Vermilion Energy

What Vermilion Energy does

Vermilion Energy Inc. is a Calgary-headquartered international oil and gas exploration and production company, founded in 1994 and dual-listed on the TSX and NYSE (ticker: VET). The company operates across three core regions: Canada (approximately 70% of production, focused on liquids-rich natural gas in the Deep Basin of Western Alberta and the Montney play in the Peace River Arch), Europe (approximately 25%, covering onshore and offshore conventional natural gas and light oil production in France, the Netherlands, Germany, Ireland, and Central & Eastern Europe), and Australia (approximately 5%, the 100%-owned Wandoo offshore oil field). Approximately 90% of production is gas-weighted, and European operations achieve premium Brent-indexed oil pricing and ~$16/MMBtu European gas pricing significantly above North American benchmarks.

The company's core technology stack consists of conventional and unconventional recovery methods including horizontal drilling, hydraulic fracturing, and enhanced oil recovery. Its asset base includes the Westbrick-acquired Deep Basin position (770,000+ net acres with 700+ identified drilling locations), the Montney resource play, the Corrib offshore gas project in Ireland (20% interest, operator since 2018), and the Bellanaboy Bridge Gas Terminal. A February 2026 green hydrogen pilot partnership at Bellanaboy represents early-stage entry into energy transition infrastructure.

Vermilion sells its crude oil, natural gas, and NGL production through direct offtake agreements to refiners, utilities, industrial consumers, and energy traders, with pricing tied to Brent and European gas benchmarks. The business model is free cash flow-oriented, returning capital through a quarterly dividend (now $0.135 CAD per share after a 4% increase in Q1 2026, marking the fifth consecutive year of dividend growth) and share buybacks, while progressively reducing net debt (from $1.34B in Q4 2025 to $1.29B in Q1 2026). Strategic acquisitions are a core growth lever, exemplified by the C$1.075 billion Westbrick acquisition (February 2025) and pending German asset acquisitions from BEB Erdgas und Erdöl and Mobil Erdgas-Erdöl (expected H2 2026). FY2025 production averaged 119,919 boe/d, with Q1 2026 reaching 125,618 boe/d (22% YoY growth).

Name

Vermilion Energy

Legal name

Vermilion Energy Inc.

Website

https://vermilionenergy.com

Company type

Public

Founded year

1994

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Vermilion Energy is a Calgary-based international oil and gas producer with operations across Canada (Deep Basin and Montney gas, ~70% of output), Europe (France, Netherlands, Germany, Ireland, CEE, ~25%), and Australia (~5%). It sells crude oil, natural gas, and NGLs to refiners, utilities, and traders at premium European benchmarks.

Ownership category

akta.pro rank

Headquarters

HQ city

Calgary

HQ country

Canada

HQ region

North America

Offices8 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Supply Chain, Personnel, Infrastructure

Revenue model

1. Petroleum and Natural Gas Sales: Revenue generated from the sale of crude oil, natural gas, and natural gas liquids produced from Vermilion's assets in Canada, Europe, and Australia. European gas achieves premium pricing relative to North American benchmarks. Australian oil receives Brent-indexed pricing.
2. Acquisition Growth: Vermilion grows production and reserves through strategic acquisitions, such as the $1.075B Westbrick Deep Basin acquisition adding ~50,000 boe/d and the Corrib field expansion increasing Irish gas exposure.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels7 records

Core offering

Vermilion Energy is an international exploration and production company that acquires, develops, and produces crude oil, natural gas, and natural gas liquids from assets located in Western Canada (Deep Basin and Montney), Europe (France, Netherlands, Germany, Ireland, and Central & Eastern Europe), and Australia (Wandoo field). The company sells production directly to refiners, utilities, and gas traders under long-term contracts and spot market arrangements at Brent-indexed and European hub pricing.

Product overview

Vermilion Energy is a global gas producer organized as a unified exploration and production company with operations across three geographic segments: Canada (liquids-rich natural gas in Deep Basin and Montney), Europe (conventional natural gas with Brent-priced oil), and Australia (offshore oil). The company operates as a single integrated energy production business rather than a platform-plus-modules architecture. Core products include crude oil, natural gas, and NGLs produced from operated and non-operated properties in Canada, France, Netherlands, Germany, Ireland, Central & Eastern Europe, and Australia. Vermilion's strategic pivot toward becoming a global gas producer was reinforced by the 2025 Westbrick acquisition adding Deep Basin assets and the divestment of US and Saskatchewan assets.

