Vermilion Energy Inc (VET) 2024 Q4 法說會逐字稿

Good morning, my name is Konstantin and I will be your conference operator today. At this time, I would like to welcome everyone to the Vermilion Energy fourth-quarter 2024 conference call. (Operator Instructions)

早安，我叫康斯坦丁，今天我將擔任您的會議接線生。現在，我歡迎大家參加 Vermilion Energy 2024 年第四季電話會議。（操作員指示）

Thank you. I will now hand the call over to Mr. Dion Hatcher, President and CEO. You may now begin your conference.

謝謝。現在我將把電話交給總裁兼執行長迪翁·哈徹先生。您現在可以開始您的會議了。

Thank you, Konstantin. Well, good morning, ladies and gentlemen. Thank you for joining us. I'm Dion Hatcher, President and CEO of Vermilion Energy. With me today are Lars Glemser, Vice President, CFO; Darcy Kerwin, Vice President, International, HSE; Brandon McQuaid, Vice President, North America; and Kyle Preston, Vice President, Investor Relations.

謝謝你，康斯坦丁。女士們、先生們，早安。感謝您加入我們。我是 Dion Hatcher，Vermilion Energy 總裁兼執行長。今天與我一起出席的有副總裁兼財務長 Lars Glemser、HSE 國際部副總裁 Darcy Kerwin、北美部副總裁 Brandon McQuaid 和投資者關係部副總裁 Kyle Preston。

We'll be referencing a PowerPoint presentation to discuss our 2024 full-year and Q4 results. This presentation can be found on our website under Invest with Us and Events and Presentations. Please refer to our advisory and forward-looking statements at the end of the presentation. It describes the forward-looking information, non-GAAP measures, and the oil and gas firms used today, and outlines the risk factors and assumptions relevant to this discussion.

我們將參考 PowerPoint 簡報來討論我們的 2024 年全年和第四季業績。您可在我們網站的「與我們一起投資」和「活動與簡報」欄位下找到此簡報。請參閱簡報末尾的建議和前瞻性聲明。它描述了前瞻性資訊、非公認會計準則指標以及當今使用的石油和天然氣公司，並概述了與本次討論相關的風險因素和假設。

Vermilion delivered a strong operational financial results in 2024. Production averaged 84,543 BOEs per day, which was above the midpoint of our original guidance and represents annual production per share growth of 4%. Our international production increased 12% year over year, reflecting strong operational runtimes in Australia and the mid-year startup of the gas plant on the SA-10 block in Croatia.

Vermilion 在 2024 年取得了強勁的營運財務表現。平均日產量為 84,543 桶油當量，高於我們最初指引的中點，相當於每股年產量增加 4%。我們的國際產量年增 12%，這反映了澳洲強勁的營運運行時間以及克羅埃西亞 SA-10 區塊天然氣工廠年中啟動。

Our North American production was down 5% year over year. This is reflecting the full-year impact from the 5,500 BOE per day divestment in Southeast Saskatchewan that was completed in 2023. Now that was partially offset by the growth from our Montney asset following the start-up of the new battery in Q2. We generated $1.2 billion or $7.63 per share of fund flow and $583 million or $3.69 per share of free cash flow, both representing a 9% increase over 2023 on a per-share basis.

我們的北美產量年減了 5%。這反映了 2023 年完成的薩斯喀徹溫省東南部每天 5,500 桶油當量的撤資對全年的影響。現在，隨著第二季新電池的啟動，我們的 Montney 資產的成長部分抵消了這一增長。我們產生了 12 億美元或每股 7.63 美元的資金流和 5.83 億美元或每股 3.69 美元的自由現金流，均比 2023 年每股增長 9%。

We successfully executed a $623 million E&D capital program within budget. Capital program included significant investments in new growth projects in Germany, Croatia, and the BC Montney, which will all contribute strong free cash flow in future years. We returned $216 million or approximately 10% of our market cap to our shareholders in 2024 that comprised of $75 million in dividends and $141 million of share buybacks.

我們成功在預算內實施了 6.23 億美元的 E&D 資本計畫。資本計畫包括對德國、克羅埃西亞和 BC Montney 的新成長項目進行大量投資，這些項目都將在未來幾年帶來強勁的自由現金流。2024 年，我們向股東返還了 2.16 億美元，約占我們市值的 10%，其中包括 7,500 萬美元的股利和 1.41 億美元的股票回購。

In December, we announced an 8% increase to our quarterly dividend effective Q1 2025. This represents our fourth consecutive increase since reinstating the dividend. Net debt decreased by 10% in 2024 to $967 million at the end of the year, representing a net debt to trailing funds flow ratio of 0.8 times or the lowest ratio in over a decade.

12 月，我們宣布從 2025 年第一季起將季度股息提高 8%。這是我們恢復股利以來連續第四次增加股利。2024 年淨負債減少 10% 至年底的 9.67 億美元，淨負債與追蹤資金流比為 0.8 倍，為十多年來的最低比率。

Included in our year-end release was an updated reserve estimate for 2024. Total proved plus probable reserves increased by 1% from the prior year to 435 million BOEs, primarily due to extensions and improved recovery on the Mica Montney asset. We added 26 million BOEs of PDP reserves, 36 million BOEs of 2P reserves at an average FD&A cost, including future development costs of $22.81 per PDP BOE and $15.77 per 2P BOE.

我們在年終發布的報告中包含了 2024 年的最新儲備估計值。總探明加概算儲量較上年增加 1%，達到 4.35 億桶油當量，主要由於 Mica Montney 資產的擴展和採收率的提高。我們以平均 FD&A 成本增加了 2,600 萬桶油當量的 PDP 儲量和 3,600 萬桶油當量的 2P 儲量，其中包括每 PDP 桶油當量 22.81 美元和每 2P 桶油當量 15.77 美元的未來開發成本。

Now this results in a recycle ratio of 1.6 times on a PDP basis and 2.3 times on a 2P basis. The 2024 FD&A figures include significant upfront capital costs associated with the early stage growth projects such as the Montney infrastructure as well as Germany and Croatia exploration from which limited reserves compared to our internal estimates have been recognized to date.

現在，這導致 PDP 基礎上的回收率為 1.6 倍，2P 基礎上的回收率為 2.3 倍。2024 年 FD&A 資料包括與早期成長專案相關的大量前期資本成本，例如 Montney 基礎設施以及德國和克羅埃西亞的勘探，迄今為止，與我們的內部估計相比，這些專案的儲量有限。

Our PDP and 2P reserve life index as of December 31, 2024, was 5.4 and 14.1 years respectively. Both of these are consistent with the long-term average. The after-tax net present value of our PDP reserves discounted at 10% is $2.8 billion and the after-tax net present value of our 2P reserves discounted at 10% is $5.2 billion. That is over $27 per share after deducting year-end net debt.

截至 2024 年 12 月 31 日，我們的 PDP 和 2P 儲備壽命指數分別為 5.4 年和 14.1 年。這兩者都與長期平均一致。我們的 PDP 儲備以 10% 的折扣率計算的稅後淨現值為 28 億美元，我們的 2P 儲備以 10% 的折扣率計算的稅後淨現值為 52 億美元。扣除年末淨債務後，每股收益超過 27 美元。

Production for the fourth quarter averaged 83,536 BOEs per day, which includes the impact from planned third-party turnaround activity and partial shut-in of some Canadian gas in response to weak AECO prices. We generated $263 million of fund flows, that's $1.70 per share, and $62 million of free cash flow, of which $36 million was returned to shareholders via the dividend and share buybacks.

