Vermilion Energy Inc (VET) 2025 Q2 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to the Vermilion Energy Q2, 2025 conference call. (Operator Instructions) This call is being recorded on Friday, August 8, 2025.

女士們、先生們，早安。歡迎參加 Vermilion Energy 2025 年第二季電話會議。（操作員指示）此通話於 2025 年 8 月 8 日星期五錄製。

I would now like to turn the call over to Mr. Dion Hatcher. Please go ahead.

現在我想把電話轉給迪翁·哈徹先生。請繼續。

Thank you, Kelsey. Good morning, ladies and gentlemen. I'm Dion Hatcher, President and CEO of Vermilion Energy. With me today are Lars Glemser, Vice President and CFO; Darcy Kerwin, Vice President, International and HSE; Randy McQuade, Vice President, North America; Lara Conrad, Vice President, Business Development; and Kyle Preston, Vice President of Investor Relations.

謝謝你，凱爾西。女士們、先生們，早安。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、國際與健康、安全與環境副總裁 Darcy Kerwin、北美副總裁 Randy McQuade、業務發展副總裁 Lara Conrad 和投資者關係副總裁 Kyle Preston。

Please refer to our advisory and forward-looking statements in our Q2 release. It describes forward-looking information, non-GAAP measures and oil and gas terms used today. And it relies on risk factors and assumptions relevant to this discussion. Vermilion delivered strong second quarter results. Production for Q2 averaged 136,000 BOEs per day, representing a 32% increase from the prior quarter, mainly due to a full quarter contribution from the Westbrick acquisition that closed in February.

請參閱我們第二季新聞稿中的諮詢和前瞻性聲明。它描述了前瞻性資訊、非公認會計準則衡量標準以及當今使用的石油和天然氣術語。它依賴與本次討論相關的風險因素和假設。Vermilion 取得了強勁的第二季業績。第二季的產量平均為每天 136,000 桶油當量，比上一季增加 32%，這主要歸功於 2 月完成的 Westbrick 收購對整個季度的貢獻。

Subsequent to the second quarter, we closed both of the previously announced Saskatchewan and US asset sales for a combined gross proceeds of $535 million, which has been allocated to debt reduction. These divestments were a key component of Vermilion's broader strategic transition towards becoming a global gas producer. Enabling us to enhance operational scale and long-duration assets and better position the company for sustainable, profitable growth.

第二季之後，我們完成了先前宣布的薩斯喀徹溫省和美國資產出售，總收益共 5.35 億美元，已用於減債。這些資產剝離是 Vermilion 向全球天然氣生產商轉型的更廣泛策略的重要組成部分。使我們能夠擴大營運規模和長期資產，並使公司更好地實現可持續的獲利成長。

Vermilion now has a production base of approximately 120,000 BOEs per day, 70% weighted to natural gas with over 90% of our production coming from our global gas assets, which include liquids-rich gas in Canada and high netback gas in Europe. We expect over 80% of our future capital investment will be directed towards these global gas assets, which will be the primary growth drivers within our portfolio.

Vermilion 目前擁有每天約 12 萬桶油當量的生產基地，其中 70% 為天然氣，超過 90% 的產量來自我們的全球天然氣資產，其中包括加拿大的富液天然氣和歐洲的高淨回值天然氣。我們預計未來超過 80% 的資本投資將投向這些全球天然氣資產，這將成為我們投資組合中的主要成長動力。

We generated $260 million of fund flows from operations and $144 million of free cash flow in Q2 after deducting E&D capital expenditures. Capital expenditures were down from the previous quarter due to the seasonality of drilling activity in Western Canada and a deferral of some E&D capital associated with the Saskatchewan and US assets.

在扣除 E&D 資本支出後，我們在第二季產生了 2.6 億美元的營運資金流和 1.44 億美元的自由現金流。由於加拿大西部鑽井活動的季節性以及與薩斯喀徹溫省和美國資產相關的部分勘探與開發資本的延期，資本支出較上一季下降。

Activity during Q2 was focused on our global gas assets in the Mica, Montney, Alberta Deep Basin and Germany. At Mica, Vermilion completed 5 and brought on production and 11 liquids-rich Montney wells. Montney production averaged approximately 15,000 BOEs per day in Q2, which includes production from new wells and increased takeaway capacity from the operated infrastructure expansion that was completed earlier this year.

第二季的活動主要集中在我們在米卡、蒙特尼、阿爾伯塔深層盆地和德國的全球天然氣資產。在 Mica，Vermilion 完成了 5 口井的開採，並帶來了 11 口富含液體的 Montney 井的生產。蒙特尼第二季度的產量平均約為每天 15,000 桶油當量，其中包括新井的產量以及今年稍早完成的營運基礎設施擴建帶來的輸送能力的提高。

Production from our two most recent pads continues to be in line with our expectations. Our operations teams are always focused on continuous improvement. And through these efforts, we were able to achieve a new cost benchmark for our Montney wells with our drilling completions, equipment tie-in costs coming in at approximately $8.5 million per well for the two most recent pads.

我們最近兩個發射台的產量持續符合我們的預期。我們的營運團隊始終專注於持續改善。透過這些努力，我們能夠為蒙特尼油井實現新的成本基準，我們的鑽井完井、設備連接成本對於最近的兩個平台來說大約為每口井 850 萬美元。

These cost reductions were mainly driven by reduced trucking due to our water infrastructure, reduced tester costs due to optimized flowback and lower drilling costs due to faster fuel times. This is a reduction of $0.5 million per well from our prior target and over $1 million per well compared to just one year ago. We are confident we can turn our new cost benchmark of $8.5 million per well into our program average, which will reduce future development costs and improve full cycle returns on our Montney development.

