-- Vermilion Energy (VET.TO) swung to a net loss in the first quarter from the year-ago period, citing unrealized losses from significant increases in spot and forward oil and European gas prices due to geopolitical events, the company said on Wednesday.
Net loss from continuing operations was C$145.5 million, or a loss of $0.95 per share, swinging from an income of $15.0 million, or $0.10 per share. The result missed the earnings per share consensus estimate of $0.07 as compiled by FactSet.
Fund flows from operations were $232.3 million, or $1.49 per share, down from $256.0 million, or $1.65 per share.
The company produced 125,618 barrels of oil equivalent per day, up from 103,115 boe/d.
The company expects second-quarter production to average 123,000 to 125,000 boe/d, with full-year production trending to the top end of the guidance range of 118,000 to 122,000 boe/d.
Vermilion declared a quarterly cash dividend of $0.135 per common share, payable on June 30 to shareholders of record on June 15.