Vermilion Energy Inc. (VET): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans le plan stratégique de Vermilion Energy Inc. (vétérinaire), une puissance internationale dynamique du pétrole et du gaz qui transforme les défis énergétiques mondiaux complexes en opportunités commerciales innovantes. Cette toile complète du modèle commercial révèle comment VET navigue stratégiquement dans le paysage complexe de la production d'énergie, tirant parti des divers actifs internationaux, des technologies de pointe et un engagement solide envers les opérations durables. Des partenariats stratégiques aux sources de revenus multiformes, le modèle de Vermilion Energy illustre une approche sophistiquée de l'exploration et de la production énergétiques modernes, promettant aux investisseurs et aux parties prenantes un voyage convaincant à travers le monde nuancé des marchés mondiaux de l'énergie.

Vermilion Energy Inc. (VET) - Modèle d'entreprise: partenariats clés

Coentreprises stratégiques avec des sociétés pétrolières et gazières internationales

Vermilion Energy maintient des partenariats stratégiques avec les sociétés internationales pétrolières et gazières suivantes:

Entreprise partenaire	Région	Détails du partenariat
Lukoil	Russie	Accord d'exploration et de production conjoint
Énergie à bois	Australie	Collaboration de développement du champ de gaz offshore

Collaboration avec les gouvernements locaux dans les régions opérationnelles

Vermilion Energy a établi des partenariats avec les gouvernements locaux dans:

• Canada (Alberta, Saskatchewan)
• France
• Pays-Bas
• Allemagne

Partenariats technologiques pour les techniques d'extraction améliorées

Vermilion Energy collabore avec les partenaires technologiques pour améliorer l'efficacité de l'extraction:

Partenaire technologique	Domaine de mise au point	Investissement
Baker Hughes	Technologies de forage avancées	5,2 millions de dollars d'investissement annuel
Schlumberger	Optimisation du réservoir	4,7 millions de dollars d'investissement annuel

Accords contractuels avec des entrepreneurs de forage et de service

Les partenariats clés des entrepreneurs de services comprennent:

• Corporation de forage de précision
• Halliburton
• Nabors Industries

Organisations de recherche sur l'environnement et la durabilité

Vermilion Energy s'associe à des organisations de recherche axées sur la durabilité:

Organisation	Focus de recherche	Budget de collaboration annuel
Université de Calgary	Technologies de capture de carbone	1,8 million de dollars
Csiro	Stratégies de réduction des émissions	2,3 millions de dollars

Vermilion Energy Inc. (VET) - Modèle d'entreprise: Activités clés

Exploration et production de pétrole et de gaz naturel

En 2023, Vermilion Energy a signalé une production totale de 89 349 BOE / J (barils de pétrole équivalent par jour). La panne de production comprend:

Région	Production (BOE / D)	Pourcentage
Canada	52,100	58.3%
Europe	25,749	28.8%
États-Unis	7,500	8.4%
Australie	4,000	4.5%

Gestion et optimisation des réservoirs

Mesures d'optimisation clés pour 2023:

• Forage 70 puits nets dans toutes les régions opérationnelles
• Dépenses en capital de 444 millions de dollars
• Entretien 85% d'efficacité opérationnelle à travers les réservoirs

Développement des actifs internationaux

Vermilion opère dans 6 pays sur 4 continents avec le portefeuille d'actifs suivant:

Pays	Type d'actif	Intérêt professionnel
Canada	Pétrole / gaz conventionnel	100%
France	Gaz naturel	100%
Pays-Bas	Champs de gaz	100%
Allemagne	Stockage de gaz	90%
États-Unis	Champs de pétrole	75%
Australie	Gaz conventionnel	50%

Production d'énergie durable et réduction des émissions

Cibles et réalisations de réduction des émissions:

• Engagé à réduire l'intensité des émissions de gaz à effet de serre de 30% d'ici 2025
• Intensité des émissions actuelles: 22 kg CO2E / BOE
• A investi 35 millions de dollars dans les technologies de réduction du carbone

