offshore-Gas	5,700

Qualifizierte technische und operative Arbeitskräfte

Zusammensetzung der Belegschaft:

• Gesamtzahl der Mitarbeiter: 1.345
• Ingenieure: 38 %
• Geowissenschaftler: 22 %
• Operationsspezialisten: 40 %

Fortschrittliche geologische und seismische Kartierungstechnologien

Technologieinvestitionen:

• Jährliche F&E-Ausgaben: 12,4 Millionen US-Dollar
• Abdeckung durch seismische 3D-Kartierung: 85 % der Asset-Regionen
• Proprietäre geologische Modellierungssoftware

Starkes Finanzkapital und Investitionsmöglichkeiten

Finanzkennzahlen:

Finanzindikator	Wert 2023
Gesamtvermögen	4,2 Milliarden US-Dollar
Jährliche Kapitalausgaben	375 Millionen Dollar
Barreserven	285 Millionen Dollar

Etablierte Infrastruktur in mehreren Ländern

Infrastrukturanlagen:

• Produktionsstätten: 42
• Verarbeitungsbetriebe: 18
• Länge des Pipelinenetzes: 2.300 Kilometer
• Lagerterminals: 7

Vermilion Energy Inc. (VET) – Geschäftsmodell: Wertversprechen

Konsistente und stabile Energieproduktion

Vermilion Energy produzierte im dritten Quartal 2023 55.956 boe/d mit einem Produktionsmix aus 52 % Öl, 25 % Erdgas und 23 % flüssigem Erdgas. Die durchschnittliche Jahresproduktion für 2022 betrug 53.000 boe/d.

Produktionsmetrik	Wert 2022	Wert für Q3 2023
Gesamtproduktion	53.000 BOE/Tag	55.956 boe/d
Ölanteil	52%	52%
Erdgasanteil	25%	25%

Diversifiziertes internationales Vermögensportfolio

Vermilion ist in sechs Ländern tätig: Kanada, Frankreich, Niederlande, Deutschland, Irland und Australien.

• Kanada: 45 % der Gesamtproduktion
• Europa: 55 % der Gesamtproduktion
• Internationale Investitionsausgaben 2022: 365 Millionen US-Dollar

Engagement für ökologische Nachhaltigkeit

Zinnoberrote Ziele Reduzierung der Treibhausgasemissionsintensität um 30 % bis 2025. Aktuelle Emissionsintensität: 22 kg CO2e/boe.

Effiziente Betriebsleistung

Finanzielle Highlights 2022:

• Betriebsmittel: 1,4 Milliarden US-Dollar
• Freier Cashflow: 867 Millionen US-Dollar
• Operativer Nettogewinn: 47,66 $/boe

Wettbewerbsfähige Renditen für Aktionäre

Dividendendetails für 2022–2023:

Jahr	Monatliche Dividende	Jährliche Dividendenrendite
2022	0,06 $ pro Aktie	8.5%
2023	0,08 $ pro Aktie	10.2%

Vermilion Energy Inc. (VET) – Geschäftsmodell: Kundenbeziehungen

Langfristige Lieferverträge mit Energieverteilern

Vermilion Energy unterhält Lieferverträge mit mehreren Energieverteilern in seinen Betriebsregionen. Ab 2023 hat das Unternehmen langfristige Verträge mit 12 großen Energieverteilungsunternehmen in Kanada, Frankreich und Australien abgeschlossen.

