Vermilion
Vermilion
Vermilion

Investor Relations

  • Vermilion's value driven strategy ensures delivery of sustainable dividends
  • Vermilion has a history as a successful strategic acquirer
  • Vermilion is led by a bold, disciplined, and caring team you can trust

This is a non-GAAP presentation of the consolidated financial statements. For a copy of our fully audited financial statements, please refer to our public filings at www.sedar.com, emailing our IR department at investor_relations@vermilionenergy.com, or by viewing our Financial Reports.

Vermilion's reserves are evaluated by one of Canada's largest independent evaluation engineering firms, GLJ Petroleum Consultants Ltd. For a complete listing of Vermilion's reserves, please see our Annual Information Forms.

For the convenience of the reader, when discussing prior periods this page refers to common shares, shareholders and dividends although for the pre-conversion period, such items were trust units, unitholders and distributions, respectively.

Financial Summary ($mm CDN except per share amounts)2013
Petroleum and natural gas sales 1,273.8
Royalties 67.9
Expenses 624.7
Earnings before income taxes, other items and discontinued operations 581.2
Income taxes (recovery) 253.5
Other items -
Net earnings from continuing operations 327.6
Net earnings from continuing operations per share, basic ($) $3.24
Fund flows from operations 667.5
Fund flows from operations per share, basic ($) $6.61
Capital expenditures 542.7
Acquisitions, including acquired working capital deficiency 36.7
Dividends declared 242.6
Cash dividends per share ($) $2.40
Dividends declared as a percentage of fund flows from operations 36%
Payout as a percentage of fund flows from operations 109%
Net debt 749.7
Shareholders' equity 1,716.4
Shares outstanding 102,123
Weighted average shares outstanding, basic 100,969
Closing share price ($) $62.35
Dividend yield at beginning of the year (January 1) 4.6%
Total Return to December 31 24.6%
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Operating Netbacks, $/boe (Gas converted at 6:1)2013
Price $83.83
Realized hedging gain (loss) (0.47)
Royalites (4.47)
Transportation (1.90)
Operating (12.84)
PRRT (3.72)
Operating netback $60.43
General and administration (3.28)
Reorganization costs -
Interest (2.51)
Realized foreign exchange gain (loss) 0.12)
Current and capital taxes (10.65)
Proceeds on sale of investments -
Other income 0.07
After-tax cash flow netback $43.94
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Average Daily Production 2013
Oil and NGL's (bbls/d)
Canada 10,053
France 10,873
Netherlands 64
Australia 6,481
Total 27,471
Natural Gas (mmcf/d)
Canada 42.4
France 3.4
Netherlands 35.4
Australia -
Total 81.2
Oil equivalent production (boe/d) (natural gas converted at 6:1)
Canada 17,117
France 11,440
Netherlands 5,967
Australia 6,481
Total 41,005
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Reserves2013
Proved plus probable oil equivalent (mmboe) Gas at 6:1
Canada 86.1
France 55.2
Netherlands 13.7
Australia 19.5
Ireland 24.1
Total 198.6
Reserve life index - (proved plus probable, based on Q4 production) 13.3
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Financial Summary ($mm CDN except per share amounts)2012
Petroleum and natural gas sales 1,083.1
Royalties (52.1)
Expenses (677.8)
Earnings before income taxes, other items and discontinued operations 353.2
Income taxes (recovery) 162.6
Other items -
Net earnings from continuing operations 190.6
Comprehensive Income 191.6
Net earnings from continuing operations per share, basic ($) $1.94
Fund flows from operations 557.7
Fund flows from operations per share, basic ($) $5.69
Capital expenditures 452.5
Acquisitions, including acquired working capital deficiency 315.4
Dividends declared 223.7
Cash dividends per share ($) $2.28
