CALGARY — Vermilion Energy Inc. says it plans to reinstate its dividend in the first quarter of 2022 even though its net loss more than doubled in its latest quarter despite a big increase in revenues.

The oil and gas producer says the payout, subject to final board approval, will be five to 10 per cent of fund flows from operations.

The Calgary-based company says it lost $147.1 million or 91 cents per share in the third quarter, compared with a loss of $69.9 million or 44 cents per share a year earlier. The loss is also above the $451.3 million or $2.70 per share earned in the second quarter.

Revenues for the three months ended Sept. 30 were $538.5 million, up from $282 million in the third quarter of 2020 and $407.2 million in the prior quarter.

Vermilion was expected to earn 35 cents per share on $435 million in revenues, according to financial data firm Refinitiv.

Fund flows from operations was $263 million, up from $114.8 million a year ago and $172.9 million in the second quarter, primarily due to higher commodity prices.

Production in the quarter averaged 84,633 barrel of equivalent per day, down from 95,471 boe/d in the third quarter of 2020.

This report by The Canadian Press was first published Nov. 9, 2021.

Companies in this story: (TSX:VET)

The Canadian Press

News from © The Canadian Press, 2021. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  • 0062 TED_EPAC_Technology_30
    0062 TED_EPAC_Technology_30
  • 0061 SIMSA 2024 For Sask Buy Sask
    0061 SIMSA 2024 For Sask Buy Sask
  • 0060 Arizona Lithium Lease building
    0060 Arizona Lithium Lease building
  • 0059 Southeast College Heavy Equipment Operator
    0059 Southeast College Heavy Equipment Operator
  • 0058 Royal Helium Steveville opens anonymous rocket
    0058 Royal Helium Steveville opens anonymous rocket
  • 9002 Pipeline Online 30 sec EBEX
    9002 Pipeline Online 30 sec EBEX
  • 0055 Smart Power Be Smart with your Power office
    0055 Smart Power Be Smart with your Power office
  • 0015 Latus Viro
    0015 Latus Viro
  • 0052 Predator Inspections
    0052 Predator Inspections
  • 0051 JML Hiring Pumpjack assembly
    0051 JML Hiring Pumpjack assembly
  • 0049 Scotsburn Dental soft guitar
    0049 Scotsburn Dental soft guitar
  • 0046 City of Estevan This is Estevan
    0046 City of Estevan This is Estevan
  • 0041 DEEP Since 2018 now we are going to build
    0041 DEEP Since 2018 now we are going to build
  • 0032 IWS Summer hiring rock trailer music
  • 0022 Grimes winter hiring
  • 0021 OSY Rentals S8 Promo
  • 0018 IWS Hiring Royal Summer
  • 0013 Panther Drilling PO ad 03 top drive rigs
  • 0011
  • 0006 JK Junior
  • 9001
  • 0002