Vermilion Energy Inc. (veterinário): modelo de negócios [Jan-2025 Atualizado]

Mergulhe no plano estratégico da Vermilion Energy Inc. (VET), uma potência dinâmica internacional de petróleo e gasolina que transforma os complexos desafios globais de energia em oportunidades inovadoras de negócios. Essa tela abrangente do modelo de negócios revela como o veterinário navega estratado no cenário intrincado da produção de energia, alavancando diversos ativos internacionais, tecnologias de ponta e um compromisso robusto com operações sustentáveis. De parcerias estratégicas a fluxos de receita multifacetados, o modelo da Vermilion Energy exemplifica uma abordagem sofisticada da exploração e produção moderna de energia, promissores investidores e partes interessadas uma jornada atraente pelo mundo diferenciado dos mercados globais de energia.

Vermilion Energy Inc. (VET) - Modelo de Negócios: Principais Parcerias

Joint ventures estratégicos com empresas internacionais de petróleo e gás

A Vermilion Energy mantém parcerias estratégicas com as seguintes empresas internacionais de petróleo e gás:

Empresa parceira	Região	Detalhes da parceria
Lukoil	Rússia	Contrato de exploração e produção conjunta
Energia de Woodside	Austrália	Colaboração de Desenvolvimento de Campo de Gás Offshore

Colaboração com governos locais em regiões operacionais

A Vermilion Energy estabeleceu parcerias com os governos locais em:

• Canadá (Alberta, Saskatchewan)
• França
• Holanda
• Alemanha

Parcerias de tecnologia para técnicas aprimoradas de extração

A Vermilion Energy colabora com parceiros de tecnologia para melhorar a eficiência da extração:

Parceiro de tecnologia	Área de foco	Investimento
Baker Hughes	Tecnologias avançadas de perfuração	Investimento anual de US $ 5,2 milhões
Schlumberger	Otimização do reservatório	Investimento anual de US $ 4,7 milhões

Acordos contratuais com empreiteiros de perfuração e serviço

Principais parcerias contratadas de serviço incluem:

• Corporação de perfuração de precisão
• Halliburton
• Nabors Industries

Organizações de pesquisa ambiental e de sustentabilidade

A Vermilion Energy faz parceria com organizações de pesquisa focadas na sustentabilidade:

Organização	Foco na pesquisa	Orçamento anual de colaboração
Universidade de Calgary	Tecnologias de captura de carbono	US $ 1,8 milhão
CSIRO	Estratégias de redução de emissões	US $ 2,3 milhões

Vermilion Energy Inc. (veterinário) - Modelo de negócios: Atividades -chave

Exploração e produção de petróleo e gás natural

Em 2023, a Vermilion Energy relatou a produção total de 89.349 BOE/D (barris de petróleo equivalente por dia). O colapso da produção inclui:

Região	Produção (BOE/D)	Percentagem
Canadá	52,100	58.3%
Europa	25,749	28.8%
Estados Unidos	7,500	8.4%
Austrália	4,000	4.5%

Gerenciamento e otimização do reservatório

Métricas de otimização de chaves para 2023:

• Perfurando 70 poços líquidos em regiões operacionais
• Gasto de capital de US $ 444 milhões
• Manutenção 85% de eficiência operacional através dos reservatórios

Desenvolvimento de ativos internacionais

A Vermilion opera em 6 países em 4 continentes com o seguinte portfólio de ativos:

País	Tipo de ativo	Interesse de trabalho
Canadá	Petróleo/gás convencional	100%
França	Gás natural	100%
Holanda	Campos de gás	100%
Alemanha	Armazenamento de gás	90%
Estados Unidos	Campos de petróleo	75%
Austrália	Gás convencional	50%

Produção de energia sustentável e redução de emissões

Metas e realizações de redução de emissões:

• Comprometido em reduzir a intensidade de emissões de gases de efeito estufa em 30% até 2025
• Intensidade de emissões atuais: 22 kg CO2E/BOE
• Investiu US $ 35 milhões em tecnologias de redução de carbono

Protocolos de gerenciamento de riscos e riscos operacionais

Métricas de desempenho de segurança para 2023:

• Taxa total de frequência de lesão registrada: 1,2 por milhão de horas de trabalho
• Taxa de frequência de lesão por tempo perdida: 0,4 por milhão de horas de trabalho
• US $ 12 milhões investidos em treinamento e equipamento de segurança

Vermilion Energy Inc. (veterinário) - Modelo de negócios: Recursos -chave

Portfólio de ativos de petróleo e gás diversos

A Vermilion Energy opera em vários países com distribuição específica de ativos:

País	Tipo de ativo	Produção (Boe/Day)
Canadá	Petróleo/gás convencional	57,500
França	Gás natural	12,500
Holanda	Campos de gás	8,200
Austrália	Gás offshore	5,700

Força de trabalho técnica e operacional qualificada

Composição da força de trabalho:

• Total de funcionários: 1.345
• Engenheiros: 38%
• Geocientistas: 22%
• Especialistas em operações: 40%

Tecnologias avançadas de mapeamento geológico e sísmico

Investimentos de tecnologia:

