Unidentified Shareholder's questions to Vermilion Energy Inc (VET) leadership • Q1 2024
Question
An unidentified shareholder asked for the history of the European windfall tax, its current status, and the conditions under which it might be reinstated.
Answer
President and CEO Anthony Hatcher explained the tax was a response to exceptionally high European gas prices. With prices having since normalized, the EU has allowed the policy to expire. Hatcher stated that a return of the tax would likely only occur if prices became extraordinarily high again, a scenario he termed 'right way risk.' He noted that even with the tax, the company generated very strong cash flows.