第四季的產量平均為每天 83,536 桶油當量，其中包括計劃中的第三方扭虧為盈活動以及為應對 AECO 價格疲軟而部分關閉加拿大天然氣的影響。我們產生了 2.63 億美元的資金流，即每股 1.70 美元，以及 6,200 萬美元的自由現金流，其中 3,600 萬美元透過股息和股票回購返還給股東。

E&D capital increased in Q4 relative to Q3 as drilling activity picked up in Germany and Canada. Germany activity included the completion and testing of the successful second well and the commencement of drilling on a third exploration well that was originally scheduled for 2025. Net debt increased slightly due to the stronger US dollar and the full repayment of the Montney battery lease. This provides immediate lease and interest savings as well as increasing our excess free cash flow that's available for shareholder returns in 2025 and beyond.

由於德國和加拿大鑽井活動的增加，第四季度的勘探與開發資本相對於第三季度增加。德國的活動包括成功完成和測試第二口井，以及開始鑽探原定於 2025 年進行的第三口勘探井。由於美元走強以及蒙特尼電池租賃費用全額償還，淨債務略有增加。這不僅能立即節省租金和利息，還能增加我們的超額自由現金流，用於 2025 年及以後的股東回報。

As I mentioned, drilling and completion activity picked up in Q4. In Europe, our primary focus was on the German deep gas exploration program, where we progressed facility construction and tie-in operations on the Osterheide well and completed testing operations on the Wisselshorst well, including testing on a second zone subsequent to the quarter. We commenced drilling on the third deep gas exploration well in Germany, Weissenmoor, during Q4 and completed drilling it in Q1. I will provide more detail on the successful German exploration program in the following slides.

正如我所提到的，鑽井和完井活動在第四季度有所回升。在歐洲，我們的主要重點是德國深層天然氣勘探計劃，我們在奧斯特海德井推進了設施建設和連接作業，並完成了維塞爾斯霍斯特井的測試作業，包括在本季度之後對第二個區域進行的測試。我們於第四季開始在德國鑽探第三口深層天然氣勘探井 Weissenmoor，並於第一季完成鑽探。我將在下面的幻燈片中詳細介紹成功的德國勘探計劃。

We're also very active in North America during the fourth quarter. In Canada, we drilled six Montney liquids-rich gas wells, including five wells on the new 8-4 pad in BC and one land retention well in Alberta. The team continues to make progress towards achieving our $9 million to $9.5 million DCET cost target. In the Deep Basin, we drilled, completed, and brought on production five liquids-rich gas wells.

我們在第四季在北美也非常活躍。在加拿大，我們鑽了六口蒙特尼富液氣井，其中包括位於不列顛哥倫比亞省新 8-4 平台的五口井和位於阿爾伯塔省的一口陸地保留井。該團隊繼續朝著實現 900 萬至 950 萬美元的 DCET 成本目標邁進。在深盆地，我們鑽探、完井並投產了五口富液氣井。

In Saskatchewan, we drilled and completed six wells and brought on production seven oil wells. In the US, we participated in the drilling and completions of five gross or 0.6 net non-op oil wells. In addition to executing a very active program in Canada, our team spent the better part of Q4 evaluating the Westberg acquisition we were successful on and announced on December 23.

在薩斯喀徹溫省，我們鑽探並完成了六口井，並投產了七口油井。在美國，我們參與了5口總油井或0.6口淨非作業油井的鑽探和完井。除了在加拿大執行非常活躍的專案外，我們的團隊還花了第四季度的大部分時間來評估我們成功完成並在 12 月 23 日宣布的 Westberg 收購。

We are very, very excited about the results from our 2024 German deep gas exploration program. We have made significant gas discovery on our second gas well, Wisselshorst. Wisselshorst, which were 64% working interest, we tested two zones within this well at a combined restricted rate of 41 million per day with flowing wellhead pressures of 6,200 psi. We've got an estimated EOR of 68 BCF or 43 BCF net.

我們對 2024 年德國深層天然氣勘探計畫的成果感到非常興奮。我們在第二口氣井 Wisselshorst 上發現了重要的天然氣。Wisselshorst，佔 64% 的工作權益，我們測試了該井內的兩個區域，綜合限制速率為每天 4100 萬，流動井口壓力為 6,200 psi。我們估計 EOR 為 680 BCF 或淨值為 430 BCF。

As we announced in late December, this first test -- the first zone tested at a restricted rate of 21 million a day of gas with a flowing wellhead pressure of 6,200 psi. Subsequent to year-end, we tested the second zone in this well, which flow tested at a restricted rate of 20 million a day with a similar pressure of 6,200 psi.

正如我們在 12 月底宣布的那樣，首次測試——第一個區域的測試限制速率為每天 2,100 萬噸天然氣，流動井口壓力為 6,200 psi。年底之後，我們對該井的第二個區域進行了測試，測試流量限制為每天 2000 萬，相同壓力為 6,200 psi。

Based on our assessment, we believe the Wisselshorst structure is large enough to support an additional four to six follow-up locations. We expect to bring the first well on production in the first half of 2026 and are advancing options to debottleneck our takeaway pad capacity in the second half of 2027 -- first half of 2027, given the very strong deliverability of this well. With successful development of these follow-up locations as well as the additional prospects we've identified across our land base, we see the potential to double our current European 2P gas reserves.

根據我們的評估，我們認為 Wisselshorst 結構足夠大，可以支援另外四到六個後續位置。我們預計第一口油井將於 2026 年上半年投產，鑑於該油井非常強大的產能，我們正在推進在 2027 年下半年（2027 年上半年）消除外輸平台產能瓶頸的方案。隨著這些後續地點的成功開發以及我們在陸地上發現的更多前景，我們看到了將目前的歐洲 2P 天然氣儲量翻一番的潛力。

Subsequent to year end, we also completed drilling operations on the Weissenmoor gas exploration well, which we were 100% working interest, and we discovered multiple hydrocarbon-bearing zones. This would mark our third discovery in Germany. The well is currently in the process of being tested. The first well in the drilling program, Osterheide, which is 100% working interest, was drilled in the first half of 2024 and tested at a restricted rate of 17 million a day of gas with a flowing wellhead pressure of 4,600 psi. The wellsite gas facility is nearing completion, first gas expected in Q2.

年底之後，我們也完成了 Weissenmoor 天然氣勘探井的鑽探作業，我們擁有該井 100% 的工作權益，並且發現了多個含碳氫化合物區。這將是我們在德國的第三次發現。該井目前正在測試中。鑽井計畫中的第一口井是奧斯特海德井，擁有 100% 的工作權益，於 2024 年上半年鑽探，測試限制產量為每天 1,700 萬噸天然氣，流動井口壓力為 4,600 psi。井場天然氣設施即將完工，預計第一批天然氣將在第二季產出。

In aggregate, the Osterheide and Wisselshorst wells tested at a combined rate of 56 million per day. This is equivalent to 50% of Vermilion's current European gas production. The success of our deep gas exploration program to date validates the technical models and our ability to achieve F&D cost of approximately $1 to $1.50 per MMBtu with the potential to more than double our German production. It is early days in the development of this long-life, high-margin asset that is expected to add meaningful free cash flow in the years ahead.

總體而言，奧斯特海德井和維塞爾斯霍斯特井的測試總產量為每天 5,600 萬噸。這相當於Vermilion目前歐洲天然氣產量的50%。迄今為止，我們的深層天然氣勘探計劃的成功驗證了技術模型和我們實現每百萬英熱單位約 1 至 1.50 美元的 F&D 成本的能力，並有可能使我們在德國的產量增加一倍以上。這種長壽命、高利潤資產的開發尚處於早期階段，預計未來幾年將增加可觀的自由現金流。

Last week, we were very pleased to announce the closing of the Westbrick acquisition. The strategic acquisition represents a significant step forward in Vermilion's North American high-grading initiative to increase operational scale and enhance full cycle margins in the Deep Basin. As a reminder, the acquisition adds 50,000 BOEs a day of production and over 770,000 net acres of contiguous land along with valuable infrastructure.