Dividends declared as a percentage of fund flows from operations 40%
Total net dividends, capital expenditures and asset retirement obligations settled as a percentage of fund flows from operations 111%
Net debt 677.2
Shareholders' equity 1,418.6
Shares outstanding 99,135
Weighted average shares outstanding, basic 98,016
Closing share price ($) $51.97
Yield at beginning of the year (January 1) 5.0%
Total Return to December 31 19.6%
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Operating Netbacks, $/boe (Gas converted at 6:1)2012
Price $79.51
Realized hedging gain (loss) (0.93)
Royalites (3.82)
Transportation (1.77)
Operating (13.10)
PRRT (4.41)
Operating netback $55.48
General and administration (3.21)
Reorganization costs -
Interest (2.03)
Realized foreign exchange gain (loss) 0.21
Current and capital taxes (8.94)
Proceeds on sale of investments -
Other income (0.55)
After-tax cash flow netback $40.96
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Average Daily Production 2012
Oil and NGL's (bbls/d)
Canada 8,891
France 9,952
Netherlands 67
Australia 6,360
Total 25,270
Natural Gas (mmcf/d)
Canada 37.5
France 3.6
Netherlands 34.1
Australia -
Total 75.2
Oil equivalent production (boe/d) (natural gas converted at 6:1)
Canada 15,142
France 10,550
Netherlands 5,751
Australia 6,360
Total 37,803
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Reserves2012
Proved plus probable oil equivalent (mmboe) Gas at 6:1
Canada 67.8
France 47.0
Netherlands 11.8
Australia 17.1
Ireland 21.2
Total 164.9
Reserve life index - (proved plus probable, based on Q4 production) 12.5
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Financial Summary ($mm CDN except per share amounts)2011*
Petroleum and natural gas sales 1,031.6
Royalties (54.2)
Expenses (661.6)
Earnings before income taxes, other items and discontinued operations 315.7
Income taxes (recovery) 172.9
Other items -
Net earnings from continuing operations 142.8
Comprehensive Income 141.0
Net earnings from continuing operations per share, basic ($) $1.57
Fund flows from operations 474.3
Fund flows from operations per share, basic ($) $5.22
Capital expenditures 490.8
Acquisitions, including acquired working capital deficiency 50.9
Dividends declared 207.8
Cash dividends per share ($) $2.28
Dividends declared as a percentage of fund flows from operations 44%
Total net dividends, capital expenditures and asset retirement obligations settled as a percentage of fund flows from operations 140%
Net debt 429.0
Shareholders' equity 1,331.6
Shares outstanding 96,430
Weighted average shares outstanding, basic 90,878
Closing share price ($) $45.37
Yield at beginning of the year (January 1) 4.9%
Total Return to December 31 3.1%
* 2010, 2011 - Restated Under IFRS Back to Top
Operating Netbacks, $/boe (Gas converted at 6:1)2011*
Price $80.29
Realized hedging gain (loss) (2.20)
Royalites (4.22)
Transportation (1.99)
Operating (12.64)
PRRT (7.71)
Operating netback $51.53
General and administration (3.47)
Reorganization costs -
Interest (1.94)
Realized foreign exchange gain (loss) 0.08
Current and capital taxes (9.34)
Proceeds on sale of investments -
Other income 0.07
After-tax cash flow netback $36.93
* 2010, 2011 - Restated Under IFRS Back to Top
Average Daily Production 2011
Oil and NGL's (bbls/d)
Canada 5,998
France 8,110
Netherlands 58
Australia 8,168
Total 22,334
Natural Gas (mmcf/d)
Canada 43.4
France 1.0
Netherlands 32.9
Australia -
Total 77.2
Oil equivalent production (boe/d) (natural gas converted at 6:1)
Canada 13,227
France 8,269
Netherlands 5,538
Australia 8,168
Total 35,202
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Reserves2011
Proved plus probable oil equivalent (mmboe) Gas at 6:1
Canada 64.2
France 36.0
Netherlands 11.0
Australia 17.5
Ireland 17.5
Total 146.2
Reserve life index - (proved plus probable, based on Q4 production) 10.9
