February 2018 Investor Presentation – Vermilion Energy Inc.

Vermilion Energy Inc. · Feb 26, 2018 · 107 slides

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INTERNATIONALLY DIVERSIFIED SUSTAINABLE GROWTH AND INCOME FEBRUARY 2018
CONTENTS Vermilion Overview................................................................................................................................. 3…
VERMILION OVERVIEW 3
VERMILIONS KEY ATTRIBUTES Global independent E&P with leading positions in high netback businesses in Europe, North America and Australia Self-funded growth-and-income model supported by high margins, low decline rates and strong…
CAPITAL MARKETS SUMMARY Market Summary Trading Price (January 31, 2017) 46.50 (TSX), 37.80 (NYSE) Ticker Symbol (TSX & NYSE) VET Shares Outstanding 122.1 million Average Daily Trading Volume (shares) 0.6 million Monthly Dividend…
VERMILION HISTORY Issued senior Launched as an Alberta-based oil & unsecured notes in Canadian gas exploration and production company Converted to High Yield market Issued senior IPO in April 1994 at 0.30 per share Vermilion…
STRATEGY Self-funded growth-and-income Targeting free cash flow and dividend yield compression through per-share growth and risk reduction (low financial and Capital Markets Model operating leverage, consistent dividend history, and…
PRODUCTION GROWTH AND CAPEX Y/Y Y/Y E&D Capital 2018 GUIDANCE 75,000 TO 77,500 BOE/D Production Year Production PPS CAPEX Intensity (BOE/D) 80,000 Growth* Growth* (MM) (/BOE/D)** 70,000 2011 35,202 10% 6% 491 13,900 13% CAGR…
CONSISTENT PRODUCTION GROWTH PER SHARE DEBT-AND-DIVIDEND-ADJUSTED INDEXED PRODUCTION PER SHARE (BASE VALUE = 100)* COMPANY 250 (% OF PRODUCTION FROM N.A. GAS)** PXT (0%) TOU (87%) 200 ERF (54%) MEG (0%) BNP (68%) VET (22%)…
E&D CAPITAL BUDGET Capital Expenditures by Country 2014 Actuals 2015 Actuals 2016 Actuals 2017 Budget* 2018 Budget** (MM) (MM) (MM) (MM) (MM) Canada 336 202 62 143 146 France 148 92 69 71 73 Netherlands 62 47 24 33 35 Germany 3 5…
FUND FLOWS FROM OPERATIONS / FREE CASH FLOW FFO FCF 1,000 500 80,000 70,000 800 400 FFO LESS E&D CAPEX* (MM) 60,000 PRODUCTION (BOE/D) 300 50,000 FFO (MM) 600 200 40,000 400 30,000 100 200 20,000 0…
FFO SENSITIVITY 2018 FORECAST FFO (CMM)* COMMODITY ASSUMPTIONS (STRIP)*** WTI (US/BBL) 2017E 2018E 40 45 50 55 60 65 TTF (C/MMBTU) Brent (US/bbl) 64.19 66.64 5.00 464 498 539 576 608 637 WTI (US/bbl) 57.95 62.45 6.00 482 517…
FREE CASH FLOW YIELD 2018E FREE CASH FLOW (FCF) TO ENTERPRISE VALUE (EV) 10% 8% 2018E FCF YIELD * 6% 4% 2% 0% PXX VET SPE PPL TVE IMO WCP AAV** ECA IPL ATH** CNQ RRX…
DIVIDENDS 14
RELIABLE AND GROWING DIVIDENDS CUMULATIVE DIVIDENDS PAID PER SHARE (2003 THRU 2017) = 34.17 0.25 0.215 MONTHLY DIVIDENDS 0.20 0.20 0.19 0.17 0.15 0.10 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014…
RELATIVE DIVIDEND YIELD 18% 16% 14% 12% DIVIDEND YIELD 10% 8% 6% 4% 2% 0% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 VET Average Group average yield including companies not currently paying a dividend…
SUSTAINABILITY RATIO 200% 175% 162% 150% TOTAL EXPENDITURES / FFO* 140% 125% 121% 117% 121% 111% 109% 111% 100% 108% 87% 87% 75% 81% 74% 73% 70% 50% 59% 25% 0% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012…
