"About 120 protesters outside Mullingar station Ming Flanagan, Maura Harrington, etc. Supporting McCabe. M" - Ex-Garda Commissioner Callinan
"You can judge a man by his friends" Brian Purcell - SG of Dept of Justice
"Some shower Brian" Callinan
Irish production averaged 59 mmcf/d (9,879 boe/d) net to Vermilion during Q3 2016, representing an increase of 25% versus the prior quarter. Production results continued to benefit from better than expected well deliverability and minimal downtime. Following the conclusion of a successful offshore work campaign that included laying a flowline to the P2 well, all six wells are now available for production.
*******************
CALGARY, Oct. 31, 2016 /CNW/ - Vermilion Energy Inc. ("Vermilion", "We", "Our", "Us" or the "Company") (TSX, NYSE: VET) is pleased to report operating and unaudited financial results for the three and nine months ended September 30, 2016.
The unaudited financial statements and management discussion and analysis for the three and nine months ended September 30, 2016, will be available on the System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com, on EDGAR at www.sec.gov/edgar.shtml, and on Vermilion's website at www.vermilionenergy.com.
HIGHLIGHTS
(1) |
Non-GAAP Financial Measure. Please see the "Non-GAAP Financial Measures" section of Management's Discussion and Analysis. |
TM denotes trademark of Canaccord Genuity Capital Corporation. |
HIGHLIGHTS |
|||||||
Three Months Ended |
Nine Months Ended |
||||||
($M except as indicated) |
Sep 30, |
Jun 30, |
Sep 30, |
Sep 30, |
Sep 30, |
||
Financial |
2016 |
2016 |
2015 |
2016 |
2015 |
||
Petroleum and natural gas sales |
232,660 |
212,855 |
245,051 |
622,900 |
705,267 |
||
Fund flows from operations |
140,974 |
126,568 |
129,435 |
361,209 |
379,726 |
||
Fund flows from operations ($/basic share) (1) |
1.21 |
1.10 |
1.17 |
3.14 |
3.48 |
||
Fund flows from operations ($/diluted share) (1) |
1.19 |
1.09 |
1.16 |
3.11 |
3.44 |
||
Net loss |
(14,475) |
(55,696) |
(83,310) |
(156,019) |
(75,222) |
||
Net loss ($/basic share) |
(0.12) |
(0.48) |
(0.76) |
(1.36) |
(0.69) |
||
Capital expenditures |
41,039 |
71,714 |
93,381 |
175,526 |
357,865 |
||
Acquisitions |
10,391 |
8,550 |
22,155 |
19,811 |
22,670 |
||
Asset retirement obligations settled |
2,066 |
2,200 |
2,123 |
6,290 |
6,448 |
||
Cash dividends ($/share) |
0.645 |
0.645 |
0.645 |
1.935 |
1.935 |
||
Dividends declared |
75,465 |
74,662 |
71,244 |
222,974 |
211,610 |
||
% of fund flows from operations |
54% |
59% |
55% |
62% |
56% |
||
Net dividends (1) |
24,553 |
24,146 |
26,654 |
73,556 |
103,341 |
||
% of fund flows from operations |
17% |
19% |
21% |
20% |
27% |
||
Payout (1) |
67,658 |
98,060 |
122,158 |
255,372 |
467,654 |
||
% of fund flows from operations |
48% |
78% |
94% |
71% |
123% |
||
Net debt |
1,343,923 |
1,398,950 |
1,363,043 |
1,343,923 |
1,363,043 |
||
Ratio of net debt to annualized fund flows from operations |
2.4 |
2.8 |
2.6 |
2.8 |
2.7 |
||
Operational |
|||||||
Production |
|||||||
Crude oil and condensate (bbls/d) |
27,842 |
28,416 |
30,108 |
28,483 |
30,106 |
||
NGLs (bbls/d) |
2,478 |
2,713 |
2,678 |
2,621 |
2,163 |
||
Natural gas (mmcf/d) |
199.66 |
198.93 |
140.97 |
199.90 |
123.51 |
||
Total (boe/d) |
63,596 |
64,285 |
56,280 |
64,421 |
52,854 |
||
Average realized prices |
|||||||
Crude oil, condensate and NGLs ($/bbl) |
53.24 |
53.90 |
56.57 |
48.95 |
61.48 |
||
Natural gas ($/mcf) |
3.98 |
3.53 |
5.36 |
3.76 |
5.18 |
||
Production mix (% of production) |
|||||||
% priced with reference to WTI |
19% |
20% |
24% |
20% |
26% |
||
% priced with reference to AECO |
20% |
22% |
22% |
22% |
21% |
||
% priced with reference to TTF and NBP |
32% |
29% |
20% |
29% |
18% |
||
% priced with reference to Dated Brent |
29% |
29% |
34% |
29% |
35% |
||
Netbacks ($/boe) |
|||||||
Operating netback |
27.88 |
27.66 |
32.25 |
25.75 |
33.55 |
||
Fund flows from operations netback |
23.25 |
21.90 |
24.58 |
20.46 |
26.64 |
||
Operating expenses |
9.05 |
9.02 |
10.99 |
9.21 |
11.25 |
||
Average reference prices |
|||||||
WTI (US $/bbl) |
44.94 |
45.59 |
46.43 |
41.33 |
51.00 |
||
Edmonton Sweet index (US $/bbl) |
42.06 |
42.51 |
43.01 |
38.11 |
46.64 |
||
Dated Brent (US $/bbl) |
45.85 |
45.57 |
50.26 |
41.77 |
55.39 |
||
AECO ($/mmbtu) |
2.32 |
1.40 |
2.90 |
1.85 |
2.77 |
||
NBP ($/mmbtu) |
5.29 |
5.78 |
8.40 |
5.69 |
8.62 |
||
TTF ($/mmbtu) |
5.43 |
5.61 |
8.48 |
5.58 |
8.52 |
||
Average foreign currency exchange rates |
|||||||
CDN $/US $ |
1.31 |
1.29 |
1.31 |
1.32 |
1.26 |
||
CDN $/Euro |
1.46 |
1.46 |
1.46 |
1.48 |
1.40 |
||
Share information ('000s) |
|||||||
Shares outstanding - basic |
117,386 |
116,173 |
110,818 |
117,386 |
110,818 |
||
Shares outstanding - diluted (1) |
120,183 |
118,948 |
113,643 |
120,183 |
113,643 |
||
Weighted average shares outstanding - basic |
116,814 |
115,366 |
110,293 |
114,975 |
109,052 |
||
Weighted average shares outstanding - diluted (1) |
118,177 |
116,587 |
111,193 |
116,221 |
110,433 |
(1) |
The above table includes non-GAAP financial measures which may not be comparable to other companies. Please see the "NON-GAAP FINANCIAL MEASURES" |