Vermilion Energy Inc. Announces Closing of the Saskatchewan Asset Sale
The assets are comprised of approximately 10,500 boe/d (86% oil and liquids) of non-core light oil production in Saskatchewan and Manitoba. This transaction marks another significant step in Vermilion's strategic plan to high-grade the asset portfolio that began three years ago, shifting our focus toward long-duration, scalable assets with deep inventory of high return on capital opportunities. Net cash proceeds from the sale will strengthen Vermilion's balance sheet and provide further capital allocation flexibility for core Canadian and European assets.
About Vermilion
Vermilion is a global gas producer that seeks to create value through the acquisition, exploration and development of liquids-rich natural gas in Canada and conventional natural gas in Europe while optimizing low-decline oil assets. This diversified portfolio delivers outsized free cash flow through direct exposure to global commodity prices and enhanced capital allocation optionality.
Vermilion's priorities are health and safety, the environment, and profitability, in that order. Nothing is more important than the safety of the public and those who work with Vermilion, and the protection of the natural surroundings. In addition, the Company emphasizes strategic community investment in each of its operating areas.
Vermilion trades on the Toronto Stock Exchange and the New York Stock Exchange under the symbol VET.
For further information please contact:Dion Hatcher, President & CEO; Lars Glemser, Vice President & CFO; and/or Kyle Preston, Vice President, Investor RelationsTEL (403) 269-4884 | IR TOLL FREE 1-866-895-8101 | investor_relations@vermilionenergy.com | www.vermilionenergy.com
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New Straits Times
14 hours ago
- New Straits Times
Canada moves to halt strike as hundreds of flights grounded
TORONTO: The Canadian government intervened Saturday to end a strike by Air Canada cabin crew members that saw hundreds of flights cancelled and triggered summer travel chaos for the carrier's 130,000 daily passengers. Canada's largest airline, which flies directly to 180 cities worldwide, had stopped all operations after some 10,000 flight attendants began industrial action fueled by a wage dispute just after midnight on Saturday. Hours later, Canada's labor policy minister, Patty Hajdu, moved to invoke a legal provision that would halt the strike and force both sides into binding arbitration. "This is not a decision that I have taken lightly. The potential for immediate negative impact on Canadians and our economy is simply too great," Hajdu told journalists. However, she said it could still take five to 10 days for Air Canada to resume regular services after the disruption. The airline had earlier urged customers not to go to the airport if they have a ticket for Air Canada or its lower-cost subsidiary Air Canada Rouge. It said flights by Air Canada Express, which are operated by a third party, would not be impacted by the walkout. The Canadian Union of Public Employees (CUPE), which is representing the workers, said its members would remain on strike until the government formally issues an order that they return to work. "Please remember there is only a referral, we are still in a legal position to strike and will continue to do so, we must show the company we are in control of this," the union's Air Canada branch wrote on Facebook. In a separate statement, CUPE slammed the Canadian government's intervention as "rewarding Air Canada's refusal to negotiate fairly by giving them exactly what they wanted." "This sets a terrible precedent," it added. "This will only ensure that the unresolved issues will continue to worsen by kicking them down the road." In addition to wage increases, the union says it wants to address uncompensated ground work, including during the boarding process. Rafael Gomez, who heads the University of Toronto's Center for Industrial Relations, told AFP it is "common practice, even around the world" to compensate flight attendants based on time spent in the air. He said the union had built an effective communication campaign around the issue, creating a public perception of unfairness. An average passenger, not familiar with common industry practice, could think, "'I'm waiting to board the plane and there's a flight attendant helping me, but they're technically not being paid for that work,'" he said, speaking before the strike began. "That's a very good issue to highlight," Gomez said, adding that gains made by Air Canada employees could impact other carriers. Air Canada detailed its latest offer in a Thursday statement, specifying that under the terms, a senior flight attendant would on average make CAN$87,000 (US$65,000) by 2027. CUPE has described Air Canada's offers as "below inflation (and) below market value." The union has also rejected requests from the federal government and Air Canada to resolve outstanding issues through independent arbitration. Canada's economy, though showing resilience, has begun feeling the effects of US President Donald Trump's trade war, with his tariffs hitting crucial sectors like auto, aluminum and steel. In a statement issued before the strike began, the Business Council of Canada warned an Air Canada work stoppage could add further pain. "At a time when Canada is dealing with unprecedented pressures on our critical economic supply chains, the disruption of national air passenger travel and cargo transport services would cause immediate and extensive harm to all Canadians," it said.
