Vermilion is an international energy producer that seeks to create value through the acquisition, exploration, development and optimization of producing properties in North America, Europe and Australia. Our business model targets annual organic production growth, along with providing reliable and increasing dividends to investors. Vermilion is targeting growth in production primarily through the exploitation of light oil and liquids-rich natural gas conventional resource plays in Canada and the United States, the exploration and development of high impact natural gas opportunities in the Netherlands and Germany, and through oil drilling and workover programs in France and Australia. Vermilion holds an 18.5% working interest in the Corrib gas field in Ireland. Vermilion is targeting production of between 86,000 – 90,000 boe/d in 2018.
Vermilion's priorities are health and safety, the environment, and profitability, in that order. Nothing is more important to us than the safety of the public and those who work with us, and the protection of our natural surroundings. We have been recognized as a top decile performer amongst Canadian publicly listed companies in governance practices, as a Climate "A" List performer by the CDP, and a Best Workplace in the Great Place to Work® Institute's annual rankings in Canada, France, the Netherlands and Germany. In addition, Vermilion emphasizes strategic community investment in each of our operating areas.
Directors and employees of Vermilion hold approximately 6.5% of the outstanding shares (fully diluted), are committed to consistently delivering superior rewards for all stakeholders, and have delivered over 20 years of market outperformance. Vermilion trades on the Toronto Stock Exchange and the New York Stock Exchange under the symbol VET. Our global headquarters are located in Calgary, Alberta, Canada.
We pay a monthly dividend of $0.23 per share. Since initiating our dividend in 2003, we have increased it four times and have never reduced it. We are focused on providing our shareholders with steady per-share organic production growth at rates that are appropriate to our asset base while at the same time delivering a reliable and growing dividend. Combined, we expect these attributes will provide our shareholders with an investment that delivers strong returns over the long term.
Our name originates from Alberta’s Vermilion Lakes, known for their reddish ochre waters. The strong colour of Vermilion, which is made up of red, orange and yellow, represents our focus to be a vibrant energy company that delivers above average shareholder returns through distinctive assets and strategic depth.