Oil barrels at the site of Canadian group Vermilion Energy, in Parentis-en-Born, France, on Oct. 13, 2017.REGIS DUVIGNAU/Reuters
Vermilion Energy Inc. VET-T reported a fourth-quarter profit of $344.6-million compared with a loss of $57.7-million a year earlier, helped by higher oil and natural gas prices.
The energy company, which suspended its dividend at the start of the COVID-19 pandemic, also announced it would pay a quarterly dividend of six cents per share.
Vermilion says its profit for the final quarter 2021 amounted to $2.12 per share, up from a loss of 36 cents per share in the last three months of 2020.
Petroleum and natural gas sales totalled $765.9-million, up from $316.2-million a year earlier.
Production in the quarter averaged 84,417 barrels of oil equivalent per day, down from 87,848 in the fourth quarter of 2020.
In November, Vermilion announced a deal to increase its interest in its Corrib project in Ireland with the purchase of an additional 36.5 per cent stake for $600-million. The company will hold a 56.5 per cent stake in the natural gas project once the deal closes.
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