成本降低主要得益於我們的水利基礎設施減少了卡車運輸量，優化了回流，降低了測試儀成本，以及加快了燃料時間，降低了鑽井成本。這比我們之前的目標每口井減少了 50 萬美元，與一年前相比每口井減少了 100 多萬美元。我們有信心將每口井 850 萬美元的新成本基準轉變為我們的專案平均值，這將降低未來的開發成本並提高 Montney 開發專案的全週期回報。

With the second expansion phase that Mica and now complete, our Montney team is now planning for the third and final expansion phase. We plan to invest approximately $100 million in the additional infrastructure and gathering pipelines over the next few years, along with drilling another 40 wells over this time frame to reach our targeted production rate 28,000 BOEs per day by 2028.

隨著 Mica 的第二階段擴建工程現已完成，我們的 Montney 團隊現在正在規劃第三階段也是最後的擴建工程。我們計劃在未來幾年內投資約 1 億美元用於額外的基礎設施和收集管道，同時在此期間再鑽 40 口井，以達到 2028 年每天 28,000 桶油當量的目標產量。

Once we get to this level, we anticipate drilling approximately eight wells per year to maintain this production level for over 15 years, which translates to generating approximately $125 million to $150 million of annual free cash flow assuming a price of $70 WTI and $3 AECO.

一旦達到這一水平，我們預計每年鑽探約 8 口井，以維持這一生產水準超過 15 年，這意味著假設 WTI 價格為 70 美元和 AECO 價格為 3 美元，每年將產生約 1.25 億至 1.5 億美元的自由現金流。

In the Deep Basin, we executed a one rig program during the quarter and drilled four completed three and brought on production three liquids-rich wells. Plan to add two rigs and execute a three rig program during the second half of '25 as we ramp-up activity heading into the winter. We're very pleased with how the integration of Westberg assets has unfolded, and we continue to identify further upside. Including proving up new locations, reducing our service costs and processing costs.

在深盆地，我們在本季度執行了一項單鑽機計劃，鑽探了四口井，完成了三口井，並投產了三口富液井。隨著我們進入冬季，我們將加強活動力度，計劃在 25 年下半年增加兩台鑽機並執行三台鑽機計劃。我們對 Westberg 資產整合的進展感到非常滿意，我們將繼續發現進一步的上升空間。包括證明新的地點，降低我們的服務成本和處理成本。

As a result, in Q2, the first full quarter of operating these new assets, the team has identified another $100 million of synergies that now brings a total to date over $200 million on an NPV10 basis of synergies post-acquisition. This clearly demonstrates the benefit of our dominant and continuous Latin basin and the Deep Basin and our continued focus on enhancing profitability.

因此，在第二季度，即營運這些新資產的第一個完整季度，該團隊又發現了 1 億美元的協同效應，按收購後協同效應的 NPV10 計算，迄今為止總額已超過 2 億美元。這清楚地表明了我們占主導地位且連續的拉丁盆地和深盆地的優勢，以及我們對提高盈利能力的持續關注。

Following the divestment of our Saskatchewan and US assets and the continued integration of the Westberg acquisition, we have taken additional steps to further streamline the business by reorganizing our Canadian business unit. This has led to dedicated technical corporate teams concentrating exclusively on our liquids-rich assets in the Deep Basin and the Montney.

在剝離薩斯喀徹溫省和美國資產並繼續整合 Westberg 收購案之後，我們採取了額外措施，透過重組加拿大業務部門來進一步精簡業務。這使得專門的技術公司團隊專注於深盆地和蒙特尼的富含液體的資產。

In Germany, we drilled, completed and brought on production two oil wells. These high-return wells have initial rates in the 100 to 200 barrels of oil per day range, but they represent low-risk waterfall development opportunities in Germany. Facility and tie-in activity on the Osterheide deep gas well was completed at the end of Q1 and the well averaged approximately 1,100 BOEs per day in Q2, which is above our original constrained expectations due to stronger-than-anticipated seasonal demand.

在德國，我們鑽探、完井並投產了兩口油井。這些高回報油井的初始產量在每天 100 至 200 桶石油之間，但它們代表了德國低風險的瀑布開發機會。奧斯特海德深層氣井的設施和連接活動已於第一季末完成，第二季該井的平均日產量約為 1,100 桶油當量，由於季節性需求強於預期，產量高於我們最初的預期。

We continue to advance the permitting and infrastructure expansion plans for the first Wisselshorst well, which remains on schedule for tie-in and start-up during the first half of '26. The team continues to work on the full field development plans for our deep gas prospects in Germany, where we are excited about the long-term growth potential from this asset. These prolific wells, combined with strong European gas prices currently over $15 per MMBtu will translate to significant free cash flow for Vermilion in the future.

我們繼續推進第一口 Wisselshorst 油井的許可和基礎設施擴建計劃，該計劃仍按計劃於 26 年上半年完成連接和啟動。該團隊繼續致力於德國深層天然氣勘探的全面油田開發計劃，我們對該資產的長期成長潛力感到興奮。這些產量豐富的油井，加上目前歐洲天然氣價格強勁（每百萬英熱單位超過 15 美元），將為 Vermilion 未來帶來可觀的自由現金流。

In addition to the organic development in Germany, we will continue to evaluate opportunities in our core European operations, specifically pursuing European gas acquisition opportunities that complement our existing portfolio and enhance value for our shareholders. We also achieved a significant milestone on the sustainability front, achieving our Scope 1 emission reduction target 1 year ahead of plan.

