Vermilion Energy Inc. (VET): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el plan estratégico de Vermilion Energy Inc. (VET), una potencia internacional dinámica de petróleo y gas que transforma los complejos desafíos energéticos globales en oportunidades comerciales innovadoras. Este lienzo de modelo de negocio integral revela cómo el VET navega estratégicamente el intrincado panorama de la producción de energía, aprovechando diversos activos internacionales, tecnologías de vanguardia y un compromiso robusto con las operaciones sostenibles. Desde asociaciones estratégicas hasta flujos de ingresos multifacéticos, el modelo de Vermilion Energy ejemplifica un enfoque sofisticado para la exploración y producción de energía moderna, a los inversores y partes interesadas prometedores un viaje convincente a través del mundo matizado de los mercados de energía global.

Vermilion Energy Inc. (VET) - Modelo de negocio: asociaciones clave

Empresas conjuntas estratégicas con compañías internacionales de petróleo y gas

Vermilion Energy mantiene asociaciones estratégicas con las siguientes compañías internacionales de petróleo y gas:

Empresa asociada	Región	Detalles de la asociación
Lukoil	Rusia	Acuerdo de exploración y producción conjunta
Energía de la madera	Australia	Colaboración en el desarrollo de campo de gas en alta mar

Colaboración con los gobiernos locales en las regiones operativas

Vermilion Energy ha establecido asociaciones con gobiernos locales en:

• Canadá (Alberta, Saskatchewan)
• Francia
• Países Bajos
• Alemania

Asociaciones tecnológicas para técnicas de extracción mejoradas

Vermilion Energy colabora con socios tecnológicos para mejorar la eficiencia de la extracción:

Socio tecnológico	Área de enfoque	Inversión
Baker Hughes	Tecnologías de perforación avanzada	Inversión anual de $ 5.2 millones
Schlumberger	Optimización del depósito	$ 4.7 millones de inversión anual

Acuerdos contractuales con contratistas de perforación y servicio

Las asociaciones de contratistas de servicio clave incluyen:

• Corporación de perforación de precisión
• Halliburton
• Nabors Industries

Organizaciones de investigación ambiental y de sostenibilidad

Vermilion Energy se asocia con organizaciones de investigación centradas en la sostenibilidad:

Organización	Enfoque de investigación	Presupuesto de colaboración anual
Universidad de Calgary	Tecnologías de captura de carbono	$ 1.8 millones
Csiro	Estrategias de reducción de emisiones	$ 2.3 millones

Vermilion Energy Inc. (Vet) - Modelo de negocio: actividades clave

Exploración y producción de petróleo y gas natural

En 2023, Vermellion Energy reportó una producción total de 89,349 Boe/D (barriles de aceite equivalente por día). El desglose de producción incluye:

Región	Producción (Boe/D)	Porcentaje
Canadá	52,100	58.3%
Europa	25,749	28.8%
Estados Unidos	7,500	8.4%
Australia	4,000	4.5%

Gestión y optimización de los embalses

Métricas de optimización de clave para 2023:

• Perforación de 70 pozos netos en las regiones operativas
• Gasto de capital de $ 444 millones
• Mantenimiento 85% de eficiencia operativa a través de embalses

Desarrollo de activos internacionales

Vermilion opera en 6 países en 4 continentes con la siguiente cartera de activos:

País	Tipo de activo	Interés de trabajo
Canadá	Petróleo/gas convencional	100%
Francia	Gas natural	100%
Países Bajos	Campos de gas	100%
Alemania	Almacenamiento de gas	90%
Estados Unidos	Campos petroleros	75%
Australia	Gas convencional	50%

Producción de energía sostenible y reducción de emisiones

Objetivos y logros de reducción de emisiones:

• Comprometido a reducir la intensidad de las emisiones de gases de efecto invernadero en un 30% para 2025
• Intensidad de emisiones de corriente: 22 kg CO2E/BOE
• Invirtió $ 35 millones en tecnologías de reducción de carbono

Protocolos de gestión de riesgos operativos y protocolos de seguridad

Métricas de rendimiento de seguridad para 2023:

• Tasa total de frecuencia de lesiones registrables: 1.2 por millón de horas de trabajo
• Tasa de frecuencia de lesiones por lesiones perdidas: 0.4 por millón de horas de trabajo
• $ 12 millones invertidos en capacitación en seguridad y equipo

Vermilion Energy Inc. (Vet) - Modelo de negocio: recursos clave

Diversas cartera internacional de activos de petróleo y gas

Vermilion Energy opera en múltiples países con una distribución de activos específicos:

País	Tipo de activo	Producción (Boe/Día)
Canadá	Petróleo/gas convencional	57,500
Francia	Gas natural	12,500
Países Bajos	Campos de gas	8,200
Australia	Gas en alta mar	5,700

Fuerza laboral técnica y operativa calificada

Composición de la fuerza laboral:

• Total de empleados: 1.345
• Ingenieros: 38%
• Geocientíficos: 22%
• Especialistas en operaciones: 40%

Tecnologías de mapeo geológicos y sísmicos avanzados

Inversiones tecnológicas:

• Gasto anual de I + D: $ 12.4 millones
• Cobertura de mapeo sísmico 3D: 85% de las regiones de activos
• Software de modelado geológico patentado

Capacidades de capital financiero y de inversión sólidos

Métricas financieras:

Indicador financiero	Valor 2023
Activos totales	$ 4.2 mil millones
Gastos de capital anuales	$ 375 millones
Reservas de efectivo	$ 285 millones

Infraestructura establecida en múltiples países

Activos de infraestructura:

• Instalaciones de producción: 42
• Plantas de procesamiento: 18
• Longitud de la red de tuberías: 2.300 kilómetros
• Terminales de almacenamiento: 7

Vermilion Energy Inc. (Vet) - Modelo de negocio: propuestas de valor

Producción de energía consistente y estable

La energía del bermellion produjo 55,956 BOE/D en el tercer trimestre de 2023, con una mezcla de producción de 52% de petróleo, 25% de gas natural y 23% de líquidos de gas natural. La producción anual promedio para 2022 fue de 53,000 boe/d.

Métrica de producción	Valor 2022	Valor Q3 2023
Producción total	53,000 boe/d	55,956 Boe/D
Porcentaje de petróleo	52%	52%
Porcentaje de gas natural	25%	25%

Cartera de activos internacionales diversificados

Vermilion opera en seis países: Canadá, Francia, Países Bajos, Alemania, Irlanda y Australia.

• Canadá: 45% de la producción total
• Europa: 55% de la producción total
• 2022 Gastos de capital internacional: $ 365 millones

Compromiso con la sostenibilidad ambiental

Objetivos de bermellion Reducción del 30% en la intensidad de emisiones de gases de efecto invernadero para 2025. Intensidad de emisiones de corriente: 22 kg CO2E/BOE.

Rendimiento operativo eficiente

2022 Destacados financieros:

• Fondos de las operaciones: $ 1.4 mil millones
• Flujo de efectivo libre: $ 867 millones
• Netback operativo: $ 47.66/boe

Rendimientos competitivos para los accionistas

Detalles de dividendos para 2022-2023:

Año	Dividendo mensual	Rendimiento de dividendos anuales
2022	$ 0.06 por acción	8.5%
2023	$ 0.08 por acción	10.2%

Vermilion Energy Inc. (Vet) - Modelo de negocio: relaciones con los clientes

Contratos de suministro a largo plazo con distribuidores de energía

Vermilion Energy mantiene los contratos de suministro con múltiples distribuidores de energía en sus regiones operativas. A partir de 2023, la compañía ha asegurado contratos a largo plazo con 12 principales empresas de distribución de energía en Canadá, Francia y Australia.

Región	Número de contratos	Duración promedio del contrato
Canadá	7	8.5 años
Francia	3	7.2 años
Australia	2	6.8 años

Compromiso directo con inversores institucionales

Vermilion Energy realiza extensas actividades de relaciones con los inversores. En 2023, la compañía se comprometió con:

• 87 inversores institucionales
• 42 conferencias de inversión
• 136 reuniones de inversores individuales

Comunicación corporativa transparente

La empresa mantiene informes financieros trimestrales con métricas de rendimiento detalladas. En 2023, Vermilion publicó:

• 4 informes financieros trimestrales
• 1 Informe integrado anual
• 2 actualizaciones de progreso de sostenibilidad

Informes de sostenibilidad centrados en el cliente

Métrica de sostenibilidad	2023 rendimiento
Reducción de emisiones de carbono	12.4% de reducción
Inversión de energía renovable	$ 78.3 millones
Calificación de cumplimiento ambiental	95.6%

Plataformas digitales para la interacción de las partes interesadas

Vermilion Energy utiliza múltiples canales de comunicación digital:

• Sitio web corporativo con portal de inversores
• Página de la compañía de LinkedIn con 15.200 seguidores
• Cuenta de Twitter con 8.700 seguidores
• Presentaciones trimestrales de inversores webcast

Vermilion Energy Inc. (Vet) - Modelo de negocio: canales

Ventas directas a los mercados de energía

Vermilion Energy Inc. opera en múltiples mercados internacionales, con canales de ventas directas en:

• Canadá (región operativa primaria)
• Francia
• Países Bajos
• Alemania
• Australia

Mercado	Volumen de ventas (2023)	Contribución de ingresos
Canadá	52,000 boe/d	57.3%
Europa	28,500 boe/d	35.2%
Australia	8,500 boe/d	7.5%

Sitios web de relaciones con los inversores

Vermilion mantiene plataformas integrales de comunicación de inversores digitales:

• Sitio web corporativo: VermilionEnergy.com
• Sección de relaciones con los inversores con informes financieros trimestrales
• Seguimiento de rendimiento de acciones en tiempo real

Presentaciones de conferencia financiera

Vermilion participa en conferencias clave de la industria:

• Conferencia de inversión energética de ARC
• BMO Capital Markets Global Metals & Conferencia minera
• Conferencia de energía RBC

