Vermilion Energy provides 2024 guidance, says “well positioned” for next year (NYSE:VET)
Press Room
Vermilion Energy (NYSE:VET) said Tuesday that its FFO and FCF are forecasted to be about $1.3 billion and $700 million, respectively, for 2024.
“Vermilion is well positioned for 2024 as we gain operational momentum, achieve our net debt target and increase our return of capital. We are forecasting a significant increase in 2024 FCF, which we expect to translate into higher shareholders returns through an increased base dividend and potential doubling of our share buybacks,” the company said in a statement.
The company has set its capital expenditure budget for 2024 at $600–$625 million, of which $380 million would be invested in North America. It also plans about $230 million in investments across its international assets next year.
Production for 2024 is forecasted to be around 82,000–86,000 boe/d.
The company said it is not planning to operate drilling operations in the United States in 2024 due to the increased focus and allocation of resources to its Montney development.
Vermillion also hiked its quarterly cash dividend by 20% to C$0.12 per share, effective with the Q1 2024 dividend payable in April 2024, and has employed an active commodity hedge program, with currently 30% of 2024 production hedged.