Protocoles opérationnels de gestion des risques et de sécurité

Mesures de performance de sécurité pour 2023:

• Taux de fréquence des blessures totales totales: 1,2 par million d'heures de travail
• Taux de fréquence des blessures perdues: 0,4 par million d'heures de travail
• 12 millions de dollars investis dans la formation et l'équipement en matière de sécurité

Vermilion Energy Inc. (VET) - Modèle d'entreprise: Ressources clés

Portfolio international des actifs pétroliers et gaziers

Vermilion Energy opère dans plusieurs pays avec une distribution spécifique des actifs:

Pays	Type d'actif	Production (BOE / Day)
Canada	Pétrole / gaz conventionnel	57,500
France	Gaz naturel	12,500
Pays-Bas	Champs de gaz	8,200
Australie	Gaz offshore	5,700

Main-d'œuvre technique et opérationnelle qualifiée

Composition de la main-d'œuvre:

• Total des employés: 1 345
• Ingénieurs: 38%
• Géoscientifiques: 22%
• Spécialistes des opérations: 40%

Technologies de cartographie géologique et sismique avancée

Investissements technologiques:

• Dépenses annuelles de R&D: 12,4 millions de dollars
• Couverture de cartographie sismique 3D: 85% des régions d'actifs
• Logiciel de modélisation géologique propriétaire

Capacités financières et investissements solides

Métriques financières:

Indicateur financier	Valeur 2023
Actif total	4,2 milliards de dollars
Dépenses en capital annuelles	375 millions de dollars
Réserves en espèces	285 millions de dollars

Infrastructure établie dans plusieurs pays

Actifs d'infrastructure:

• Installations de production: 42
• Plantes de traitement: 18
• Longueur du réseau de pipeline: 2 300 kilomètres
• Terminaux de stockage: 7

Vermilion Energy Inc. (VET) - Modèle d'entreprise: propositions de valeur

Production d'énergie cohérente et stable

L'énergie du vermillon a produit 55 956 BOE / J au troisième trimestre 2023, avec un mélange de production de 52% d'huile, 25% de gaz naturel et 23% de liquides de gaz naturel. La production annuelle moyenne pour 2022 était de 53 000 BOE / J.

Métrique de production	Valeur 2022	Valeur du troisième trimestre 2023
Production totale	53 000 BOE / D	55 956 BOE / D
Pourcentage de pétrole	52%	52%
Pourcentage de gaz naturel	25%	25%

Portefeuille d'actifs internationaux diversifiés

Vermilion opère dans six pays: Canada, France, Pays-Bas, Allemagne, Irlande et Australie.

• Canada: 45% de la production totale
• Europe: 55% de la production totale
• 2022 dépenses en capital international: 365 millions de dollars

Engagement envers la durabilité environnementale

Cibles du vermillon Réduction de 30% de l'intensité des émissions de gaz à effet de serre d'ici 2025. Intensité des émissions actuelles: 22 kg CO2E / BOE.

Performance opérationnelle efficace

2022 Faits saillants financiers:

• Fonds des opérations: 1,4 milliard de dollars
• Flux de trésorerie disponibles: 867 millions de dollars
• Netback de fonctionnement: 47,66 $ / BOE

Rendements compétitifs pour les actionnaires

Détails de dividendes pour 2022-2023:

Année	Dividende mensuel	Rendement annuel sur le dividende
2022	0,06 $ par action	8.5%
2023	0,08 $ par action	10.2%

Vermilion Energy Inc. (VET) - Modèle d'entreprise: relations avec les clients

Contrats d'approvisionnement à long terme avec des distributeurs d'énergie

Vermilion Energy maintient des contrats d'alimentation avec plusieurs distributeurs d'énergie dans ses régions opérationnelles. En 2023, la société a obtenu des contrats à long terme avec 12 grandes sociétés de distribution d'énergie au Canada, en France et en Australie.

