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May 2020 Investor Presentation – Vermilion Energy Inc.

Vermilion Energy Inc. · May 29, 2020 · 73 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. May 2020 Investor Presentation – Vermilion Energy Inc. – slide 1
    INTERNATIONALLY DIVERSIFIED FREE CASH FLOW FOCUSED ESG LEADERSHIP MAY 2020
  2. May 2020 Investor Presentation – Vermilion Energy Inc. – slide 2
    VERMILIONS KEY ATTRIBUTES International E&P with leading positions in Europe, North America and Australia Free cash flow-oriented model Excess cash generation currently directed toward debt reduction Conventional and…
  3. May 2020 Investor Presentation – Vermilion Energy Inc. – slide 3
    CAPITAL MARKETS SUMMARY Market Summary Trading Price (April 27, 2020) 5.23 (TSX), 3.73 (NYSE) Ticker Symbol (TSX & NYSE) VET Shares Outstanding (March 31, 2020) 157.0 million Average Daily Trading Volume (shares) 2.0 million (TSX),…
  4. May 2020 Investor Presentation – Vermilion Energy Inc. – slide 4
    CORE OPERATING AREAS 2020E PRODUCTION* EUR 29% N.A. 66% AUS 5% EUR 32% N.A. FFO* 55% AUS 13% VERMILION IS FOCUSED IN THREE STABLE REGIONS * Company 2020 estimates as at April 22, 2020. 2020E assumes WTI…
  5. May 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. May 2020 Investor Presentation – Vermilion Energy Inc. – slide 6
    STRATEGY Free cash flow-oriented model, currently directed toward debt reduction Capital Markets Model Cost reductions and inventory improvements allow us to execute our model in a lower-for-longer commodity price environment…
  7. May 2020 Investor Presentation – Vermilion Energy Inc. – slide 7
    ENVIRONMENTAL SUSTAINABILITY We recognize the energy transition is occurring, and we Vermilion has been consistently recognized for are playing a meaningful role outstanding sustainability performance At the same time, we are…
  8. May 2020 Investor Presentation – Vermilion Energy Inc. – slide 8
    PRODUCTION AND CAPEX ANNUAL PRODUCTION VS E&D CAPITAL EXPENDITURES 120 800 105 12% 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 2009…
  9. May 2020 Investor Presentation – Vermilion Energy Inc. – slide 9
    PRODUCTION AND RESERVES PER SHARE PRODUCTION PER SHARE RESERVES PER SHARE 250 3.5 6% CAGR 3.0 2P RESERVES (BOE) PER SHARE** 200 10% CAGR BOE PER THOUSAND SHARES 2.5 150 2.0 1.5 100 1.0 50 0.5 0 0.0 2003…
  10. May 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 Actuals 2020 Budget* (MM) (MM) (MM) (MM) (MM) (MM) (MM) Canada 336 202 62 149 278 294 190 France 148 92 69 73…
  11. May 2020 Investor Presentation – Vermilion Energy Inc. – slide 11
    FFO / FCF FFO FCF (CORPORATE ERA) 1,000 500 800 400 FFO LESS E&D CAPEX* (MM) 300 FFO (MM) 600 200 400 100 200 0 0 -100 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020E* 2003…
  12. May 2020 Investor Presentation – Vermilion Energy Inc. – slide 12
    FFO SENSITIVITY 2020 FORECAST FFO (CMM)* COMMODITY ASSUMPTIONS** WTI (US/BBL) 2020E 25 30 35 40 45 50 TTF (C/MMBTU) Brent (US/bbl) 35.25 3.50 338 410 480 546 607 661 WTI (US/bbl) 32.98 4.50 362 432 502 568 628 682 LSB = WTI…
  13. May 2020 Investor Presentation – Vermilion Energy Inc. – slide 13
    SUSTAINABLE ECONOMIC MODEL 13
  14. May 2020 Investor Presentation – Vermilion Energy Inc. – slide 14
    DIVIDEND HISTORY 0.25 0.23 0.215 0.20 0.20 0.19 0.17 MONTHLY DIVIDENDS 0.15 0.115 FOR MARCH 2020 0.10 0.05 CURRENTLY SUSPENDED AS OF APRIL 2020 0.00 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014…
