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January 2020 Investor Presentation – Vermilion Energy Inc.

Vermilion Energy Inc. · Jan 13, 2020 · 80 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. January 2020 Investor Presentation – Vermilion Energy Inc. – slide 1
    INTERNATIONALLY DIVERSIFIED SUSTAINABLE GROWTH AND INCOME ESG LEADERSHIP JANUARY 2020
  2. January 2020 Investor Presentation – Vermilion Energy Inc. – slide 2
    VERMILIONS KEY ATTRIBUTES International E&P with leading positions in Europe, North America and Australia Self-funded growth-and-income model Supported by business units that deliver high margins, low decline rates and strong…
  3. January 2020 Investor Presentation – Vermilion Energy Inc. – slide 3
    CAPITAL MARKETS SUMMARY Market Summary Trading Price (December 31, 2019) 21.23 (TSX), 16.36 (NYSE) Ticker Symbol (TSX & NYSE) VET Shares Outstanding (September 30, 2019) 155.5 million Average Daily Trading Volume (shares) 1.8…
  4. January 2020 Investor Presentation – Vermilion Energy Inc. – slide 4
    CORE OPERATING AREAS 2020E EUR PRODUCTION* 29% N.A. AUS 66% 5% EUR 34% FFO* N.A. 57% AUS 9% EUR FCF* 38% N.A. 51% AUS 11% VERMILION IS FOCUSED IN THREE STABLE REGIONS * Company 2020 estimates as…
  5. January 2020 Investor Presentation – Vermilion Energy Inc. – slide 5
    VERMILION HISTORY Launched as an Alberta-based oil & gas exploration and production company Converted to Vermilion Energy Trust Issued senior IPO in April 1994 at 0.30 per share unsecured notes in US Converted from an income…
  6. January 2020 Investor Presentation – Vermilion Energy Inc. – slide 6
    STRATEGY Self-funded production and dividend growth model Targeting free cash flow and dividend yield compression through per-share growth and risk reduction (low financial and Capital Markets Model operating leverage, consistent…
  7. January 2020 Investor Presentation – Vermilion Energy Inc. – slide 7
    ENVIRONMENTAL SUSTAINABILITY We recognize the energy transition is occurring, and we are playing a meaningful role At the same time, we are realistic that oil and gas consumption will continue during the transition, and will in fact…
  8. January 2020 Investor Presentation – Vermilion Energy Inc. – slide 8
    PRODUCTION GROWTH AND CAPEX ANNUAL PRODUCTION VS E&D CAPITAL EXPENDITURES 120 800 105 13% CAGR 700 90 600 MBOE / D 75 500 MM 60 400 45 6% CAGR 300 30 200 15 100 0 0 2003 2004 2005 2006 2007 2008…
  9. January 2020 Investor Presentation – Vermilion Energy Inc. – slide 9
    PRODUCTION AND RESERVES PER SHARE PRODUCTION PER SHARE RESERVES PER SHARE 250 3.5 7% CAGR 3.0 2P RESERVES (BOE) PER SHARE 200 11% CAGR BOE PER THOUSAND SHARES 2.5 150 2.0 1.5 100 1.0 50 0.5 0 0.0 2003 2004…
  10. January 2020 Investor Presentation – Vermilion Energy Inc. – slide 10
    E&D CAPITAL BUDGET Capital Expenditures by Country 2014 Actuals 2015 Actuals 2016 Actuals 2017 Actuals 2018 Actuals 2019 Budget* 2020 Budget** (MM) (MM) (MM) (MM) (MM) (MM) (MM) Canada 336 202 62 149 278 292 250 France 148 92 69 73…
  11. January 2020 Investor Presentation – Vermilion Energy Inc. – slide 11
    FFO / FCF FFO FCF (CORPORATE ERA) 1,200 600 1,000 500 FFO LESS E&D CAPEX* (MM) 400 800 FFO (MM) 300 600 200 400 100 200 0 0 -100 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019E*…
  12. January 2020 Investor Presentation – Vermilion Energy Inc. – slide 12