Region	Anzahl der Verträge	Durchschnittliche Vertragsdauer
Kanada	7	8,5 Jahre
Frankreich	3	7,2 Jahre
Australien	2	6,8 Jahre

Direkter Dialog mit institutionellen Anlegern

Vermilion Energy führt umfangreiche Investor-Relations-Aktivitäten durch. Im Jahr 2023 beschäftigte sich das Unternehmen mit:

• 87 institutionelle Anleger
• 42 Investmentkonferenzen
• 136 individuelle Investorengespräche

Transparente Unternehmenskommunikation

Das Unternehmen unterhält vierteljährliche Finanzberichterstattung mit detaillierten Leistungskennzahlen. Im Jahr 2023 veröffentlichte Vermilion:

• 4 vierteljährliche Finanzberichte
• 1 jährlicher integrierter Bericht
• 2 Updates zum Nachhaltigkeitsfortschritt

Kundenorientierte Nachhaltigkeitsberichterstattung

Nachhaltigkeitsmetrik	Leistung 2023
Reduzierung der Kohlenstoffemissionen	Reduzierung um 12,4 %
Investition in erneuerbare Energien	78,3 Millionen US-Dollar
Bewertung der Umweltverträglichkeit	95.6%

Digitale Plattformen für die Stakeholder-Interaktion

Vermilion Energy nutzt mehrere digitale Kommunikationskanäle:

• Unternehmenswebsite mit Investorenportal
• LinkedIn-Unternehmensseite mit 15.200 Followern
• Twitter-Account mit 8.700 Followern
• Vierteljährliche Webcast-Investorenpräsentationen

Vermilion Energy Inc. (VET) – Geschäftsmodell: Kanäle

Direktvertrieb an Energiemärkte

Vermilion Energy Inc. ist auf mehreren internationalen Märkten tätig und verfügt über Direktvertriebskanäle in:

• Kanada (primäre operative Region)
• Frankreich
• Niederlande
• Deutschland
• Australien

Markt	Verkaufsvolumen (2023)	Umsatzbeitrag
Kanada	52.000 BOE/Tag	57.3%
Europa	28.500 BOE/Tag	35.2%
Australien	8.500 BOE/Tag	7.5%

Investor-Relations-Websites

Vermilion unterhält umfassende digitale Plattformen für die Anlegerkommunikation:

• Unternehmenswebsite: vermilionenergy.com
• Bereich Investor Relations mit vierteljährlichen Finanzberichten
• Verfolgung der Aktienperformance in Echtzeit

Präsentationen zur Finanzkonferenz

Vermilion nimmt an wichtigen Branchenkonferenzen teil:

• ARC-Konferenz für Energieinvestitionen
• BMO Capital Markets Global Metals & Bergbaukonferenz
• RBC-Energiekonferenz

Unternehmensjahresberichte

Berichtsjahr	Gesamtumsatz	Nettoeinkommen
2023	2,4 Milliarden US-Dollar	412 Millionen Dollar
2022	2,1 Milliarden US-Dollar	385 Millionen Dollar

Fachmessen für die Energiewirtschaft

Vermilion stellt auf internationalen Energieveranstaltungen aus:

• Offshore-Technologiekonferenz
• Internationale Konferenz für Erdöltechnologie
• Weltkongress für Erdöl

Vermilion Energy Inc. (VET) – Geschäftsmodell: Kundensegmente

Institutionelle Energieinvestoren

Vermilion Energy bietet institutionellen Anlegern Folgendes an profile:

Anlegertyp	Investitionsvolumen	Geografische Reichweite
Pensionskassen	Anlageportfolio von 3,2 Milliarden CAD	Kanada, Europa, Australien
Investmentfonds	1,7 Milliarden CAD Energieinvestitionen	Nordamerikanische Märkte

Große Energieversorgungsunternehmen

Zu den Kundensegmenten gehören:

• EPCOR Utilities Inc.
• ATCO Electric
• Direkte Energievermarktung begrenzt

Industrielle Energieverbraucher

Sektor	Jährlicher Energieverbrauch	Vertragswert
Herstellung	2,4 Millionen GJ/Jahr	87 Mio. CAD
Öl & Gasverarbeitung	1,9 Millionen GJ/Jahr	62 Millionen CAD

Internationale Energiehandelsmärkte

Die internationale Marktpräsenz von Vermilion:

• Europa: Niederlande, Frankreich, Deutschland
• Nordamerika: Kanada, Vereinigte Staaten
• Australien: Perth-Becken

