Vermilion loses $71.3 million in second quarter on 55 per drop in revenues

CALGARY — Vermilion Energy Inc. is reporting a net loss of $71.3 million in its second quarter on a 55 per cent decrease in sales from a year earlier due mainly to the impact of the COVID-19 pandemic.

The Calgary-based company says the loss amounted to 45 cents per share for the three month period that ended June 30, compared with a one cent per share or $2 million increase in the second quarter of 2019.

The decrease in earnings and a 52 per cent drop in fund flows from operations was primarily due to significantly lower commodity prices as a result of the pandemic and OPEC plus Russia price war that started in early March.

Revenues fell to $193 million from $428 million a year ago.

Vermilion was expected to report 64 cents per share in earnings or a 57 cents per share adjusted loss on $190.9 million of sales, according to markets data firm Refinitiv.

Vermilion reported production of about 100,366 barrels of oil equivalent in the quarter, down from 103,003 boe/d in the year-earlier period.

This report by The Canadian Press was first published July 27, 2020.

Companies in this story: (TSX:VET)

The Canadian Press

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