ELEMENTS OF SUSTAINABLE MODEL 18
ELEMENTS OF SUSTAINABLE MODEL SELF-FUNDED GROWTH-AND-INCOME MODEL 1. High Margins 2. Low Base Production Decline Rates 3. Strong Capital Efficiencies Profitability on a per boe basis Required production replacement before growth…
NETBACKS YTD September 2017 Netbacks Canada France Netherlands Germany Ireland Australia United States Total Company by Country (/BOE*) Sales 30.53 64.22 41.04 42.50 40.69 71.55 51.07 43.27 Royalties (3.09) (6.09) (0.66) (4.15) -…
RELATIVE NETBACKS 2017E FIELD NETBACKS (EXCLUDING HEDGING) 45 40 35 30 25 20 15 10 5 0 NVA ECA VET HSE CVE SPE RMP DEE BXE PXX PEY CPG SU ATH BIR BTE ERF…
BASE PRODUCTION DECLINE RATES Effective Natural Country Decline Decline 50% Rate* Rate* VET CANADA VET France 8% 10% 40% ONLY CORPORATE DECLINE NATURAL DECLINE VET Netherlands** 0% 19% CORPORATE 30% EFFECTIVE Germany 10%…
DRILLING PROJECTS DCET Economics at US50 WTI Investment Well Cost IP365 EUR Prod. Efficiency Net Well 2017E Net 2018E Net (BOE/D) (MBOE) (IP365 /BOED) ATAX Recycle ATAX Payout Inventory* Wells Planned Wells Planned (CM) ROR Ratio…
COST REDUCTIONS OPERATIONAL EFFICIENCY CAPITAL EFFICIENCY 14.00 40.00 27% Reduction 12.00 35.00 84% Reduction 30.00 10.00 25.00 8.00 / BOE / BOE 20.00 6.00 15.00 29% Reduction 4.00 4% Reduction 10.00 2.00 5.00…
WTI BREAK-EVENS 80 70 60 50 AVERAGE 40 US WTI 30 20 10 0 VET ERF NVA ECA ATH RMP SPE CPG KEL HSE PXX CVE DEE BTE SU MEG CNQ WCP TOG BNE PWT NBZ…
FULL-CYCLE PROFITABILITY 2016 FULL-CYCLE PROFIT US/BOE (EXCLUDING HEDGING) 10 5 0 US / BOE -5 -10 -15 -20 COG PEY ECA SPE CLR CXO BTE KEL DVN NFX APC VET XEC BIR PXD CPG…
RESERVES / RESOURCES 27
RESERVES AND RESOURCE BASE RESERVES* 2016 RESOURCES* 350 350 300 300 16% CAGR 250 250 200 200 MMBOE MMBOE 7% CAGR 150 150 100 100 50 50 0 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016…
RECYCLE RATIOS Including FDC RECYCLE RATIO (F&D incl. FDC) 2016 F&D / FD&A Costs* (/BOE) 6.0x F&D (E&D CAPEX) 5.57 5.0x FD&A (Total CAPEX, 6.62 including acquisitions) 4.0x F&D Operating Recycle Ratio 4.9x 3.0x 2.0x 13.1…
RELATIVE PDP RECYCLE RATIOS 3-YEAR PROVED DEVELOPED PRODUCING (PDP) FD&A RECYCLE RATIOS* 2.5x 2.0x 1.5x 1.0x 0.5x 0.0x VET ARX PONY JOY BNP BIR BNE PEY RRX PNE TVE BXE TOG WCP YGR NVA CPG LXE TET TOP RECYCLE RATIOS…
BALANCE SHEET / RISK MANAGEMENT 31
CONSERVATIVE BALANCE SHEET CREDIT CAPACITY C1.8 BILLION NET DEBT TO FFO RATIO* AS AT SEPTEMBER 30, 2017 4.0 0.5 B 3.0 0.4 B 2.0 0.9 B 1.0 REVOLVING CREDIT FACILITY 0.0 2003 2004 2005 2006 2007 2008 2009 2010…
RELATIVE LEVERAGE 2018E DEBT TO CASH FLOW 6.0x 5.0x 4.0x US AVERAGE 3.0x CANADIAN AVERAGE 2.0x 1.0x 0.0x ECR PDCE NVA EPE** BXE VET RSPP OAS BIR SPE FRU BTE KOS JONE…
CREDIT METRICS YE 2012 YE 2013 YE 2014 YE 2015 YE 2016 Q3 2017 Credit Facility ( millions) 950 1,200 1,750 2,000 2,000 1,400 Undrawn 1 481 425 727 812 618 463 Liquidity 2 583 815 848 853 681 505 Subordinated Debt ( millions) 225 225…
RISK MANAGEMENT Vermilion employs a systematic process to identify and manage risk across our business Financial Risk Market Risk Operational Risk Diversification of: Hedging program reduces risk associated with Integrated,…