    FFO SENSITIVITY 2020 FORECAST FFO (CMM)* COMMODITY ASSUMPTIONS** WTI (US/BBL) 2019 2020E 45 50 55 60 65 70 TTF (C/MMBTU) Brent (US/bbl) 64.30 66.13 5.00 678 767 853 931 989 1,040 WTI (US/bbl) 57.03 60.44 6.00 699 787 875 952…
  13. January 2020 Investor Presentation – Vermilion Energy Inc. – slide 13
    SUSTAINABLE ECONOMIC MODEL 13
  14. January 2020 Investor Presentation – Vermilion Energy Inc. – slide 14
    RELIABLE AND GROWING DIVIDENDS CUMULATIVE DIVIDENDS PAID OF 3.7B (39.17 PER SHARE) FROM 2003 THROUGH Q3 2019 0.25 18% 0.23 16% 0.215 14% MONTHLY DIVIDENDS 0.20 0.20 12% DIVIDEND YIELD* 0.19 10% 0.17 8% 0.15 6%…
  15. January 2020 Investor Presentation – Vermilion Energy Inc. – slide 15
    TOTAL PAYOUT RATIO 200% 175% 150% TOTAL EXPENDITURES / FFO* 125% 100% 75% 50% 25% 0% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019E 2020E Cash Dividends DRIP + PDRIP E&D…
  16. January 2020 Investor Presentation – Vermilion Energy Inc. – slide 16
    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…
  17. January 2020 Investor Presentation – Vermilion Energy Inc. – slide 17
    NETBACKS YTD 2019 Netbacks by Country Total Canada France Netherlands Germany Ireland Australia United States (/BOE*) Company Sales 37.64 83.69 38.51 47.79 37.74 94.04 44.34 46.79 Royalties (4.24) (11.31) (0.59) (4.88) - -…
  18. January 2020 Investor Presentation – Vermilion Energy Inc. – slide 18
    ELEMENTS OF SUSTAINABLE MODEL 2020E FIELD NETBACKS* (EXCLUDING HEDGING)** 2018 CAPITAL EFFICIENCIES (ALL-IN) EXCLUDING A&D* 40 40,000 2019E Sustaining Capital Efficiencies 30 30,000 20 20,000 10 10,000 0 0 OBE…
  19. January 2020 Investor Presentation – Vermilion Energy Inc. – slide 19
    DRILLING PROJECTS Economics at US55 WTI DCET 2020E Net IP365 EUR Prod. Efficiency Net Well Investment Well Cost (BOE/D) (MBOE) (IP365 /BOED) ATAX Recycle ATAX Payout Inventory* Wells (CM) ROR Ratio (Years) Planned European Gas…
  20. January 2020 Investor Presentation – Vermilion Energy Inc. – slide 20
    COST REDUCTION OPERATING EFFICIENCY CAPITAL EFFICIENCY 14.00 14% Reduction 40.00 (36% in USD) 12.00 35.00 76% Reduction 30.00 (82% in USD) 10.00 19% Reduction 25.00 8.00 from 2014 Peak / BOE / BOE (31% in USD) 20.00…
  21. January 2020 Investor Presentation – Vermilion Energy Inc. – slide 21
    RELATIVE PDP RECYCLE RATIO 3-YEAR PROVED DEVELOPED PRODUCING (PDP) FD&A RECYCLE RATIOS* 2.5x 2.0x 1.5x 1.0x 0.5x 0.0x YGR VET ARX ERF BIR PEY PONY WCP CR NVA TOG BNP CPG TOU VII BTE GXE KEL TVE DEE PNE OBE POU TOP…
  22. January 2020 Investor Presentation – Vermilion Energy Inc. – slide 22
    RESERVES / RESOURCES 22
  23. January 2020 Investor Presentation – Vermilion Energy Inc. – slide 23
    RESERVES AND RESOURCE BASE RESERVES* 2018 RESOURCES* 550 RESOURCE CONVERSIONS 400 CONTINGENT PROSPECTIVE 500 (MBOE) (MBOE) 2014 20,400 2,500 450 2015 17,500 500 300 400 2016 5,450 - 2017 20,456 1,734 350 2018 17,000 -…
  24. January 2020 Investor Presentation – Vermilion Energy Inc. – slide 24
    RECYCLE RATIO Including FDC RECYCLE RATIO (F&D incl. FDC) 2018 F&D / FD&A Costs* (/BOE) 6.0x 2016-2018 F&D (E&D CAPEX) 8.32 3 Yr Avg 3.7x 5.0x FD&A (Total CAPEX, 15.19 including acquisitions) 4.0x F&D Operating Recycle Ratio…
  25. January 2020 Investor Presentation – Vermilion Energy Inc. – slide 25
    INTERNATIONAL DIVERSIFICATION 25
  26. January 2020 Investor Presentation – Vermilion Energy Inc. – slide 26
    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…
  27. January 2020 Investor Presentation – Vermilion Energy Inc. – slide 27