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Financial Summary ($mm CDN except per share amounts)2010*
Petroleum and natural gas sales 727.8
Royalties (44.0)
Expenses (527.8)
Earnings before income taxes, other items and discontinued operations 156.0
Income taxes (recovery) 80.5
Other items 31.1
Net earnings from continuing operations 44.4
Comprehensive Income 12.8
Net earnings from continuing operations per share, basic ($) 1 $0.53
Fund flows from operations 357.5
Fund flows from operations per share, basic ($) 1 $4.05
Capital expenditures 432.2
Acquisitions, including acquired working capital deficiency 0.4
Dividends declared 189.7
Cash dividends per share ($) $2.28
Dividends declared as a percentage of fund flows from operations 53%
Total net dividends, capital expenditures and asset retirement obligations settled as a percentage of fund flows from operations 164%
Net debt 303.3
Shareholders' equity 1,045.9
Shares outstanding 88,998
Weighted average shares outstanding, basic 1 88,213
Closing share price ($) $46.22
Yield at beginning of the year (January 1) 7.0%
Total Return to December 31 49.6%
1 Prior to conversion, outstanding units included trust units issuable for outstanding exchangeable shares based on year-end exchange ratio
* 2010, 2011 - Restated Under IFRS Back to Top
Operating Netbacks, $/boe (Gas converted at 6:1)2010*
Price $62.06
Realized hedging gain (loss) 0.61
Royalites (3.75)
Transportation (2.28)
Operating (12.33)
PRRT (3.37)
Operating netback $40.94
General and administration (3.65)
Reorganization costs -
Interest (1.14)
Realized foreign exchange gain (loss) 0.48
Current and capital taxes (6.20)
Proceeds on sale of investments -
Other income 0.05
After-tax cash flow netback $30.48
* 2010, 2011 - Restated Under IFRS Back to Top
Average Daily Production 2010
Oil and NGL's (bbls/d)
Canada 4,205
France 8,347
Netherlands 35
Australia 7,354
Total 19,941
Natural Gas (mmcf/d)
Canada 43.9
France 0.9
Netherlands 28.3
Australia -
Total 73.1
Oil equivalent production (boe/d) (natural gas converted at 6:1)
Canada 11,524
France 8,501
Netherlands 4,753
Australia 7,354
Total 32,132
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Reserves2010
Proved plus probable oil equivalent (mmboe) Gas at 6:1
Canada 53.3
France 39.7
Netherlands 12.1
Australia 19.7
Ireland 17.5
Total 142.3
Reserve life index - (proved plus probable, based on Q4 production) 11.0
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Financial Summary ($mm CDN except per share amounts)2009
Petroleum and natural gas sales 639.8
Royalties (97.6)
Expenses (417.5)
Earnings before income taxes, other items and discontinued operations 124.6
Income taxes (recovery) (1.5)
Other items 59.3
Net earnings from continuing operations 185.5
Comprehensive Income -
Net earnings from continuing operations per share, basic ($) 1 $2.56
Fund flows from operations 317.2
Fund flows from operations per share, basic ($) 1 $3.98
Capital expenditures 194.7
Acquisitions, including acquired working capital deficiency 217.0
Dividends declared 166.4
Cash dividends per share ($) $2.28
Dividends declared as a percentage of fund flows from operations 52%
Total net dividends, capital expenditures and asset retirement obligations settled as a percentage of fund flows from operations 117%
Net debt 120.4
Shareholders' equity 1,039.3
Shares outstanding 86,742
Weighted average shares outstanding, basic 1 79,685
Closing share price ($) $32.42
Yield at beginning of the year (January 1) 9.1%
Total Return to December 31 37.8%
1 Prior to conversion, outstanding units included trust units issuable for outstanding exchangeable shares based on year-end exchange ratio
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Operating Netbacks, $/boe (Gas converted at 6:1)2009
Price $55.83
Realized hedging gain (loss) 0.47
Royalites (8.52)
Transportation (1.65)
Operating (12.18)
PRRT -
Operating netback $33.95