ANNUAL COMMODITY HEDGE POSITION Full Year 2017 Full Year 2018 Full Year 2019 Full Year 2020 WTI Percent of Production Hedged 49% 20% 1% - Average Floor / Ceiling / Swap (/bbl) 66.08 / 77.03 / 70.79 62.16 / 69.48 / 68.26 - / - /…
QUARTERLY COMMODITY HEDGE POSITION OIL HEDGES NATURAL GAS HEDGES (/bbl) (/mmbtu) Q1 2017 70.27 67.61-73.62 73.45 67.27- European Gas North American Gas 79.95 Q1 2017 7.71 6.54-8.03 Q1 2017 3.09 2.31-3.01 Q2 2017 70.00- 69.82-…
INTERNATIONAL DIVERSIFICATION 38
CORE OPERATING AREAS NORTH AMERICA EUROPE AUSTRALIA VERMILION IS FOCUSED IN THREE CORE AREAS 39
ORGANIZATIONAL MODEL Vermilion uses a decentralized business unit structure to manage our diverse global portfolio Country-based business units are grouped into three regions: Vermilion Energy Inc. Europe, North America and…
VERMILIONS INTERNATIONAL ADVANTAGE Focused in three core areas (Europe, North America and Australia) with stable, well-developed fiscal and regulatory regimes Global asset portfolio provides commodity diversification and premium…
COMMODITY MIX PRODUCTION (2018E)* 2P RESERVES (YE 2016)** ESTIMATED FFO CONTRIBUTION (2018E)* United Australia Australia France France Australia States 10% United 7% 15% 22% 6% 3% States United 2% Germany France States Germany…
COMMODITY PRICE DIVERSIFICATION Commodity Exposures North American European WTI Brent PORTFOLIO MIX STANDARD DEVIATION* Natural Gas Natural Gas Crude Oil Crude Oil 100% Vermilion STANDARD DEVIATION 80% ANNUALIZED North…
GLOBAL CRUDE OIL PRICING ADVANTAGE Approximately 65% of Vermilions crude oil CRUDE OIL** production is priced with reference to Dated Brent* BRENT 68 Reduces Vermilions exposure to the WTI 64 transportation-related discount…
EUROPEAN NATURAL GAS PRICING 45
EUROPEAN NATURAL GAS PRICING SUMMARY Futures markets continue to reflect a significant premium NATURAL GAS* for European natural gas versus AECO and Henry Hub 12 Realized forward prices are expected to be influenced by 10 imports…
EUROPEAN NATURAL GAS IMPACT OF US LNG US LNG liquefaction capacity expected to grow by 7.5 BCF/D (post-FID projects) through 2020, LNG Costing to Europe from United States US/mmbtu C/mmbtu potentially increasing US LNG shipments to…
EUROPEAN NATURAL GAS DOMESTIC SUPPLY / DEMAND EUROPEAN SUPPLY European Supply & Demand (Bcf/d) 2012 2015 2017E 2020E European domestic production continues to decline European Domestic Production 26.5 22.5 21.5 20.0 Russia 9.9 13.8…
EUROPEAN ASSETS 49
EUROPEAN CORE AREA NETHERLANDS GERMANY 2 onshore gas producer Establishing production operations and IRELAND Large and growing inventory of drilling opportunities substantial exploratory land position in Corrib field constitutes 95%…
EUROPEAN PRODUCTION 40,000 35,000 30,000 25,000 BOE/D 20,000 15,000 10,000 5,000 0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009* 2010* 2011* 2012* 2013* 2014* 2015* 2016 2017E 2018E E&D CAPEX AS %…
FRANCE Entered France in 1997 PARIS PARIS BASIN Assets characterized by large OOIP conventional fields with high working interest (OOIP in 5 largest fields 1.7 billion barrels of oil) FRANCE Workover, infill drilling and…
FRANCE PRODUCTION 14,000 12,000 10,000 8,000 BOE/D 6,000 4,000 2,000 0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017E 2018E E&D CAPEX AS % OF FFO* N/A 43% 51%…