Staatliche Energiebeschaffungsstellen

Regierungsbehörde	Vertragsgröße	Energievolumen
Regierung von Alberta	145 Millionen CAD	3,6 Millionen GJ/Jahr
Französische Energiebeschaffungsagentur	98 Millionen Euro	2,1 Millionen GJ/Jahr

Vermilion Energy Inc. (VET) – Geschäftsmodell: Kostenstruktur

Explorations- und Produktionskosten

Für das Geschäftsjahr 2023 meldete Vermilion Energy Gesamtexplorations- und Produktionskosten in Höhe von 1.147,3 Millionen US-Dollar. Die Aufschlüsselung dieser Ausgaben umfasst:

Ausgabenkategorie	Betrag (in Mio. USD)
Bohr- und Fertigstellungskosten	487.6
Kosten für seismische Untersuchungen	62.3
Geologische und geophysikalische Studien	38.9
Landerwerb und -pacht	105.5

Technologie- und Infrastrukturinvestitionen

Vermilion Energy investierte im Jahr 2023 213,4 Millionen US-Dollar in Technologie und Infrastruktur:

• Initiativen zur digitalen Transformation: 47,2 Millionen US-Dollar
• Automatisierungs- und KI-Technologien: 38,7 Millionen US-Dollar
• Infrastruktur-Upgrades: 127,5 Millionen US-Dollar

Kosten für Umweltkonformität

Die Ausgaben für die Einhaltung von Umweltvorschriften beliefen sich im Jahr 2023 auf insgesamt 89,6 Millionen US-Dollar, darunter:

Compliance-Bereich	Betrag (in Mio. USD)
Technologien zur Emissionsreduzierung	35.4
Abfallmanagement	24.7
Umweltüberwachung	29.5

Vergütung der Belegschaft

Die Gesamtvergütung der Belegschaft belief sich im Jahr 2023 auf 312,6 Millionen US-Dollar:

• Grundgehälter: 198,3 Millionen US-Dollar
• Leistungsprämien: 64,5 Millionen US-Dollar
• Aktienbasierte Vergütung: 49,8 Millionen US-Dollar

Betriebswartung und Ausrüstung

Die Betriebskosten für Wartung und Ausrüstung beliefen sich im Jahr 2023 auf 276,9 Millionen US-Dollar:

Wartungskategorie	Betrag (in Mio. USD)
Reparaturen von Geräten	112.6
Routinewartung	87.3
Ersatzteile	77.0

Gesamtkostenstruktur für 2023: 2.039,8 Millionen US-Dollar

Vermilion Energy Inc. (VET) – Geschäftsmodell: Einnahmequellen

Rohölverkäufe

Im Jahr 2022 meldete Vermilion Energy eine Rohölproduktion von 47.577 Barrel pro Tag. Der Gesamtumsatz aus dem Rohölverkauf belief sich im Jahr 2022 auf 1,7 Milliarden US-Dollar.

Region	Rohölproduktion (bpd)	Umsatz (Mio. USD)
Kanada	24,500	752
Europa	15,300	468
Vereinigte Staaten	7,777	480

Einnahmen aus der Erdgasproduktion

Die Erdgasproduktion erreichte im Jahr 2022 81,7 Millionen Kubikfuß pro Tag und generierte einen Umsatz von 412 Millionen US-Dollar.

• Kanadischer Erdgasumsatz: 235 Millionen US-Dollar
• Europäischer Erdgasumsatz: 177 Millionen US-Dollar

Internationale Vermögensentwicklungserträge

Die Einnahmen aus internationalen Vermögenswerten beliefen sich im Jahr 2022 auf insgesamt 612 Millionen US-Dollar, mit wesentlichen Beiträgen von:

Land	Einnahmen aus der Vermögensentwicklung (Mio. USD)
Frankreich	278
Niederlande	189
Deutschland	145

Absicherungs- und Finanzmarktstrategien

Die finanziellen Absicherungsaktivitäten von Vermilion erwirtschafteten im Jahr 2022 87 Millionen US-Dollar, mit:

• Ölpreisabsicherung: 62 Millionen US-Dollar
• Erdgasabsicherung: 25 Millionen US-Dollar

Investitionen in nachhaltige Energieprojekte

Investitionen in erneuerbare Energien erwirtschafteten im Jahr 2022 45 Millionen US-Dollar, hauptsächlich aus:

• Einnahmen aus Solarprojekten: 22 Millionen US-Dollar
• Einnahmen aus Windenergie: 23 Millionen US-Dollar

Vermilion Energy Inc. (VET) - Canvas Business Model: Value Propositions

You're looking at the core reasons why customers and the market value Vermilion Energy Inc. right now, late in 2025. It's all about premium pricing, cash generation, and a disciplined, gas-focused asset base.

The company's value proposition is heavily weighted toward its ability to capture premium pricing for its natural gas production, especially from its European assets. This is not just theoretical; you can see it in the realized numbers from the third quarter of 2025.

Vermilion Energy Inc. realized an average natural gas price of $5.62/mcf after hedging for the third quarter of 2025. This figure is significant because it represents a substantial premium, being approximately nine times the AECO 5A benchmark at that time. This is a direct result of the strategic repositioning toward global gas markets.

The focus on financial discipline translates directly into shareholder returns, making free cash flow (FCF) generation a central promise. For the third quarter of 2025, Vermilion Energy Inc. delivered $108 million in FCF after exploration and development capital expenditures of $146 million. This commitment to cash generation underpins the reliability of shareholder distributions.

The commitment to returning capital is evident through consistent payouts. In Q3 2025, Vermilion Energy Inc. returned $26 million to shareholders, broken down into $20 million via dividends and $6 million through share buybacks. Furthermore, the company announced a planned 4% increase in its quarterly cash dividend, signaling confidence in future cash flows.

The underlying asset base supports these financial outcomes. Vermilion Energy Inc. maintains a high-return, long-life, gas-weighted production portfolio. For Q3 2025, production averaged 119,062 barrels of oil equivalent per day (boe/d), with a natural gas weighting of 67%. The 2026 budget projects this gas weighting to increase to 70% of production.

On the sustainability front, while the original 2025 target for Scope 1 emissions intensity reduction was retired following structural business changes, the company achieved an approximately 16% reduction in Scope 1 emissions intensity by the end of 2024 relative to the 2019 baseline. The current, active commitment is focused on achieving a 25 to 30% reduction in Scope 1 plus Scope 2 emissions intensity by the year 2030, relative to 2019.

Here's a quick snapshot of the Q3 2025 performance that backs up these value propositions:

Metric	Value (Q3 2025)	Context
Realized Natural Gas Price (After Hedging)	$5.62/mcf	Premium European pricing realization
Free Cash Flow (FCF)	$108 million	Generated after E&D capital of $146 million
Total Capital Returned to Shareholders	$26 million	Comprised of $20 million in dividends and $6 million in buybacks
Production Gas Weighting	67%	Of the 119,062 boe/d average production
Scope 1 GHG Intensity Reduction (as of YE 2024)	16%	Reduction relative to 2019 baseline

The portfolio is being actively managed to enhance these attributes. For instance, Vermilion Energy Inc. executed a successful two-well (1.2 net) drilling program in the Netherlands in Q3 2025, discovering commercial gas, which builds on their European expertise.

• Exposure to premium European natural gas pricing.
• High-return, long-life, gas-weighted production portfolio.
• Commitment to free cash flow (FCF) generation.
• Consistent return of capital to shareholders via base dividend and buybacks.
• Focus on achieving a 25 to 30% Scope 1+2 GHG intensity reduction by 2030.

Finance: draft 13-week cash view by Friday.

Vermilion Energy Inc. (VET) - Canvas Business Model: Customer Relationships

You're looking at how Vermilion Energy Inc. manages the relationships that keep the cash flowing, which, for an energy producer, really boils down to who buys your product and who funds your operations. It's a mix of big, impersonal sales and very personal local engagement.