Région	Nombre de contrats	Durée du contrat moyen
Canada	7	8,5 ans
France	3	7,2 ans
Australie	2	6,8 ans

Engagement direct avec les investisseurs institutionnels

Vermilion Energy mène de vastes activités de relations avec les investisseurs. En 2023, l'entreprise s'est engagée:

• 87 investisseurs institutionnels
• 42 conférences d'investissement
• 136 réunions individuelles des investisseurs

Communication d'entreprise transparente

La société maintient Rapports financiers trimestriels avec des mesures de performances détaillées. En 2023, Vermilion a publié:

• 4 rapports financiers trimestriels
• 1 rapport intégré annuel
• 2 Mises à jour des progrès de la durabilité

Rapports de durabilité axés sur le client

Métrique de la durabilité	Performance de 2023
Réduction des émissions de carbone	12,4% de réduction
Investissement d'énergie renouvelable	78,3 millions de dollars
Note de conformité environnementale	95.6%

Plateformes numériques pour l'interaction des parties prenantes

Vermilion Energy utilise plusieurs canaux de communication numériques:

• Site Web d'entreprise avec portail d'investisseurs
• Page de l'entreprise LinkedIn à 15 200 abonnés
• Compte Twitter avec 8 700 abonnés
• Présentations des investisseurs trimestriels sur la webdiffusion

Vermilion Energy Inc. (VET) - Modèle d'entreprise: canaux

Ventes directes vers les marchés de l'énergie

Vermilion Energy Inc. fonctionne sur plusieurs marchés internationaux, avec des canaux de vente directs dans:

• Canada (région opérationnelle primaire)
• France
• Pays-Bas
• Allemagne
• Australie

Marché	Volume des ventes (2023)	Contribution des revenus
Canada	52 000 BOE / D	57.3%
Europe	28 500 BOE / D	35.2%
Australie	8 500 BOE / J	7.5%

Sites Web sur les relations avec les investisseurs

Vermilion maintient des plateformes de communication d'investisseurs numériques complètes:

• Site Web d'entreprise: VermilionEnergy.com
• Section des relations avec les investisseurs avec des rapports financiers trimestriels
• Suivi des performances des stocks en temps réel

Présentations de la conférence financière

Vermilion participe à des conférences clés de l'industrie:

• Conférence d'investissement en énergie arc
• BMO Marchés des capitaux Métaux mondiaux & Conférence minière
• Conférence RBC Energy

Rapports annuels d'entreprise

Année de déclaration	Revenus totaux	Revenu net
2023	2,4 milliards de dollars	412 millions de dollars
2022	2,1 milliards de dollars	385 millions de dollars

Expositions commerciales de l'industrie de l'énergie

Vermilion Expositions lors d'événements énergétiques internationaux:

• Conférence de technologie offshore
• Conférence internationale sur la technologie du pétrole
• Congrès mondial de pétrole

Vermilion Energy Inc. (VET) - Modèle d'entreprise: segments de clientèle

Investisseurs énergétiques institutionnels

Vermilion Energy dessert les investisseurs institutionnels avec les éléments suivants profile:

Type d'investisseur	Volume d'investissement	Portée géographique
Fonds de pension	Portfolio d'investissement de 3,2 milliards de CAD	Canada, Europe, Australie
Fonds communs de placement	CAD 1,7 milliard d'investissements énergétiques	Marchés nord-américains

Entreprises de services publics d'énergie à grande échelle

Les segments des clients comprennent:

• EpCor Utilities Inc.
• ATCO électrique
• Direct Energy Marketing Limited

Consommateurs d'énergie industrielle

Secteur	Consommation d'énergie annuelle	Valeur du contrat
Fabrication	2,4 millions de GJ / an	CAD 87 millions
Huile & Traitement du gaz	1,9 million de GJ / an	62 millions CAD