上週，我們非常高興地宣布完成對 Westbrick 的收購。此次策略收購代表 Vermilion 在擴大營運規模和提高深盆地全週期利潤率的北美高品位計畫中邁出了重要一步。需要提醒的是，此次收購將增加每天 50,000 桶油當量的產量和超過 770,000 淨英畝的連續土地以及寶貴的基礎設施。

We have identified over 700 net future drilling locations, providing a robust inventory to keep production flat for over 15 years, while generating significant free cash flow. As shown on the map on this slide, the land and infrastructure is very complementary to Vermilion's legacy Deep Basin assets, which we expect will provide operational synergies and add further value over time.

我們已經確定了超過 700 個未來淨鑽井位置，提供了強大的庫存，可使產量在未來 15 年內保持平穩，同時產生大量自由現金流。正如這張投影片上的地圖所示，這片土地和基礎設施與 Vermilion 的遺留深盆地資產具有很強的互補性，我們預計這將提供營運協同效應，並隨著時間的推移增加更多價值。

Since our first Spirit River, Ellerslie, and Cardium wells going back as far as 2009, Vermilion has drilled nearly 300 wells spanning -- we operate significant infrastructure in the Deep Basin, which we will leverage in developing these newly acquired locations. In addition, we were already a partner with Westbrick on approximately 140 of these locations, which speaks both to the operational synergies as well as our knowledge on the asset. These newly acquired locations are competitive with Vermilion's existing Deep Basin inventory with half-cycle returns ranging from 40% to over 100% based on third-party reserve engineering estimates.

自 2009 年我們第一口 Spirit River、Ellerslie 和 Cardium 油井以來，Vermilion 已鑽探了近 300 口油井——我們在深盆地運營著重要的基礎設施，我們將利用這些基礎設施來開發這些新收購的地點。此外，我們已經與 Westbrick 在約 140 個地點建立了合作夥伴關係，這不僅體現了營運協同效應，也體現了我們對資產的了解。這些新收購的地點與 Vermilion 現有的深盆地庫存相比具有競爭力，根據第三方儲量工程估計，半週期回報率從 40% 到 100% 以上不等。

I'd now like to hand it over to Lars to discuss our balance sheet and deleveraging plans, along with our revised 2025 outlook.

現在，我想交給拉爾斯來討論我們的資產負債表和去槓桿計劃，以及我們修訂後的 2025 年展望。

Thank you, Dion. Vermilion has taken a prudent approach in balancing debt reduction, high grading our asset base, and returning capital to shareholders. We have reduced net debt by over $1 billion from 2020, while also reducing the share count over this time period. This prudent balance of capital allocation provided us the opportunity to complete the opportunistic acquisition of Westbrick with the balance sheet and minimal share issuance.

謝謝你，迪翁。Vermilion 採取了審慎的方法來平衡減少債務、高評級的資產基礎和向股東返還資本。從 2020 年起，我們已將淨債務減少了 10 多億美元，同時也減少了這段期間的股票數量。這種審慎的資本配置平衡為我們提供了以資產負債表和最低限度的股票發行完成對 Westbrick 的機會性收購的機會。

Over the past three years, we have completed over $2.1 billion of acquisitions while continuing to reduce the share count and now have a plan to reduce our debt and leverage. Subsequent to the announced acquisition of Westbrick, we issued USD400 million of senior unsecured notes with a maturity date of April 2033 and an interest rate of 7.25%. This extends our weighted average maturity of our debt to over five years and results in over $1 billion of liquidity.

在過去三年中，我們完成了超過 21 億美元的收購，同時繼續減少股票數量，現在我們制定了減少債務和槓桿的計劃。在宣布收購 Westbrick 之後，我們發行了 4 億美元的優先無擔保票據，到期日為 2033 年 4 月，利率為 7.25%。這將使我們債務的加權平均期限延長至五年以上，並產生超過 10 億美元的流動資金。

With the Westbrick acquisition now closed, Vermilion has net debt of approximately $2.1 billion today and anticipates about $200 million to $300 million of organic deleveraging in 2025 based on our current forecast, assuming no divestments. This leaves us with ample liquidity of approximately $1 billion. As part of the Westbrick acquisition, we also launched a process to divest non-core assets as another means to accelerate deleveraging, while directing 60% of excess free cash flow to the balance sheet.

隨著 Westbrick 收購的完成，Vermilion 目前的淨債務約為 21 億美元，根據我們目前的預測（假設不進行資產剝離），預計 2025 年有機去槓桿將達到約 2 億至 3 億美元。這給我們留下了大約10億美元的充足流動資金。作為 Westbrick 收購的一部分，我們也啟動了剝離非核心資產的流程，作為加速去槓桿的另一種手段，同時將 60% 的超額自由現金流引導至資產負債表。

As mentioned, our non-core asset disposition program has been formally launched for our Southeast Saskatchewan and Wyoming assets. The Saskatchewan assets include approximately 10,000 barrels a day of production, 85% liquids with moderate declines and multilateral development upside. Our Wyoming assets include 5,000 barrels a day, 80% liquids of production with multi-zone development potential, including the Niobrara and the Parkman.

如上所述，我們針對薩斯喀徹溫省東南部和懷俄明州資產的非核心資產處置計畫已正式啟動。薩斯喀徹溫省的資產包括每天約 10,000 桶的產量、85% 的液體產量（中等下降）和多邊開發潛力。我們在懷俄明州的資產包括每天 5,000 桶石油、80% 的液體產量以及多區域開發潛力，包括 Niobrara 和 Parkman。

The interest to date on these packages has been very strong. These are high-quality assets with strong retention values that will be incorporated into the decision-making process on how to best maximize shareholder value. The potential sale of these assets would help accelerate Vermilion's deleveraging efforts as we remain committed to reducing our net-debt-to-FFO ratio to a target range of 1 times or less.

迄今為止，人們對這些套餐的興趣非常濃厚。這些都是具有強大保留價值的高品質資產，將被納入如何最大程度地實現股東價值最大化的決策過程。這些資產的潛在出售將有助於加速 Vermilion 的去槓桿努力，因為我們仍然致力於將淨債務與 FFO 比率降低到 1 倍或更低的目標範圍。

Going back to 2022, Vermilion has taken a concerted effort to build operational scale where we have a competitive advantage by increasing our ownership in the Irish Corrib project, adding a material position in the Mica Montney oil window and making Vermilion one of the largest operators in the prolific Deep Basin. This has been complemented with organic investment into our onshore European gas portfolio, most recently in Germany and Croatia.

回顧 2022 年，Vermilion 一直致力於擴大營運規模，透過增加我們在愛爾蘭科里布 (Irish Corrib) 專案中的所有權、在 Mica Montney 油田中佔據重要地位以及使 Vermilion 成為儲量豐富的深盆地中最大的營運商之一，從而獲得競爭優勢。同時，我們也對歐洲陸上天然氣組合進行了有機投資，最近又在德國和克羅埃西亞進行了投資。

The results of these efforts is increased operational scale with 80% of our production and 70% of our capital investment into our global gas portfolio and a reweight of our portfolio towards gas, where we see strong demand dynamics across the coming decades. The benefit of this global exposure is stronger realized prices than any of our peers, even when factoring in various marketing and diversification strategies.

