Vermilion Energy Inc. (VET) is declining in the premarket – Secrets behind company’s performance!

Vermilion Energy Inc. (VET) has seen a decline of 5.77% in the premarket on 20th September 2021. However, the last trading session closed at $7.63 with a decline of 2.05%.

Senior Leadership Changes

VET announced changes in senior leadership on 8th September 2021. Dion Hatcher has been named President of the company, starting January 1, 2022. He will succeed Curtis Hicks, the current President of Vermilion, who will step down but remain an advisor to the company until April 1, 2022. Lorenzo Donadeo will continue to serve as Executive Chairman in his present position.

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Vermilion would like to express its gratitude to Mr. Hicks for his valuable services to the company. He joined Vermilion as Executive Vice President and Chief Financial Officer in 2003 and left in 2018. In 2020, he came out of retirement to help reposition Vermilion following the current slump and management upheavals.

Vermilion was able to effectively navigate the downturn because to his excellent leadership and mentoring abilities, as well as his assistance in the transition to an effective, methodical, and thorough internal succession plan.

VET Appoints Two New Board Members

VET stated on 21 July 2021 that Ms. Manjit Sharma and Ms. Judy Steele have both been appointed to our Board of Directors. Ms. Sharma has over 25 years of expertise managing a variety of operational issues in a number of sectors. She was most recently the Chief Financial Officer of WSP Canada, where she was in charge of the company’s finance, real estate, procurement, tax, and shared services departments across the country.

Ms. Steele is a Governor of St. Francis Xavier University and a member of the Canadian Blood Services Board of Directors. She was formerly the National Chair of the Canadian Breast Cancer Foundation and served as a Director and Chair of the Audit Committee for The Halifax Port Authority.

Results for the Three Months Ended March 31, 2021

VET published the first quarter 2021 results on 29th April 2021. Firstly, in the first quarter of 2021, fund flows from operations were $162 million, up 20% from the previous quarter. Higher commodity prices, particularly global crude oil and European natural gas benchmarks, accounted for the majority of the rise. These are our two most important revenue-generating items.

Secondly, after spending $83 million in exploration and development (“E&D”) capital expenditures in Q1 2021, we generated $79 million in free cash flow (“FCF”)(1), resulting in a payout ratio of 56 percent, including reclamation and abandonment costs.

Thirdly, net debt was a little under $2.0 billion at the end of the first quarter of 2021, down 5% from year-end 2020. Since Q2 2020, we have lowered the amount due under our revolving credit facility by about $190 million, or 11%.

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