Vermilion Energy Inc. Common (Canada) (VET) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, ladies and gentlemen. Welcome to the Vermilion Energy Q2 2025 conference call. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question and answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded on Friday, August 8, 2025. I would now like to call over to Mr. Dion Hatcher. Please go ahead. Thank you, Kelsey. Good morning, ladies and gentlemen. I'm Dion Hatcher, President and CEO of Vermillion Energy. With me today are Lars Glemster, Vice President and CFO, Darcy Kerwin, Vice President International and HSE, Randy McQuaid, Vice President North America, Laura Conrad, Vice President Business Development, and Kyle Preston, Vice President of Investor Relations. Please refer to our advisory and forward-looking statements in our Q2 release. It describes forward-looking information, non-GAAP measures, and oil and gas terms used today, and it outlines the risk factors and assumptions relevant to this discussion. Vermillion delivered strong second quarter results. Production for Q2 averaged 136,000 VUEs per day, representing a 32% increase for the prior quarter, mainly due to a full quarter contribution from the Westbrook acquisition that closed in February. Subsequent to the second quarter, we closed both of the previously announced Saskatchewan and U.S. asset sales for a combined gross proceeds of $535 million, which has been allocated to debt reduction. These divestments were a key component of Vermillion's broader strategic transition towards becoming a global gas producer, enabling us to enhance operational scale and long-duration assets and better position the company for sustainable, profitable growth. Vermillion now...