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    Travis Wood

    Managing Director of Equity Research at National Bank Financial

    Travis Wood is a Managing Director of Equity Research at National Bank Financial, specializing in the Canadian energy sector with a primary focus on oil and gas companies such as Canadian Natural Resources, Suncor Energy, Cenovus Energy, and Imperial Oil. He is recognized for a strong performance record, maintaining a 71.75% success rate on 37 stock ratings, a 64% profitability on recommendations, and an average return per transaction of 26.40%, with specific calls exceeding 45% returns. Wood has been with National Bank Financial in senior research roles for several years and previously served as Director at Intelligent Controls, Inc. He holds relevant professional credentials, including securities licenses, reflecting his expertise and standing in equity research.

    Travis Wood's questions to VERMILION ENERGY (VET) leadership

    Travis Wood's questions to VERMILION ENERGY (VET) leadership • Q4 2024

    Question

    Travis Wood of National Bank Financial questioned if the risk profile for future German exploration has changed after recent successes and asked for Westbrick's production volume at closing. He also inquired about the reason for the acquisition's closing delay and the specific debt target that would prompt a shift in the capital return framework to favor shareholder returns more heavily.

    Answer

    VP Darcy Kerwin responded that while confidence is higher, each German prospect is still risked independently, though the program is now de-risked by a mix of exploration and development wells. VP Brandon McCue confirmed Westbrick volumes were as expected at ~50,000 boe/d and the minor closing delay was procedural. CFO Lars Glemser indicated that a leverage ratio around 1x net debt to FFO, similar to pre-acquisition levels, would be the likely trigger to reconsider the 40/60 capital return split.

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    Travis Wood's questions to VERMILION ENERGY (VET) leadership • Q4 2024

    Question

    Asked if the risk profile for future German exploration has changed, questioned the production volumes of Westbrick assets at closing, inquired about the reason for the closing delay, and sought clarity on the debt target that would trigger an increase in the capital return allocation.

    Answer

    Success in Germany has increased confidence, but each prospect is still risked independently; the overall program risk is lower as it now includes development wells. Westbrick volumes were around 50,000 BOE/day at closing, as expected. The closing delay was purely procedural due to holiday timing. An increase in the 40% capital return allocation would be considered once leverage returns to pre-acquisition levels of around 1x debt-to-FFO, with a reassessment planned for the second half of the year.

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    Travis Wood's questions to VERMILION ENERGY (VET) leadership • Q4 2024

    Question

    Travis Wood of National Bank Financial questioned if the risk profile for future German exploration has changed, inquired about Westbrick's production volumes at closing, and asked about the specific debt target needed for Vermilion to increase its shareholder return allocation above the current 40% of excess free cash flow.

    Answer

    VP Darcy Kerwin explained that while confidence is higher, prospects are still risked independently, with the main change being a new mix of development and exploration wells. VP Brandon McCue confirmed Westbrick volumes were as expected at ~50,000 boe/d. CFO Lars Glemser indicated that a return to the pre-acquisition leverage ratio of around 1.0x net debt to funds flow would be a likely benchmark for considering an increase in the shareholder return payout.

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    Travis Wood's questions to VERMILION ENERGY (VET) leadership • Q2 2024

    Question

    Asked about the reasons for the increased annual production guidance while capital guidance remained unchanged, and also inquired about the AECO gas curtailment, including its expected duration and the price needed to bring production back online.

    Answer

    Management attributed the production outperformance to the early start-up of the BC Montney battery and strong well performance, achieved within budget due to cost efficiencies. They explained the AECO gas curtailment is an economic decision expected to continue through the summer until prices sustainably recover to the $1.50 to $2.00/GJ range.

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