除了在德國的有機發展之外，我們還將繼續評估我們核心歐洲業務的機會，特別是尋求補充我們現有投資組合併為股東提升價值的歐洲天然氣收購機會。我們在永續發展方面也取得了重要的里程碑，提前一年實現了 1 範圍的減排目標。

In 2021, we set a target to reduce Scope 1 emissions intensity by 15% to 20% compared to the 2019 intensity levels. We achieved this target of a 16% reduction at the end of 2024. Moving forward, we are well positioned for our 2030 target, a goal of reducing Scope 1 plus Scope 2 emission intensities by 25% to 30% versus our 2019 levels.

2021年，我們設定的目標是將範圍一排放強度在2019年的強度水準上降低15%至20%。我們在 2024 年底實現了減排 16% 的目標。展望未來，我們已為實現 2030 年目標做好了準備，即在 2019 年的基礎上將範圍 1 和範圍 2 的排放強度降低 25% 至 30%。

The first half of 2025 was one of the busiest times in Vermilion's history as we executed on our portfolio enhancement strategy. We successfully closed our largest ever production acquisition and divested our North American oil-weighted assets. Through these high-grading initiative Vermilion now has a much more focused and resilient asset base underpinned by high return development opportunities unique exposure to premium price European gas and a lower cost structure.

2025 年上半年是 Vermilion 歷史上最繁忙的時期之一，因為我們執行了投資組合增強策略。我們成功完成了有史以來最大的生產收購，並剝離了北美石油加權資產。透過這些高等級舉措，Vermilion 現在擁有更專注和有彈性的資產基礎，以高回報開發機會、獨特的高價歐洲天然氣和更低的成本結構為基礎。

We believe this more efficient, more resilient business will drive significant shareholder value over the longer term. I am especially proud that during this very busy period of integration and divestment, we remain focused on operational excellence. Since the start of the year, we have identified Montney drill cost equipment timing savings and synergies related to the Westbrick acquisition were the combined $300 million on an NPV10 basis with only 154 million shares outstanding, that equates to approximately $2 per share of value.

我們相信，這項更有效率、更具彈性的業務將在長期內帶來顯著的股東價值。我特別自豪的是，在這個非常繁忙的整合和撤資時期，我們仍然專注於卓越營運。自今年年初以來，我們發現 Montney 鑽井成本、設備時間節省以及與 Westbrick 收購相關的協同效應按 NPV10 計算總計為 3 億美元，而流通股僅為 1.54 億股，相當於每股價值約 2 美元。

We also maintained a strong safety record across our operations through this period, a true testament to our commitment of sending everyone home safe every day. Second half of '25 will be an active period as we add two additional rigs to our Deep Basin program and commence drilling two wells in the Netherlands. Factoring in the timing of the July divestments combined with the planned seasonal turnaround activity and some shutting gas to the low summer AECO prices, we expect Q3 production to average between 117,000 to 120,000 BOEs per day.

在此期間，我們的整個營運過程也保持了良好的安全記錄，這真正證明了我們每天讓每個人安全回家的承諾。25 年下半年將是一個活躍的時期，因為我們將在深盆地計劃中增加兩個鑽機，並開始在荷蘭鑽兩口井。考慮到 7 月撤資的時間表、計劃中的季節性週轉活動以及夏季 AECO 價格較低的部分天然氣關閉情況，我們預計第三季度的產量平均為每天 117,000 至 120,000 桶油當量。

Our full year production guidance of 117,000 to 122,000 BOEs per day and capital guidance of $630 million to $660 million remain unchanged. However, we do have the flexibility to decrease spending if necessary. We expect to end 2025 with approximately $1.3 billion of net debt. That's a decrease of $750 million from Q1. Reflecting the inorganic deleveraging from asset divestments and organic deleveraging over the balance of the year.

我們全年的產量指引值為每天 11.7 萬至 12.2 萬桶油當量，資本指引值為 6.3 億至 6.6 億美元，維持不變。然而，如果有必要，我們確實可以靈活地減少開支。我們預計 2025 年底淨債務約 13 億美元。這比第一季減少了 7.5 億美元。反映了資產剝離帶來的無機去槓桿和全年有機去槓桿。

We continue to balance debt repayment and shareholder returns. Currently, 60% and 40% of excess free cash flow, respectively. And we expect to be in a position to increase shareholder returns as debt trends towards $1 billion level. In periods of commodity volatility, we're able to lean on our hedge book, where we have over 50% of our corporate production hedged for 2025 and over 40% hedged for '26.

我們繼續平衡債務償還和股東回報。目前，超額自由現金流分別為60%和40%。隨著債務趨向 10 億美元水平，我們預計能夠增加股東回報。在大宗商品波動時期，我們可以依靠我們的對沖帳簿，其中我們公司生產的 50% 以上針對 2025 年進行了對沖，40% 以上針對 2026 年進行了對沖。

In particular, we are very well protected during the current period of weak AECO pricing with approximately 60% of our Q3 Canadian gas hedged at an average floor price of $2.65 per Mcf. It's worth noting our realized gas price in Q2 was $4.88 per Mcf versus AECO of $1.69. This shows the competitive advantage of our unique gas portfolio.