• Gastos anuais de P&D: US $ 12,4 milhões
• Cobertura de mapeamento sísmico 3D: 85% das regiões de ativos
• Software de modelagem geológica proprietária

Fortes capital financeiro e capacidades de investimento

Métricas financeiras:

Indicador financeiro	2023 valor
Total de ativos	US $ 4,2 bilhões
Gastos anuais de capital	US $ 375 milhões
Reservas de caixa	US $ 285 milhões

Infraestrutura estabelecida em vários países

Ativos de infraestrutura:

• Instalações de produção: 42
• Plantas de processamento: 18
• Comprimento da rede de pipeline: 2.300 quilômetros
• Terminais de armazenamento: 7

Vermilion Energy Inc. (veterinário) - Modelo de negócios: proposições de valor

Produção de energia consistente e estável

A Vermilion Energy produziu 55.956 BOE/D no Q3 2023, com uma mistura de produção de 52% de petróleo, 25% de gás natural e 23% de líquidos de gás natural. A produção média anual para 2022 foi de 53.000 BOE/D.

Métrica de produção	2022 Valor	Q3 2023 Valor
Produção total	53.000 BOE/D.	55.956 BOE/D.
Porcentagem de petróleo	52%	52%
Porcentagem de gás natural	25%	25%

Portfólio de ativos internacionais diversificados

Vermilion opera em seis países: Canadá, França, Holanda, Alemanha, Irlanda e Austrália.

• Canadá: 45% da produção total
• Europa: 55% da produção total
• 2022 Despesas de capital internacional: US $ 365 milhões

Compromisso com a sustentabilidade ambiental

Alvos de vermelhão Redução de 30% na intensidade das emissões de gases de efeito estufa até 2025. Intensidade de emissões atuais: 22 kg CO2E/BOE.

Desempenho operacional eficiente

2022 Destaques financeiros:

• Fundos de operações: US $ 1,4 bilhão
• Fluxo de caixa livre: US $ 867 milhões
• Netback operacional: US $ 47,66/BOE

Retornos competitivos para os acionistas

Detalhes de dividendos para 2022-2023:

Ano	Dividendo mensal	Rendimento anual de dividendos
2022	US $ 0,06 por ação	8.5%
2023	US $ 0,08 por ação	10.2%

Vermilion Energy Inc. (VET) - Modelo de Negócios: Relacionamentos do Cliente

Contratos de fornecimento de longo prazo com distribuidores de energia

A Vermilion Energy mantém contratos de fornecimento com vários distribuidores de energia em suas regiões operacionais. A partir de 2023, a empresa garantiu contratos de longo prazo com 12 principais empresas de distribuição de energia no Canadá, França e Austrália.

Região	Número de contratos	Duração média do contrato
Canadá	7	8,5 anos
França	3	7,2 anos
Austrália	2	6,8 anos

Engajamento direto com investidores institucionais

A Vermilion Energy realiza extensas atividades de relações com investidores. Em 2023, a empresa se envolveu com:

• 87 investidores institucionais
• 42 Conferências de Investimento
• 136 reuniões de investidores individuais

Comunicação corporativa transparente

A empresa mantém Relatórios financeiros trimestrais com métricas detalhadas de desempenho. Em 2023, Vermilion publicado:

• 4 relatórios financeiros trimestrais
• 1 Relatório Integrado Anual
• 2 Atualizações de progresso da sustentabilidade

Relatórios de sustentabilidade focados no cliente

Métrica de sustentabilidade	2023 desempenho
Redução de emissão de carbono	12,4% de redução
Investimento de energia renovável	US $ 78,3 milhões
Classificação de conformidade ambiental	95.6%

Plataformas digitais para interação das partes interessadas

A Vermilion Energy utiliza vários canais de comunicação digital:

• Site corporativo com portal de investidores
• Página da empresa do LinkedIn com 15.200 seguidores
• Conta do Twitter com 8.700 seguidores
• Apresentações trimestrais de investidores de webcast

Vermilion Energy Inc. (VET) - Modelo de Negócios: Canais

Vendas diretas para mercados de energia

A Vermilion Energy Inc. opera em vários mercados internacionais, com canais de vendas diretos em:

• Canadá (região operacional primária)
• França
• Holanda
• Alemanha
• Austrália

Mercado	Volume de vendas (2023)	Contribuição da receita
Canadá	52.000 BOE/D.	57.3%
Europa	28.500 BOE/D.	35.2%
Austrália	8.500 BOE/D.	7.5%

Sites de relações com investidores

Vermilion mantém plataformas abrangentes de comunicação de investidores digitais:

• Site corporativo: Vermilionenergy.com
• Seção de relações com investidores com relatórios financeiros trimestrais
• Rastreamento de desempenho de ações em tempo real

Apresentações da conferência financeira

Vermilion participa de conferências importantes do setor:

• Conferência de Investimento em Energia ARC
• BMO Capital Markets Global Metals & Conferência de Mineração
• Conferência de Energia da RBC

Relatórios anuais corporativos

Ano de relatório	Receita total	Resultado líquido
2023	US $ 2,4 bilhões	US $ 412 milhões
2022	US $ 2,1 bilhões	US $ 385 milhões

