CALGARY, AB, Nov. 9, 2020
/PRNewswire/ - Vermilion Energy Inc. ("Vermilion", "We", "Our",
"Us" or the "Company") (TSX: VET) (NYSE: VET) is pleased to report
operating and condensed financial results for the three and nine
months ended September 30, 2020 and the release of its
2020 Corporate Sustainability Report.
The unaudited interim financial statements and management
discussion and analysis for the three and nine months
ended September 30, 2020 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
- Fund flows from operations ("FFO") in Q3 2020 was $115 million ($0.73/basic share(1)), an increase of
40% from the prior quarter. The increase is primarily due to higher
commodity prices, most notably global oil benchmarks and European
gas which represents our two most dominant products from a revenue
generating perspective. The impact from higher commodity prices was
partially offset by lower production quarter-over-quarter.
- Free cash flow(1) ("FCF") in Q3 2020 more than
doubled from the prior quarter to $83
million as a result of the increase in FFO and limited
capital investment during the quarter.
- Capital expenditures in Q3 2020 decreased 26% from the
prior quarter to $31 million, and was
focused primarily on maintenance related activities. This reduced
level of activity was partly due to the design of our front-end
weighted capital program and the budget cuts announced earlier this
year in response to the commodity price collapse, and was also
influenced by our focus on directing FCF towards debt
reduction.
- Q3 2020 production averaged 95,471 boe/d, representing a 5%
decrease from the prior quarter. The decrease was primarily due to
natural declines, plant turnarounds and limited capital investment
during the quarter, partially offset by increased production in
France following the restart of
the Grandpuits refinery in mid-June.
- Production from our European business units averaged 25,935 in
Q3 2020, an increase of 3% from the prior quarter primarily due to
higher production in France
following the restart of the Grandpuits refinery in mid-June. This
increase was partially offset by a planned turnaround in
Ireland and Germany and natural declines across all other
European business units.
- Production from our North American business units averaged
64,986 boe/d in Q3 2020, a decrease of 7% from the prior quarter.
The decrease was primarily due to natural decline and limited
capital investment as a result of the front-end-weighted capital
program and reduced capital budget announced earlier in the year in
response to the COVID-19 pandemic and resulting commodity price
collapse.
- In Australia, production
averaged 4,549 bbl/d in Q3 2020, a 14% decrease from the prior
quarter primarily due to natural decline and an unplanned 4-day
shutdown to clean out one of the separator vessels.
- 2020 annual production guidance has been tightened to a range
of 94,000 to 96,000 boe/d (from 94,000 to 98,000 boe/d previously)
to reflect current production estimates and the deferred startup of
new gas production in the
Netherlands to take advantage of higher European gas prices
during the winter months.
- We continue to work through various scenarios for our 2021
capital budget and expect to release more information early in the
new year. We are taking a very careful and thoughtful approach in
preparing our capital budget for 2021, paying close attention to
forward commodity prices and the profitability of each individual
project, while also seeking the appropriate balance between
production preservation, debt reduction and capital flexibility. As
we have previously stated, our number one financial priority at
this time is debt reduction and positioning the company for future
success, and we are willing to sacrifice top-line production growth
in the near-term to achieve this objective.
- In early November, Vermilion released its 2020 Corporate
Sustainability Report, marking our 7th year of ESG reporting. The
2020 report highlights our ongoing focus on reducing emissions
within our operations, along with a content index that includes
recommendations from the Task Force on Climate-related Financial
Disclosures and the Sustainability Accounting Standards Board. The
report can be found on our website using the following link.
http://sustainability.vermilionenergy.com/
(1)
|
Non-GAAP Financial
Measure. Please see the "Non-GAAP Financial Measures" section of
the accompanying Management's Discussion and Analysis.