特別是在當前 AECO 定價疲軟的時期，我們得到了很好的保護，我們第三季約 60% 的加拿大天然氣以平均每千立方英尺 2.65 美元的底價進行對沖。值得注意的是，我們第二季的天然氣實際價格為每千立方英尺4.88美元，而AECO的天然氣實際價格為每千立方英尺1.69美元。這彰顯了我們獨特的天然氣產品組合的競爭優勢。

For context, our European gas volumes represents 20% of our gas production, but that gas was sold directly into the European market for a price that was 10 times higher than April in Q2. As we look at over the next few years, our efforts will continue to focus on our key growth assets, Montney, Deep Basin and Germany.

具體來說，我們在歐洲的天然氣產量占我們天然氣產量的 20%，但這些天然氣直接銷往歐洲市場，價格比第二季 4 月高出 10 倍。展望未來幾年，我們的努力將繼續集中在我們的關鍵成長資產蒙特尼、深盆地和德國。

In the Montney, we will build it the final phase of our infrastructure to support our target production rate of 28,000 BOEs per day, a third of that volume being liquids. We expect to hit that target by 2028. In the Deep Basin, we'll focus on optimizing our development of a larger, high-graded asset base, while in Germany, we will continue to progress our deep gas exploration program, where we expect to grow production to over 10,000 BOEs per day in the coming years. Over this period of investment, we will continue to prioritize free cash flow generation, supporting both organic debt reduction and continued shareholder returns.

在蒙特尼，我們將建造基礎設施的最後階段，以支持我們每天 28,000 桶油當量的目標生產率，其中三分之一為液體。我們預計在 2028 年實現這一目標。在深盆地，我們將專注於優化開發更大、更高品位的資產基礎，而在德國，我們將繼續推進深層天然氣勘探計劃，預計未來幾年產量將增長到每天 10,000 桶油當量以上。在此投資期間，我們將繼續優先考慮自由現金流的產生，以支持有機債務削減和持續的股東回報。

We look forward to the coming quarters for the picture of Vermilion as a global gas producer will become clearer following this busy period of A&D activity. We believe the company is now better positioned to drive long-term shareholder value with a more focused on a longer-duration asset base and an improved cost structure, combined with structural tailwinds for natural gas around the world.

我們期待在接下來的幾個季度中，在經歷了 A&D 活動的繁忙時期之後，Vermilion 作為全球天然氣生產商的形象將變得更加清晰。我們相信，透過更重視長期資產基礎和改進的成本結構，並結合全球天然氣的結構性順風，該公司現在更有能力推動長期股東價值。

With that, we'll now move to the Q&A.

接下來，我們進入問答環節。

(Operator Instructions)

（操作員指示）

Greg Pardy, RBC Capital Markets.

格雷格·帕迪（Greg Pardy），加拿大皇家銀行資本市場部。

Yeah. Thanks. Good morning. Thanks, Dion for the rundown. I wanted to ask you two things. which you definitely touched on in your opening remarks. So maybe just in terms of streamlining the portfolio, like there's definitely been coring up in areas. You still have a number of areas, perhaps maybe they're smaller assets or less core or even some of the stuff in Europe and so on. I'm just curious, what's next in terms of shaping -- reshaping the portfolio? And where would that be?

是的。謝謝。早安.謝謝 Dion 的介紹。我想問您兩個問題，您在開場白中肯定提到了這兩個問題。因此，也許只是在精簡投資組合方面，在某些領域肯定已經實現了核心化。您仍然擁有許多領域，也許它們是較小的資產或不太核心的資產，甚至是歐洲的一些資產等等。我只是好奇，在塑造——重塑投資組合方面下一步會做什麼？那會是哪裡呢？

Thanks, Greg, for the question. Yeah, no, I think you're right. If you think about Canada, of course, we've exited US and we've exited Saskatchewan and I think we're going to see the benefits with improved capital efficiency and lower cost structure as we look forward. As we look to Europe, we have announced earlier this year that we're exiting Hungary, and we're well in the progress of making that happen.

謝謝格雷格提出的問題。是的，不，我認為你是對的。如果你考慮加拿大，當然，我們已經退出了美國，也退出了薩斯喀徹溫省，我認為，展望未來，我們將會看到資本效率提高和成本結構降低的好處。放眼歐洲，我們今年稍早宣布將退出匈牙利，目前進展順利。

We did also have some interest in Slovakia, which we decided not to pursue. And so that is another a couple of jurisdictions that we're deciding not to allocate capital to go forward. And then finally, Croatia, of course, is an area where we've had some success. We've drilled some good wells. We have some production.

我們確實對斯洛伐克也有一些興趣，但我們決定不再追求。因此，我們決定不再為另外幾個司法管轄區分配資金。最後，克羅埃西亞當然是我們在該地區取得了一些成功。我們鑽了一些好井。我們有一些生產。

And also on the SA 7 block, we did have some exploration success, but that is yet another area that we're looking at to although we've got a very strong technical team, and I think a pretty interesting land base well -- we'll test the market maybe on some retention value for that asset, especially given the capital allocation decisions we have in front of us with the success in Germany, some of the drilling opportunities in Netherlands, and of course long suite of projects that we've got in North America.

此外，在 SA 7 區塊，我們確實取得了一些勘探成功，但這是我們正在關注的另一個領域，儘管我們擁有一支非常強大的技術團隊，而且我認為土地基礎非常有趣——我們將在市場上測試該資產的一些保留價值，特別是考慮到我們面臨的資本配置決策，包括我們在德國取得的成功、在荷蘭的一些鑽探機會，當然還有我們在北美開展的一系列長期項目。

So we're not done yet, Greg, to answer your question. And I think you're going to see continue to focus on making the business more streamlined, which will improve our capital efficiency and our cost structure.

