- 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.
- Press Release.
Vermilion Energy provides 2024 guidance, says “well positioned” for next year (NYSE:VET)
By Press Room