General and administration (2.72)
Reorganization costs -
Interest (1.16)
Realized foreign exchange gain (loss) (0.04)
Current and capital taxes (2.57)
Proceeds on sale of investments 0.23
Other income -
After-tax cash flow netback $27.69
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Average Daily Production 2009
Oil and NGL's (bbls/d)
Canada 3,654
France 8,246
Netherlands 23
Australia 7,812
Total 19,735
Natural Gas (mmcf/d)
Canada 47.9
France 1.0
Netherlands 21.1
Australia -
Total 70.0
Oil equivalent production (boe/d) (natural gas converted at 6:1)
Canada 11,629
France 8,421
Netherlands 3,533
Australia 7,812
Total 31,395
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Reserves2009
Proved plus probable oil equivalent (mmboe) Gas at 6:1
Canada 44.2
France 43.4
Netherlands 13.2
Australia 19.8
Ireland 17.5
Total 138.0
Reserve life index - (proved plus probable, based on Q4 production) 12.6
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Financial Summary ($mm CDN except per share amounts)2008
Petroleum and natural gas sales 1,001.9
Royalties (130.8)
Expenses (532.0)
Earnings before income taxes, other items and discontinued operations 339.1
Income taxes (recovery) 87.8
Other items 22.1
Net earnings from continuing operations 229.2
Comprehensive Income -
Net earnings from continuing operations per share, basic ($) 1 $3.30
Fund flows from operations 574.0
Fund flows from operations per share, basic ($) 1 $7.49
Capital expenditures 186.8
Acquisitions, including acquired working capital deficiency 48.2
Dividends declared 158.7
Cash dividends per share ($) $2.28
Dividends declared as a percentage of fund flows from operations 28%
Total net dividends, capital expenditures and asset retirement obligations settled as a percentage of fund flows from operations 61%
Net debt 207.8
Shareholders' equity 755.0
Shares outstanding 77,003
Weighted average shares outstanding, basic 1 76,656
Closing share price ($) $25.19
Yield at beginning of the year (January 1) 6.7%
Total Return to December 31 -19.8%
1 Prior to conversion, outstanding units included trust units issuable for outstanding exchangeable shares based on year-end exchange ratio
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Operating Netbacks, $/boe (Gas converted at 6:1)2008
Price $83.61
Realized hedging gain (loss) (0.89)
Royalites (10.92)
Transportation (1.96)
Operating (11.98)
PRRT -
Operating netback $57.86
General and administration (2.07)
Reorganization costs -
Interest (1.36)
Realized foreign exchange gain (loss) 0.46
Current and capital taxes (6.99)
Proceeds on sale of investments 0.01
Other income -
After-tax cash flow netback $47.91
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Average Daily Production 2008
Oil and NGL's (bbls/d)
Canada 4,172
France 8,514
Netherlands 24
Australia 6,773
Total 19,483
Natural Gas (mmcf/d)
Canada 51.2
France 1.2
Netherlands 27.2
Australia -
Total 79.6
Oil equivalent production (boe/d) (natural gas converted at 6:1)
Canada 12,696
France 8,710
Netherlands 4,562
Australia 6,773
Total 32,741
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Reserves2008
Proved plus probable oil equivalent (mmboe) Gas at 6:1
Canada 44.7
France 46.0
Netherlands 10.9
Australia 22.6
Ireland -
Total 124.1
Reserve life index - (proved plus probable, based on Q4 production) 10.6
Back to Top
Financial Summary ($mm CDN except per share amounts) 12007
Petroleum and natural gas sales 707.3
Royalties (97.5)
Expenses (403.3)
Earnings before income taxes, other items and discontinued operations 206.6
Income taxes (recovery) 24.7
Other items 17.6
Net earnings from continuing operations 164.3
Comprehensive Income -
Net earnings from continuing operations per share, basic ($) 2 $2.48
Fund flows from operations 385.9
Fund flows from operations per share, basic ($) 2 $5.28
Capital expenditures 175.6
Acquisitions, including acquired working capital deficiency 129.6
