Vermilion Energy’s quarterly profit was helped by higher oil and natural gas prices
reported a fourth-quarter profit of $344.6-million compared with a loss of $57.7-million a year earlier, helped by higher oil and natural gas prices.
The energy company, which suspended its dividend at the start of the COVID-19 pandemic, also announced it would pay a quarterly dividend of six cents per share. Vermilion says its profit for the final quarter 2021 amounted to $2.12 per share, up from a loss of 36 cents per share in the last three months of 2020.Production in the quarter averaged 84,417 barrels of oil equivalent per day, down from 87,848 in the fourth quarter of 2020.
In November, Vermilion announced a deal to increase its interest in its Corrib project in Ireland with the purchase of an additional 36.5 per cent stake for $600-million. The company will hold a 56.5 per cent stake in the natural gas project once the deal closes. Your time is valuable. Have the Top Business Headlines newsletter conveniently delivered to your inbox in the morning or evening.
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