|
|
|
|
|
|
|
($M except as
indicated)
|
Q3
2020
|
Q2
2020
|
Q3
2019
|
YTD
2020
|
YTD
2019
|
Financial
|
|
|
|
|
|
Petroleum and natural
gas sales
|
282,020
|
193,013
|
391,935
|
803,347
|
1,301,061
|
Fund flows from
operations
|
114,776
|
81,852
|
216,153
|
366,853
|
692,463
|
Fund flows from operations ($/basic share) (1)
|
0.73
|
0.52
|
1.39
|
2.33
|
4.49
|
Fund flows from operations ($/diluted share) (1)
|
0.73
|
0.52
|
1.39
|
2.33
|
4.45
|
Net (loss)
earnings
|
(69,926)
|
(71,290)
|
(10,229)
|
(1,459,720)
|
31,322
|
Net (loss) earnings ($/basic share)
|
(0.44)
|
(0.45)
|
(0.07)
|
(9.26)
|
0.20
|
Capital
expenditures
|
31,330
|
42,274
|
127,879
|
307,308
|
422,539
|
Acquisitions
|
6,720
|
2,932
|
4,657
|
20,989
|
29,307
|
Asset retirement
obligations settled
|
2,305
|
970
|
3,586
|
7,007
|
12,090
|
Cash dividends
($/share)
|
—
|
—
|
0.690
|
0.575
|
2.070
|
Dividends
declared
|
—
|
—
|
107,176
|
90,067
|
319,609
|
%
of fund flows from operations
|
—%
|
—%
|
50%
|
25%
|
46%
|
Net dividends
(1)
|
—
|
—
|
98,316
|
81,790
|
294,872
|
%
of fund flows from operations
|
—%
|
—%
|
45%
|
22%
|
43%
|
Payout
(1)
|
33,635
|
42,612
|
229,781
|
396,105
|
729,501
|
%
of fund flows from operations
|
29%
|
52%
|
106%
|
108%
|
105%
|
Net debt
|
2,136,219
|
2,161,442
|
2,001,870
|
2,136,219
|
2,001,870
|
Net debt to four
quarter trailing fund flows from operations
|
3.67
|
3.16
|
2.19
|
3.67
|
2.19
|
Operational
|
|
|
|
|
Production
|
|
|
|
|
|
Crude oil and condensate (bbls/d)
|
43,240
|
45,041
|
47,242
|
44,383
|
48,455
|
NGLs (bbls/d)
|
9,509
|
9,588
|
7,772
|
9,041
|
7,925
|
Natural gas (mmcf/d)
|
256.34
|
274.42
|
253.36
|
265.39
|
268.88
|
Total (boe/d)
|
95,471
|
100,366
|
97,239
|
97,656
|
101,193
|
Average realized
prices
|
|
|
|
|
|
Crude oil and condensate ($/bbl)
|
52.77
|
34.90
|
73.45
|
49.03
|
75.38
|
NGLs ($/bbl)
|
15.04
|
8.94
|
6.14
|
11.09
|
13.25
|
Natural gas ($/mcf)
|
2.34
|
1.85
|
2.43
|
2.37
|
3.56
|
Production mix (% of
production)
|
|
|
|
|
|
%
priced with reference to WTI
|
40%
|
41%
|
39%
|
40%
|
38%
|
%
priced with reference to Dated Brent
|
17%
|
14%
|
19%
|
16%
|
18%
|
%
priced with reference to AECO
|
28%
|
29%
|
26%
|
28%
|
26%
|
%
priced with reference to TTF and NBP
|
15%
|
16%
|
16%
|
16%
|
18%
|
Netbacks
($/boe)
|
|
|
|
|
|
Operating netback (1)
|
16.29
|
12.49
|
28.22
|
16.94
|
29.80
|
Fund flows from operations netback
|
12.95
|
9.08
|
23.73
|
13.63
|
24.89
|
Operating expenses
|
10.21
|
11.00
|
11.55
|
11.55
|
11.85
|
General and administration expenses
|
1.35
|
1.88
|
1.50
|
1.57
|
1.53
|
Average reference
prices
|
|
|
|
|
|
WTI (US $/bbl)
|
40.93
|
27.85
|
56.45
|
38.32
|
57.06
|
Edmonton Sweet index (US $/bbl)
|
37.42
|
21.71
|
51.79
|
32.57
|
52.34
|
Saskatchewan LSB index (US $/bbl)
|
37.57
|
21.60
|
52.01
|
32.53
|
52.81
|
Dated Brent (US $/bbl)
|
43.00
|
29.20
|
61.94
|
40.82
|
64.65
|
AECO ($/mcf)
|
2.24
|
1.99
|
1.06
|
2.09
|
1.64
|
NBP ($/mcf)
|
3.67
|
2.26
|
4.50
|
3.43
|
6.08
|
TTF ($/mcf)
|
3.51
|
2.39
|
4.40
|
3.38
|
6.08
|
Average foreign
currency exchange rates
|
|
|
|
|
|
CDN $/US $
|
1.33
|
1.39
|
1.32
|
1.35
|
1.33
|
CDN $/Euro
|
1.56
|
1.53
|
1.47
|
1.52
|
1.49
|
Share information
('000s)
|
|
|
|
|
Shares outstanding -
basic
|
158,308
|
158,307
|
155,505
|
158,308
|
155,505
|
Shares outstanding -
diluted (1)
|
163,800
|
164,090
|
159,260
|
163,800
|
159,260
|
Weighted average
shares outstanding - basic
|
158,307
|
158,189
|
155,254
|
157,688
|
154,326
|
Weighted average
shares outstanding - diluted (1)
|
158,307
|
158,189
|
155,421
|
157,688
|
155,673
|
(1)
|
The above table
includes non-GAAP financial measures which may not be comparable to
other companies. Please see the "Non-GAAP Financial Measures"
section of the accompanying Management's Discussion and
Analysis.