Dividends declared 136.4
Cash dividends per share ($) $2.06
Dividends declared as a percentage of fund flows from operations 35%
Total net dividends, capital expenditures and asset retirement obligations settled as a percentage of fund flows from operations 73%
Net debt 416.9
Shareholders' equity 627.4
Shares outstanding 74,271
Weighted average shares outstanding, basic 2 73,058
Closing share price ($) $34.23
Yield at beginning of the year (January 1) 5.9%
Total Return to December 31 3.7%
1 Results do not include consolidation of Aventura Energy Inc. (2003-2004) or Verenex Energy Inc. (2005)
2 Prior to conversion, outstanding units included trust units issuable for outstanding exchangeable shares based on year-end exchange ratio
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Operating Netbacks, $/boe (Gas converted at 6:1)2007
Price $61.86
Realized hedging gain (loss) (0.25)
Royalites (8.53)
Transportation (2.01)
Operating (10.45)
PRRT -
Operating netback $40.62
General and administration (1.64)
Reorganization costs -
Interest (1.95)
Realized foreign exchange gain (loss) (0.41)
Current and capital taxes (2.98)
Proceeds on sale of investments 0.11
Other income -
After-tax cash flow netback $33.75
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Average Daily Production 2007
Oil and NGL's (bbls/d)
Canada 4,081
France 8,621
Netherlands 40
Australia 6,065
Total 18,807
Natural Gas (mmcf/d)
Canada 47.7
France 1.1
Netherlands 26.2
Australia -
Total 75.1
Oil equivalent production (boe/d) (natural gas converted at 6:1)
Canada 12,038
France 8,809
Netherlands 4,413
Australia 6,065
Total 31,325
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Reserves2007
Proved plus probable oil equivalent (mmboe) Gas at 6:1
Canada 42.4
France 49.7
Netherlands 12.4
Australia 23.1
Ireland -
Total 127.6
Reserve life index - (proved plus probable, based on Q4 production) 10.6
Back to Top
Financial Summary ($mm CDN except per share amounts) 12006
Petroleum and natural gas sales 618.1
Royalties (92.2)
Expenses (337.6)
Earnings before income taxes, other items and discontinued operations 188.3
Income taxes (recovery) 26.5
Other items 14.9
Net earnings from continuing operations 146.9
Comprehensive Income -
Net earnings from continuing operations per share, basic ($) 2 $2.30
Fund flows from operations 342.5
Fund flows from operations per share, basic ($) 2 $4.86
Capital expenditures 136.9
Acquisitions, including acquired working capital deficiency 195.9
Dividends declared 130.6
Cash dividends per share ($) $2.04
Dividends declared as a percentage of fund flows from operations 38%
Total net dividends, capital expenditures and asset retirement obligations settled as a percentage of fund flows from operations 77%
Net debt 354.8
Shareholders' equity 536.6
Shares outstanding 71,251
Weighted average shares outstanding, basic 2 70,520
Closing share price ($) $35.00
Yield at beginning of the year (January 1) 6.9%
Total Return to December 31 24.5%
1 Results do not include consolidation of Aventura Energy Inc. (2003-2004) or Verenex Energy Inc. (2005)
2 Prior to conversion, outstanding units included trust units issuable for outstanding exchangeable shares based on year-end exchange ratio
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Operating Netbacks, $/boe (Gas converted at 6:1)2006
Price $61.80
Realized hedging gain (loss) (0.02)
Royalites (9.22)
Transportation (1.05)
Operating (9.65)
PRRT -
Operating netback $41.86
General and administration (1.58)
Reorganization costs -
Interest (1.68)
Realized foreign exchange gain (loss) (0.06)
Current and capital taxes (4.29)
Proceeds on sale of investments -
Other income -
After-tax cash flow netback $34.25
Back to Top
Average Daily Production 2006
Oil and NGL's (bbls/d)
Canada 4,011
France 7,576
Netherlands 31
Australia 3,815
Total 15,433
Natural Gas (mmcf/d)