Transactional relationships with large-scale commodity purchasers

The core of the transactional relationship is selling massive volumes of natural gas and liquids to commodity markets. You see this clearly in the realized prices they achieve, which often significantly beat the benchmark, showing strong market access or effective hedging strategies. For instance, in Q3 2025, Vermilion Energy Inc. realized an average natural gas price of $4.36/mcf before hedging, but after hedging, that price jumped to $5.62/mcf. That post-hedge number is about seven and nine times the AECO 5A benchmark, respectively. To manage price risk, Vermilion Energy Inc. had a strong hedge position in place for 2025, with 30% of net-of-royalty production hedged. Specifically, this included hedging 52% of European gas at an average floor of $17/mmbtu and 42% of North American gas at an average floor of $3/mcf. The company's Q3 2025 production averaged 119,062 boe/d, with 67% being natural gas. The way they sell is geographically tailored; crude oil in North America links to benchmarks like WTI, while natural gas links to AECO or Henry Hub (HH), and in Ireland, gas is benchmarked to NBP on DA contracts. This focus on gas is strategic, with over 90% of expected production coming from the global gas portfolio going forward.

Investor relations focused on transparency and capital returns

Investor relations for Vermilion Energy Inc. centers on demonstrating financial discipline, especially around free cash flow generation and returning that capital. Transparency is key, as shown by the regular reporting of non-GAAP metrics like Fund Flows from Operations (FFO) and Free Cash Flow (FCF). For the third quarter of 2025, the company generated $254 million in FFO and $108 million in FCF, after E&D capital expenditures of $146 million. The focus on strengthening the balance sheet is evident: net debt was reduced by over $650 million since Q1 2025, bringing the total to $1.38 billion as of September 30, 2025. This brought the net debt to four-quarter trailing FFO ratio to 1.4 times. Capital returns are a direct relationship point, executed through dividends and buybacks. You can see the commitment in the numbers:

Metric	Q3 2025 Amount	2025 Forecast/Guidance (Mid-Point)
Quarterly Cash Dividend (Declared for Dec 31, 2025)	$0.13 CDN per share	Base dividend expected to be approx. $80 million annually (8% of 2025 FFO)
Shareholder Returns (Dividends + Buybacks)	$26 million ($20 million in dividends, $6 million in buybacks)	2025 FCF forecast was $400 million
Shares Repurchased YTD (as of Q3 2025)	2.5 million shares cancelled through NCIB	2025 E&D Capital Budget Range
FFO Forecast (2025)	$254 million (Q3 2025)	Forecasted at $1.0 billion

The company is projecting to exit 2025 with net debt of $1.3 billion, resulting in a trailing net debt to FFO ratio of 1.3 times. Vermilion Energy Inc. also announced an 8% increase to the quarterly dividend for 2025, setting the Q1 2025 payment at $0.13 CDN per share.

Community engagement and investment in operating regions

Vermilion Energy Inc. maintains relationships with local stakeholders through its commitment to corporate citizenship in its operating areas, which are North America, Europe, and Australia. This is formalized through the community investment program called Vermilion Ways of Caring. This program supports non-profit and charitable organizations using three pillars: Give Back, Give Time, and Give Together. The company emphasizes this strategic community investment in each of its operating areas, viewing it as part of its responsibility as a producer.

Contractual agreements for long-term gas sales and transportation

For a gas-weighted producer, transportation and sales agreements are critical to realizing value from production, especially in regions like the Western Canadian Sedimentary Basin (WCSB). Vermilion Energy Inc. has established egress with excess capacity from the WCSB to key demand center regions, including Virginia, Texas, and the Midwest US. This infrastructure access supports the company's focus, as capital allocation is expected to see over 80% directed toward its gas assets. On the Montney asset specifically, third-party infrastructure is expected to increase total throughput capacity to 28,000 boe/d within the next few years. Furthermore, the recent divestiture of US assets included contingent payments of $10 million based on WTI prices over a two-year period starting July 1, 2025, which is a form of long-term, performance-linked financial agreement.