格雷格，我們還沒回答完你的問題。我認為你會看到我們繼續致力於使業務更加精簡，這將提高我們的資本效率和成本結構。

Okay, thanks for that and . And maybe just shifting to the shareholder returns. Let's say you were at $1 billion today than perhaps given the value? I'm just trying to -- I'm not trying to lead you. I'm just trying to get a better sense as to with the -- where would the payout ratio presumably go? And then is there a bias towards dividends or buybacks, I'm assuming maybe the buyback just in -- just given your relative valuation, but curious there?

好的，謝謝你。或許只是轉向股東回報。假設您今天的資產為 10 億美元，那麼可能價值幾何？我只是想——我並不是想引導你。我只是想更了解——派息率大概會是多少？那麼是否存在對股息或回購的偏見，我假設也許回購只是 - 只是考慮到你的相對估值，但好奇嗎？

Yeah. No, thanks. I'm going to pass it over to Lars to walk us through that.

是的。不，謝謝。我將把它交給拉爾斯來指導我們。

Yeah, Thanks, Dion. Good morning, Greg. Yeah, on the shareholder return front, I think we have been pretty clear and transparent the last couple of years here. And so we were at 50% of excess free cash flow being returned. We did a very material acquisition late last year -- announced late last year with the Westbrick acquisition funded with the balance sheet, primarily at the time of the acquisition and then with the dispositions that Dion mentioned in the US and Saskatchewan.

是的，謝謝，迪翁。早安，格雷格。是的，在股東回報方面，我認為過去幾年我們已經非常清晰和透明。因此，我們返還了 50% 的超額自由現金流。我們在去年年底進行了一項非常重要的收購——去年年底宣布收購 Westbrick，資金主要來自資產負債表，主要是在收購時，然後是 Dion 提到的在美國和薩斯喀徹溫省的處置。

It was a -- as a result of it being a cash-funded acquisition we reduced the return of capital to 40% of excess free cash flow. We have been buying some shares this year, and we're quite comfortable with that 40% level as we chip away at the debt look to get back to 1 times leverage. I think, on the dividend front, we still like the idea of ratable per annum increases. I don't think there'll be the 20% to 25% increases that you saw the last couple of years. And so we will look to prioritize share buybacks with that incremental return of capital over and above the dividend.

這是——由於這是一項現金收購，我們將資本回報率降低至超額自由現金流的 40%。我們今年一直在購買一些股票，我們對 40% 的水平感到相當滿意，因為我們正在削減債務，希望回到 1 倍的槓桿率。我認為，在股息方面，我們仍然喜歡按年按比例增加的想法。我不認為會出現過去幾年那樣的 20% 到 25% 的成長。因此，我們將優先考慮股票回購，以獲得超過股利的增量資本回報。

Okay. Makes sense. Thanks very much.

好的。有道理。非常感謝。

Thanks Greg.

謝謝格雷格。

Menno Hulshof, TD Cowen.

Menno Hulshof，TD Cowen。

Thanks and good morning, everyone. I'll start with a question on the Westbrick synergies. Can we perhaps get a more detailed breakdown on what drove the increase to the estimate, the $200 million? And if there is upside beyond your new estimate, where is that most likely to come from?

謝謝大家，早安。我首先要問一個關於 Westbrick 綜效的問題。我們能否更詳細地了解一下導致這項估計值增加 2 億美元的原因？如果還有超出您新估計的上升空間，那麼最有可能的上升空間來自哪裡？

Thanks, Menno, for that. I can't wait to talk about it, but I'm going to pass it over to Randy to walk us through some of those synergies that we're seeing.

謝謝你，Menno。我迫不及待地想談論它，但我將把它交給蘭迪，讓他向我們介紹我們所看到的一些協同效應。

Yeah. So as you mentioned, we -- as Dion mentioned, that we've got about $200 million of NPV synergies identified. We expect to achieve about two thirds of that in the next five years. So in terms of the details that you're looking for, like in the Q1 announcement, it was very much the first $100 million that we announced. It was around development and operational. So that would have been drilling the extended reach wells with the combined land base optimize production and then our operating cost reductions that we've seen.

是的。正如您所提到的，我們——正如 Dion 所提到的，我們已經確定了約 2 億美元的 NPV 協同效應。我們預計在未來五年內實現其中的三分之二。因此，就您所尋找的細節而言，例如在第一季的公告中，這是我們宣布的第一個 1 億美元。它圍繞著開發和運營。因此，這將透過結合陸地基礎來鑽探延伸井，從而優化產量，進而降低我們所看到的營運成本。

This next $100 million that we've seen here are announcing in the Q2 call, is focused on or related to the reorganization of the Canadian -- the restructuring of the Canadian organization, and that was based on the efficiencies that we've identified with the combination of Westbrick and the existing teams that we had in place.

我們在第二季電話會議上宣布的下一筆 1 億美元將重點用於或與加拿大組織的重組有關——加拿大組織的重組，這是基於我們對 Westbrick 和現有團隊的結合所確定的效率。

The other synergies that we're looking at are related to the reduced drilling costs, service costs that we get with the bigger program and more consistent program and then the processing fees that we -- a reduction in processing fees that as we continue to negotiate with our various third parties. So overall, I think when we look at it, we kind of estimate it to be about $30 million a year of savings, so quite significant. We would allocate about a third of that would be on the CapEx side, two third on the expense side.

