Vermilion Energy raises quarterly dividend, plans $570M capital budget for 2023

Source: Vermilion Energy

Vermilion Energy Inc. raised its dividend by 25 per cent as it announced a $570 million capital budget for 2023.

The company says it will now pay a quarterly dividend of 10 cents per share, up from eight cents per share, and resume share buybacks.

Vermilion says its capital spending plan includes $340 million in North America, a level similar to 2022, and $230 million for its international assets, an increase of seven per cent compared with last year.

The company also offered production guidance for the year of 87,000 to 91,000 barrels of oil equivalent per day.

The forecast represents a year-over-year increase of about three per cent at the midpoint.

The company says the production guidance assumes a March 31 closing of its Corrib acquisition, as well as the optimization of its Montney development.

© 2023 The Canadian Press

Dear user, please be aware that we use cookies to help users navigate our website content and to help us understand how we can improve the user experience. If you have ideas for how we can improve our services, we’d love to hear from you. Click here to email us. By continuing to browse you agree to our use of cookies. Please see our Privacy & Cookie Usage Policy to learn more.