    COMMODITY MIX PRODUCTION (2020E)* ESTIMATED FFO CONTRIBUTION (2020E)* ESTIMATED FCF CONTRIBUTION (2020E)** France Australia Germany France Australia 10% United 9% France Australia 3% Ireland 16% 5% States 16% 11% 6% 8% Germany…
  28. January 2020 Investor Presentation – Vermilion Energy Inc. – slide 28
    GLOBAL CRUDE OIL PRICING ADVANTAGE Approximately 36% of Vermilions crude oil production is priced with reference to Dated Brent* Current Prompt VET Vermilions Australian crude was sold at an average premium of 2020E VET Premium /…
  29. January 2020 Investor Presentation – Vermilion Energy Inc. – slide 29
    EUROPEAN NATURAL GAS PRICING NATURAL GAS* 12 Futures markets continue to reflect a significant premium for European USGC LNG GAS PRICE (C/MMBTU) natural gas versus AECO and Henry Hub 10 COST TO EUROPE** FULL-CYCLE 8 COAL…
  30. January 2020 Investor Presentation – Vermilion Energy Inc. – slide 30
    EUROPEAN NATURAL GAS LONG TERM OUTLOOK Declining European domestic production results in higher dependence on Global Gas Trade to 2040: European Import Dependence Grows imports Net imports (bcf/d) As % share of demand Groningen…
  31. January 2020 Investor Presentation – Vermilion Energy Inc. – slide 31
    RISK MANAGEMENT / BALANCE SHEET 31
  32. January 2020 Investor Presentation – Vermilion Energy Inc. – slide 32
    ANNUAL COMMODITY HEDGE POSITION Q4 2019 Full Year 2020 WTI Percent of Production Hedged 44% 20% Average Floor / Ceiling / Swap (/bbl) 71.50 / 81.12 / 79.38 72.28 / 80.00 / 77.31 Brent Percent of Production Hedged 57% 10% Average…
  33. January 2020 Investor Presentation – Vermilion Energy Inc. – slide 33
    QUARTERLY COMMODITY HEDGE POSITION OIL HEDGES NATURAL GAS HEDGES (/bbl) (/mmbtu) Q1 2019 71.38- 89.26- 74.75 82.63 European Gas North American Gas 99.08 92.40 Q1 2019 8.50 7.58-10.42 Q1 2019 5.21 Swaps 71.27- 88.98- Q2 2019…
  34. January 2020 Investor Presentation – Vermilion Energy Inc. – slide 34
    CONSERVATIVE BALANCE SHEET CURRENT CREDIT CAPACITY C2.5 BILLION 4-Year Covenant-based Credit Facility Covenant YE 2018 Q3 2019 Financial Covenants (UP TO C2.9 BILLION WITH ACCORDION) Total debt / Consolidated EBITDA Less than 4.0 1.7…
  35. January 2020 Investor Presentation – Vermilion Energy Inc. – slide 35
    CREDIT METRICS Q3 LEVERAGE RATIOS* Credit Metrics 2014 2015 2016 2017 2018 2019 4.0x Credit Facility (MM) 1,500 2,000 2,000 1,400 1,800 2,1005 Drawn 1,014 1,163 1,362 900 1,392 1,562 Undrawn 486 837 638 500 408 538 3.0x…
  36. January 2020 Investor Presentation – Vermilion Energy Inc. – slide 36
    RELATIVE CREDIT METRICS DEBT-TO-CASH FLOW* DEBT-TO-FREE CASH FLOW* 5.0x 20.0x 4.0x 16.0x 2020E D/FCF (x) 2020E D/CF (x) 3.0x 12.0x 2.0x 8.0x 1.0x 4.0x 0.0x 0.0x PXT** WCP ARX MEG VII TOG…
  37. January 2020 Investor Presentation – Vermilion Energy Inc. – slide 37
    USD NOTES HIGH YIELD NOTES PERFORMANCE 12% 11% US HY E&P Energy Index Current Yield-to-Worst: 10.46% Volatility: 0.26 10% Beta (VET Sr. Notes): 0.28 YIELD-TO-WORST (%) 9% 8% VET 5.625% Senior Notes Current…
  38. January 2020 Investor Presentation – Vermilion Energy Inc. – slide 38
    EUROPEAN ASSETS 38
  39. January 2020 Investor Presentation – Vermilion Energy Inc. – slide 39
    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%…
  40. January 2020 Investor Presentation – Vermilion Energy Inc. – slide 40
    EUROPEAN PRODUCTION 35,000 30,000 25,000 20,000 BOE/D 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 2017 2018 2019E2020E E&D CAPEX AS %…
  41. January 2020 Investor Presentation – Vermilion Energy Inc. – slide 41
