Vermilion is a global independent exploration and production company with leading positions in high netback businesses in Europe, North America and Australia. We seek to create long-term value for our shareholders by delivering annual organic production growth, a reliable and increasing dividend and generating strong returns from accretive acquisitions.
Vermilion targets production growth 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. We also hold an 18.5% working interest in the Corrib gas project in Ireland. Our monthly dividend is Canadian $0.215 per share.
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, and Netherlands. 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) and are committed to consistently delivering superior rewards for all stakeholders. We trade on the Toronto Stock Exchange and the New York Stock Exchange under the symbol VET.
Vermilion's strategic model aims to deliver annual organic production growth as well as reliable and increasing dividends to our investors. We seek to deliver this growth-and-income model from within internally-generated cash flow. Vermilion sets its targets for organic production per-share growth at rates that are appropriate to our asset base. Dividend sustainability is a key priority and Vermilion has increased its dividend three times since instituting it in 2003 and has never decreased it. This self-funded, growth-and-income strategic model is underpinned by our operating, geographic and organizational models.
The operating model provides a framework to ensure that our asset composition is aligned with our self-funded growth-and-income strategic model. Vermilion's largely conventional and semi-conventional asset base delivers the high margins, low base decline rates and strong capital efficiencies required to successfully execute our strategic model. We continue to target these characteristics as we further develop the diversified project inventory that supports our targeted organic growth rates for the long-term. We expect to further augment this organic growth in project inventory and production through acquisitions. Prospective acquisitions are subject to disciplined tests focused on ensuring accretion for existing shareholders and consistency with our self-funded growth-and-income strategy and the operating model.
Our geographic model is largely unique to Vermilion and is characterized by our geographically diversified asset base. Since our first international acquisition in 1997, Vermilion has demonstrated the ability to successfully enter new jurisdictions and add assets to our portfolio that are aligned with our operating model. In addition, Vermilion's geographic diversification increases the flexibility to tailor the allocation of capital to different products and projects depending on the prevailing economic environment. Vermilion's geographic model requires that existing and potential regions feature stable political, fiscal and regulatory regimes.
A relatively-decentralized business unit organizational model effectively manages Vermilion's geographic diversity. Despite this element of decentralization, we maintain a consistent technical focus and emphasize the importance of our shared culture. Business units compete for capital by developing and proposing a slate of potential capital projects. Capital investment selection is then managed as a portfolio at the corporate level. Once the Company has finalized its capital plan for a given period, the business units are responsible for achieving the related production, capital and operating expense targets. Capital allocation and production source can be modified intra-year if required, based on business unit delivery.
Vermilion's self-funded growth-and-income model is fully aligned with, and supports, our three key financial priorities, presented in order of importance:
We believe that our focus on health, safety and the environment, our strategic model and our key financial priorities, will allow Vermilion to continue to create value for our stakeholders.