  15. May 2020 Investor Presentation – Vermilion Energy Inc. – slide 15
    TOTAL PAYOUT RATIO 200% MONTHLY DIVIDEND 175% CURRENTLY SUSPENDED 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 2019 2020E…
  16. May 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. May 2020 Investor Presentation – Vermilion Energy Inc. – slide 17
    NETBACKS Q1 2020 Netbacks by Country Total Canada France Netherlands Germany Ireland Australia United States (/BOE*) Company** Sales 28.60 61.08 26.45 34.70 28.03 96.66 37.12 36.35 Royalties (3.08) (9.72) (0.19) (3.12) - - (9.42)…
  18. May 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 30 30,000 / BOED / BOE 20 20,000 10 10,000 0 0 OBE BNE VII AAV…
  19. May 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. May 2020 Investor Presentation – Vermilion Energy Inc. – slide 20
    COST REDUCTION OPERATING EFFICIENCY ORGANIC CAPITAL EFFICIENCY 14.00 8% Reduction 40.00 (31% in USD) 12.00 35.00 72% Reduction 30.00 (79% in USD) 10.00 24% Reduction 25.00 8.00 from 2014 Peak / BOE / BOE (37% in USD)…
  21. May 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. May 2020 Investor Presentation – Vermilion Energy Inc. – slide 22
    RESERVES / RESOURCES 22
  23. May 2020 Investor Presentation – Vermilion Energy Inc. – slide 23
    RESERVES AND RESOURCE BASE RESERVES* 2019 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 - 2019…
  24. May 2020 Investor Presentation – Vermilion Energy Inc. – slide 24
    RECYCLE RATIO Including FDC RECYCLE RATIO (F&D incl. FDC) 2019 F&D / FD&A Costs* (/BOE) 6.0x F&D (E&D CAPEX) 9.93 5.0x FD&A (Total CAPEX, 2017-2019 9.85 3 Yr Avg 3.2x including acquisitions) 4.0x F&D Operating Recycle Ratio…
  25. May 2020 Investor Presentation – Vermilion Energy Inc. – slide 25
    INTERNATIONAL DIVERSIFICATION 25
  26. May 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. May 2020 Investor Presentation – Vermilion Energy Inc. – slide 27
    COMMODITY MIX PRODUCTION (2020E)* ESTIMATED FFO CONTRIBUTION (2020E)* France Australia Germany France Australia 10% United 13% 3% Ireland 10% Germany 5% 6% States United 5% 1% Netherlands Ireland States 9% 12% 8% OIL (BRENT)…
  28. May 2020 Investor Presentation – Vermilion Energy Inc. – slide 28
    GLOBAL CRUDE OIL PRICING ADVANTAGE Approximately 34% of Vermilions crude oil production is priced with reference to Dated Brent* Q1 2020 VET Vermilions Australian crude was sold at an average premium of 2020E VET Benchmark Premium /…
  29. May 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. May 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. May 2020 Investor Presentation – Vermilion Energy Inc. – slide 31
    RISK MANAGEMENT / BALANCE SHEET 31
  32. May 2020 Investor Presentation – Vermilion Energy Inc. – slide 32
    ANNUAL COMMODITY HEDGE POSITION Full Year 2020 Full Year 2021 WTI Percent of Production Hedged 46%** 0% Average Floor / Ceiling / Swap (/bbl) 66.53 / 72.59 / 56.63 -/-/- Brent Percent of Production Hedged 47% -% Average Floor /…
  33. May 2020 Investor Presentation – Vermilion Energy Inc. – slide 33
    QUARTERLY COMMODITY HEDGE POSITION OIL HEDGES NATURAL GAS HEDGES (/bbl) (/mmbtu) European Gas North American Gas Swaps Q1 2020 79.45 73.74- 82.14 Swaps Q1 2020 7.75-9.09 Q1 2020 1.49 1.32-2.67 Collars 83.59- Collars 90.50…
  34. May 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 2019 Q1 2020 Financial Covenants (UP TO C2.9 BILLION WITH ACCORDION) Total debt / Consolidated EBITDA* Less than 4.0…
