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 This material may not be published, broadcast, rewritten or redistributed.

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