    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 Brent indexed production base with…
  42. January 2020 Investor Presentation – Vermilion Energy Inc. – slide 42
    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 2006 ACQUISITION 2012 Acquisition 2 6.3 15.0 MMBOE (2P) 12,000…
  43. January 2020 Investor Presentation – Vermilion Energy Inc. – slide 43
    NETHERLANDS Entered Netherlands in 2004 HARLINGEN 2 onshore gas producer Strong gas price, favorable fiscal regime, and low OPEX enhance netbacks AMSTERDAM High impact natural gas drilling and development NETHERLANDS Doubled…
  44. January 2020 Investor Presentation – Vermilion Energy Inc. – slide 44
    NETHERLANDS OPERATING PERFORMANCE VALUE CREATION (2P RESERVES)* MMBOE Acquired Reserves Initial acquisition (2004) 16.5 2013 Acquisition 2.3 14,000 2016 Acquisition (Drenthe WI) 0.6 2013 ACQUISITION Total Acquired Reserves 19.4 2.3…
  45. January 2020 Investor Presentation – Vermilion Energy Inc. – slide 45
    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 approximately 70% over this…
  46. January 2020 Investor Presentation – Vermilion Energy Inc. – slide 46
    NETHERLANDS 3D SEISMIC Legacy 2D Line Q4 2017 SEISMIC ACQUISITION 310 km2 of new 3D seismic acquired in late 2017 in two concessions near Vermilions core operating area in the Netherlands This new survey has been merged with…
  47. January 2020 Investor Presentation – Vermilion Energy Inc. – slide 47
    ROLE OF DOMESTIC GAS IN THE NETHERLANDS Production induced seismicity in the Groningen field, including 3.6/3.4 magnitude earthquakes NETHERLANDS SUPPLY AND DEMAND* in 2012/2018, has raised public concern regarding overall gas…
  48. January 2020 Investor Presentation – Vermilion Energy Inc. – slide 48
    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) Consistent fiscal…
  49. January 2020 Investor Presentation – Vermilion Energy Inc. – slide 49
    GERMAN EXPLORATION OPPORTUNITIES WE HOLD 26% OF NET LICENSED ACREAGE IN THE NORTH GERMAN BASIN Initial Non-Operated Integrated geoscience/engineering/permitting effort began in 2016 Acquisition Our emphasis is on permeable…
  50. January 2020 Investor Presentation – Vermilion Energy Inc. – slide 50
    IRELAND OVERVIEW Vermilion holds a 20% 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, whereby CPPIB will…
  51. January 2020 Investor Presentation – Vermilion Energy Inc. – slide 51
    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…
  52. January 2020 Investor Presentation – Vermilion Energy Inc. – slide 52
    2019 YTD CEE DRILLING In Hungary, we have drilled four (3.3 net) exploration wells in 2019 Dombiratos-1 commitment well (1.0 net) was a dry hole In Croatia, we drilled our first exploration well (1.0 net) in Q2 2019 and…
  53. January 2020 Investor Presentation – Vermilion Energy Inc. – slide 53
    UKRAINE Awarded two exploration licenses totaling approximately 500,000 gross acres in Ukraine, in a 50/50 partnership with Ukrgazvydobuvannya (UGV), a Ukrainian state owned gas producer Partnership includes access to technical…
  54. January 2020 Investor Presentation – Vermilion Energy Inc. – slide 54
    NORTH AMERICAN ASSETS 54
  55. January 2020 Investor Presentation – Vermilion Energy Inc. – slide 55
    ATAX IRR (%) 20% 40% 60% 80% 0% 100% Ellerslie Frobisher/Alida Marten Hills Montney Montney Montney Eagle Ford Eagle Ford Condy Marcellus Viking Montney Cantuar Mannville Ellerslie Charlie Lake Montney…