Vermilion Energy Inc. (VET) - Canvas Business Model: Channels

You're looking at how Vermilion Energy Inc. gets its product-mostly natural gas-from the wellhead to the buyer as of late 2025. This involves a mix of owned infrastructure, third-party services, and financial positioning to capture the best price for those molecules.

Natural gas pipelines and processing facilities in North America

The North American segment is the core of Vermilion Energy Inc.'s production base, heavily focused on liquids-rich natural gas from plays like the Deep Basin and Montney. Production from these North American assets averaged 88,763 boe/d in the third quarter of 2025. You use these pipelines and facilities to get that gas to market, though the company has been actively high-grading this portfolio, completing the sale of its United States assets for $120 million in cash proceeds, closing in Q3 2025, to sharpen its focus on its core Canadian gas assets. The transportation cost guidance for 2026 is set between $3.00 to $3.50/boe, which covers the use of these systems.

The effectiveness of this channel is clear in the realized pricing:

• In Q3 2025, Vermilion Energy Inc. realized an average natural gas price of $4.36/mcf before hedging.
• After hedging, the realized price was $5.62/mcf.
• This post-hedge price was approximately nine times the AECO 5A benchmark price in that quarter.

It's a clear demonstration of how infrastructure access and pricing strategy work together to move product.

Direct sales contracts for European natural gas to utilities and markets

Vermilion Energy Inc. maintains a crucial international channel to access premium-priced European natural gas markets. Production from International assets in Q3 2025 was 30,299 boe/d. This segment is key because European gas prices historically trade at a substantial premium to North American benchmarks. To lock in favorable terms for this gas, the company uses direct sales contracts supported by hedging.

For the remainder of 2025, Vermilion Energy Inc. has actively managed this exposure:

• 54% of its European natural gas production was hedged.

This strategy helps stabilize cash flows from these international sales, which are critical to the overall business model.

Crude oil and liquids transportation via rail, truck, and third-party pipelines

Crude oil and liquids make up the remaining portion of the production mix, accounting for 33% of the Q3 2025 average production of 119,062 boe/d. The transportation for these liquids relies on a combination of methods, including third-party pipelines, rail, and truck, depending on the specific asset location and market access. The company's focus on gas-weighted assets means liquids are a secondary, though still important, output stream.

To manage the price risk associated with these volumes moving through transport channels, Vermilion Energy Inc. had the following hedges in place for the remainder of 2025:

Commodity Type	Hedged Percentage (Remainder of 2025)
Crude Oil Production	59%
North American Natural Gas Volumes	49%

The overall transportation cost guidance for 2026 is budgeted at $3.00 to $3.50/boe.

Global commodity markets for spot and forward sales

The final layer of the channel strategy involves leveraging global commodity markets to price and sell the produced hydrocarbons, whether through immediate spot sales or longer-term forward contracts. This is where the realized prices are set, often influenced by the hedging program. Vermilion Energy Inc. reported that in aggregate, 55% of its expected net-of-royalty production was hedged for the remainder of 2025. This active participation in the derivatives market is a core component of ensuring predictable cash flows from all sales channels.

Here's a snapshot of the Q3 2025 operational and hedging metrics that define these channels:

Metric	Value (Q3 2025 or Guidance)	Source/Context
Total Production (Q3 2025 Avg)	119,062 boe/d	Q3 2025 Average
North American Production (Q3 2025 Avg)	88,763 boe/d	Q3 2025 Average
International Production (Q3 2025 Avg)	30,299 boe/d	Q3 2025 Average
Natural Gas Realized Price (Post-Hedge, Q3 2025)	$5.62/mcf	Q3 2025 Realized Price
Overall Production Hedged (Remainder of 2025)	55%	Commodity Hedging Update
2026 Transportation Cost Guidance	$3.00 - $3.50/boe	2026 Budget

The company's full-year 2025 production guidance was approximately 119,500 boe/d, with a 65% natural gas weighting.