|
Message to Shareholders
Commodity prices during the third quarter partially recovered
from the lows experienced in the prior quarter. In particular,
global oil benchmarks and European natural gas benchmarks, our two
most dominant products from a revenue generating perspective,
increased approximately 50% relative to average prices in the
second quarter. While the operating environment remains challenging
even at these higher price levels, the improvement in commodity
prices helped drive a 40% sequential increase in our Q3 2020 FFO to
$115 million ($0.73/basic share(1)). As a result of
the increase in FFO and limited capital investment, we generated
$83 million of free cash flow during
the third quarter and paid down $55
million on our credit facility.
During the third quarter, we resumed all operational activity
that was stopped or deferred during the COVID-19 confinement
period, and have slowly started returning staff to the office while
keeping a close eye on further COVID-19 developments. Capital
expenditures in Q3 2020 decreased 26% from the prior quarter to
$31 million, and was focused
primarily on maintenance related activities with no new wells
drilled or tied-in during the quarter. This reduced level of
activity was partly due to the design of our front-end weighted
capital program and the budget cuts announced earlier this year in
response to the commodity price collapse, and was also influenced
by our focus on debt reduction.
Production in Q3 2020 declined 5% from the prior quarter to an
average of 95,471 boe/d primarily due to natural decline, plant
turnarounds and limited capital investment during the quarter,
partially offset by increased production in France following the restart of the Grandpuits
refinery. As a result of the front-end weighted capital program we
executed this year, all of our new production was added during the
first half of the year resulting in a declining production base for
most business units through the second half of the year. We also
made the economic decision to defer the startup of the
Weststellingwerf (0.5 net) well until 2021 to take advantage of
higher European gas prices. Although this will have a modestly
negative impact on production for the second half of 2020, the
decision will ultimately enhance the overall profitability and cash
flow for the company. Incorporating this production deferral and
taking into account our current production estimates, we have
tightened our 2020 annual production guidance to a range of 94,000
to 96,000 boe/d.
We continue to work through various scenarios for our 2021
capital budget and expect to release more information in the new
year. We are taking a very careful and thoughtful approach in
preparing our capital budget for 2021, paying close attention to
forward commodity prices and the profitability of each individual
project, while also seeking the appropriate balance between
production preservation, debt reduction and capital flexibility. As
we have previously stated, our number one financial priority at
this time is debt reduction and positioning the company for future
success, and we are willing to sacrifice top-line production growth
in the near-term to achieve this objective. We continue to focus on
opportunities to improve our cost structure and capital
efficiencies, and to that end we will be targeting a more
level-loaded capital program in 2021 which should result in a more
efficient allocation of capital while smoothing the production
profile throughout the year.
