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Annual General Meeting – Vermilion Energy Inc.

Vermilion Energy Inc. · Apr 28, 2020 · 37 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. Annual General Meeting – Vermilion Energy Inc. – slide 1
    ANNUAL GENERAL MEETING APRIL 28, 2020
  2. Annual General Meeting – Vermilion Energy Inc. – slide 2
    AGENDA Formal Business Presentation from the President & CEO Q1 2020 Review COVID-19 Response Vermilions Business Model 2
  3. Annual General Meeting – Vermilion Energy Inc. – slide 3
    FORMAL BUSINESS 3
  4. Annual General Meeting – Vermilion Energy Inc. – slide 4
    VERMILION ENERGY BOARD OF DIRECTORS Lorenzo Donadeo Larry J. Macdonald Carin S. Knickel Stephen P. Larke Loren M. Leiker Dr. Timothy R. Marchant Robert B. Michaleski William B. Roby Catherine L. Williams 4
  5. Annual General Meeting – Vermilion Energy Inc. – slide 5
    VERMILION ENERGY EXECUTIVES Anthony W. Marino Lars Glemser Michael Kaluza Mona Jasinski Jenson Tan President & Vice President & Executive Vice President Executive Vice President, Vice President, Chief Executive Officer Chief…
  6. Annual General Meeting – Vermilion Energy Inc. – slide 6
    MEETING MATTERS 6
  7. Annual General Meeting – Vermilion Energy Inc. – slide 7
    ANNUAL BUSINESS Meeting Matter 1 Set the number of directors at 10 (Ten) 7
  8. Annual General Meeting – Vermilion Energy Inc. – slide 8
    ANNUAL BUSINESS Meeting Matter 2 Election of directors for the ensuing year 8
  9. Annual General Meeting – Vermilion Energy Inc. – slide 9
    ANNUAL BUSINESS Meeting Matter 3 Appointment of Deloitte LLP as Auditors for the ensuing year 9
  10. Annual General Meeting – Vermilion Energy Inc. – slide 10
    SPECIAL BUSINESS Meeting Matter 4 Approve a special resolution (the full text of which is set forth on page 19 of the Information Circular) to reduce the stated capital of Vermilions Common Shares by 3.7 billion 10
  11. Annual General Meeting – Vermilion Energy Inc. – slide 11
    SPECIAL BUSINESS Meeting Matter 5 Advisory resolution to accept Vermilions approach to executive compensation as set forth in the Information Circular 11
  12. Annual General Meeting – Vermilion Energy Inc. – slide 12
    ANNUAL BUSINESS Meeting Matter 6 Receipt of financial statements and the respective auditors report for the year ended December 31, 2019 12
  13. Annual General Meeting – Vermilion Energy Inc. – slide 13
    ANNUAL BUSINESS Meeting Matter 7 Preliminary voting results 13
  14. Annual General Meeting – Vermilion Energy Inc. – slide 14
    ANNUAL GENERAL MEETING APRIL 28, 2020
  15. Annual General Meeting – Vermilion Energy Inc. – slide 15
    PRESENTATION AGENDA Q1 2020 Review COVID-19 Response Vermilions Business Model 15
  16. Annual General Meeting – Vermilion Energy Inc. – slide 16
    Q1 2020 REVIEW 16
  17. Annual General Meeting – Vermilion Energy Inc. – slide 17
    Q1 2020 REVIEW % Q1 2020 Q4 2019 Change Average Production (boe/d) 97,154 97,875 (1%) Fund Flows from Operations (MM)* 170 216 (21%) Capital Expenditures (MM) 234 101 132% Net Debt (MM) 2,156 1,993 Net Debt to Fund Flows from…
  18. Annual General Meeting – Vermilion Energy Inc. – slide 18
    COVID-19 RESPONSE 18
  19. Annual General Meeting – Vermilion Energy Inc. – slide 19
    HEALTH & SAFETY RESPONSE TO COVID-19 Health and safety of our employees and contractors prioritized above all else Operational response and business continuity illustrates effectiveness of decentralized business unit model…
  20. Annual General Meeting – Vermilion Energy Inc. – slide 20
