VERMILION ENERGY GLOBAL GAS PRODUCER FREE CASH FLOW FOCUSED ANNUAL GENERAL MEETING ESG EXPERTISE
AGENDA Formal Business Presentation from the President & CEO Q1 2025 Results and Operational Update 2025 Outlook 2
VERMILION ENERGY BOARD OF DIRECTORS Myron M. Dion Hatcher James J. Carin S. Knickel Stadnyk Kleckner Jr. Stephen P. Larke William B. Roby Manjit K. Sharma Judy A. Steele 3
VERMILION ENERGY EXECUTIVE COMMITTEE Dion Hatcher President & Chief Executive Officer Lars Glemser Darcy Kerwin Randy McQuaig Vice President & Vice President Vice President Chief Financial Officer International & HSE North…
MEETING MATTERS 5 5
ANNUAL BUSINESS Meeting Matter Receipt of financial statements and the respective auditors report for the year ended December 31, 2024 6
ANNUAL BUSINESS Meeting Matter Fixing the number of directors of Vermilion Energy Inc. to be elected at eight (8) 7
ANNUAL BUSINESS Meeting Matter Election of the directors of Vermilion for the ensuing year 8
ANNUAL BUSINESS Meeting Matter Appointment of Deloitte LLP as auditors for the ensuing year 9
ANNUAL BUSINESS Meeting Matter Advisory vote to accept Vermilions approach to executive compensation disclosed in the 2025 Information Circular 10
ANNUAL BUSINESS Meeting Matter Approval of the Omnibus Incentive Plan 11
ANNUAL BUSINESS Meeting Matter Preliminary voting results 12
PRESENTATION BY PRESIDENT & CEO 13
Q1 2025 HIGHLIGHTS Production increased 23%, primarily due to the Q1 2025 Q4 2024 % close of the Westbrick acquisition in Feb. 2025 North America (boe/d) 73,760 52,293 41% Integration of Westbrick assets and personnel International…
Q1 2025 OPERATIONAL HIGHLIGHTS Q1 2025 PRODUCTION North American production averaged 73,760 boe/d INTL 28% o Significant increase over the prior quarter driven by close of the Westbrick acquisition in late N.A. February 2025 72%…
WESTBRICK SYNERGIES Closed Westbrick acquisition in February 2025, integration progressing ahead of plan Identified 100 million (NPV10)(1) of operational and development synergies to date o Anticipate additional synergies may be…
MONTNEY DEVELOPMENT Long-term development plans target production base of 28,000 boe/d with majority of future development occurring in BC Infrastructure largely in place 4-3 Battery o Construction of 16,000 boe/d 8-33 battery in…
MONTNEY COST OPTIMIZATION Lowered target DCET(1) cost to 9.0MM (from BC MONTNEY AVERAGE WELL COST 9.0-9.5MM), line of sight to further cost 14 improvements 12 o Lower target cost improves project economics, represents 50 million…
GERMANY EXPLORATION POTENTIAL Identified 9 structures to date and Deep Gas Exploration have drilled 3, potential for up to Type Well (1.0 Net) 30 total locations with success Vertical Depth (m) 5,000 DCET Cost (MM) 40 50 EUR…
GERMANY EXPLORATION SUCCESS PRODUCTION FROM CURRENT DISCOVERIES 2024 Exploration Program Results 6,000 Three prospects drilled to date: 5,000 o Wisselshorst (64% WI) tested at 41 mmcf/d(1) from two zones BOE/D ( NET)(4) 4,000…
WISSELSHORST DEVELOPMENT UPSIDE Wisselshort is the largest structure Vermilion has discovered in Europe o Estimated to contain 380 Bcf gas in place (240 Bcf net)(1) Discovery well Multi-year development plan with 2P reserves 68…
2025 OUTLOOK 22
OUTLOOK Capital activity will continue to be focused on Category 2025 Guidance(1) our global gas assets Production (boe/d) 125,000 - 130,000 No changes to previously announced capital budget range of 730 to 760 million E&D capital…
FINANCIAL LIQUIDITY HISTORICAL NET DEBT TO FFO CURRENT CREDIT CAPACITY(2) 4.0x 3.5x 575MM 3.0x Available Liquidity NET DEBT TO FFO RATIO(1) of 1,021MM 2.5x Committed to returning to 1.0x leverage 575MM 2.0x 1.5x 329MM…
FFO GENERATION NET DEBT VS FFO(1) 125 130 2,000 mboe/d 150 125 PRODUCTION (000 BOE/D) 1,500 100 MM 1,000 75 50 500 25 0 0 2023 2024 2025e Net Debt to Trailing FFO 0.9x 0.8x 1.8x FFO (/basic share) 6.98 7.63 6.80…
HEDGE POSITION 2025 2026 PERCENTAGE OF PRODUCTION HEDGED (%)(1) PERCENTAGE OF PRODUCTION HEDGED (%)(1) 100% 100% 90% 90% 80% 80% 70% 70% 60% 60% 50% 50% 40% 40% 30% 30% 20% 20% 10% 10% 0% 0% Crude Oil European N.A.…
ADVANCING OUR GLOBAL GAS STRATEGY Deep Basin 4th largest Deep Basin producer Westbrick synergies to date 100MM (NPV10)(1) (15+ years of inventory) Inventory to grow production to 80,000 boe/d, maintain for 15+ years Montney…
ADVANTAGES OF GLOBAL GAS Q4 2024 PF REALIZED NATURAL GAS PRICE(1) 6 TOP DECILE REALIZED PRICES REALIZED NAT. GAS PRICE (/MCF) 5 4 COMBINATION OF SHORT CYCLE PROJECTS, DIRECT EXPOSURE TO PREMIUM PRICING 3 AVERAGE (EXCL VET)…
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