Vermilion is also using a similar geothermal concept to support an eco-neighbourhood in La-Teste, France. Mr Hicks has over 35 years’ industry experience in the financial area of oil and gas operations, as well as property and corporate acquisitions. Central and Eastern Europe: Hungarian production. Find the latest Total Assets (Quarterly) for Vermilion Energy Inc (VET) The Style Scores are a … However, the ramp-up of new LNG facilities in the US led to an overflow of natural gas in European terminals. The Zacks Industry Rank assigns a rating to each of the 265 X (Expanded) Industries based on their average Zacks Rank. It estimates the 2020 geographical breakdown as Canada 42%, France 15%, Ireland 14%, Netherlands 11%, Australia 10%, US 6% and Germany 2%. Operating Profit (before amort. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it.
In 2015, Mr Donadeo was recognised for his outstanding service to France with official appointment to the National Order of the Legion of Honour at the rank of Chevalier. Notwithstanding this, Vermilion has been affected by COVID-19 and has had to reassess its strategy on cash returns to shareholders. Russia has traditionally been the main supplier of natural gas to Europe. Vermilion is the largest oil producer in France with a c 75% share of the domestic market, and historically the country has delivered the highest production for the company outside Canada, at average 7,046boe/d in Q220. He joined Vermilion in 2015 as operations controller and moved into an investor relations role in 2017, before advancing to director of finance in January 2018. Exhibit 4: Schematic of extraction of geothermal heat for industrial scaled agriculture. Low financial leverage, capital discipline and cost reductions have enabled Vermilion to withstand commodity price volatility for over 15 years. The monthly returns are then compounded to arrive at the annual return. The project utilises naturally heated water produced from the company’s nearby Parentis field to heat the Tom d’Aqui greenhouses, resulting in a reduction in CO. emissions of 10,000 tonnes a year. Vermilion’s EV/EBITDA multiple for FY21 also trades at a discount to Canadian and US peers, which trade at 4.5x and 5.1x respectively, and in line with the rest of the world group, which trades at 3.8x. Vermilion has production assets in a range of mature basins and developed economies: Canada, the US, France, the Netherlands, Ireland, Germany and Australia, and diverse exposure to different commodity prices. The investment or investment activity to which this document relates is available only to such persons. Note: *Column represents Edison base case forecasts for FY20. Development here and in Cardium includes open hole wells and horizontal wells, with multi-stage fractured completions, and the plays all benefit from a significant inventory of undrilled prospects. Mr Tan became director of New Ventures in 2013 and was made VP of Business Development in 2017. Learn more about Zacks Equity Research reports. Vermilion is committed to reducing these emissions, as it did with its original SE Saskatchewan production, and is targeting a 50% reduction in flaring and venting emissions from the Spartan assets by 2024. Exhibit 8 shows the differentials in the valuation metrics when we compare the market-based valuation (first two bars of exhibit) and the fundamentals-based valuation (last bar of exhibit). There's also a VGM Score ('V' for Value, 'G' for Growth and 'M' for Momentum), which combines the weighted average of the individual style scores into one score. Valuation: Blended valuation at C$9.6/share. Despite its hedging portfolio, any significant drop in commodity prices to the levels seen in March 2020, with Brent trading under US$30/bbl, would leave the company’s balance sheet in a delicate position.
This document is prepared and provided by Edison for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. Vermilion Energy is an international E&P with assets in Europe, North America and Australia. Learn More About Working with Us Vermilion Energy Inc. Vermilion Energy is an international E&P with assets in Europe, North America and Australia. Source: Edison Investment Research, Refinitiv estimates. It's packed with all of the company's key stats and salient decision making information. Since 1988 it has more than doubled the S&P 500 with an average gain of +24.53% per year. No mention of a particular security in this report constitutes a recommendation to buy, sell or hold that or any security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. We have arrived at a valuation range of C$6.1–13.0/share, resulting in an average blended valuation of C$9.6/share (up 9%). We believe prices will remain low throughout Q320, and only start to recover in Q420 with the arrival of winter and as growing seasonal consumption is observed. Before joining Vermilion, she spent five years with Royal Dutch Shell, most recently as manager of Onshore Productions, North America, and Human Resources.
