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Vermilion Sets 2016 Budget at $285 Million; Down 41% from 2015
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Vermilion Energy Inc. reported that our Board of Directors has approved an exploration and development capital budget for 2016 of $285 million .
Highlights
Budgeted E&D investment of $285 million for 2016 represents a 41% decrease from 2015 forecasted E&D investment of $485 million , and a 59% decrease from 2014 investment of $688 million . Production guidance for 2016 is 62,500 to 63,500 boe/d, representing year-over-year growth of approximately 15%. At current strip prices, Vermilion expects to fully fund 2016 E&D expenditures and cash dividends from fund flows from operations, with surplus cash generation used to reduce debt in 2016. Vermilion has the operational flexibility to further reduce its 2016 E&D program if commodity prices continue to weaken. 2016 E&D Budget Overview and…- ✓ Full news archive — U.S., Canada & international coverage
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