Vermilion Energy reports $69.9M third quarter loss, sales down from year ago

Vermilion Energy Inc. says it lost $69.9 million in its third quarter compared with a loss of $10.2 million in the same quarter last year as its sales fell.

The oil and gas producer says the loss amounted to 44 cents per share for the quarter ended Sept. 30 compared with a loss of seven cents per share a year earlier.

Petroleum and natural gas sales totalled $282.0 million for the quarter, down from $391.9 million in the same quarter last year, but up from $193.0 million in the second quarter of this year.

Production in the quarter averaged 95,471 barrels of oil equivalent per day, down from 97,239 in the same quarter last year and 100,366 in the second quarter of this year.

Vermilion says the decrease was primarily due to natural declines, plant turnarounds and limited capital investment during the quarter, partially offset by increased production in France following the restart of the Grandpuits refinery in mid-June.

In its outlook, Vermilion tightened its 2020 annual production guidance to a range of 94,000 to 96,000 boe/d compared with earlier guidance of 94,000 to 98,000 boe/d.

© 2020 The Canadian Press

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