  35. May 2020 Investor Presentation – Vermilion Energy Inc. – slide 35
    CREDIT METRICS Credit Metrics 2014 2015 2016 2017 2018 2019 Q1 2020 LEVERAGE RATIOS* Credit Facility (MM) 1,500 2,000 2,000 1,400 1,800 2,100 2,1005 4.0x Drawn 1,014 1,163 1,362 900 1,392 1,539 1,573 Undrawn 486 837 638 500 408…
  36. May 2020 Investor Presentation – Vermilion Energy Inc. – slide 36
    RELATIVE CREDIT METRICS INTEREST COVERAGE RATIO* EFFECTIVE INTEREST RATE** 25.0x 8.0% Q4 2019 TTM INT. COVERAGE (x) 20.0x Q4 2019 EFF. INT. RATE (%) 6.0% VET CURRENT WTD. 15.0x AVG. COST OF DEBT VET COVENANT 2.5x…
  37. May 2020 Investor Presentation – Vermilion Energy Inc. – slide 37
    USD NOTES HIGH YIELD NOTES PERFORMANCE US HY E&P Energy Index Current Yield-to-Worst: 27.28% 30% Volatility: 0.48 Beta (VET Sr. Notes): 0.82 25% YIELD-TO-WORST (%) 20% VET 5.625% Senior Notes Current Yield-to-Worst:…
  38. May 2020 Investor Presentation – Vermilion Energy Inc. – slide 38
    EUROPEAN ASSETS 38
  39. May 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 90%…
  40. May 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 2019 2020E E&D CAPEX AS %…
  41. May 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. May 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. May 2020 Investor Presentation – Vermilion Energy Inc. – slide 43
    NETHERLANDS HARLINGEN Entered Netherlands in 2004 and currently the second- largest onshore gas producer Strong gas price, favorable fiscal regime, and low AMSTERDAM OPEX enhance netbacks NETHERLANDS High impact natural gas…
  44. May 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. May 2020 Investor Presentation – Vermilion Energy Inc. – slide 45
    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…
  46. May 2020 Investor Presentation – Vermilion Energy Inc. – slide 46
    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…
  47. May 2020 Investor Presentation – Vermilion Energy Inc. – slide 47
    GERMANY Initial Non-Operated Germany is the largest gas market in Europe, with a long history of oil and Acquisition natural gas development and a consistent fiscal framework Farm-In Agreement Bedekaspel License HANNOVER Awarded…
  48. May 2020 Investor Presentation – Vermilion Energy Inc. – slide 48
    IRELAND OVERVIEW Vermilion holds a 20% operated interest in the Corrib gas field, offshore Ireland Corrib field constitutes 90% of Irelands gas production ASSET CHARACTERISTICS Pricing indexed to National Balancing Point (NBP)…
  49. May 2020 Investor Presentation – Vermilion Energy Inc. – slide 49
    CENTRAL AND EASTERN EUROPE (CEE) EXTENSION OF EUROPEAN GROWTH STRATEGY Under-invested basin, prospective for both oil and gas, that can benefit from new technology Modest back-loaded capital commitments HUNGARY Awarded South…
  50. May 2020 Investor Presentation – Vermilion Energy Inc. – slide 50
    NORTH AMERICAN ASSETS 50
  51. May 2020 Investor Presentation – Vermilion Energy Inc. – slide 51
    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…
  52. May 2020 Investor Presentation – Vermilion Energy Inc. – slide 52
    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 2019 2020E E&D CAPEX AS % OF FFO* 21% 36% 67% 58% 31%…
  53. May 2020 Investor Presentation – Vermilion Energy Inc. – slide 53
    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…
  54. May 2020 Investor Presentation – Vermilion Energy Inc. – slide 54