Marchés internationaux de trading d'énergie

Présence du marché international de Vermilion:

• Europe: Pays-Bas, France, Allemagne
• Amérique du Nord: Canada, États-Unis
• Australie: bassin de Perth

Entités d'achat d'énergie gouvernementales

Entité gouvernementale	Taille du contrat	Volume d'énergie
Gouvernement de l'Alberta	145 millions CAD	3,6 millions de GJ / an
Agence de l'approvisionnement en énergie française	98 millions d'euros	2,1 millions de GJ / an

Vermilion Energy Inc. (vétérinaire) - Modèle d'entreprise: Structure des coûts

Frais d'exploration et de production

Pour l'exercice 2023, Vermilion Energy a déclaré des frais d'exploration totale et de production de 1 147,3 millions de dollars. La répartition de ces dépenses comprend:

Catégorie de dépenses	Montant (millions USD)
Forage et frais d'achèvement	487.6
Dépenses d'enquête sismique	62.3
Études géologiques et géophysiques	38.9
Acquisition et location des terres	105.5

Investissements technologiques et infrastructures

Vermilion Energy a investi 213,4 millions de dollars dans la technologie et les infrastructures en 2023:

• Initiatives de transformation numérique: 47,2 millions de dollars
• Automatisation et technologies de l'IA: 38,7 millions de dollars
• Mises à niveau des infrastructures: 127,5 millions de dollars

Coûts de conformité environnementale

Les dépenses de conformité environnementale pour 2023 ont totalisé 89,6 millions de dollars, notamment:

Zone de conformité	Montant (millions USD)
Technologies de réduction des émissions	35.4
Gestion des déchets	24.7
Surveillance environnementale	29.5

Compensation de la main-d'œuvre

L'indemnisation totale de la main-d'œuvre pour 2023 était de 312,6 millions de dollars:

• Salaires de base: 198,3 millions de dollars
• Bonus de performance: 64,5 millions de dollars
• Compensation à base d'actions: 49,8 millions de dollars

Entretien opérationnel et équipement

La maintenance opérationnelle et les coûts d'équipement pour 2023 s'élevaient à 276,9 millions de dollars:

Catégorie de maintenance	Montant (millions USD)
Réparations de l'équipement	112.6
Maintenance de routine	87.3
Pièces de rechange	77.0

Structure totale des coûts pour 2023: 2 039,8 millions de dollars

Vermilion Energy Inc. (VET) - Modèle d'entreprise: Strots de revenus

Ventes de pétrole brut

En 2022, Vermilion Energy a signalé une production de pétrole brut de 47 577 barils par jour. Le chiffre d'affaires total des ventes de pétrole brut pour 2022 était de 1,7 milliard de dollars.

Région	Production de pétrole brut (BPD)	Revenus ($ m)
Canada	24,500	752
Europe	15,300	468
États-Unis	7,777	480

Revenus de production de gaz naturel

La production de gaz naturel en 2022 a atteint 81,7 millions de pieds cubes par jour, générant 412 millions de dollars de revenus.

• Ventes canadiennes au gaz naturel: 235 millions de dollars
• Ventes européennes de gaz naturel: 177 millions de dollars

Revenu international de développement d'actifs

Les revenus des actifs internationaux pour 2022 ont totalisé 612 millions de dollars, avec des contributions clés de:

Pays	Revenus de développement d'actifs ($ m)
France	278
Pays-Bas	189
Allemagne	145

Stratégies de couverture et de marché financier

Les activités de couverture financière de Vermilion ont généré 87 millions de dollars en 2022, avec:

• Prix ​​du pétrole Hedging: 62 millions de dollars
• Habiation de gaz naturel: 25 millions de dollars

Investissements de projet énergétique durable

Les investissements en énergie renouvelable ont généré 45 millions de dollars en 2022, principalement à partir de:

• Revenus du projet solaire: 22 millions de dollars
• Revenus d'énergie éolienne: 23 millions de dollars

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.