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    Chris Warley • Hewes Fund Management

    Chris Warley's questions to Vermilion Energy Inc (VET) leadership

    Chris Warley's questions to Vermilion Energy Inc (VET) leadership • Q2 2025

    Question

    Chris Warley of Hewes Fund Management asked for clarification on the deferral of capital expenditures from Q2, questioning which parts of the development plan were deferred and how those funds would be reallocated in Q3 and Q4.

    Answer

    Lars Glemser, VP & CFO, explained that the lower Q2 CapEx was due to both seasonal spring breakup in Canada and a deliberate pullback in spending on the non-core assets that were being sold to prioritize debt reduction. He confirmed the company is trending towards the low end of its $630-$660 million annual guidance. Dion Hatcher, President & CEO, summarized that the company now has higher production, significantly improved capital efficiency, and a lower cost structure, positioning it for strong sustainable free cash flow.

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    Chris Warley's questions to Vermilion Energy Inc (VET) leadership • Q2 2025

    Question

    Chris Warley from Hewes Fund Management asked for clarification on the Q2 CapEx deferrals, questioning which parts of the development plan were deferred and how those funds would be reallocated and spent in Q3 and Q4.

    Answer

    VP & CFO Lars Glemser clarified that the lower Q2 spend was due to Canadian spring breakup seasonality and a deliberate reduction in investment on assets slated for sale to prioritize debt reduction. He confirmed the full-year capital guidance of $630-$660 million is on track, trending towards the lower end, which reflects improved capital efficiency and a lower cost structure post-acquisition.

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