    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 75 net West Pembina (Lower Mannville…
  55. May 2020 Investor Presentation – Vermilion Energy Inc. – slide 55
    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…
  56. May 2020 Investor Presentation – Vermilion Energy Inc. – slide 56
    SE SASKATCHEWAN LAND POSITION MISSISSIPPIAN Entered SE Saskatchewan in 2014, and expanded position with acquisition of Spartan Energy in 2018 Land base covers over 500,000 net acres DEVONIAN with approximately 85% working…
  57. May 2020 Investor Presentation – Vermilion Energy Inc. – slide 57
    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 8 9…
  58. May 2020 Investor Presentation – Vermilion Energy Inc. – slide 58
    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…
  59. May 2020 Investor Presentation – Vermilion Energy Inc. – slide 59
    HILIGHT / EAST FINN HILIGHT TURNER HZ PRODUCTION PROFILES* EAST FINN TURNER SAND WELL PERFORMANCE 1,000 500 OIL PRODUCTION (BOPD) OIL PRODUCTION (BOPD) 800 Hilight ESP Type Curve 400 Turner Hz 275 MBO Type Curve 600 300…
  60. May 2020 Investor Presentation – Vermilion Energy Inc. – slide 60
    AUSTRALIAN ASSETS 60
  61. May 2020 Investor Presentation – Vermilion Energy Inc. – slide 61
    AUSTRALIA Entered Australia in 2005 Offshore oil field 80 km N.W. of Australia (55m water depth) Horizontal well development with 20 wellbores, WANDOO five dual laterals and 10 additional drilling opportunities identified**…
  62. May 2020 Investor Presentation – Vermilion Energy Inc. – slide 62
    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 2019 2020E E&D CAPEX AS % OF FFO* 19% 15% 43% 7% 48% 16% 40% 51% 34% 75% 81% 42%…
  63. May 2020 Investor Presentation – Vermilion Energy Inc. – slide 63
    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 2019 36.3 Reserves at YE…
  64. May 2020 Investor Presentation – Vermilion Energy Inc. – slide 64
    CORPORATE CITIZENSHIP 64
  65. May 2020 Investor Presentation – Vermilion Energy Inc. – slide 65
    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…
  66. May 2020 Investor Presentation – Vermilion Energy Inc. – slide 66
    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 VET VET CVE…
  67. May 2020 Investor Presentation – Vermilion Energy Inc. – slide 67
    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…
  68. May 2020 Investor Presentation – Vermilion Energy Inc. – slide 68
    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…
  69. May 2020 Investor Presentation – Vermilion Energy Inc. – slide 69
    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…
  70. May 2020 Investor Presentation – Vermilion Energy Inc. – slide 70
    STRATEGIC COMMUNITY INVESTMENT Vermilion is committed to giving back to Canada France Netherlands Australia Ireland the communities in which we operate We assess the critical needs in each community, and determine where our…
  71. May 2020 Investor Presentation – Vermilion Energy Inc. – slide 71
    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…
  72. May 2020 Investor Presentation – Vermilion Energy Inc. – slide 72
    VALUE CREATION 1994 2020 4,000 TOTAL VALUE 2,000 821 CREATION OF 1,525 MARKET 3,856 CAPITALIZATION(2) MILLIONS (3,152) 0 DIVIDENDS EQUITY PAID(2) ISSUED(1) (2,000) (4,000) MORE THAN 20-YEAR RECORD OF STRONG…
  73. May 2020 Investor Presentation – Vermilion Energy Inc. – slide 73
    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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