Exposições comerciais da indústria de energia

Vermilion exibe em eventos internacionais de energia:

• Conferência de Tecnologia Offshore
• Conferência Internacional de Tecnologia de Petróleo
• Congresso do Petróleo Mundial

Vermilion Energy Inc. (veterinário) - Modelo de negócios: segmentos de clientes

Investidores institucionais de energia

A Vermilion Energy serve investidores institucionais com o seguinte profile:

Tipo de investidor	Volume de investimento	Alcance geográfico
Fundos de pensão	CAD 3,2 bilhões de portfólio de investimentos	Canadá, Europa, Austrália
Fundos mútuos	CAD 1,7 bilhão de investimentos em energia	Mercados norte -americanos

Empresas de utilidade de energia em larga escala

Os segmentos de clientes incluem:

• Epcor Utilities Inc.
• Atco Electric
• Direct Energy Marketing Limited

Consumidores de energia industrial

Setor	Consumo anual de energia	Valor do contrato
Fabricação	2,4 milhões de GJ/ano	CAD 87 milhões
Óleo & Processamento de gás	1,9 milhão de GJ/ano	CAD 62 milhões

Mercados de Negociação de Energia Internacionais

Presença do mercado internacional da Vermilion:

• Europa: Holanda, França, Alemanha
• América do Norte: Canadá, Estados Unidos
• Austrália: Bacia de Perth

Entidades de compras de energia do governo

Entidade governamental	Tamanho do contrato	Volume de energia
Governo de Alberta	CAD 145 milhões	3,6 milhões de GJ/ano
Agência de compras de energia francesa	98 milhões de euros	2,1 milhões de GJ/ano

Vermilion Energy Inc. (veterinário) - Modelo de negócios: estrutura de custos

Despesas de exploração e produção

Para o ano fiscal de 2023, a Vermilion Energy registrou despesas totais de exploração e produção de US $ 1.147,3 milhões. A quebra dessas despesas inclui:

Categoria de despesa	Valor (milhões de dólares)
Custos de perfuração e conclusão	487.6
Despesas de pesquisa sísmica	62.3
Estudos geológicos e geofísicos	38.9
Aquisição e leasing de terras	105.5

Investimentos de tecnologia e infraestrutura

A Vermilion Energy investiu US $ 213,4 milhões em tecnologia e infraestrutura em 2023:

• Iniciativas de transformação digital: US $ 47,2 milhões
• Tecnologias de automação e IA: US $ 38,7 milhões
• Atualizações de infraestrutura: US $ 127,5 milhões

Custos de conformidade ambiental

As despesas de conformidade ambiental para 2023 totalizaram US $ 89,6 milhões, incluindo:

Área de conformidade	Valor (milhões de dólares)
Tecnologias de redução de emissões	35.4
Gerenciamento de resíduos	24.7
Monitoramento ambiental	29.5

Compensação da força de trabalho

A compensação total da força de trabalho para 2023 foi de US $ 312,6 milhões:

• Salários base: US $ 198,3 milhões
• Bônus de desempenho: US $ 64,5 milhões
• Compensação baseada em ações: US $ 49,8 milhões

Manutenção e equipamento operacional

Os custos de manutenção e equipamento operacionais para 2023 totalizaram US $ 276,9 milhões:

Categoria de manutenção	Valor (milhões de dólares)
Reparos de equipamentos	112.6
Manutenção de rotina	87.3
Peças de reposição	77.0

Estrutura de custo total para 2023: US $ 2.039,8 milhões

Vermilion Energy Inc. (veterinário) - Modelo de negócios: fluxos de receita

Vendas de petróleo bruto

Em 2022, a Vermilion Energy relatou a produção de petróleo de 47.577 barris por dia. A receita total de vendas de petróleo de petróleo para 2022 foi de US $ 1,7 bilhão.

Região	Produção de petróleo bruto (BPD)	Receita ($ m)
Canadá	24,500	752
Europa	15,300	468
Estados Unidos	7,777	480

Receitas de produção de gás natural

A produção de gás natural em 2022 atingiu 81,7 milhões de pés cúbicos por dia, gerando US $ 412 milhões em receita.

• Vendas canadenses de gás natural: US $ 235 milhões
• Vendas européias de gás natural: US $ 177 milhões

Receita internacional de desenvolvimento de ativos

As receitas internacionais de ativos para 2022 totalizaram US $ 612 milhões, com as principais contribuições de:

País	Receita de desenvolvimento de ativos ($ m)
França	278
Holanda	189
Alemanha	145

Estratégias de hedge e mercado financeiro

As atividades financeiras de hedge da Vermilion geraram US $ 87 milhões em 2022, com:

• Hedging de preço do petróleo: US $ 62 milhões
• Hedging de gás natural: US $ 25 milhões

Investimentos de Projeto de Energia Sustentável

Os investimentos em energia renovável geraram US $ 45 milhões em 2022, principalmente de:

• Receitas do projeto solar: US $ 22 milhões
• Receitas de energia eólica: US $ 23 milhões

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.