BUSINESS

Vermilion Energy reports 3Q net earnings of $67.8 million, 67 cents a share

11/07/2013 04:26 EST | Updated 01/23/2014 06:58 EST
CALGARY - Vermilion Energy Inc. (TSX:VET) is reporting second quarter net earnings of $67.8 million, or 67 cents per share.

That’s more than double the $30.8 million, or 31 cents a share, in the year ago quarter.

Vermilion also says it is increasing it's monthly cash dividend to 21.5 cents per share from the current level of 20 cents.

The Calgary-based oil and gas company says it continues to benefit from a diversified product mix and growing exposure to European gas markets.

Year to date earnings are $226.1 million, compared with $133.7 million during the first three quarters of 2012.

Vermilion says it expects to achieve average annual production volumes at the upper end of its guidance range of 40,500 to 41,000 barrels of oil equivalent.

It’s original 2013 guidance of 39,000 to 40,500 was increased following both the first and second quarters due to better-than-expected results from the company’s capital program.

Vermilion has interests in Canada, Ireland, the Netherlands, France and Australia.