FRANCE OPERATING PERFORMANCE VALUE CREATION (2P RESERVES)* MMBOE Acquired Reserves Initial acquisition (1997) 22.6 14,000 2006 Acquisition 15.0 2012 Acquisition 1 6.7 2012 Acquisition 2 6.3 2006 ACQUISITION 12,000 15.0 MMBOE (2P)…
CHAMPOTRAN DEVELOPMENT 18 wells drilled from 2013 to 2016 at 100% success rate CHAMPOTRAN PRODUCTION Reduced DCET costs by 23% since 2013 6,000 36 net drilling locations identified in reserves and resources* 5,000 Successful…
NEOCOMIAN DEVELOPMENT NEOCOMIAN GROWTH POTENTIAL 4 WELLS PER YEAR Part of Paris Basin light oil assets (Neocomian field) acquired 2,500 from ZaZa Energy France in December 2012 PRE-ACQUISITION VERMILION WORKOVERS / 4 WELLS PER YEAR…
CAZAUX FIELD OPTIMIZATION Cazaux field acquired by Vermilion in 2006 One of Frances largest conventional fields (400MMbbl OOIP); CAZAUX PRODUCTION located in the Aquitaine Basin 2,500 70% production growth since acquisition…
PARENTIS SUSTAINABILITY PARTNERSHIP Vermilion was the recipient of Frances Circular Economy Award for our project to supply geothermal heat from our oil operation to local greenhouses The award recognizes economically successful…
LA TESTE ECO-HABITATS Our operations near La Teste, France now support an eco-neighborhood of 450 homes that are heated the same way as the tomato greenhouses, using recycled geothermal energy from our oil operation 30-year…
NETHERLANDS Entered Netherlands in 2004 HARLINGEN 2 onshore gas producer High impact natural gas drilling and development Strong gas price, favorable fiscal regime, and low OPEX enhance netbacks AMSTERDAM NETHERLANDS Seven…
NETHERLANDS PRODUCTION NETHERLANDS - Expected per well risked economics (based on recent drilling) DCET Well Cost ( million) 8.5 Expected IP30 Rate (boe/d) 1,690 12,000 Expected EUR per well (mboe) 1,350 After Tax ROR (%) 100%…
NETHERLANDS OPERATING PERFORMANCE VALUE CREATION (2P RESERVES)* MMBOE Acquired Reserves Initial acquisition (2004) 16.5 14,000 2013 Acquisition 2.3 2016 Acquisition (Drenthe WI) 0.6 12,000 INITIAL ACQUISITION Total Acquired…
NETHERLANDS ACTIVITY Vermilion has tripled its undeveloped land base since the beginning of 2012 We have drilled 14 high-rate extension and discovery gas wells since 2009, with an average success rate of 67% over this period 66…
INVESTING IN OUR NETHERLANDS COMMUNITIES MUNICIPALITY LINKAGE PROGRAM Vermilion launched the Municipality Linkage Program (MLP) in 2016 in the Netherlands, to support targeted and transparent connections between our capital…
GERMANY COUNTRY OVERVIEW Largest gas market in Europe, with a long history of oil and natural gas development Country-wide production is approximately 48 kbbl/d of oil and 0.75 Bcf/d of natural gas (170k boe/d) GAS AND OIL…
GERMAN LAND POSITION Initial Non-Operated DUMMERSEE-UCHTE ACQUISITION (2014) Acquisition First entry into Germany, non-operated interest Farm-In Agreement 2016 production 2,400 boe/d Awarded Licenses Member of 4 party consortium…
GERMANY PRODUCTION GERMANY Burgmoor Z3 Sidetrack (Non-op gas assets, reflects 25% W.I.) DCET Well Cost ( million) 3.8 IP30 Rate (boe/d) 350 5,000 EUR per well (mboe) 780 ENGIE ACQUISITION After Tax ROR (%) 34% (CLOSED DECEMBER…