Canada 41.0
France 1.4
Netherlands 29.5
Australia -
Total 71.8
Oil equivalent production (boe/d) (natural gas converted at 6:1)
Canada 10,843
France 7,800
Netherlands 4,943
Australia 3,815
Total 27,401
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Reserves2006
Proved plus probable oil equivalent (mmboe) Gas at 6:1
Canada 45.3
France 50.0
Netherlands 12.9
Australia 15.1
Ireland -
Total 123.3
Reserve life index - (proved plus probable, based on Q4 production) 11.5
Back to Top
Financial Summary ($mm CDN except per share amounts) 12005
Petroleum and natural gas sales 529.9
Royalties (88.0)
Expenses (245.7)
Earnings before income taxes, other items and discontinued operations 196.2
Income taxes (recovery) 24.8
Other items 13.0
Net earnings from continuing operations 158.5
Comprehensive Income -
Net earnings from continuing operations per share, basic ($) 2 $2.57
Fund flows from operations 277.2
Fund flows from operations per share, basic ($) 2 $4.07
Capital expenditures 102.6
Acquisitions, including acquired working capital deficiency 186.6
Dividends declared 126.2
Cash dividends per share ($) $2.04
Dividends declared as a percentage of fund flows from operations 46%
Total net dividends, capital expenditures and asset retirement obligations settled as a percentage of fund flows from operations 86%
Net debt 244.9
Shareholders' equity 458.2
Shares outstanding 68,875
Weighted average shares outstanding, basic 2 68,123
Closing share price ($) $29.74
Yield at beginning of the year (January 1) 10.1%
Total Return to December 31 58.0%
1 Results do not include consolidation of Aventura Energy Inc. (2003-2004) or Verenex Energy Inc. (2005)
2 Prior to conversion, outstanding units included trust units issuable for outstanding exchangeable shares based on year-end exchange ratio
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Operating Netbacks, $/boe (Gas converted at 6:1)2005
Price $57.94
Realized hedging gain (loss) (4.46)
Royalites (9.54)
Transportation (0.99)
Operating (7.89)
PRRT -
Operating netback $35.06
General and administration (1.43)
Reorganization costs -
Interest (0.69)
Realized foreign exchange gain (loss) (0.08)
Current and capital taxes (2.71)
Proceeds on sale of investments -
Other income -
After-tax cash flow netback $30.15
Back to Top
Average Daily Production 2005
Oil and NGL's (bbls/d)
Canada 4,870
France 5,478
Netherlands 28
Australia 3,391
Total 13,767
Natural Gas (mmcf/d)
Canada 38.4
France 1.3
Netherlands 28.7
Australia -
Total 68.4
Oil equivalent production (boe/d) (natural gas converted at 6:1)
Canada 11,268
France 5,695
Netherlands 4,812
Australia 3,391
Total 25,166
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Reserves2005
Proved plus probable oil equivalent (mmboe) Gas at 6:1
Canada 45.1
France 35.4
Netherlands 14.1
Australia 16.2
Ireland -
Total 110.8
Reserve life index - (proved plus probable, based on Q4 production) 11.4
Back to Top
Financial Summary ($mm CDN except per share amounts) 12004
Petroleum and natural gas sales 354.5
Royalties (63.6)
Expenses (243.9)
Earnings before income taxes, other items and discontinued operations 47.1
Income taxes (recovery) (3.9)
Other items 3.6
Net earnings from continuing operations 47.4
Comprehensive Income -
Net earnings from continuing operations per share, basic ($) 2 $0.79
Fund flows from operations 169.8
Fund flows from operations per share, basic ($) 2 $2.57
Capital expenditures 50.7
Acquisitions, including acquired working capital deficiency 94.0
Dividends declared 122.6
Cash dividends per share ($) $2.04
Dividends declared as a percentage of fund flows from operations 72%
Total net dividends, capital expenditures and asset retirement obligations settled as a percentage of fund flows from operations 117%
Net debt 88.0
Shareholders' equity 389.6
Shares outstanding 66,629
Weighted average shares outstanding, basic 2 66,087