Vermilion Energy Inc. (VET) - Canvas Business Model: Customer Segments

International and European natural gas utilities and industrial users

• International operations production averaged 30,299 boe/d in Q3 2025.
• European Gas Assets production weighting projected at 18% for the 2026 budget.
• European gas production is a focus area with long-life assets in Germany (10+ years of inventory).
• Q3 2025 realized natural gas price after hedging was $5.62/mcf.
• Q3 2025 realized natural gas price before hedging was $4.36/mcf.
• European gas production hedging for 2025 was 52% at an average floor of $17/mmbtu (from 2025 budget announcement).

North American natural gas and liquids purchasers

Metric	North American Assets (Canada Focus)	Context/Benchmark
Q3 2025 Production	88,763 boe/d	Drilling activity included a three-rig program in the Deep Basin in Q3 2025.
2026 Budget Production Weighting	67% (Canada)	AECO 5A benchmark referenced for Q3 2025 realized price comparison.
2026 Budget Capital Allocation	67%	Montney asset has 15+ years of inventory.
2025 Production Weighting (Guidance)	70% Natural Gas (Full Year 2025 estimate)	North American gas hedging for 2025 was 42% at an average floor of $3/mcf (from 2025 budget announcement).

Crude oil refineries and marketers globally

• Legacy Oil production weighting projected at 15% for the 2026 budget.
• Legacy Oil capital allocation projected at 15% for the 2026 budget.
• Crude oil hedging for 2025 was 8% at an average floor of US$73/bbl (from 2025 budget announcement).
• The company exited the United States, selling assets that were approximately 81% oil and liquids.

Public equity and debt investors (shareholders and bondholders)

Financial Metric	Amount as of Late 2025
Market Capitalization	$1.6 B (as of November 5, 2025)
Shares Outstanding	153.3 MM (as of October 31, 2025)
Net Debt	$1.4 B (Year-End 2025 Estimate)
Net Debt to FFO Ratio	1.4x (Year-End 2025 Estimate)
Quarterly Dividend Declared	$0.13/share (Payable December 31, 2025)
Public Float	152,591,872 common shares (as of June 30, 2025)

The company anticipates returning 40% of excess free cash flow to shareholders in 2025.

Vermilion Energy Inc. (VET) - Canvas Business Model: Cost Structure

You're looking at the major cash outflows Vermilion Energy Inc. has to cover to keep the lights on and the wells producing as of late 2025. It's a capital-intensive business, so these costs drive a lot of the financial strategy.

The exploration and development (E&D) capital expenditures represent the money Vermilion Energy Inc. plans to spend on finding and developing new reserves. For the full year 2025, the guidance is set between $630-$640 million. This spending is heavily weighted toward their global gas assets, with over 80% of capital expected to be allocated there following recent divestitures.

Day-to-day running costs, categorized as operating expenses, are guided for 2025 to fall in the range of $13.00-$14.00/boe (dollars per barrel of oil equivalent). Vermilion Energy Inc. has been actively working to lower this cost base, having reduced its annual operating cost guidance by over $10 million following asset repositioning in the second half of 2025.

Debt servicing is a fixed cost, and as of September 30, 2025, Vermilion Energy Inc.'s net debt stood at $1.38 billion. This level of outstanding debt directly translates into significant interest expense payments that must be factored into the cost structure, regardless of commodity price fluctuations.

Moving the produced commodities to where they can be sold involves fees for getting the product out of the ground and to market. These transportation and processing fees are a variable cost tied to production volumes. The current 2025 guidance for transportation costs specifically is between $3.00 - $3.50/boe.

The company also has non-operating, long-term liabilities that require cash outlays. The guidance for Asset Retirement Obligations (ARO) settled during 2025 is set at $60 million.