這些努力的結果是擴大了營運規模，我們將 80% 的產量和 70% 的資本投資投入到我們的全球天然氣組合中，並重新調整我們的組合重心至天然氣，我們預計未來幾十年天然氣的需求將強勁。這種全球影響力的好處是，即使考慮到各種行銷和多元化策略，我們的實際價格也比任何同行都要高。

We have access to LNG-driven prices without the cost and risk exposure of liquefying and transporting gas across oceans. With elevated prices in Europe and multiple successes from our recent exploration program in Germany, including follow-up development, we expect to maintain our pricing advantage over the coming years. We also expect strong tailwinds for demand and pricing in Western Canada, where we now have a much larger production and project inventory base to take advantage of this positive trend.

我們可以享受液化天然氣驅動的價格，而無需承擔液化和跨洋運輸天然氣的成本和風險。隨著歐洲價格上漲以及我們最近在德國勘探計劃（包括後續開發）的多項成功，我們預計未來幾年將保持價格優勢。我們也預計加拿大西部的需求和定價將出現強勁的順風，我們現在擁有更大的生產和項目庫存基礎來利用這一積極趨勢。

Within our Q4 2024 release, we provided updated 2025 capital budget and production guidance to incorporate the closing of the Westbrick acquisition on February 26, 2025. Annual production is expected to range between 125,000 to 130,000 BOEs a day with E&D capital expenditures of $730 million to $760 million. The revised capital program includes an additional 13 gross, 12.3 net wells to be drilled on the Westbrick assets, bringing the total Deep Basin well count to 28 gross, 24.9 net wells for 2025.

在我們 2024 年第四季的發布中，我們提供了更新的 2025 年資本預算和生產指導，以納入 2025 年 2 月 26 日完成的 Westbrick 收購。預計年產量將在 125,000 至 130,000 桶油當量之間，勘探與開發資本支出為 7.3 億至 7.6 億美元。修訂後的資本計畫包括在 Westbrick 資產上額外鑽探 13 口總井和 12.3 口淨井，到 2025 年，深盆地井總數將達到 28 口總井和 24.9 口淨井。

The forecasted 50% increase in 2025 production, coupled with efficient operations from an increased position in the Deep Basin is seen in our 2025 financial guidance, which includes a substantial reduction in our unit, operating, and G&A costs. We continue to monitor the tariff situation between the US and Canada, which includes a 10% tariff on Canadian energy exports.

我們 2025 年的財務指引顯示，預計 2025 年產量將增加 50%，同時深盆地地位也將提升，營運也將更加高效，這包括大幅降低單位成本、營運成本和一般及行政成本。我們持續關注美國和加拿大之間的關稅情況，其中包括對加拿大能源出口徵收 10% 的關稅。

Over half of Vermilion's revenue is derived from assets located outside of Canada, and the vast majority of our Canadian gas production is sold within Canada. As such, we do not expect the tariffs in place today to have a material impact. Based on forward commodity prices, we forecast 2025 FCF of $400 million. The unhedged FFO per share is forecast to increase from $5.61 in 2024 to approximately $7.50 in 2025, an increase of over 30%.

Vermilion 一半以上的收入來自加拿大境外的資產，而我們生產的絕大多數加拿大天然氣都在加拿大境內銷售。因此，我們預計今天實施的關稅不會產生實質影響。根據遠期商品價格，我們預測 2025 年自由現金流將達到 4 億美元。預計每股未對沖 FFO 將從 2024 年的 5.61 美元增至 2025 年的約 7.50 美元，增幅超過 30%。

As you will note in our financial guidance table on the prior slide, our lease obligations are substantially lower in 2025 due to the fact we repaid the full Montney battery lease obligation in Q4 2024, which had an interest cost well in excess of our most recent debt issuance. Our return of capital framework has continued to evolve, and we believe it provides the appropriate flexibility to effectively manage our business while providing shareholders with meaningful returns.

正如您在上一張投影片的財務指導表中看到的，由於我們在 2024 年第四季度償還了全部 Montney 電池租賃債務，因此我們在 2025 年的租賃債務大幅降低，其利息成本遠遠超過我們最近發行的債務。我們的資本回報框架不斷發展，我們相信它提供了適當的靈活性，以有效地管理我們的業務，同時為股東提供有意義的回報。

As Dion mentioned, we announced our fourth consecutive dividend increase effective for Q1 2025. At $0.13 per share per quarter, our annual dividend obligations amount to approximately $80 million or 7% of our forecast FFO, providing capacity to manage the dividend through various commodity cycles. For 2025, we will continue to target shareholder returns at 40% of EFCF, inclusive of the quarterly base dividend with 60% of EFCF going towards debt reduction.

正如迪翁所提到的，我們宣布從 2025 年第一季開始連續第四次增加股息。以每季每股 0.13 美元計算，我們的年度股息義務約為 8000 萬美元，或占我們預測 FFO 的 7%，從而有能力在各種商品週期中管理股息。到 2025 年，我們將繼續以 EFCF 的 40% 作為股東回報目標，其中包括季度基本股息，其中 60% 的 EFCF 將用於減債。

The variable component of shareholder returns will continue to be allocated towards share buybacks. Since initiating the share buyback program in July 2022, Vermilion has repurchased and retired 17.8 million shares and reduced our outstanding share count to approximately 154 million shares, inclusive of the 1.1 million share issuance associated with the closing of the Westbrick acquisition.

股東報酬的可變部分將繼續分配給股票回購。自 2022 年 7 月啟動股票回購計畫以來，Vermilion 已回購並註銷了 1,780 萬股股票，並將我們的流通股數量減少至約 1.54 億股，其中包括與 Westbrick 收購完成相關的 110 萬股股票發行。

With that, I will now pass it back to Dion.

說完這些，我現在將其交還給迪翁。

Thanks Lars. These are exciting times at Vermilion. In North America, we are focused on the integration of Westbrick to add operational scale in the Deep Basin and the continued development of our Montney asset. We are very pleased to be positioned with a long-life liquids-rich North American gas portfolio. In addition, the potential US and Sas events, we'll accelerate our debt reduction, while also improving our full cycle margins.

謝謝拉爾斯。這是 Vermilion 令人興奮的時刻。在北美，我們專注於整合 Westbrick，以擴大深盆地的營運規模並繼續開發我們的 Montney 資產。我們非常高興能夠擁有一個富含長壽命液體的北美天然氣產品組合。此外，鑑於美國和SAS可能發生的事件，我們將加快削減債務，同時提高我們的全週期利潤率。

In Europe, we will bring on production the first of our German deep gas exploration wells by planning for future activity, including the development of the large Wisselshorst structure that we successfully discovered. That's our largest discovery in over a decade. These investments, along with our share buybacks are expected to add meaningful free cash flow per share in the upcoming years.

在歐洲，我們將規劃未來的活動，包括開發我們成功發現的大型 Wisselshorst 構造，從而實現德國第一口深層天然氣勘探井的生產。這是我們十多年來最大的發現。這些投資以及我們的股票回購預計將在未來幾年增加有意義的每股自由現金流。

That concludes our prepared remarks. And with that, we'd like to open it up for questions.

我們的準備好的演講到此結束。現在，我們願意開始回答問題。

(Operator Instructions) Greg Pardy, RBC Capital Markets.

（操作員指示）Greg Pardy，RBC Capital Markets。

Hi, it's Justin for Greg. Thanks for taking my questions. Just the first one for me on the German gas. It's a pretty sizable discovery there on the exploration program, so congratulations on that. As we look ahead, we're wondering if you can remind us what types of unrestricted flow rates we can expect and any timing that you could give around that.