  56. January 2020 Investor Presentation – Vermilion Energy Inc. – slide 56
    NORTH AMERICAN PRODUCTION 70,000 60,000 50,000 40,000 BOE/D 30,000 20,000 10,000 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019E 2020E E&D CAPEX AS % OF FFO* 21% 36% 67% 58% 31%…
  57. January 2020 Investor Presentation – Vermilion Energy Inc. – slide 57
    CANADA Production and assets are focused in West Central Alberta and SE Saskatchewan In West Pembina, potential for three significant development projects with a land position of over 400,000 net acres sharing surface…
  58. January 2020 Investor Presentation – Vermilion Energy Inc. – slide 58
    ALBERTA NOTIKEWIN Industry Mannville Horizontals Key Oil Battery 437 net sections (280,000 acres) of Mannville rights, Key Gas Plant Key Compressor largely held by production VET Gas Pipeline 67 net West Pembina (Lower Mannville…
  59. January 2020 Investor Presentation – Vermilion Energy Inc. – slide 59
    LOWER MANNVILLE (ELLERSLIE) / UPPER MANNVILLE (NOTIKEWIN / FALHER) LOWER MANNVILLE WELL PERFORMANCE* UPPER MANNVILLE WELL PERFORMANCE* 2,000 3,000 Upper Mannville (Ferrier) Lower Mannville (Ellerslie) 2,500 1,600 Type Curve Type…
  60. January 2020 Investor Presentation – Vermilion Energy Inc. – slide 60
    SOUTHEAST SASKATCHEWAN Entered SE Saskatchewan through the acquisition of Elkhorn Resources Inc. in 2014, with further land added subsequent to acquisition Acquired Spartan Energy May 2018, adding over 400,000 net acres to our…
  61. January 2020 Investor Presentation – Vermilion Energy Inc. – slide 61
    SE SASKATCHEWAN LAND POSITION Entered SE Saskatchewan through the acquisition of Elkhorn Resources Inc. in 2014, with further land added subsequent to acquisition Acquired Spartan Energy May 2018, adding over 400,000 net acres to…
  62. January 2020 Investor Presentation – Vermilion Energy Inc. – slide 62
    FRAC MIDALE / OPEN HOLE FROBISHER FRAC MIDALE WELL PERFORMANCE OPEN HOLE FROBISHER WELL PERFORMANCE 400 400 Frac Midale Type Curve Open Hole Frobisher Type Curve 300 300 BBL/D BBL/D 200 200 100 100 0 0 1 2 3 4 5 6 7…
  63. January 2020 Investor Presentation – Vermilion Energy Inc. – slide 63
    UNITED STATES WYOMING DEVELOPMENT PRB STRAT COLUMN Entered U.S. in 2014 Lance Fm Fox Hills Fm Early stage light oil growth project in the Powder River Basin of Lewis Shale Teckla SS Mesaverde northeastern Wyoming…
  64. January 2020 Investor Presentation – Vermilion Energy Inc. – slide 64
    HILIGHT / EAST FINN HILIGHT TURNER HZ PRODUCTION PROFILES* EAST FINN TURNER SAND WELL PERFORMANCE 1,000 500 OIL PRODUCTION (BOPD) OIL PRODUCTION (BOPD) 800 400 Turner Hz 275 MBO Type Curve 600 300 400 200 200 100 0…
  65. January 2020 Investor Presentation – Vermilion Energy Inc. – slide 65
    AUSTRALIAN ASSETS 65
  66. January 2020 Investor Presentation – Vermilion Energy Inc. – slide 66
    AUSTRALIA Entered Australia in 2005 Offshore oil field 80 km N.W. of Australia (55 m water depth) Horizontal well development with 20 wellbores and five lateral sidetracks Wells 600m below sea bed with 1,500 - 3,700 m measured…
  67. January 2020 Investor Presentation – Vermilion Energy Inc. – slide 67
    AUSTRALIA PRODUCTION 12,000 10,000 8,000 6,000 BOE/D 4,000 2,000 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019E 2020E E&D CAPEX AS % OF FFO* 19% 15% 43% 7% 48% 16% 40% 51% 34% 75% 81% 42%…
  68. January 2020 Investor Presentation – Vermilion Energy Inc. – slide 68