IRELAND OVERVIEW Vermilion currently holds an 18.5% non-operated interest in the Corrib gas field, offshore Ireland On July 12, 2017 Vermilion and Canada Pension Plan Investment Board (CPPIB) announced a strategic partnership At…
VERMILION / CPPIB STRATEGIC PARTNERSHIP On July 12, 2017 Vermilion and Canada Pension Plan Investment Board (CPPIB) announced a strategic partnership CPPIB will acquire Shell Overseas Holdings Ltd. 45% interest in Corrib for 830…
IRELAND PRODUCTION 12,000 10,000 8,000 6,000 BOE/D 4,000 2,000 0 2015 2016 2017E 2018E E&D CAPEX AS % OF FFO* NM 9% 1% 1% Gas EFFICIENT TRANSLATION OF REVENUE FUND FLOWS FROM OPERATIONS FREE CASH FLOW * 2017…
CORRIB PERFORMANCE 400 Production volumes reach Impact of 31 days of Planned downtime, or constrained production, has full plant capacity downtime occurred for plant maintenance, well testing, pressure 350 build-ups and partner…
CENTRAL AND EASTERN EUROPE (CEE) EXTENSION OF EUROPEAN GROWTH STRATEGY Modest back-loaded capital commitments Prospective for both oil and gas Under-invested basin that can benefit from new technology HUNGARY Awarded South…
NORTH AMERICAN ASSETS 73
CANADA Production and assets focused in West Pembina near Drayton Valley and Northgate in SE Saskatchewan In West Pembina, potential for three significant development projects sharing the same surface infrastructure Cardium light…
CANADA PRODUCTION 35,000 30,000 25,000 20,000 BOE/D 15,000 10,000 5,000 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017E 2018E E&D CAPEX AS % OF FFO* 21% 36% 67% 58% 31% 76% 247% 225% 165%…
WEST PEMBINA AND FERRIER MANNVILLE NOTIKEWIN Industry Mannville Horizontals Key Oil Battery 335 net sections (215,000 acres) of Mannville rights, largely held by Key Gas Plant Key Compressor production VET Gas Pipeline 30 net West…
WEST PEMBINA (LOWER MANNVILLE ELLERSLIE) CONDENSATE-RICH GAS LOWER MANNVILLE 2,000 ELLERSLIE 1,800 1,600 1,400 1,200 BOE/D 1,000 LOWER MANNVILLE ELLERSLIE Expected per well economics 800 DCET Well Cost ( million) 3.4…
FERRIER (UPPER MANNVILLE) LIQUIDS-RICH GAS NOTIKEWIN FALHER 1,800 2,500 UPPER MANNVILLE 1,600 2,000 1,400 1,200 1,500 BOE/D UPPER MANNVILLE FERRIER Expected per well economics 1,000 DCET Well Cost ( million) 3.6…
MANNVILLE DEVELOPMENT NET MANNVILLE PROSPECT INVENTORY* 20,000 AS AT SEPTEMBER 30, 2017 18,000 16,000 PROSPECTIVE DRILLED TO DATE UNRISKED 58 14,000 35 12,000 BOE/D 10,000 8,000 BOOKED 2P UNRISKED CONTINGENT…
WEST PEMBINA CARDIUM Dominant 100,000+ net acre land position in West Pembina Cardium resource play Pembina is the largest conventional oil field in Western Canada Control key infrastructure: 15,000 bbl/d oil battery and two owned…
CARDIUM DEVELOPMENT NET CARDIUM PROSPECT INVENTORY* 12,000 AS AT SEPTEMBER 30, 2017 10,000 8,000 WELLS DRILLED BOE/D 6,000 209 4,000 UNRISKED CONTINGENT REMAINING 2P 2,000 DEVELOPMENT LOCATIONS PENDING 68 0 252 2009…
SOUTHEAST SASKATCHEWAN Legend Midale Fairway Vermilion Land Entered area through acquisition of Elkhorn Resources Inc. in April VET Identified Locations 2014, with further land added subsequent to acquisition Midale HZ Wells 2P…
OIL ACQUISITION IN WILLISTON BASIN ACQUISITION DETAILS Vermilion will acquire all issued and outstanding shares of a private Saskatchewan producer (Privateco) VET Land for total cash consideration of 90.8 million Privateco Land…