大家好，我是賈斯汀，我是格雷格。感謝您回答我的問題。對我來說這只是第一次接觸德國天然氣。這是勘探計劃中相當大的發現，值得祝賀。展望未來，我們想知道您是否可以提醒我們可以期待哪些類型的不受限制的流量，以及您可以給出的任何時間表。

Thanks for that. So just to clarify, yes, timing of the on production dates, so I'll pass it over to Darcy Kerwin. He can walk you through that.

謝謝。所以只是為了澄清，是的，生產日期的時間，所以我會把它交給達西·克爾溫 (Darcy Kerwin)。他可以指導你完成這一切。

Yes, thanks, Jeff. Darcy here. On the first discovery we made at Osterheide, we are currently progressing construction of the onsite gas plant there and the tie-in to the pipeline system. We do expect first production to be on in Q2 2025. We will be initially rate-restricted there, kind of in the area of 3 million to 5 million cubic feet, just due to some downstream capacity constraints, some seasonality constraints. And we do expect that kind of throughout 2025 and into 2026, we'll start to see more and more capacity in that area as other production drops off.

是的，謝謝，傑夫。達西在這裡。我們在奧斯特海德首次發現了天然氣，目前正在推進現場天然氣工廠的建設以及與管道系統的連接。我們確實預計首次生產將於 2025 年第二季開始。由於一些下游產能限制和季節性限制，我們最初將在那裡進行速率限制，大約在 300 萬到 500 萬立方英尺的範圍內。我們確實預計，在 2025 年到 2026 年期間，隨著其他產量的下降，我們將開始看到該地區的產能越來越多。

For the second well at Wisselshorst, where we tested two zones together in excess of 40 million standard cubic feet a day, our initial tie-in point is kind of the closest tie-in point to that well. We would expect to have that tied in in early 2026. Again, we'll be rate limited at that initial tie-in point to that 3 million to 5 million cubic feet a day, but we have a number of debottlenecking options that we are pursuing here in parallel that will take us in a first stage up to about 17.5 million cubic feet per day and in the second stage up to 35 million. We would expect that those debottlenecking activities would incur early 2027.

對於 Wisselshorst 的第二口井，我們每天對兩個區域進行超過 4000 萬標準立方英尺的測試，我們的初始連接點是距離該井最近的連接點。我們預計該目標將在 2026 年初實現。再次強調，在最初的接入點，我們的輸送將限制在每天 300 萬至 500 萬立方英尺，但我們正在同時推行多種消除瓶頸的方案，這將使我們在第一階段將輸送量提高到每天約 1,750 萬立方英尺，在第二階段將提高到每天 3,500 萬立方英尺。我們預計這些消除瓶頸的活動將在 2027 年初完成。

Thanks, Darcy. We're excited about the size of the EURs that we've talked about here, the opportunity to increase these rates over time. You can start to visualize the free cash flow stream that's associated with these wells, given that the capital is largely invested as we've finished up the year here.

謝謝，達西。我們對這裡討論的歐元的規模以及隨著時間的推移提高這些利率的機會感到興奮。您可以開始想像與這些油井相關的自由現金流，因為隨著我們今年的結束，大部分資本都已投入。

So thanks for the question. And again, we're excited about the impact this is going to have on business. As we mentioned on the call too, it's the structure itself. We talked about the well. We're trying to also talk about the size of the structure where we see multiple drilling locations upwards of six locations to follow up just on this second prospect alone. With that, back to you.

感謝您的提問。我們再次對此將對業務產生的影響感到興奮。正如我們在電話中提到的那樣，它本身就是一個結構。我們談論了井。我們也試圖談論該結構的規模，我們看到僅在這第二個勘探區就有六個以上的鑽井位置需要跟進。好了，回到你身邊。

That's great. Thanks for all the detail there. If I can quickly shift gears here, on the sales process for the Saskatchewan, Wyoming assets, could you just update us on where you're at in that process? Thanks.

那太棒了。感謝您提供的所有詳細資訊。如果我可以在這裡快速轉換話題，關於薩斯喀徹溫省和懷俄明州資產的銷售流程，您能否向我們介紹一下您目前所處的階段？謝謝。

You bet. Lars touched on it on the script there. I can add a little more color, but the formal process for Sas in the US is well advanced. We're in the formal process where teasers went out weeks ago and management presentations are ongoing. And as you heard on the call, these are good, quality assets. Their assets are high liquids, high netbacks, reasonable declines, drilling opportunities. So we've got a strong retention value for these assets and we're excited to see how our potential bidders are going to try to step up to meet those. So too early to pin a date on it, but we are well advanced in those processes as of today.

當然。拉斯在劇本中提到了這一點。我可以添加一些顏色，但美國 SAS 的正式流程已經非常先進了。我們目前處於正式流程中，幾週前就已經發布了預告片，管理演示正在進行中。正如您在電話中聽到的，這些都是優質資產。他們的資產是高流動性、高淨回值、合理的下降和鑽探機會。因此，我們對這些資產的保留價值很高，我們很高興看到我們的潛在競標者將如何努力滿足這些價值。現在確定具體日期還為時過早，但截至目前，我們在這些進程中已經取得了很大進展。

Thank you very much. I'll turn it back.

非常感謝。我會把它轉回去。

Great. Thank you.

偉大的。謝謝。

Amir Arif, ATB Capital.

ATB Capital 的 Amir Arif。

Thanks. Good morning, guys. Just a follow-up on the Germany exploration success over there. Can you give us a sense of your next exploration wells that you're planning to drill?

謝謝。大家早安。這只是德國那邊勘探成功的後續報導。您能向我們介紹一下您計劃鑽探的下一個勘探井嗎？

I can get it kicked off here, and then I'll let Darcy feel free to add any color. And so, first of all, thanks for the question. We've messaged not only two wells per year. If you think about last year, we actually drilled three wells as we brought the third well forward, and we finished drilling that in Q1. We've got another follow-up gas well planned for this year.

我可以在這裡開始，然後讓達西隨意添加任何顏色。首先感謝您的提問。我們每年不僅向兩口井發送訊息。如果你回想去年，我們實際上已經鑽了三口井，並將第三口井向前推進，並且我們在第一季完成了鑽探。我們計劃今年再鑽探一口後續氣井。

And then our work right now is twofold. The exciting thing is that with this Wisselshorst structure being so large, we see basically development locations there that we're advancing. And then in parallel, we've also got the other six-plus prospects that the team's identified to mature. So quick answer would be two wells a year. And with that, I think we'll be, as a management team, reviewing annually, do we allocate more capital to Germany given the success that we've had?

那我們現在的工作是雙重的。令人興奮的是，由於 Wisselshorst 結構如此之大，我們基本上看到了我們正在推進的開發地點。同時，我們也得到了球隊確定的其他六名以上有潛力的球員。所以簡單的回答就是每年兩口井。因此，我認為，作為管理團隊，我們每年都會進行審查，鑑於我們取得的成功，我們是否會向德國分配更多資金？

Got it. And then just a question on that second successful well. Can you just remind us what was the total capital on that well and just what development wells will cost?

知道了。然後我再問一下關於第二口成功井的問題。您能否提醒我們一下該井的總資本是多少以及開發井的成本是多少？

Yes, so Amir, Darcy here. The total capital on that vessel source well, the second well we drilled, If I include kind of all the drilling completion costs as well as the tie-in and the well site gas plant that will be required, we're kind of at CAD40 million gross for that, so we're 64% working interest in that particular well. (multiple speakers) Sorry, go ahead and say that again.