Differentiator

Problem solved

Functional benefit

Products and services

• Canadian Liquids-Rich Natural Gas Operations
• European Natural Gas Operations
• Australian Oil Production
• Deep Basin Assets
• Montney Asset
• Corrib Natural Gas Project

Quantifiable outcome

• Record annual production of 119,919 boe/d in 2025, with Q1 2026 reaching 125,618 boe/d (22% YoY increase)
• +6 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• BEB Erdgas und Erdöl GmbH & Co. KGcoreStrategic or Co-development Partner · 1 March 2026Vermilion signed agreement in March 2026 to acquire producing assets in Germany from BEB Erdgas und Erdöl GmbH & Co. KG. The assets currently produce approximately 1,000 boe/d with 85% natural gas composition. Transaction expected to close in H2 2026 as part of portfolio repositioning.
• Mobil Erdgas-Erdöl GmbHcoreStrategic or Co-development Partner · 1 March 2026Vermilion signed agreement in March 2026 to acquire producing assets in Germany from Mobil Erdgas-Erdöl GmbH as part of the same transaction as BEB. Both acquisitions expand Vermilion's German natural gas position.
• Gas Networks IrelandcoreStrategic or Co-development Partner · 26 February 2026Strategic collaboration agreement between Gas Networks Ireland and the Corrib Joint Venture (comprising Nephin Energy and Vermilion Energy) to explore green hydrogen production at the Bellanaboy Bridge Gas Terminal in County Mayo, Ireland. The pilot project will assess feasibility of producing green hydrogen through wind-powered electrolysis, leveraging Ireland's strong wind resources and existing gas infrastructure. If successful, Bellanaboy could evolve into a strategic clean-energy production site supporting Ireland's shift away from fossil fuels.
• Nephin EnergycoreStrategic or Co-development Partner · 25 February 2026Joint venture partner in the Corrib natural gas project in Ireland through the Corrib Joint Venture. Nephin Energy collaborates with Vermilion Energy on the green hydrogen pilot project at Bellanaboy Bridge Gas Terminal.
• Corrib Joint Venture PartnerscoreStrategic or Co-development Partner · 25 February 2026Vermilion holds 20% interest in the Corrib natural gas project in Ireland (increased from 18.5% in 2023). The Corrib Joint Venture includes Vermilion as operator and partner Nephin Energy, with Vermilion having taken over operatorship from Shell in 2018.
• Bhagwan MarineminorChannel Partner/ Reseller/ Distributor · 9 October 2025Bhagwan Marine announced a two-year contract extension worth A$25 million ($16.49 million) with Jadestone Energy and Vermilion Energy for marine services supporting Australian offshore operations.
• Westbrick Energy Ltd.coreStrategic or Co-development Partner · 1 February 2025Acquisition completed February 2025 adding approximately 50,000 boe/d of production and over 770,000 net acres in Alberta's Deep Basin. Funded through combination of shares, cash, and debt. Provides significant synergies with existing Deep Basin assets.

Scale indicators17 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• ARC Resources: Canadian natural gas-focused E&P with leading Montney position; Vermilion's chairman Myron Stadnyk was formerly ARC's CEO. Directly comparable in size, Montney exposure, and gas-weighted production mix.
• Tourmaline Oil: Canada's largest natural gas producer with concentrated Montney/Deep Basin exposure. Comparable in gas weighting, North American basin focus, and free cash flow-oriented capital allocation philosophy.
• Whitecap Resources: Canadian intermediate E&P with diversified light oil, liquids-rich gas, and condensate production in Western Canada. Vermilion's Chairman Myron Stadnyk currently serves on Whitecap's board. Similar mid-cap diversification strategy.
• Veren (formerly Crescent Point Energy): Western Canadian E&P focused on light oil and liquids-rich production in the Montney and Bakken. Comparable size and production mix; Vermilion board members have prior Veren board experience.
• Ovintiv: North American E&P with Permian, Montney, and Bakken exposure plus integrated marketing. Comparable diversified multi-basin producer with similar scale and shareholder-return orientation.
• Baytex Energy: Western Canadian heavy oil E&P with Clearwater and Eagle Ford exposure. Similar intermediate-E&P scale and North American production focus, though with heavier oil weighting.
• Headwater Exploration: Canadian E&P focused on Clearwater heavy oil and Marten Hills natural gas. Smaller-scale peer with similar free cash flow focus; Stephen Larke (Vermilion board) also serves on Headwater's board.
• Paramount Resources: Canadian diversified E&P with Montney liquids-rich gas, Duvernay, and oil sands exposure. Comparable Canadian mid-cap with similar multi-basin strategy and gas weighting.

Broad incumbents

• Canadian Natural Resources: Canada's largest independent E&P with diversified Western Canadian and international operations. Vermilion director Corey Bieber is a former CNRL CFO. Broader incumbent with overlapping basin exposures.
• Eni: Italian integrated supermajor with significant European natural gas exposure across the same geographic regions (North Africa, North Sea, continental Europe). Comparable European gas footprint and Brent-priced production.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/vermilion-energy

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles23 records

Subsidiaries8 records

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Vermilion Energy