VET - Vermilion Energy pops after reinstating dividend as cash surges

Vermilion Energy (NYSE:VET) +10.1% pre-market after swinging to a Q4 profit of C$2.12/share from a C$0.36/share loss in the year-ago quarter and saying it is reinstating its dividend after an absence for nearly two years. The Canadian oil and gas producer said its board approved a quarterly dividend of C$0.06/share, to be paid on April 18; its last payout occurred in April 2020 at C$0.115/share before then suspending payments. The company said it expects to hit its target of $1.2B in net debt during H2 and that it will evaluate dividend increases, special dividends and stock buybacks this year. Q4 production fell 4% Y/Y to 84,417 boe/day, fund flows from operations surged to C$322M from C$132M, and net debt fell to C$1.6B at year-end 2021 from C$2B at the end of 2020. Vermilion says it now forecasts ~C$500M in 2022 free cash flow from the acquired Corrib interest, which represents

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Vermilion Energy pops after reinstating dividend as cash surges