The third quarter of 2020 was the first full quarter with the
formal Executive Committee in place, and this structure is proving
to be very successful in managing the company. By utilizing the
collective knowledge and skillset of the Committee members,
recently increased from six to nine members, we have been making
steady progress in evaluating the business and navigating the
company through these challenging times. While we anticipate
continued volatility through the balance of 2020 and into 2021 as
uncertainty persists around the duration of the COVID-19 pandemic,
we have taken the necessary steps to position Vermilion for this
environment. Earlier this year we reduced annual cash outflows by
over $550 million and negotiated an
extension to our $2.1 billion
revolving credit facility to May
2024. We are also constructing our 2021 budget in a way that
will ensure we retain the maximum amount of flexibility while only
investing in the highest return projects. We remain optimistic
about the longer-term prospects for Vermilion and our ability to
generate free cash flow with the aim of returning capital to
investors and maximizing value creation for all of our stakeholders
over the long-term.
Q3 2020 Operations Review
North America
Production from our North American business units averaged
64,986 boe/d in Q3 2020, a decrease of 7% from the prior quarter
primarily due to natural decline and limited capital investment
during the quarter. As a result of the front-end-weighted capital
program we executed this year and the reduced capital program
announced in March in response to the COVID-19 pandemic and
resulting commodity price collapse, capital activity during the
third quarter was focused on maintenance activities with no wells
drilled or tied-in during the quarter. During the fourth quarter we
reinitiated moderate investment into new well activity with two
rigs in Alberta targeting liquids
rich gas.
Europe
Production from our European business units averaged 25,935 in
Q3 2020, an increase of 3% from the prior quarter primarily due to
increased production from the Paris basin in France following the restart of the Grandpuits
refinery in mid-June. Production in France was also supported by the restart of
workover activities in June following the COVID-19 confinement
period in France. At the end of
September, Total SE ("Total") announced plans to convert its
Grandpuits refinery into a zero-crude platform for biofuels and
bioplastics and its intention to discontinue crude oil refining at
the platform in the first quarter of 2021. The Grandpuits refinery
has been in operation for over 50 years and currently processes all
of our Paris Basin oil production,
approximately 5,000 bbl/d. Our recently negotiated long-term
agreement with Total has provisions to deal with the closure of the
Grandpuits refinery, whereby Total will take receipt of our crude
at one of their other refineries in France. We are currently working on securing
other transportation and delivery options to ensure a smooth
transition. We estimate this will increase our transportation costs
by approximately $20 million on an
annualized basis, however we will continue to evaluate longer-term
marketing options for this crude.
Elsewhere in Europe, our
employees and contractors slowly started returning to the office
following the COVID-19 confinements, however capital activity was
limited due to the capital reductions announced earlier in the
year. In the Netherlands, we
deferred the startup of the Weststellingwerf (0.5 net) well until
2021 to take advantage of higher European gas prices during the
winter months. In Ireland, a
3-week turnaround scheduled for September was scaled back to
approximately 1-week due to the unavailability of a key contractor,
however we managed to complete 50% of the scope work and plan to
reschedule the remaining work next year. A third-party
facility turnaround in Germany and
well maintenance in Hungary
further offset some of the production gains in France. We continue to advance future drilling
projects in the Netherlands and
Central and Eastern Europe in
preparation for our 2021 drilling campaign.
Australia
In Australia, production
averaged 4,549 bbl/d in Q3 2020, a 14% decrease from the prior
quarter primarily due to natural decline and an unplanned 4-day
shutdown to clean out one of the separator vessels. We sold 445,000
barrels of Wandoo crude during the third quarter and realized an
average price premium of C$11
above Dated Brent. This premium remains well above the premium
realized in prior years but is less than the premium realized
earlier in the year due to weaker refinery margins as a result of
the global economic slowdown related to COVID-19. We have a
two-week maintenance turnaround scheduled for the Wandoo platform
in Q4 2020 which will result in lower production volumes during the
fourth quarter.
Commodity Hedging
Vermilion hedges to manage commodity price exposures and
increase the stability of our cash flows. In aggregate, as of
October 27, 2020, we have 47% of our
expected net-of-royalty production hedged for the fourth quarter of
2020. With respect to individual commodity products, we have hedged
90% of our European natural gas production, 17% of our oil
production, and 57% of our North American natural gas volumes for
the fourth quarter of 2020, respectively. Please refer to the
Hedging section of our website under Invest With Us for further
details.