是的，阿米爾，達西在這裡。該船源井（我們鑽的第二口井）的總資本，如果我將所有鑽井完井成本以及所需的連接和井場天然氣廠都計算在內，那麼我們的總資本約為 4000 萬加元，因此，我們在該特定井中擁有 64% 的工作權益。（多位發言者）抱歉，請再說一次。

Sorry, I was just going to say, so I'm assuming the development wells will be significantly less than in terms of the follow-up wells you need?

抱歉，我只是想說，所以我假設開發井的數量將大大少於您需要的後續井的數量？

Yes, we might be able to optimize gathering kind of concepts there as well as the location gas plant and drive those costs downwards. You're right.

是的，我們也許能夠優化那裡的收集概念以及位置天然氣工廠並降低這些成本。你說得對。

So these are our expensive wells, but if you think about it on an F&D basis, given the cost structure and the size of the gas that we're discovering, as referenced on the note, that $1 to $1.50, we would have beat that significantly on the Wisselshorst well, but over the program, it's confirming our ability to deliver on that.

所以，這些都是我們昂貴的油井，但如果你從財務和開發的角度來考慮，考慮到成本結構和我們發現的天然氣規模，正如說明中提到的，如果價格為 1 到 1.50 美元，我們在 Wisselshorst 油井上的成本會大幅降低，但在整個計劃中，這證實了我們有能力實現這一目標。

Sounds good. And then just a question on the Westbrick acquisition. Pleasantly surprised in terms of your operating cost guidance on the corporate basis. Just relative to your own Deep Basin cost structure, how would you compare the Westbrick assets, and are you planning on doing anything different in terms of going forward on those assets?

聽起來不錯。然後我再問一個關於 Westbrick 收購的問題。就您基於公司基礎的營運成本指導而言，我感到非常驚訝。僅相對於您自己的 Deep Basin 成本結構，您如何比較 Westbrick 資產，您是否計劃在未來對這些資產採取不同的措施？

I'll get it kicked off and I can pass it over to Randy if you want to add more color, Randy. But we did a lot of work on that, of course, as you would imagine. The good news is we've been in that area for almost three decades and so we operate a lot of the same infrastructure and well types. As noted, the Westbrick assets would have been in that $6.50 a BOE range. Our assets are in that $7.50 a BOE range on unit OpEx.

我會把它踢開，如果你想添加更多顏色的話，我可以把它交給蘭迪，蘭迪。但正如您所想像的，我們當然為此做了很多工作。好消息是我們已經在該地區生活了近三十年，因此我們運作著許多相同的基礎設施和井類型。如上所述，Westbrick 資產的價格將在每桶油當量 6.50 美元的範圍內。我們的資產單位營運支出在每桶油當量 7.50 美元的範圍內。

Saying that, our assets are a little more oilier. We had the Cardium development and some other more oily development in our Deep Basin. So net-net, when you look at the assets, you're in that $6.50 to $7.50 range. What we're excited about, as you can see on the map and the infrastructure map as well, as we start to combine these businesses and look for opportunities to drill longer wells, to look for synergies across the infrastructure, we think there's some upside there as we start to work through that, but high-level, those are kind of the unit costs that we've seen to date.

這麼說來，我們的資產就比較油膩一些。我們在深盆地進行了 Cardium 開發和其他一些含油量更高的開發。因此，當您查看資產時，淨資產處於 6.50 美元到 7.50 美元的範圍內。我們感到興奮的是，正如您在地圖和基礎設施地圖上看到的那樣，當我們開始整合這些業務並尋找鑽探更長井的機會，尋找整個基礎設施的協同效應時，我們認為在我們開始解決這個問題時會有一些好處，但從高層次來看，這些是我們迄今為止看到的單位成本。

Randy, anything to add to that?

蘭迪，還有什麼要補充的嗎？

No, like I said, I think with the large portion of the infrastructure now being interconnected, we'll work towards optimized production, our marketing, and ultimately reduce our area operating costs.

不，就像我說的，我認為隨著現在大部分基礎設施的互聯，我們將努力優化生產和行銷，並最終降低我們地區的營運成本。

Thanks, Randy.

謝謝，蘭迪。

Sounds great. Thanks.

聽起來很棒。謝謝。

Thanks, Amir.

謝謝，阿米爾。

Travis Wood, National Bank Financial. Please go ahead.

特拉維斯伍德 (Travis Wood)，國家銀行金融。請繼續。

Yes, thanks, guys. I have a couple of questions. On the Germany, just to round that out, has the risk profile, as you think about budgeting future exploration wells, have you changed that at all given the recent success in terms of percentage of success, however you guys want to think about that?

是的，謝謝大家。我有幾個問題。關於德國，為了完善這一點，當您考慮預算未來的勘探井時，風險狀況是否有所改變，考慮到最近的成功率，您是否對此進行了改變，但是你們想怎麼考慮呢？

Yes. Thanks, Travis. I'm going to pass it back to Darcy again.

是的。謝謝，崔維斯。我要再次將它交還給達西。

Yes. Thanks, Travis. Certainly, success on these first wells has increased our confidence about this entire exploration program. However, we do risk each prospect independently and we'll continue to do that. We'll calculate independent chances of success for each of those prospects. I think what's really changed is we've now gone from a pure exploration program to a program that has a combination of exploration and now development wells, so that in itself will reduce the risk of the entire program.

是的。謝謝，崔維斯。當然，這些首批油井的成功增強了我們對整個勘探計劃的信心。然而，我們確實會獨立地承擔每個潛在客戶的風險，並且我們會繼續這樣做。我們將計算每個前景的獨立成功機會。我認為真正的變化是，我們現在已經從純粹的勘探計劃轉變為勘探和開發井相結合的計劃，因此這本身就會降低整個計劃的風險。

Okay, that's a good color. For the Westbrick assets at closing, where would volumes have been on the closing date or at least close to in terms of current BOE production?

好的，顏色不錯。對於 Westbrick 資產而言，在交易完成之日，其產量會達到什麼水平，或至少就目前的 BOE 產量而言，產量會接近什麼水平？

Thanks, Travis. I'll pass it back to Randy for that one.

謝謝，崔維斯。我會把它轉交給蘭迪。

Yes, thanks, Travis. So I think volumes were coming in right around that 50,000 barrels a day, which is where we expected it to be. And then when we bring on some of the development that we had spoke about in the script earlier, we expect our annualized volumes to remain at that 50,000 barrels a day. So we had aligned with where we had our evaluation and expectations.

是的，謝謝，崔維斯。所以我認為產量大約是每天 50,000 桶，這正是我們預期的。然後，當我們實現之前在腳本中談到的一些發展時，我們預計年產量將保持在每天 50,000 桶。因此，我們已經與我們的評估和期望保持一致。

Okay, perfect. And then the couple -- I mean, it's only a couple of weeks in terms of the delay to closing, was that just kind of crossing Ts and dotting Is, or was there anything kind of last minute on the negotiating table that kind of delayed it a couple weeks?

好的，完美。然後這對夫婦——我的意思是，從交易延遲到結束只延遲了幾週，這僅僅是一些繁瑣的步驟，還是在談判桌上發生了一些最後時刻的事情，導致交易延遲了幾週？

Yes, our initial estimate was mid-February, and I would say just with signing the deal immediately prior to the holiday period, it's just the execution and receipt of required approvals adjusted the date by two weeks, so nothing too concerning.

是的，我們最初的估計是二月中旬，我想說，由於是在假期前立即簽署協議，因此只需要執行和收到所需的批准就可以將日期調整兩週，所以沒有什麼太令人擔心的。

Okay, perfect. That makes great sense. And then lastly, probably for Lars here, you kind of walked through the return of capital mandate and kind of the 40-60 split. We can make an assumption on some proceeds for the asset sales, but do you have a debt number in mind on when you could see that 40% on the return of capital start to shift higher and the debt allocation compress?