Mr Donadeo has more than 35 years’ experience in the oil and gas business, including mergers and acquisitions, gas marketing, production, exploitation, and field operations in western Canada and internationally in Australia, France, the Netherlands, Germany, Ireland, and Trinidad and Tobago. The weakness in commodity prices also affected H120 financial results, with Vermilion recording a net loss of C$1,390m in the six months to June 2020, reflecting an impairment charge of C$1,635m. This page has not been authorized, sponsored, or otherwise approved or endorsed by the companies represented herein. published on 23 May 2018. Commodity price exposure is spread across global oil and gas Zacks Style Scores Education - Learn more about the Zacks Style Scores. Lorenzo Donadeo – executive chairman: Mr Donadeo has more than 35 years’ experience in the oil and gas business, including mergers and acquisitions, gas marketing, production, exploitation, and field operations in western Canada and internationally in Australia, France, the Netherlands, Germany, Ireland, and Trinidad and Tobago. At a 10% discount to the base case scenario, estimated FY20 total debt/EBITDA increases to 4.1x.
He was made president of Vermilion Energy in 2020 and prior to this was executive VP and CFO from 2004 to 2018. Note: Share price as at 11 September 2020. A simple, equally-weighted average return of all Zacks Rank stocks is calculated to determine the monthly return. The board suspended the dividend, appointed Lorenzo Donadeo and Curtis Hicks as executive chairman and president of the company respectively, and created an executive committee. The COVID-19 pandemic resulted in unprecedented negative oil prices for the WTI benchmark as global demand diminished, inventories swelled and European gas prices decreased to record lows. Ms Jasinski has over 27 years’ experience in human resources and organisational effectiveness, primarily in the oil and gas industry, including operations and mergers & acquisitions. Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note. VAT no. In these roles, he helped guide Vermilion to expand operations from two countries in 2003 to 10 in 2018. Vermilion is highly leveraged to commodity prices. It uses recycled geothermal energy from its three oil producing fields in the Arcachon Basin to heat 550 apartments, saving 50% of the heating bill for the residents and 500 tonnes per year of CO2. We maintain two main offices in France, one located near Paris and the other near Bordeaux. In Exhibit 14 we also present the impact of our estimated FFO for FY20 on management’s longer-term target metric of net debt to FFO below 1.5x. Nonetheless, Vermilion was able to manage its business effectively, with relatively little operational impact from COVID-19. The success of the project served as a catalyst for three new similar projects independent of Vermilion. We also stress test the balance sheet at a 20% discount to our base case commodity price scenario, corresponding to a realised Brent price of c US$26/bbl average for the remainder of 2020. Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently verified.
France was affected by the COVID-19 measures put in place by the French government, which included the temporary shutdown of the Total-operated Grandpuits refinery at the end of March. This does not cover the full amount of our combined estimated cash outflows of C$478m for the year, encompassing sustaining capex of C$360m, in line with company guidance, and cash dividends of C$118m, already paid. Debt covenants: In this note we stress test Vermilion’s ability to keep total debt to EBITDA below 4.0x.
Capital activity for the remainder of the year will be minimal and focused predominantly on maintenance activities. We also stress test management’s target of net debt to FFO under 1.5x. As mentioned above, we have updated our short-term base case oil price forecasts for FY20 and FY21 to align them with the latest EIA guidance (11 August 2020). He was a co-founder of Vermilion Resources (1994), now Vermilion Energy, and currently serves as chairman of the board.
Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. Mr Kaluza has spent over 32 years delivering results in North America and overseas in the energy business. The scores are based on the trading styles of Value, Growth, and Momentum. France represented Vermilion’s first international expansion when we entered the country in 1997. These principles are based on a conservative, long-term focus on balance sheet strength and capital discipline to generate strong returns. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report, subject to Edison's policies on personal dealing and conflicts of interest. Vermilion holds a 20% working interest and is the operator in the Corrib gas field, offshore Ireland. CALGARY — A $1.2-billion writedown in the value of its oil and gas assets around the world due to low global commodity prices resulted in a first-quarter net loss of $1.3 billion or $8.42 per share for Vermilion Energy Inc., the energy producer announced Tuesday. The net impact of these changes on FFO is negligible, with our forecast FFO for FY20 at C$449m, in line with Vermilion estimates. **Impact of incremental net debt required in low case scenario (-20% commodity prices: US$26/bbl Brent) preserving/maintaining sustaining capex in line with guidance. Commodity price exposure is also diversified, with realisations spread across several global oil and gas benchmarks including Brent, WTI, Henry Hub, TTF and NBP. Vermilion is the second largest onshore gas operator in the Netherlands and has assets located in the north-west of the country. Vermilion is a global E&P with operations spanning developed economies including Europe, North America and Australia. The board also announced the appointments of Lorenzo Donadeo as executive chairman and the Curtis Hicks as president.
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