Calgary-based Vermilion Energy Inc. has signed an agreement to sell its assets in the U.S. for $120 million in cash. The deal, which includes about 5,500 barrels of oil equivalent per day of production, has an effective date of Jan. 1 and is expected to close in the third quarter. Net proceeds will be used to repay debt, and the company has reduced its 2025 capital budget by about $100 million.
Calgary’s Vermilion Energy to sell U.S. assets for $120-million in cash
Business
AI Summary
TL;DR: Key points with love ❤️Calgary-based Vermilion Energy Inc. has signed an agreement to sell its assets in the U.S. for $120 million in cash. The deal, which includes about 5,500 barrels of oil equivalent per day of production, has an effective date of Jan. 1 and is expected to close in the third quarter. Net proceeds will be used to repay debt, and the company has reduced its 2025 capital budget by about $100 million.
- 1 Jan. 1 (effective date of the deal)
- 2 Vermilion Energy signs agreement to sell U.S. assets
- 3 Vermilion updates 2025 capital budget
- 4 Third quarter (expected closing of the deal)
- $120 million in cash for Vermilion
- Debt repayment for Vermilion
- Reduction in Vermilion's 2025 capital budget
- Adjusted production forecast for Vermilion
What: Vermilion Energy Inc. is selling its U.S. assets for $120 million in cash.
When: Agreement signed recently; effective date Jan. 1; expected to close in the third quarter.
Where: U.S. (assets), Calgary (Vermilion's headquarters).
Why: To repay debt and reduce capital expenditure.
How: Through a signed agreement for the asset sale.