好的，完美。這很有道理。最後，對於 Lars 來說，您可能已經了解了資本授權的回報以及 40-60 分割。我們可以對資產出售的一些收益做出假設，但是當您看到 40% 的資本回報率開始上升並且債務配置壓縮時，您是否心中有一個債務數字？

Yes, thanks, Travis. And before sort of diving into that, I think the other thing that we tried to point out in the script, too, is very minimal share issuance with the acquisition of Westbrick. And so that's where we got comfortable taking the 50-50 allocation to 40% in terms of return to shareholders, just in terms of we think we've made really good progress reducing the share count here over the last three years.

是的，謝謝，崔維斯。在深入探討這個問題之前，我認為我們在腳本中試圖指出的另一件事是，收購 Westbrick 時發行的股票非常少。因此，我們可以放心地將 50-50 的分配比例降至 40%，因為我們認為，過去三年我們在減少股票數量方面取得了非常好的進展。

I think, at this point, we'd like to see how the dispositions shake out. As we've mentioned in the script, we are going to have retention values on these assets as well. And so it's not a fire sale. Let's see how the process unfolds. Let's continue to direct 60% of that EFCF to the balance sheet.

我認為，在這一點上，我們想看看這些安排將如何發展。正如我們在腳本中提到的，我們也將保留這些資產的價值。所以這不是一次賤賣。讓我們看看這個過程如何展開。讓我們繼續將 60% 的 EFCF 投入資產負債表。

And then you're most likely reassessing in the second half of this year in terms of how those things shake out. At this point, the dividend is very well covered at that 40% level. We're actively buying back shares still within that 40%. So we think that we can make adequate returns to shareholders here as we work through some of the deleveraging events that we have here.

然後你很可能會在今年下半年重新評估這些事情將如何發展。此時，股息已很好地覆蓋在 40% 的水平上。我們正積極回購仍在 40% 以內的股票。因此，我們認為，透過解決我們面臨的一些去槓桿事件，我們可以為股東帶來足夠的回報。

Okay. And sorry if I might have missed it. Do you think for that 40% to head higher -- you're kind of budgeting around $1.8 billion at the end of the year just through organic free cash, if that number is -- what's the debt target that you have kind of longer term with the organic cash flow and some of your fund with numbers on proceeds on some of the asset sales where that could kind of do a 180 in terms of 60-40 on return of capital and debt reduction?

好的。如果我可能錯過了，我很抱歉。您是否認為這 40% 會繼續上升——您預計年底僅透過有機自由現金就能獲得約 18 億美元的預算，如果這個數字是的話——您的長期債務目標是多少？有機現金流量和部分基金的資產出售收益數字是多少？在資本回報和債務減少方面，這可以實現 180 度的轉變，即 60-40？

Yes, I think, Travis, if you look at where we were pre the Westbrick acquisition, we were sort of around 1 times -- a little bit sub 1 times leverage. We were comfortable with the 50-50 while at that leverage level. I don't think that's a bad data point or benchmark to think about in terms of where we would look to increase from the 40%.

是的，我認為，特拉維斯，如果你看看我們在收購 Westbrick 之前的情況，我們的槓桿率大約是 1 倍——略低於 1 倍。在這種槓桿水平下，我們對 50-50 的比率感到滿意。我認為，就我們尋求從 40% 開始增加到什麼程度而言，這並不是一個糟糕的數據點或基準。

Okay. Yes, that's perfect. Thanks, Lars. That's all for me.

好的。是的，太完美了。謝謝，拉爾斯。對我來說就這些了。

There are no further questions over the phone lines at this time. We will now move over to Mr. Kyle Preston with additional questions.

目前電話線上沒有其他問題。現在我們將請凱爾普雷斯頓先生回答其他問題。

Yes. Thank you, operator. So we had a number of questions come through our Investor Relations inbox here. I'll sort of try to categorize them into a few. First one here is, can you please provide some insight into the longer-term development potential and timeline of your Germany deep gas program?

是的。謝謝您，接線生。因此，我們透過投資者關係收件匣收到了許多問題。我會嘗試將它們分成幾類。首先，您能否介紹一下德國深層天然氣計畫的長期發展潛力和時間表？

I can get this one kicked off and then ask Darcy to add more color, but we've talked before about the number of prospects, that's called the number of structures that we see, and that's nine that the team's identified so far. And the exciting thing about these structures we drill, they're often multi-well structures, and we see that with Wisselshorst where we drilled a well, and albeit a well that can do net to us over 40 BCF for coverable. So we see another six locations on that.

我可以啟動這個，然後讓達西添加更多顏色，但我們之前已經討論過前景的數量，這被稱為我們看到的結構數量，到目前為止團隊已經確定了九個。我們鑽探的這些結構令人興奮的地方在於，它們通常是多井結構，我們在 Wisselshorst 就看到了這種情況，我們在那裡鑽了一口井，儘管這口井可以為我們帶來超過 400 億立方英尺的淨產量。因此我們看到了另外六個位置。

And so as we make our way down the exploration program, we're, to Darcy's point, adding development locations as we go. So long-winded way of saying with success, there's upwards of 30 locations, and that would provide a very, very, very long runway for drilling. So where we are today, we're excited after two wells that we've been able to add meaningful recovery. I mean, we've added 36 Bs for the first two wells on average. And so that's well within our $1 an MCF type target.

因此，隨著我們探索計劃的推進，正如達西所說，我們正在不斷增加開發地點。長話短說，如果成功，就有 30 多個地點，這將為鑽探提供非常非常長的跑道。因此，就我們目前的情況而言，我們很高興在兩口井之後能夠實現有意義的採收。我的意思是，我們平均為前兩口井增加了 36 個 B。因此，這完全符合我們每 MCF 類型 1 美元的目標。

And so what all that means is we can comfortably more than double Germany's production. And I made a comment on the script there that we think we can double our 2P reserves that we've got booked in Europe. As you start to add up the numbers associated with these wells, I think it becomes very meaningful as we drill two to three wells per year. If we can double our production and we can double our reserves in Europe, we're going to be pretty happy with that. It's early days, but the first couple of wells are pointing to a pretty promising outlook. Darcy, anything I missed there on the overview?

所以這一切意味著我們可以輕鬆地將德國的產量提高一倍以上。我對那裡的腳本發表了評論，我們認為我們可以將在歐洲預訂的 2P 儲備增加一倍。當你開始把這些井的數字加起來時，我認為這變得非常有意義，因為我們每年鑽兩到三口井。如果我們能夠將產量翻一番，並且能夠將歐洲的儲量翻一番，我們就會非常高興。雖然現在還為時過早，但最初的幾口油井已經顯示出相當光明的前景。達西，我在概覽中遺漏了什麼嗎？

Yes, I don't think so. You talked about the number of prospects we have initially and then what that translates into in a success case of over 30 locations that we could drill at a pace that we might adapt to as we look forward. Maybe remind everyone we got into these prospects by farming into land in Germany, and there is other prospective land in Germany. We'll continue to look at that and then look for additional opportunities to add to our deep gas portfolio there.

是的，我不這麼認為。您談到了我們最初擁有的潛在客戶數量，以及在超過 30 個地點的成功案例中，我們可以按照未來可以適應的速度進行鑽探。也許提醒大家，我們透過在德國耕種土地獲得了這些前景，而且德國還有其他有前景的土地。我們將繼續關注這一點，然後尋找更多機會來擴大我們在那裡的深層天然氣投資組合。

Yes, that's a good point. We've got 700,000 net acres of undeveloped land, and we're currently focused on that portion of that. Thanks.