我們正在考慮的其他協同效應與降低鑽井成本、透過更大的計劃和更一致的計劃獲得的服務成本以及加工費用有關——隨著我們繼續與各個第三方進行談判，加工費用有所降低。所以總的來說，我認為當我們看一下時，我們估計每年可以節省約 3000 萬美元，所以相當可觀。我們將其中約三分之一分配給資本支出，三分之二分配給費用。

So I think we're very happy with the work that was done to date. The team continues to work as we integrate Westbrick. We're very pleased with the acquisition, and we do -- we would expect to see more synergies as we continue to integrate.

所以我認為我們對迄今為止所做的工作非常滿意。在我們整合 Westbrick 的過程中，團隊繼續努力。我們對此次收購感到非常高興，我們確實希望隨著整合的持續，看到更多的綜效。

Thanks, Randy. Yeah to summarize. I think we're really seeing, like if you looked at that image we published at the time of the announcement on December 23, like just the sheer synergies around land touching each other, offsetting infrastructure.

謝謝，蘭迪。是的，總結一下。我認為我們確實看到了，就像你看我們在 12 月 23 日宣佈時發布的那張圖片一樣，就像土地相互接觸、抵消基礎設施的純粹協同效應。

And so the team is having more time to work with it. And we're talking, again, $30 million a year of kind of savings, which EMP bill and all that, as Randy was saying, is how we got to that $200 million number, but great work by Randy and the team to start to realize some of these synergies.

因此團隊有更多的時間來處理這個問題。我們再次談論的是每年 3000 萬美元的節省，正如 Randy 所說，EMP 法案和所有這些就是我們如何達到 2 億美元這個數字的，但 Randy 和團隊的出色工作開始實現其中的一些協同效應。

Yeah. No question that it's a very strong number. Maybe just moving on to -- you touched on this in your opening remarks, just on acquisition potential. Can we get an update on the opportunity set in Europe? Do you envision any packages coming to market anytime soon? And maybe a refresh on how you would go about funding it would be helpful as well.

是的。毫無疑問，這是一個非常強勁的數字。也許只是繼續說——您在開場白中提到了這一點，只是關於收購潛力。我們能否了解一下歐洲的機會的最新情況？您是否預見到近期會有任何軟體包上市？也許重新思考如何為其提供資金也會有所幫助。

Thanks, Menno. We still see the potential. As a reminder, we're 5% of the market in Netherlands and Germany, and a lot of that other 90%, 95%, I should say, is owned and controlled by the majors, and then they position their intention to over time to divest. The one, of course, we've talked about the most is in the Netherlands, and I think that is still their intention to divest of those onshore assets, and we're quite well positioned given our history there, and we're the second largest operator.

謝謝，門諾。我們仍然看到了潛力。提醒一下，我們佔據了荷蘭和德國 5% 的市場份額，而其餘 90%、95% 的市場份額，我應該說，大部分都是由大公司擁有和控制的，然後他們打算隨著時間的推移撤資。當然，我們談論最多的是在荷蘭，我認為他們仍然打算剝離那些陸上資產，鑑於我們在那裡的歷史，我們處於相當有利的地位，我們是第二大運營商。

As to funding and Lars feel free to jump in here. The unique thing about these opportunities, and I think Corb was the poster child where the headline number to acquire those assets at the time was $600 million, but the cash to close when you closed 15 months later, it was about $200 million.

至於資金和拉爾斯，請隨意加入。這些機會的獨特之處在於，我認為 Corb 就是一個典型例子，當時收購這些資產的標價是 6 億美元，但 15 個月後成交時所需的現金約為 2 億美元。

So when we think about our ability to do deals in Europe, I mean, we are deleveraging by the day with approximately $750 million off balance sheet here this year. But also the time to close and the type of assets that we would buy, which are typically high free cash flow generation, we feel really, really comfortable about our ability to be able to finance those. But Menno, give me a thumbs up or good there Menno.

因此，當我們考慮我們在歐洲進行交易的能力時，我的意思是，我們每天都在去槓桿，今年我們的資產負債表外債務約為 7.5 億美元。但對於交易完成的時間和我們要購買的資產類型（通常具有較高的自由現金流產生能力），我們對自己能夠為這些資產提供融資的能力感到非常非常有信心。但是 Menno，請給我按讚，或者說，Menno，做得好。

Terrific. Thank you. I'll turn it back.

了不起。謝謝。我會把它轉回去。

Great. Okay, thank you.

偉大的。好的，謝謝。

(Operator Instructions)

（操作員指示）

Chris Worley, Hughes Fund Management.

休斯基金管理公司的克里斯·沃利。

Hey guys, thanks for taking my, question. I want to ask a little bit about Q3 CapEx. There was a lot of CapEx from Q2 that's clearly getting deferred. It looks like. So can you just kind of talk through what happened with those deferrals? And maybe like which parts of the development plan got deferred and sort of like how well those deferred dollars get spent in Q3 and Q4?

嘿，大家好，感謝你們回答我的問題。我想問一下關於第三季資本支出的問題。第二季度的大量資本支出顯然被推遲了。看起來是。那麼，您能否簡單談談這些延期的情況呢？也許像開發計劃的哪些部分被推遲了，以及這些推遲的資金在第三季和第四季的使用情況如何？

Thanks for that. I'm going to pass from Lars a couple of comments therefore I do is -- there is some seasonality as we talked about with -- in Canada, breakup things do tend to slow down here. And then we are picking up rigs, two additional rigs here in the Deep Basin and drilling in Netherlands right now. So I think you'll see that cadence change. But with that, I'm going to pass it over to Lars to talk more about that.