    AUSTRALIA OPERATING PERFORMANCE VALUE CREATION (2P RESERVES)* MMBOE Acquisition Date Reserves Reserves at initial acquisition (2005) 26.7 16,000 Total Acquisition Date Reserves 26.7 14,000 Production to YE 2018 34.3 Reserves at YE…
  69. January 2020 Investor Presentation – Vermilion Energy Inc. – slide 69
    AUSTRALIA ACTIVITY Oil is trapped above and between existing wells, creating opportunity to drill to a higher structural elevation and between existing wells to capture attic, flank and undrained oil 10 additional drilling…
  70. January 2020 Investor Presentation – Vermilion Energy Inc. – slide 70
    CORPORATE CITIZENSHIP 70
  71. January 2020 Investor Presentation – Vermilion Energy Inc. – slide 71
    GOVERNANCE Vermilions external awards and recognition provide important benchmarks for our strong performance The Globe and Mail, Report on Business, Board Games In 2018, Vermilion ranked 2nd within the oil and gas sector, and among…
  72. January 2020 Investor Presentation – Vermilion Energy Inc. – slide 72
    EMPLOYEE AND DIRECTOR OWNERSHIP Pay-for-performance is the foundation of our approach to compensation, both at the executive and employee level. All employees participate in Vermilions equity-based Long-Term Incentive Plan (LTIP),…
  73. January 2020 Investor Presentation – Vermilion Energy Inc. – slide 73
    EMISSIONS EFFICIENCY MEASURES CO2e VS REVENUE* CO2e VS PRODUCTION* 2,500 45 40 2,000 35 CO2e / PRODUCTION (t / MBOE / D) CO2e / REVENUE (t / M) 30 1,500 25 20 1,000 15 500 10 5 0 0 NVA PEY PEY…
  74. January 2020 Investor Presentation – Vermilion Energy Inc. – slide 74
    CDP (CARBON DISCLOSURE PROJECT) CDP (formerly Carbon Disclosure Project) is CO2e EMISSIONS INTENSITY PER BOE an international environmental organization 0.04 that collects data about carbon emissions and tCO2e per BOE 0.03…
  75. January 2020 Investor Presentation – Vermilion Energy Inc. – slide 75
    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…
  76. January 2020 Investor Presentation – Vermilion Energy Inc. – slide 76
    LA TESTE ECO-NEIGHBOURHOOD Our operations in La Teste, France now support an eco-neighborhood of 550 homes that are heated the same way as the tomato greenhouses, using recycled geothermal energy from our oil operation 30-year…
  77. January 2020 Investor Presentation – Vermilion Energy Inc. – slide 77
    STRATEGIC COMMUNITY INVESTMENT Vermilion is committed to giving back Canada France Netherlands Australia Ireland to the communities in which we operate We assess the critical needs in each community, and determine where our…
  78. January 2020 Investor Presentation – Vermilion Energy Inc. – slide 78
    CORPORATE CULTURE GREAT PLACE TO WORK INSTITUTES ANNUAL RANKING Great Place to Work Institute evaluates companies by analyzing results of a confidential Trust Index survey provided to employees and evaluating the workplace through a…
  79. January 2020 Investor Presentation – Vermilion Energy Inc. – slide 79
    VALUE CREATION 1994 2019 8,000 6,000 TOTAL VALUE 3,301 CREATION OF 3,825 4,000 MILLIONS MARKET 2,000 CAPITALIZATION(2) 3,658 0 DIVIDENDS EQUITY PAID(2) (2,000) ISSUED(1) (3,134) (4,000) MORE THAN 20-YEAR RECORD…
  80. January 2020 Investor Presentation – Vermilion Energy Inc. – slide 80
    ANALYST COVERAGE FIRM ANALYST PHONE EMAIL AltaCorp Capital Patrick J. ORourke, CFA 403-539-8615 porourkealtacorpcapital.com Bank of America Merrill Lynch Asit Sen, CFA 646-855-2602 asit.senbaml.com BMO Nesbitt Burns Ray Kwan, P.Eng.…

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