是的，這是一個很好的觀點。我們擁有 70 萬英畝未開發土地，目前我們正專注於其中的這一部分。謝謝。

All right. Thanks, Dion, Darcy. Second question here, what is the potential impact from the US tariffs on Canadian energy, and does your current hedge book protect you from that?

好的。謝謝，迪翁，達西。第二個問題是，美國關稅對加拿大能源可能產生什麼影響？您目前的對沖帳簿能保護您免受這種影響嗎？

Yes. No, thanks for the question and certainly topical or maybe just zoom out a little bit before addressing the tariff specifically. But I think our industry is defined by cycles, some of them driven by commodity prices, some of them driven by political events. So I think over the 31 years that we've been operating, we placed a lot of value on diversification and operational scale.

是的。不，感謝您的提問，當然是主題性的，或者在具體討論關稅問題之前，也許只是稍微縮小一下話題。但我認為我們的產業是由週期決定的，其中一些是由商品價格驅動，有些是由政治事件驅動。所以我認為，在我們營運的 31 年裡，我們非常重視多元化和營運規模。

From a diversification perspective, over half of our revenues for 2025 are coming from outside North America or outside Canada, and so that becomes an insulating factor. And then operational scale, I think you're starting to see a shift there. We've got a very material position onshore Europe that provides the majority of that international revenue stream that I referenced. And then you're starting to see an increase in the scale here in Western Canada. You see that in our outlook for 2025 in terms of the reduction in our unit costs.

從多元化的角度來看，到 2025 年，我們一半以上的收入將來自北美以外或加拿大以外，因此這成為一個隔離因素。然後是營運規模，我認為你開始看到那裡的轉變。我們在歐洲本土佔有非常重要的地位，它提供了我所提到的大部分國際收入來源。然後你就會開始看到加拿大西部的規模不斷擴大。從我們對 2025 年的展望中，您會看到單位成本的降低。

As an example, our lifting and transportation costs in our liquids-rich gas business is about $1.75 in MCF and generates a lot of liquids in addition to the gas. And so we're focused on those items first and foremost in terms of de-risking the business. kind of what that means when you sort of look at it through the lens of tariffs is we're just not talking about a material impact to the cash flows of Vermilion. And so we're pretty confident around that in terms of the way that the tariffs are framed right now.

例如，我們富液氣業務的起重和運輸成本約為 1.75 美元（MCF），除了氣體外，還會產生大量液體。因此，我們首先關注的是這些項目，以降低業務風險。從關稅的角度來看，這意味著我們只是在談論對 Vermilion 現金流的重大影響。因此，就目前的關稅制定方式而言，我們對此非常有信心。

In terms of hedging, I think once you de-risk the business from an operational perspective through diversification, operational scale, financial hedging does play a role as well. We're just under 40% hedged for 2025. We think fairly strong prices here as we go through a deleveraging process here in the next couple quarters. We're around 20% hedged for 2026, and so expect us to be in that 25% to 50% range. And that does help absorb some of the noise out there that's been driven by tariffs and other events as well.

在對沖方面，我認為一旦你透過多樣化、營運規模從營運角度降低業務風險，金融對沖也會發揮作用。我們對 2025 年的對沖率略低於 40%。我們認為，隨著未來幾季我們經歷去槓桿過程，這裡的價格將相當強勁。我們對 2026 年的對沖比例約為 20%，因此預計會處於 25% 至 50% 的範圍內。這確實有助於消除關稅和其他事件引起的一些噪音。

Thank you, Lars. Next question we have here is, your presentation says you are now a global gas company. Why does your stock seem to trade or be so impacted by oil price movements, and why do you not have a gas company multiple?

謝謝你，拉爾斯。我們的下一個問題是，您的簡報中說您現在是一家全球性天然氣公司。為什麼你們的股票交易似乎受到油價波動的影響，為什麼你們沒有天然氣公司的本益比？

I can take that one. First of all, it's hard to explain the day-to-day movements in the stock, so I'll move on from that. I think it's really a timing issue. We just closed the Westbrick acquisition here a couple of weeks ago. We're talking on the call today about the success in Germany, about our first well coming on here very quickly, better ability to bottleneck those volumes. Mica, again, we're over half invested on our infrastructure, and we're getting to a point where we're going to build up to that target rate, and that asset's going to be generating a ton of free cash flow.

我可以拿那個。首先，很難解釋股票的日常走勢，所以我將從此開始。我認為這確實是一個時間問題。幾週前我們剛完成了對 Westbrick 的收購。我們今天在電話會議上討論了我們在德國的成功，討論了我們的第一口油井在這裡很快投產，以及更好地限制這些產量的能力。米卡，再說一次，我們在基礎設施上的投資超過一半，我們即將達到目標利率，而這項資產將產生大量的自由現金流。

So I think it's timing. This shift to gas-weighted company is really hot off the press, but if you look at the runway ahead of us with Westbrick, the depth and quality of inventory there for 15-plus years to keep that. The Mica asset that, again, we're comfortable in increasingly optimizing that asset to get at 28,000. And then Germany, again, we've talked a lot about it, but we see a long runway.

所以我認為這是時機問題。這家公司向天然氣加權轉型的消息確實很熱門，但如果你看看 Westbrick 未來的發展路線，你會發現，該公司庫存的深度和品質在未來 15 年內都會保持下去。對於雲母資產，我們很樂意不斷優化，使其達到 28,000。然後是德國，我們再次談論了很多，但我們認為還有很長的路要走。

And then finally, the nuance about our business is we have direct exposure. And Lars talked about this on the call, but we have direct exposure to these premium prices without the need to have the risk associated with these long-term contracts that span decades and large volumes. So we've got short cycle exposure to a commodity in Europe that's extremely valuable and we're able to benefit from that today with gas prices in Europe about 10 times higher.

最後，我們業務的細微差別在於我們有直接曝光。拉爾斯在電話會議上談到了這一點，但我們直接面臨這些溢價，而不需要承擔與這些跨越數十年、數量龐大的長期合約相關的風險。因此，我們在歐洲對一種極其有價值的商品進行了短期投資，並且我們能夠從中獲益，因為今天歐洲的天然氣價格大約高出 10 倍。

So we think the combination of the top realized gas price with their structural low declines with flexibility capital allocation. And the new part as we've hydrated the portfolio is the long runway that we've got ahead of us with Westbrick, Deep Basin, with the Montney and with Germany, we think it's a good setup. And we think, with time, hopefully that will be recognized in the valuation of the company.

因此，我們認為最高實現的天然氣價格與其結構性低點下跌相結合，具有靈活的資本配置。隨著我們不斷充實投資組合，新的部分是我們與 Westbrick、Deep Basin、Montney 和德國合作的長期發展，我們認為這是一個很好的安排。我們認為，隨著時間的推移，希望這一點能夠在公司的估值中得到認可。

Thank you, Dion. So we have no more questions here. So with that, I will pass it back to Dion for your closing remarks.

謝謝你，迪翁。所以這裡我們沒有其他問題了。因此，我將把發言權交還給迪翁，請他作最後發言。

Thanks, Kyle. I would just like to thank everyone again for participating in our Q4 results conference call. Enjoy the rest of your day.

謝謝，凱爾。我只想再次感謝大家參加我們的第四季業績電話會議。享受剩餘的一天。

This concludes this conference call. Thank you very much for your participation. You may now disconnect.

本次電話會議到此結束。非常感謝您的參與。您現在可以斷開連線。