Vermilion Energy Inc. Common (Canada) (VET) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, ladies and gentlemen, and welcome to the Vermilion Q2 2026 conference call. At this time, all lines are in this lonely 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 girl for the operator. This call is being recorded on July 30, 2026. I would now like to turn the conference over to Dion Hatcher, President and CEO. Please go ahead. Thank you. Good morning, ladies and gentlemen. I'm Dion Hatcher, President and CEO of Vermillion Energy. With me today are Lars Glemser, Vice President and CFO, Darcy Kerwin, Vice President, International and HSE, Brandon McQuaig, Vice President, North America, Laura Conrad, Vice President, Business Development, and Travis Thorgeirson, Director of Investor Relations and Corporate Planning. Please refer to the 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 outlines the risk factors and assumptions relevant to this discussion. The second quarter of 2026 was another strong quarter for Vermillion, with production averaging 125,800 BUs per day, exceeding the top end of our guidance range. Positive results across our portfolio continue to support performance that is trending ahead of our five-year plan that we communicated during Investor Day in December of 2025. With this current performance in mind, and with significant progress in debt reduction, we have increased our return to capital target in a range of 40% to 60% of excess free cash flow, up from 40% previously. Production performance is driven by record output at Mike and Monty, continued strong execution in the Deep Basin, and the state's restart of...