謝謝。我要傳遞拉爾斯的幾條評論，因此我所做的是 - 正如我們談到的，有一些季節性 - 在加拿大，分手的事情確實趨於放緩。然後我們正在收集鑽孔機，目前在深盆地還有兩個額外的鑽孔機，並在荷蘭進行鑽探。所以我認為你會看到節奏的變化。但既然如此，我將把它交給拉爾斯來進一步討論這個問題。

Yeah. Thanks, Dion. Chris, maybe just a couple of data points as well to level set, and then I'll provide a little bit of perspective here. So Q2 was a strong quarter. As you heard from Randy, a really successful integration. We're starting to see the synergies come to fruition as well. And so what we did in the second quarter is we started to pull back on investment in some of the non-core assets that were announced as being sold.

是的。謝謝，迪翁。克里斯，也許只需要幾個數據點就可以達到水平集，然後我會在這裡提供一點觀點。因此第二季度是一個強勁的季度。正如您從蘭迪那裡聽到的，這是一次真正成功的整合。我們也開始看到協同效應逐漸顯現。因此，我們在第二季採取的措施是開始撤回對一些宣佈出售的非核心資產的投資。

So Saskatchewan and the US to help prioritize debt reduction I don't think that can be understated as well or overstated in terms of we printed a $2.1 billion net debt number at Q1. We're now at $1.4 billion. That's a combination of both the disposition proceeds as well as the fact that we were able to defer some capital on those non-core assets. So just to level set here, we have invested $297 million year-to-date.

因此，薩斯喀徹溫省和美國幫助優先減少債務，我認為就我們在第一季公佈的 21 億美元淨債務數字而言，這一點既不能低估也不能高估。現在我們的資金為 14 億美元。這是處置收益以及我們能夠推遲對非核心資產的部分資本的結合。因此，為了平衡起見，我們今年迄今已投資 2.97 億美元。

As you referenced, Q2 was a lower spend quarter with $115 million spent. You have the lower activity levels due to spring breakup here in Western Canada. And so we are on track to spend $630 million to $660 million for the year. And then that includes $23 million on the sold assets. And when we look at our current forecasting, we're trending to be at the lower end of that guidance range, so closer to the $630 million level, which includes the $23 million of investment on sold assets.

正如您所提到的，第二季的支出較低，為 1.15 億美元。由於加拿大西部的春假，這裡的活動水平較低。因此，我們今年的支出預計將達到 6.3 億至 6.6 億美元。其中包括出售資產的 2,300 萬美元。當我們查看當前預測時，我們傾向於處於該指導範圍的低端，因此更接近 6.3 億美元的水平，其中包括對已售資產的 2300 萬美元投資。

That number is $100 million lower than our previous guidance. And so, as I referenced when you combine that with the proceeds from the dispositions that's what's allowing us to delever from that $2.1 billion level to $1.3 billion, while high-grading the asset base. And so looking ahead, Chris, a capital run rate in the low-$600 million is not a bad way to think about annual spend as a proxy for the business.

這個數字比我們之前的預期低 1 億美元。因此，正如我所提到的，當你將其與處置收益結合時，我們就能夠將槓桿率從 21 億美元降低到 13 億美元，同時提高資產基礎的評級。因此，展望未來，克里斯，將資本運作率控制在 6 億美元出頭，將年度支出視為業務的代表，這是一個不錯的方法。

And then just in terms of the third quarter coming up here, we provided some guidance in the release here to expect production in that range of 117,000 to 120,000 barrels a day to put that into context, 2024 production was 84,500 on $623 million of capital. And so we're now guiding to $117 million to $120 million for the third quarter here, and an annual run rate in the low $600 million of capital.

就即將到來的第三季而言，我們在發布中提供了一些指導，預計產量將在每天 117,000 至 120,000 桶之間，具體來說，2024 年的產量為 84,500 桶，資本為 6.23 億美元。因此，我們現在預計第三季的資本支出為 1.17 億美元至 1.2 億美元，年運行率將在 6 億美元左右。

So I think that just speaks to the stronger capital efficiencies we're seeing in the business, some of the synergies that Randy alluded to coming through here in the actual numbers. And then I know this wasn't your question, Chris, but me the last thing I would just point out as well. When you look at our OpEx and G&A cost structure, we are now forecasting that to be a $4.50 reduction from our original 2025 guidance that came out pre the Westbrick acquisition.

所以我認為這只是說明了我們在業務中看到的更強的資本效率，蘭迪提到的一些協同效應在實際數字中得到了體現。然後我知道這不是你的問題，克里斯，但這也是我要指出的最後一件事。當您查看我們的營運支出和一般及行政成本結構時，我們現在預測該成本將比收購 Westbrick 之前發布的 2025 年原始指導減少 4.50 美元。

So you're seeing it on the capital efficiency side, you're also seeing it on the operational efficiency side. So hopefully, that helps frame it, Chris, just in terms of that lower Q2 spend and what that means going forward here for the second half and into 2026.

因此，您可以在資本效率方面看到它，也可以在營運效率方面看到它。所以，克里斯，希望這有助於闡明第二季支出減少的情況，以及這對下半年和 2026 年意味著什麼。

Thanks, Larry. I mean, to summarize, production is up, now only 35% year-over-year. Capital efficiency has significantly improved and our cost structure is lower. And this is why we're excited as a management team as we start to look out in the future years.

