$VET

VERMILION ENERGY INC.

CIK:0001293135|SEC Filings

Consolidated Statements of Net Loss and Comprehensive Income (Loss) - CAD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Revenue
Petroleum and natural gas sales	$ 1,820,751	$ 1,546,493
Royalties	(119,124)	(92,916)
Sales of purchased commodities	63,514	92,843
Petroleum and natural gas revenue	1,765,141	1,546,420
Expenses
Purchased commodities	63,514	92,843
Operating	508,521	446,173
Transportation	132,883	86,247
Equity based compensation	25,166	29,930
(Gain) loss on derivative instruments	(257,947)	107,540
Interest expense	132,748	84,606
General and administration	98,450	74,010
Foreign exchange loss	39,875	51,728
Other expense	5,497	13,101
Accretion	71,629	66,179
Depletion and depreciation	697,461	563,982
Impairment expense	572,159
Expenses	2,089,956	1,616,339
Loss from continuing operations before income taxes	(324,815)	(69,919)
Income tax expense (recovery)
Deferred	16,901	(51,875)
Current	23,089	78,125
Income tax expense	39,990	26,250
Net loss from continuing operations	(364,805)	(96,169)
Net (loss) earnings from discontinued operations	(288,796)	49,430
Net loss	(653,601)	(46,739)
Other comprehensive loss
Currency translation adjustments	149,155	23,004
Hedge accounting reserve, net of tax	1,321	5,284
Fair value adjustment on investment in securities, net of tax	(2,560)	(1,743)
Comprehensive loss	$ (505,685)	$ (20,194)
Net earnings (loss) per share
Continuing operations - basic (in dollars per share)	$ (2.37)	$ (0.61)
Discontinued operations - basic (in dollars per share)	(1.88)	0.31
Net loss per share - basic (in dollars per share)	(4.25)	(0.3)
Continuing operations - diluted (in dollars per share)	(2.37)	(0.61)
Discontinued operations - diluted (in dollars per share)	(1.88)	0.31
Net loss per share - diluted (in dollars per share)	$ (4.25)	$ (0.3)
Weighted average shares outstanding ('000s)
Basic (in shares)	153,863	158,068
Diluted (in shares)	153,863	158,068
Discontinued operations
Revenue
Petroleum and natural gas sales	$ 210,643	$ 434,914
Royalties	(40,591)	(85,034)
Petroleum and natural gas revenue	170,052	349,880
Expenses
Operating	59,115	121,740
Transportation	7,007	12,686
General and administration	20,367	25,493
Foreign exchange loss	308	(992)
Other expense	3,986
Accretion	4,235	8,362
Depletion and depreciation	45,926	119,258
Impairment expense	372,386
Expenses	513,330	286,547
Income tax expense (recovery)
Deferred	(54,482)	13,884
Current		19
Net (loss) earnings from discontinued operations	(288,796)	49,430
Continuing and discontinued operations
Revenue
Royalties		(177,950)
Petroleum and natural gas revenue		1,896,300
Expenses
Operating		567,913
Transportation		98,933
Equity based compensation		14,361
Interest expense		84,606
General and administration		99,503
Income tax expense (recovery)
Net loss	$ (653,601)	$ (46,739)