Informes anuales corporativos

Año de informes	Ingresos totales	Lngresos netos
2023	$ 2.4 mil millones	$ 412 millones
2022	$ 2.1 mil millones	$ 385 millones

Exposiciones comerciales de la industria energética

Exhibiciones de bermellones en Eventos de Energía Internacional:

• Conferencia de tecnología en alta mar
• Conferencia internacional de tecnología del petróleo
• Congreso de petróleo mundial

Vermilion Energy Inc. (Vet) - Modelo de negocio: segmentos de clientes

Inversores de energía institucional

Vermilion Energy atiende a inversores institucionales con los siguientes profile:

Tipo de inversor	Volumen de inversión	Alcance geográfico
Fondos de pensiones	Cartera de inversiones CAD 3.2 mil millones	Canadá, Europa, Australia
Fondos mutuos	CAD 1.700 millones de inversiones energéticas	Mercados norteamericanos

Compañías de servicios de energía a gran escala

Los segmentos de los clientes incluyen:

• Epcor Utilities Inc.
• ATCO Electric
• Marketing de energía directa limitada

Consumidores de energía industrial

Sector	Consumo anual de energía	Valor de contrato
Fabricación	2.4 millones de GJ/año	CAD 87 millones
Aceite & Procesamiento de gas	1.9 millones de GJ/año	CAD 62 millones

Mercados internacionales de comercio de energía

Presencia del mercado internacional de Vermilion:

• Europa: Países Bajos, Francia, Alemania
• América del Norte: Canadá, Estados Unidos
• Australia: Perth Basin

Entidades de adquisición de energía del gobierno

Entidad gubernamental	Tamaño de contrato	Volumen de energía
Gobierno de Alberta	CAD 145 millones	3.6 millones de GJ/año
Agencia Francesa de Adquisición de Energía	98 millones de euros	2.1 millones de GJ/año

Vermilion Energy Inc. (Vet) - Modelo de negocio: Estructura de costos

Gastos de exploración y producción

Para el año fiscal 2023, Vermilion Energy reportó gastos totales de exploración y producción de $ 1,147.3 millones. El desglose de estos gastos incluye:

Categoría de gastos	Cantidad (USD millones)
Costos de perforación y finalización	487.6
Gastos de encuesta sísmica	62.3
Estudios geológicos y geofísicos	38.9
Adquisición de tierras y arrendamiento	105.5

Inversiones de tecnología e infraestructura

Vermilion Energy invirtió $ 213.4 millones en tecnología e infraestructura en 2023:

• Iniciativas de transformación digital: $ 47.2 millones
• Automatización y tecnologías de IA: $ 38.7 millones
• Actualizaciones de infraestructura: $ 127.5 millones

Costos de cumplimiento ambiental

Los gastos de cumplimiento ambiental para 2023 totalizaron $ 89.6 millones, que incluyen:

Área de cumplimiento	Cantidad (USD millones)
Tecnologías de reducción de emisiones	35.4
Gestión de residuos	24.7
Monitoreo ambiental	29.5

Compensación de la fuerza laboral

La compensación total de la fuerza laboral para 2023 fue de $ 312.6 millones:

• Salarios base: $ 198.3 millones
• Bonos de rendimiento: $ 64.5 millones
• Compensación basada en acciones: $ 49.8 millones

Mantenimiento operativo y equipo

El mantenimiento operativo y los costos del equipo para 2023 ascendieron a $ 276.9 millones:

Categoría de mantenimiento	Cantidad (USD millones)
Reparaciones de equipos	112.6
Mantenimiento de rutina	87.3
Piezas de repuesto	77.0

Estructura de costos totales para 2023: $ 2,039.8 millones

Vermilion Energy Inc. (VET) - Modelo de negocio: flujos de ingresos

Ventas de petróleo crudo

En 2022, Vermellion Energy informó una producción de petróleo crudo de 47,577 barriles por día. Los ingresos por ventas totales de petróleo crudo para 2022 fueron de $ 1.7 mil millones.

Región	Producción de petróleo crudo (BPD)	Ingresos ($ M)
Canadá	24,500	752
Europa	15,300	468
Estados Unidos	7,777	480

Ingresos de producción de gas natural

La producción de gas natural en 2022 alcanzó los 81.7 millones de pies cúbicos por día, generando $ 412 millones en ingresos.

• Ventas de gas natural canadiense: $ 235 millones
• Ventas de gas natural europeo: $ 177 millones

Ingresos internacionales de desarrollo de activos

Los ingresos de activos internacionales para 2022 totalizaron $ 612 millones, con contribuciones clave de:

País	Ingresos de desarrollo de activos ($ M)
Francia	278
Países Bajos	189
Alemania	145

Estrategias de cobertura y mercado financiero

Las actividades de cobertura financiera de Vermilion generaron $ 87 millones en 2022, con:

• Setting del precio del petróleo: $ 62 millones
• Cobertura de gas natural: $ 25 millones

Inversiones de proyectos de energía sostenible

Las inversiones de energía renovable generaron $ 45 millones en 2022, principalmente de:

• Ingresos del proyecto solar: $ 22 millones
• Ingresos de energía eólica: $ 23 millones

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.