Sustainability
In early November, Vermilion released its 2020 Corporate
Sustainability Report, marking our 7th year of ESG reporting. The
2020 report highlights our ongoing focus on reducing emissions
within our operations, along with a content index that includes
recommendations from the Task Force on Climate-related Financial
Disclosures and the Sustainability Accounting Standards
Board. We are committed to providing safe, affordable and
reliable energy for our stakeholders and we believe that
integrating sustainability principles into our business will
increase shareholder returns, enhance our business development
opportunities and reduce long-term risks to our business. The
report can be found on our website using the following link.
http://sustainability.vermilionenergy.com/
Organizational Update
During the third quarter, we expanded our Executive Committee
from six to nine members with the additions of Gerard Schut, Vice President European
Operations, Darcy Kerwin, Vice
President Strategic Planning and Dion
Hatcher, Vice President Canada Business Unit. This expansion
provides deeper coverage of the operations of the company, while
continuing to utilize expertise from the corporate functional
teams. Each member of the Executive Committee brings a unique skill
set and knowledge base which contributes to the collective decision
making process of the Committee.
(Signed "Lorenzo
Donadeo")
|
|
(Signed "Curtis
Hicks")
|
|
|
|
Lorenzo
Donadeo
|
|
Curtis
Hicks
|
Executive
Chairman
|
|
President
|
November 6,
2020
|
|
November 6,
2020
|
(1)
|
Non-GAAP Financial
Measure. Please see the "Non-GAAP Financial Measures" section of
the accompanying Management's Discussion and Analysis.
|
Management's Discussion and Analysis and Consolidated
Financial Statements
To view Vermilion's Management's Discussion and Analysis and
Interim Condensed Consolidated Financial Statements for the periods
ended September 30, 2020 and 2019,
please refer to SEDAR (www.sedar.com) or Vermilion's website at
https://www.vermilionenergy.com/invest-with-us/reports-filings.cfm.
About Vermilion
Vermilion is an international energy producer that seeks to
create value through the acquisition, exploration, development and
optimization of producing properties in North
America, Europe and Australia. Our business model
emphasizes organic production growth augmented with value-adding
acquisitions, along with returning capital to investors when
economically warranted. Vermilion is targeting growth in production
primarily through the exploitation of light oil and liquids-rich
natural gas conventional resource plays
in Canada and the United
States, the exploration and development of high impact
natural gas opportunities in the
Netherlands and Germany, and through oil drilling and
workover programs in France and Australia. Vermilion
holds a 20% working interest in the Corrib gas field
in Ireland.
Vermilion's priorities are health and safety, the environment,
and profitability, in that order. Nothing is more important to us
than the safety of the public and those who work with us, and the
protection of our natural surroundings. We have been recognized as
a top decile performer amongst Canadian publicly listed companies
in governance practices, as a Climate Leadership level (A-)
performer by the CDP, and a Best Workplace in the Great Place to
Work® Institute's annual rankings in Canada, the
Netherlands and Germany. In addition, Vermilion
emphasizes strategic community investment in each of our operating
areas.
Employees and directors hold approximately 5% of our fully
diluted shares and are committed to delivering long-term value for
all stakeholders. Vermilion trades on the Toronto Stock Exchange
and the New York Stock Exchange under the symbol VET.
Disclaimer
Certain statements included or incorporated by reference in this
document may constitute forward-looking statements or financial
outlooks under applicable securities legislation. Such
forward-looking statements or information typically contain
statements with words such as "anticipate", "believe", "expect",
"plan", "intend", "estimate", "propose", or similar words
suggesting future outcomes or statements regarding an
outlook. Forward looking statements or information in this
document may include, but are not limited to: capital expenditures
and Vermilion's ability to fund such expenditures;
Vermilion's additional debt capacity providing it with additional
working capital; the flexibility of Vermilion's capital program and
operations; business strategies and objectives; operational and
financial performance; estimated volumes of reserves and resources;
petroleum and natural gas sales; future production levels and the
timing thereof, including Vermilion's 2020 guidance, and rates of
average annual production growth; the effect of changes in crude
oil and natural gas prices, changes in exchange rates and
significant declines in production or sales volumes due to
unforeseen circumstances; the effect of possible changes in
critical accounting estimates; statements regarding the growth and
size of Vermilion's future project inventory, and the wells
expected to be drilled in 2020; exploration and development plans
and the timing thereof; Vermilion's ability to reduce its debt,
including its ability to redeem senior unsecured notes prior to
maturity; statements regarding Vermilion's hedging program, its
plans to add to its hedging positions, and the anticipated impact
of Vermilion's hedging program on project economics and free cash
flows; the potential financial impact of climate-related risks;
acquisition and disposition plans and the timing thereof; operating
and other expenses, including the payment and amount of future
dividends; royalty and income tax rates and Vermilion's
expectations regarding future taxes and taxability; and the timing
of regulatory proceedings and approvals.