    OPERATIONAL RESPONSE TO COVID-19 Physical distancing measures incorporated in all of our field and office locations, and work schedules adjusted where necessary Only moderate impact on our operations due to COVID-19, mainly in…
  21. Annual General Meeting – Vermilion Energy Inc. – slide 21
    WTI OIL PRICE (US / BBL) 0 10 20 30 40 50 60 70 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Strip As At January 2, 2020 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21…
  22. Annual General Meeting – Vermilion Energy Inc. – slide 22
    FINANCIAL RESPONSE TO COVID-19 Dividend suspended until further notice (420 million annualized) Capex reduced by 100 million Other expenses reduced by 35 million Total cash outlays reduced by over 550 million Free cash flow…
  23. Annual General Meeting – Vermilion Energy Inc. – slide 23
    VERMILIONS MODEL 23
  24. Annual General Meeting – Vermilion Energy Inc. – slide 24
    STRENGTH OF VERMILIONS MODEL Decentralized business unit organizational model allows our operating teams to craft optimized solutions to events which have variable local impacts, such as COVID-19 Organizational Low operating and G&A…
  25. Annual General Meeting – Vermilion Energy Inc. – slide 25
    CORE OPERATING AREAS 2020E PRODUCTION* EUR 29% N.A. 66% AUS 5% FFO* EUR 32% N.A. 55% AUS 13% VERMILION IS FOCUSED IN THREE STABLE REGIONS * Company 2020 estimates as at April 22, 2020. 2020E assumes WTI price…
  26. Annual General Meeting – Vermilion Energy Inc. – slide 26
    COMMODITY MIX PRODUCTION (2020E)* ESTIMATED FFO CONTRIBUTION (2020E)* OIL (BRENT) OIL (BRENT) 16% 23% EUROPEAN GAS 18% OIL / OIL / EUROPEAN GAS CONDENSATE / CONDENSATE / 22% NGL NORTH AMERICAN NGL (WTI) GAS (WTI) 40%…
  27. Annual General Meeting – Vermilion Energy Inc. – slide 27
    PRODUCTION AND CAPEX 120 800 105 700 90 600 MBOE / D 75 500 MM 60 400 45 300 30 200 15 100 0 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017…
  28. Annual General Meeting – Vermilion Energy Inc. – slide 28
    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…
  29. Annual General Meeting – Vermilion Energy Inc. – slide 29
    DIVIDEND HISTORY DIVIDENDS PAID 45 40 CUMULATIVE DIVIDENDS PER SHARE 35 30 ( / SHARE) 25 20 15 10 5 0 2003 2003 2004 2004 2005 2005 2006 2006 2007 2007 2008 2008 2009 2009 2010 2010 2011 2011 2012…
  30. Annual General Meeting – Vermilion Energy Inc. – slide 30
    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…
  31. Annual General Meeting – Vermilion Energy Inc. – slide 31
    BALANCE SHEET COMPOSITION 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…
  32. Annual General Meeting – Vermilion Energy Inc. – slide 32
    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…
  33. Annual General Meeting – Vermilion Energy Inc. – slide 33
    ENVIRONMENTAL SUSTAINABILITY We recognize the energy transition is occurring, and we Our strategy is aligned with the UNs Global Goals for are playing a meaningful role Sustainable Development (SDGs) At the same time, we are…
  34. Annual General Meeting – Vermilion Energy Inc. – slide 34
    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…
  35. Annual General Meeting – Vermilion Energy Inc. – slide 35
    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…
  36. Annual General Meeting – Vermilion Energy Inc. – slide 36
    CONCLUSION Response to the COVID-19 pandemic Prioritized health and safety of workforce and community Adjusted our operating practices to maintain business continuity Reduced our capital investment profile, expenses and dividend…
  37. Annual General Meeting – Vermilion Energy Inc. – slide 37
    Q&A 37

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