Vermilion Energy (VET) has raised its quarterly dividend by 25% and announced that it will resume share buybacks in the year ahead.
The Calgary, Alberta-based oil and natural gas producer will now pay a quarterly dividend of 10 cents per share, up from eight cents per share previously.
Vermilion Energy also outlined plans for a $570 million capital budget in 2023 that includes $340 million in North America and $230 million to be spent on its international assets, an increase of 7% compared with 2022.
The company also provided production guidance for the year of 87,000 to 91,000 barrels of oil equivalent per day. That forecast represents a year-over-year increase of about 3%.
Like other oil and natural gas companies, Vermilion Energy has benefitted over the last year from increased demand and elevated prices coming out of the COVID-19 pandemic.
Vermilion Energy’s stock has risen 14% over the past year to trade at $20.29 per share.