Consolidated Statements of Cash Flows - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Operating
Net loss	$ (653,601)	$ (46,739)
Adjustments:
Accretion	75,864	74,541
Investing
Changes in non-cash investing working capital	(40,360)	10,213
Financing
Changes in non-cash financing working capital	(2,266)	2,756
Cash and cash equivalents, beginning of period	131,730
Cash and cash equivalents, end of period	19,087	131,730
Discontinued operations
Investing
Drilling and development		(108,713)
Continuing and discontinued operations
Operating
Net loss	(653,601)	(46,739)
Adjustments:
Accretion	75,864	74,541
Depletion and depreciation	743,387	683,240
Impairment expense	944,545
Unrealized (gain) loss on derivative instruments	(116,299)	452,858
Equity based compensation	18,847	15,569
Unrealized foreign exchange loss	41,406	58,471
Unrealized other (income) expense	(6,317)	5,834
Deferred tax recovery	(37,581)	(37,991)
Asset retirement obligations settled	(62,486)	(55,334)
Changes in non-cash operating working capital	(4,104)	(182,698)
Cash flows from operating activities	943,661	967,751
Investing
Drilling and development	(617,250)	(586,962)
Exploration and evaluation	(17,672)	(36,018)
Acquisitions, net of cash acquired	(1,088,761)	(12,728)
Acquisition of securities		(9,373)
Disposition of securities	41,782
Dispositions	483,525
Changes in non-cash investing working capital	(40,360)	10,213
Cash flows used in investing activities	(1,238,736)	(634,868)
Financing
Payments on lease obligations	(13,432)	(101,539)
Repurchase of shares	(35,746)	(140,707)
Cash dividends	(98,428)	(73,033)
Changes in non-cash financing working capital	(2,266)	2,756
Cash flows from (used in) financing activities	180,902	(344,084)
Foreign exchange gain on cash held in foreign currencies	1,530	1,475
Net change in cash and cash equivalents	(112,643)	(9,726)
Cash and cash equivalents, beginning of period	131,730	141,456
Cash and cash equivalents, end of period	19,087	131,730
Supplementary information for cash flows from operating activities
Interest paid	131,232	85,649
Income taxes paid	125,632	263,048
Revolving credit facility
Financing
Issuance of senior unsecured notes and term loan	225,902
Revolving credit facility \| Continuing and discontinued operations
Financing
Net borrowings (repayments) on the revolving credit facility	225,902
Senior unsecured notes 2025
Financing
Repayment of senior unsecured notes and term loan	(399,467)	(31,561)
Senior unsecured notes 2025 \| Continuing and discontinued operations
Financing
Repayment of senior unsecured notes and term loan	(399,467)	$ (31,561)
Senior unsecured notes 2030
Financing
Repayment of senior unsecured notes and term loan	(34,896)
Senior unsecured notes 2030 \| Continuing and discontinued operations
Financing
Repayment of senior unsecured notes and term loan	(34,896)
Senior unsecured notes 2033
Financing
Repayment of senior unsecured notes and term loan	(23,733)
Issuance of senior unsecured notes and term loan	562,968
Senior unsecured notes 2033 \| Continuing and discontinued operations
Financing
Repayment of senior unsecured notes and term loan	(23,733)
Issuance of senior unsecured notes and term loan	562,968
Term loan
Financing
Repayment of senior unsecured notes and term loan	(445,392)
Issuance of senior unsecured notes and term loan	445,392
Term loan \| Continuing and discontinued operations
Financing
Repayment of senior unsecured notes and term loan	(445,392)
Issuance of senior unsecured notes and term loan	$ 445,392

Consolidated Balance Sheet - CAD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current
Cash and cash equivalents	$ 19,087	$ 131,730
Derivative instruments	78,694	40,312
Derivative instruments	25,266	13,927
Current
Derivative instruments	6,154	52,944
Asset retirement obligations	54,504	53,588
Derivative instruments	52,872	86,036
Long-term debt	1,243,397	963,456
Lease obligations	49,340	54,991
Asset retirement obligations	905,232	1,171,130
Shareholders' Equity
Shareholders' capital	3,871,914	3,918,898
Contributed surplus	46,469	45,225
Accumulated other comprehensive income	283,763	135,847
Deficit	(1,980,285)	(1,288,981)
Total shareholders' equity	2,221,861	2,810,989
Discontinued operations
Current
Exploration and evaluation assets	63,528
Capital assets	533,775
Total assets		1,052,007
Current
Derivative instruments	11,047
Lease obligations	2,172
Asset retirement obligations	111,364
Continuing and discontinued operations
Current
Cash and cash equivalents	19,087	131,730
Accounts receivable	261,532	298,493
Income taxes receivable	11,953	0
Crude oil inventory	46,621	40,694
Derivative instruments	78,694	40,312
Prepaid expenses	49,399	71,097
Total current assets	467,286	582,326
Derivative instruments	25,266	13,927
Investments		78,862
Investments	43,885
Deferred taxes	19,002	197,714
Exploration and evaluation assets	284,266	224,286
Capital assets	4,504,515	5,018,461
Total assets	5,344,220	6,115,576
Current
Accounts payable and accrued liabilities	470,765	425,410
Dividends payable	0	18,521
Derivative instruments	6,154	52,944
Income taxes payable	23,124	113,715
Asset retirement obligations	54,504	53,588
Total current liabilities	554,547	664,178
Derivative instruments	52,872	86,036
Long-term debt	1,243,397	963,456
Lease obligations	49,340	54,991
Asset retirement obligations	905,232	1,171,130
Deferred taxes	316,971	364,796
Total liabilities	3,122,359	3,304,587
Shareholders' Equity
Shareholders' capital	3,871,914	3,918,898
Contributed surplus	46,469	45,225
Accumulated other comprehensive income	283,763	135,847
Deficit	(1,980,285)	(1,288,981)
Total shareholders' equity	2,221,861	2,810,989
Total liabilities and shareholders' equity	$ 5,344,220	$ 6,115,576