SOUTHEAST SASKATCHEWAN DEVELOPMENT NET SE SASK PROSPECT INVENTORY* 4,000 AS AT SEPTEMBER 30, 2017 WELLS 3,000 DRILLED 31 BOE/D 2,000 REMAINING 2P UNRISKED LOCATIONS PROSPECTIVE 103 46 1,000 UNRISKED CONTINGENT 0…
UNITED STATES WYOMING DEVELOPMENT TURNER SAND WELL PERFORMANCE 450 Entered U.S. in September 2014 400 350 Large, operated contiguous land position (83,300 net 300 BOEPD 250 acres at 100% working interest) in the Powder River…
UNITED STATES PRODUCTION 2,000 1,750 1,500 1,250 1,000 BOE/D 750 500 250 0 2014 2015 2016 2017E 2018E E&D CAPEX AS % OF ATAX NOI* 64% 535% 353% 202% 86% Crude Oil & NGL Gas EARLY-STAGE LIGHT OIL GROWTH…
ATAX IRR 10% 20% 30% 40% 50% 60% 70% 80% 0% Woodenhouse ** Ellerslie Montney Frobisher/Alida Woodford Eagle Ford Marcellus Woodford Meramec Eagle Ford Ellerslie Mannville Eagle Ford Bakken **…
AUSTRALIAN ASSETS 88
AUSTRALIA Entered Australia in 2005 Offshore oil field 80 km N.W. of Australia (55 m water depth) Horizontal well development with 18 wellbores and five lateral sidetracks Wells 600m below sea bed with 1,500 - 3,700 m measured…
AUSTRALIA PRODUCTION AUSTRALIA - per well economics* based on performance of 2013-2016 drilling programs DCET Well Cost ( million) 25.6 IP30 Rate (boe/d) 4,400 EUR per well (mboe) 1,000 12,000 After Tax ROR (%) 82% After Tax Payout…
AUSTRALIA OPERATING PERFORMANCE VALUE CREATION (2P RESERVES)* MMBOE Acquisition Date Reserves Reserves at initial acquisition (2005) 26.7 30,000 Total Acquisition Date Reserves 26.7 Production to YE 2016 30.5 25,000 Reserves at…
AUSTRALIA ACTIVITY New wells are sidetracks from existing wellbores Oil is trapped above the existing wells, creating opportunity to sidetrack to a higher structural elevation to capture attic and flank oil 12 additional identified…
GOVERNANCE 93
GOVERNANCE Vermilions external awards and recognition provide important benchmarks for our strong performance The Globe and Mail, Report on Business, Board Games In 2017, Vermilion ranked 4th within the oil and gas sector, and among…
LONG-TERM COMPENSATION APPROACH Pay-for-performance is the foundation of Vermilions approach to compensation, both at the executive level and company-wide All employees participate in Vermilions equity-based Long-Term Incentive Plan…
HEALTH, SAFETY AND ENVIRONMENT (HSE) PHILOSOPHY Safety, environmental protection, and regulatory compliance go hand-in-hand with VERMILIONS PRIORITIES maximizing profitability WE CONDUCT ALL ACTIVITIES TO: These priorities should…
CORPORATE CITIZENSHIP 97
SUSTAINABILITY Carbon Disclosure Project (CDP) Vermilion was named to the CDP (formerly Carbon Disclosure Project) Climate Leadership level (A-) in 2017. Vermilion is the only Canadian energy company and one of only two North…
CDP (CARBON DISCLOSURE PROJECT) CDP (formerly Carbon Disclosure Project) is an international environmental organization that collects information about carbon emissions and energy use Vermilion was named to the CDP Climate…
STRATEGIC COMMUNITY INVESTMENT Vermilion is committed to giving back to Canada France Netherlands Australia the communities in which we operate We assess the critical needs in each community, and determine where our financial…