Closing share price ($) $20.12
Yield at beginning of the year (January 1) 13.3%
Total Return to December 31 44.5%
1 Results do not include consolidation of Aventura Energy Inc. (2003-2004) or Verenex Energy Inc. (2005)
2 Prior to conversion, outstanding units included trust units issuable for outstanding exchangeable shares based on year-end exchange ratio
Back to Top
Operating Netbacks, $/boe (Gas converted at 6:1)2004
Price $43.21
Realized hedging gain (loss) (3.73)
Royalites (7.54)
Transportation (1.17)
Operating (6.63)
PRRT -
Operating netback $24.14
General and administration (1.59)
Reorganization costs -
Interest (0.37)
Realized foreign exchange gain (loss) 0.04
Current and capital taxes (2.03)
Proceeds on sale of investments -
Other income -
After-tax cash flow netback $20.19
Back to Top
Average Daily Production 2004
Oil and NGL's (bbls/d)
Canada 5,723
France 5,763
Netherlands 13
Australia -
Total 11,499
Natural Gas (mmcf/d)
Canada 46.4
France 1.5
Netherlands 21.0
Australia -
Total 68.9
Oil equivalent production (boe/d) (natural gas converted at 6:1)
Canada 13,453
France 6,018
Netherlands 3,519
Australia -
Total 22,990
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Reserves2004
Proved plus probable oil equivalent (mmboe) Gas at 6:1
Canada 42.0
France 35.7
Netherlands 15.3
Australia 0.0
Ireland -
Total 93.0
Reserve life index - (proved plus probable, based on Q4 production) 10.6
Back to Top
Financial Summary ($mm CDN except per share amounts) 12003
Petroleum and natural gas sales 314.1
Royalties (74.7)
Expenses (211.3)
Earnings before income taxes, other items and discontinued operations 28.2
Income taxes (recovery) (18.9)
Other items 4.3
Net earnings from continuing operations 42.7
Comprehensive Income -
Net earnings from continuing operations per share, basic ($) 2 $0.80
Fund flows from operations 144.8
Fund flows from operations per share, basic ($) 2 $2.47
Capital expenditures 66.9
Acquisitions, including acquired working capital deficiency 5.8
Dividends declared 98.9
Cash dividends per share ($) $1.87
Dividends declared as a percentage of fund flows from operations 68%
Total net dividends, capital expenditures and asset retirement obligations settled as a percentage of fund flows from operations 114%
Net debt 141.2
Shareholders' equity 361.3
Shares outstanding 64,694
Weighted average shares outstanding, basic 2 58,600
Closing share price ($) $15.34
Yield at beginning of the year (January 1) 17.4%
Total Return to December 31 46.5%
1 Results do not include consolidation of Aventura Energy Inc. (2003-2004) or Verenex Energy Inc. (2005)
2 Prior to conversion, outstanding units included trust units issuable for outstanding exchangeable shares based on year-end exchange ratio
Back to Top
Operating Netbacks, $/boe (Gas converted at 6:1)2003
Price $39.90
Realized hedging gain (loss) (2.38)
Royalites (8.92)
Transportation (1.24)
Operating (6.11)
PRRT -
Operating netback $21.25
General and administration (1.24)
Reorganization costs (1.05)
Interest (1.05)
Realized foreign exchange gain (loss) (0.03)
Current and capital taxes (0.59)
Proceeds on sale of investments -
Other income -
After-tax cash flow netback $17.29
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Average Daily Production 2003
Oil and NGL's (bbls/d)
Canada 6,678
France 6,018
Netherlands -
Australia -
Total 12,696
Natural Gas (mmcf/d)
Canada 60.0
France 1.5
Netherlands 0.0
Australia -
Total 61.5
Oil equivalent production (boe/d) (natural gas converted at 6:1)
Canada 16,671
France 6,271
Netherlands -
Australia -
Total 22,942
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Reserves2003
Proved plus probable oil equivalent (mmboe) Gas at 6:1
Canada 46.2
France 38.3
Netherlands 0.0
Australia 0.0
Ireland -
Total 84.6
Reserve life index - (proved plus probable, based on Q4 production) 11.3
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