Vermilion Energy Sees Modest 3Q Gains
Vermilion Energy, a Canadian intermediate producer with operations in Europe, North America and Australia, reported a 34% sequential increase in funds flow from operations (FFO) in 3Q 2018, reflecting higher production volumes and stronger commodity prices.
FFO in the third quarter rose to C$260.75mn (US$199mn) from C$195.2mn (US$149mn) in 2Q 2018 and from C$130.76 (US$100.1mn) in 3Q 2017. Net loss for 3Q 2018 was C$15.1mn (US$11.5mn), down from a C$61.3mn (US$46.8mn) loss in 2Q 2018.
Production for 3Q 2018 averaged 96,222 barrels of oil equivalent (boe)/day, up from 80,625 boe/day in 2Q 2018 and from 67,403 boe/day in 3Q 2017. Year-to-date production through nine months averaged 82,433 boe/day, up from 66,404 boe/day in the comparable period last year.
Natural gas production in 3Q 2018 averaged 253.38mn ft3/day, up from 242.4mn ft3/day in the second quarter and 208.63mn ft3/day in 3Q 2017. Production was 2% higher sequentially in the Netherlands, 9% lower sequentially in Ireland and 14% higher in Australia.