Such forward-looking statements or information are based on a
number of assumptions, all or any of which may prove to be
incorrect. In addition to any other assumptions identified in
this document, assumptions have been made regarding, among other
things: the ability of Vermilion to obtain equipment, services and
supplies in a timely manner to carry out its activities in
Canada and internationally; the
ability of Vermilion to market crude oil, natural gas liquids, and
natural gas successfully to current and new customers; the timing
and costs of pipeline and storage facility construction and
expansion and the ability to secure adequate product
transportation; the timely receipt of required regulatory
approvals; the ability of Vermilion to obtain financing on
acceptable terms; foreign currency exchange rates and interest
rates; future crude oil, natural gas liquids, and natural gas
prices; and management's expectations relating to the timing and
results of exploration and development activities.
Although Vermilion believes that the expectations reflected in
such forward-looking statements or information are reasonable,
undue reliance should not be placed on forward-looking statements
because Vermilion can give no assurance that such expectations will
prove to be correct. Financial outlooks are provided for the
purpose of understanding Vermilion's financial position and
business objectives, and the information may not be appropriate for
other purposes. Forward-looking statements or information are
based on current expectations, estimates, and projections that
involve a number of risks and uncertainties which could cause
actual results to differ materially from those anticipated by
Vermilion and described in the forward-looking statements or
information. These risks and uncertainties include, but are
not limited to: the ability of management to execute its business
plan; the risks of the oil and gas industry, both domestically and
internationally, such as operational risks in exploring for,
developing and producing crude oil, natural gas liquids, and
natural gas; risks and uncertainties involving geology of crude
oil, natural gas liquids, and natural gas deposits; risks inherent
in Vermilion's marketing operations, including credit risk; the
uncertainty of reserves estimates and reserves life and estimates
of resources and associated expenditures; the uncertainty of
estimates and projections relating to production and associated
expenditures; potential delays or changes in plans with respect to
exploration or development projects; Vermilion's ability to enter
into or renew leases on acceptable terms; fluctuations in crude
oil, natural gas liquids, and natural gas prices, foreign currency
exchange rates and interest rates; health, safety, and
environmental risks; uncertainties as to the availability and cost
of financing; the ability of Vermilion to add production and
reserves through exploration and development activities; the
possibility that government policies or laws may change or
governmental approvals may be delayed or withheld; uncertainty in
amounts and timing of royalty payments; risks associated with
existing and potential future law suits and regulatory actions
against Vermilion; and other risks and uncertainties described
elsewhere in this document or in Vermilion's other filings with
Canadian securities regulatory authorities.
The forward-looking statements or information contained in this
document are made as of the date hereof and Vermilion undertakes no
obligation to update publicly or revise any forward-looking
statements or information, whether as a result of new information,
future events, or otherwise, unless required by applicable
securities laws.
All crude oil and natural gas reserve and resource information
contained in this document has been prepared and presented in
accordance with National Instrument 51-101 Standards of
Disclosure for Oil and Gas Activities and the Canadian
Oil and Gas Evaluation Handbook. Reserves estimates have been
made assuming that development of each property in respect of which
the estimate is made will occur, without regard to the likely
availability of funding required for such development. The
actual crude oil and natural gas reserves and future production
will be greater than or less than the estimates provided in this
document.
Natural gas volumes have been converted on the basis of six
thousand cubic feet of natural gas to one barrel of oil
equivalent. Barrels of oil equivalent (boe) may be
misleading, particularly if used in isolation. A boe
conversion ratio of six thousand cubic feet to one barrel of oil is
based on an energy equivalency conversion method primarily
applicable at the burner tip and does not represent a value
equivalency at the wellhead.
Financial data contained within this document are reported in
Canadian dollars unless otherwise stated.
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SOURCE Vermilion Energy Inc.