Here is a quick breakdown of the key unit and total cost guidance points for 2025:

• E&D Capital Expenditures (Total Guidance): $630-$640 million
• Operating Expenses (Unit Guidance): $13.00-$14.00/boe
• Transportation Fees (Unit Guidance): $3.00 - $3.50/boe
• Asset Retirement Obligations Settled (Guidance): $60 million

To give you a clearer picture of how these unit costs compare to other major 2025 guidance metrics, look at this table:

Cost/Metric Category	2025 Guidance Figure	Unit
E&D Capital Expenditures	$630 - $640	million
Operating Expense	$13.00 - $13.50	$/boe
Transportation Expense	$3.00 - $3.50	$/boe
Asset Retirement Obligations Settled	$60	million
Net Debt (as of Q3 2025)	$1.38 billion	Amount

You can see that the unit operating costs and transportation fees are relatively tight, especially compared to the prior year's guidance, reflecting efficiency gains. Still, the total capital budget is substantial, showing the ongoing need to invest in the asset base.

Other costs embedded within the structure include:

• General and administration expense guidance of $2.25 - $2.75/boe (before expected cash-settled equity compensation).
• Cash taxes guidance as a percentage of pre-tax FFO (Fund Flows from Operations) is estimated between 4 - 8%.

Finance: draft 13-week cash view by Friday.

Vermilion Energy Inc. (VET) - Canvas Business Model: Revenue Streams

You're looking at how Vermilion Energy Inc. actually brings in the cash, which for an energy producer like this is all about what they pull out of the ground and what price they get for it. The revenue streams are pretty straightforward, centered on selling commodities, but the geographic and hedging strategy really shapes the final dollar amount you see.

The core of the business is the sale of natural gas. For the full-year 2025 production outlook, natural gas accounts for approximately 65% of the total expected output, measured in barrels of oil equivalent per day (boe/d). This focus on gas is a key part of the strategy following asset repositioning. To give you a sense of the recent trend, Q3 2025 production averaged 119,062 boe/d, with a gas weighting of 67% in that specific quarter, while Q4 2025 guidance pointed toward a 69% gas mix. That's a lot of gas revenue flowing in.

The remainder of the production volume feeds the sales of crude oil and natural gas liquids (NGLs). Looking at the most recent quarterly data, the production mix in Q3 2025 was split between natural gas and crude oil/liquids at 67% to 33%, respectively. This mix is dynamic, as Q1 2025 saw a 60% gas weighting and 40% liquids split, showing how the asset base shifts revenue contribution quarter-to-quarter.

Here's a quick look at how the production volume and key financial metrics stacked up through the third quarter of 2025:

Metric	Value/Percentage	Period/Context
Natural Gas Production Weighting (Full Year 2025 Guidance)	65%	2025 Full Year Outlook
Crude Oil & NGLs Production Weighting (Q3 2025 Actual)	33%	Q3 2025 Production Mix
Average Production (Q3 2025)	119,062 boe/d	Third Quarter 2025 Average
Fund Flows from Operations (FFO)	$254 million	Q3 2025 Result

Realized gains from the commodity hedging program are a crucial component that smooths out the volatility inherent in selling oil and gas. For Q3 2025 specifically, Vermilion Energy Inc. realized an average natural gas price of $5.62/mcf after accounting for hedging. That's a significant lift, considering the price before hedging was only $4.36/mcf for the same period. This difference, which is the realized hedging gain on gas, was $1.26/mcf. As of the Q3 report, the company had hedged 55% of its expected net-of-royalty production for the remainder of 2025 to lock in these favorable outcomes.

The ultimate measure of cash generation from operations is the Fund Flows from Operations (FFO). You saw a strong result in the third quarter of 2025, where FFO hit $254 million, which translated to $1.65 per basic share. Looking at the longer trend, for the nine months ending September 30, 2025, the cumulative FFO reached $769.5 million. This performance underpins the company's ability to fund capital expenditures and return capital to shareholders, even while adhering to conservative price assumptions in its planning.

• Q3 2025 FFO: $254 million.
• Nine Months 2025 FFO: $769.5 million.
• Q3 2025 Realized Gas Price (After Hedging): $5.62/mcf.
• Aggregate Production Hedged (Remainder of 2025): 55%.

Finance: draft the Q4 2025 FFO projection based on current strip prices by next Tuesday.