The Star
19 hours ago
- The Star
Canadian government orders binding arbitration to end Air Canada strike
OTTAWA, Aug. 16 (Xinhua) -- The Canadian federal government has ordered binding arbitration to end a strike by around 10,000 flight attendants of Air Canada, which began early Saturday. Minister of Jobs and Families Patty Hajdu issued a statement saying that she exercised her authorities under section 107 of the Canada Labour Code to direct the Canada Industrial Relations Board to arbitrate the dispute between Air Canada and the Canadian Union of Public Employees (CUPE). "The enormous impact of a nationwide labour disruption of this scale is already being felt by Canadians and visitors to our country. This impact will grow significantly with a prolonged dispute," read the statement. "In a year in which Canadian families and businesses have already experienced too much disruption and uncertainty, this is not the time to add additional challenges and disruptions to their lives and our economy." The minister has asked the Board to assist the parties in reaching a settlement of the outstanding terms of their collective agreement by imposing final and binding arbitration and to extend the terms of the existing collective agreement until a new one is determined by the arbitrator, the statement added. The minister said that this decision will protect hundreds of thousands of Canadians and visitors from being affected by canceled flights. It will also ensure that shipments of critical goods such as pharmaceuticals and organ tissue, over 40 percent of which are moved by Air Canada, continue to reach their destinations. Air Canada said that the strike led by CUPE officially began at 12:58 a.m. local time (0458 GMT) on Saturday and approximately 130,000 customers will be impacted each day that the strike continues. The airline also confirmed that a lockout of these flight attendants has begun to prevent the employees from working during the standoff. It is not yet clear when the flight attendants will return to work. According to local media, it would take about a week for the airline to resume global operations after instituting a full shutdown. Despite eight months of negotiations on issues of compensation increase, ground pay, improved pensions and benefits, and increased crew rest, Air Canada has been unable to reach a tentative agreement with CUPE.
The Star
a day ago
- The Star
Air Canada flight attendants walk off job, picket lines set up at airports
People hold placards as a strike begins after the union representing Air Canada's 10,000 flight attendants failed to reach an agreement with the airline, at Montreal-Pierre Elliott Trudeau International Airport in Dorval, Quebec, Canada August 16, 2025. REUTERS/Peter McCabe TORONTO/OTTAWA (Reuters) -Hundreds of Air Canada employees formed picket lines outside major Canadian airports on Saturday, hours after unionized flight attendants walked off the job in a contract dispute that has disrupted travel for tens of thousands of passengers. The strike, which started just before 1 a.m. EDT (0500 GMT), had forced Canada's largest airline to suspend the majority of its 700 daily flights, affecting more than 100,000 travelers who were forced to find alternative flights or stay put. As of Saturday morning, there were no bargaining sessions scheduled between the two sides, which have held on-and-off negotiations for months. The Canadian Union of Public Employees, representing more than 10,000 Air Canada flight attendants, confirmed the stoppage in a social media post. It is the first strike by Air Canada flight attendants since 1985. Outside Toronto Pearson International Airport - the country's busiest - hundreds of cabin crew waved flags, banners and picket signs. Union officials called on members to assemble outside all of the country's major airports, including in Toronto, Montreal, Calgary and Vancouver. Montreal-based Air Canada said the suspended flights included those operated by its budget arm, Air Canada Rouge. The stoppage would affect about 130,000 customers a day, the carrier said in a statement. Flights by Air Canada's regional affiliates - Air Canada Jazz and PAL Airlines - will operate as usual. "Air Canada is strongly advising affected customers not to go to the airport unless they have a confirmed ticket on an airline other than Air Canada or Air Canada Rouge," the airline said. WAGE DISPUTE The dispute between the union and the airline centers on wages. Attendants are currently paid only when their plane is moving. The union is seeking compensation for time spent on theground between flights and when helping passengers board. The union has said Air Canada offered to compensate flight attendants for some work that is now unpaid but only at 50% of their hourly rate. The carrier had offered a 38% increase in total compensation for flight attendants over four years, with a 25% raise in the first year, which the union said was insufficient. The impact of a strike will ripple far beyond Canada. Air Canada is the busiest foreign carrier servicing the U.S. by number of scheduled flights. While passengers have generally voiced support for the flight attendants on social media, Canadian businesses - already reeling from a trade dispute with the U.S. - have urged the federal government to impose binding arbitration on both sides, ending the strike. The Canada Labour Code gives Jobs Minister Patty Hajdu the right to ask the country's Industrial Relations Board to impose binding arbitration in the interests of protecting the economy. Air Canada has asked Prime Minister Mark Carney's minority Liberal government to act, but the union says it wants a negotiated solution, as binding arbitration would take pressure off the airline. Hajdu has repeatedly urged the two sides to return to the bargaining table. In a note to clients, analysts at financial services firm TD Cowen urged the carrier to "extend an olive branch to end the impasse," adding that investors are worried that any cost savings on labor would be outweighed by lost earnings in the airline's most important quarter. "We think it would be best for AC to achieve labor peace," the note said. "Not budging on negotiations risks being a Pyrrhic victory." (Reporting by Allison Lampert in Montreal, and Utkarsh Shetti in Bengaluru. Additional reporting by Kyaw Soe Oo in Toronto and Disha Mishra in Bengaluru; Editing by Frank McGurty and Paul Simao)