謝謝，拉里。我的意思是，總而言之，產量有所上升，但現在同比僅增長 35%。資本效率顯著提高，成本結構更低。這就是為什麼當我們開始展望未來時，作為管理團隊，我們感到興奮。

I think we've got a much more concentrated focused asset base, and that's where we're excited about the sustainable profile that we're seeing with our excess free cash flow, especially as we think about the ramp-up in Montney, the pivot as we become free cash flow positive on the 2028 timeline and then the build up in Germany. But with that, Chris, back to you. Thanks.

我認為我們擁有更集中的資產基礎，這就是我們對超額自由現金流的可持續發展感到興奮的地方，特別是當我們考慮到蒙特尼的增長、我們在 2028 年時間表上實現自由現金流為正的關鍵，以及隨後在德國的增長。不過，克里斯，回到你這裡。謝謝。

Thanks. That was super helpful.

謝謝。這非常有幫助。

Thank you. I will now turn it over to Kyle Preston for additional questions.

謝謝。現在我將把問題交給 Kyle Preston 來回答其他問題。

Yeah. Thanks, Kelsey. So we did have a few questions coming online here. I think a couple of them have already -- already been addressed by the questions we've received so far, but there was one other outstanding here.

是的。謝謝，凱爾西。所以我們確實在這裡遇到了一些問題。我認為其中幾個問題已經透過我們迄今為止收到的問題得到解決，但還有一個問題尚未解決。

Your Q2 corporate realized gas price premium relative to AECO was lower than the previous quarters. Can you help me understand this?

貴公司第二季相對於 AECO 實現的天然氣價格溢價低於前幾季。你能幫我理解一下嗎？

Yeah. Great. Thanks, Kyle, for the question here. So yeah, as the individual referenced here, we've reported a realized gas price of $4.88 for the quarter at the corporate level. The equal benchmark, which a lot of us are familiar with was $1.69.

是的。偉大的。謝謝 Kyle 提出的問題。是的，正如個人在此處提到的，我們報告稱，本季公司層面的實際天然氣價格為 4.88 美元。我們很多人都熟悉的等價基準是 1.69 美元。

So just about 3x premium to that. So the thing to keep in mind is when we report that corporate realized price, it is a blend of the production that we are selling in Europe, combined with the Canadian gas production. That is a very unique feature to Vermilion. And so the gas that we produce in Europe, we received local prices for that -- what we have found here in the last couple of years is European gas prices are very highly correlated to global LNG prices. So you are getting that global LNG price today through the Vermilion production profile.

因此，溢價率大約是這個的 3 倍。因此，要記住的是，當我們報告企業實現價格時，它是我們在歐洲銷售的產品與加拿大天然氣產量的混合。這是 Vermilion 的一個非常獨特的特點。因此，我們在歐洲生產的天然氣都獲得了當地價格——過去幾年我們發現，歐洲天然氣價格與全球液化天然氣價格高度相關。因此，您可以透過 Vermilion 生產概況來取得當今的全球液化天然氣價格。

Just to sort of reiterate these numbers that were in our release here for the second quarter of 2025, the TTF price in Europe averaged CAD16.27 versus that AECO price of $1.69. In the second quarter, we produced just over 390 million a day of gas in Canada. And I'll just remind you those come from our liquids-rich gas assets in Canada. So on average, those gas wells are contributing about 30% liquids as well. And then we produced about 105 million a day of gas in Europe.

重申我們發布的2025年第二季數據：歐洲TTF價格平均為16.27加元，而AECO價格為1.69加元。第二季度，我們在加拿大的天然氣日產量略高於3.9億立方米。我只是想提醒你們，這些來自我們加拿大的富含液體的天然氣資產。因此平均而言，這些氣井也貢獻了約 30% 的液體。然後我們每天在歐洲生產大約1.05億噸天然氣。

And so really what you're getting today with Vermilion is you're getting that LNG price exposure through our European gas production. Here in North America or Western Canada, you're getting a very material exposure to Canadian gas that is well hedged with a very high liquid weighting as well.

因此，您今天透過 Vermilion 獲得的實際上是透過我們的歐洲天然氣生產獲得的液化天然氣價格敞口。在北美或加拿大西部，您可以獲得非常實質性的加拿大天然氣敞口，而且這種天然氣也通過非常高的液體權重進行了很好的對沖。

In fact, for the second quarter here, our Canadian revenues on the continuing operations around that global gas business, we're about 60% driven by the liquids. So I think those are just some nuances that are good to stop and walk through because they are very unique to Vermilion in the sense that we are giving you that global gas exposure through indigenous production in Europe as opposed to contracts that can be risky to get gas exposure from Western Canada to Europe or Asia for that matter.

事實上，第二季度，我們在全球天然氣業務持續營運的加拿大收入中，約 60% 來自液體燃料。所以我認為這些只是一些細微的差別，值得停下來仔細了解一下，因為它們對於 Vermilion 來說非常獨特，因為我們通過在歐洲本土生產天然氣為您提供全球天然氣敞口，而不是簽訂合同，將天然氣從加拿大西部輸送到歐洲或亞洲，這些合同可能有風險。

Thanks Lars. That's it, we had -- all we have for online questions, operator.

謝謝拉爾斯。就是這樣，我們已經回答了所有線上問題，接線員。

Thank you. Turn it back over to you.

謝謝。把它還給你。

Well, thanks again for participating in the Q2 conference call and I appreciate everyone's time.

好吧，再次感謝您參加第二季電話會議，我感謝大家的時間。

Ladies and gentlemen, this does conclude your conference call for today. We thank you very much for your participation. You may now disconnect. Have a great day.

女士們、先生們，今天的電話會議到此結束。非常感謝您的參與。您現在可以斷開連線。祝你有美好的一天。