Read our Sustainability Report
Vermilion Energy’s tenth annual sustainability report focuses on how we deliver the strategy and performance that shapes our purpose: to responsibly produce essential energy while delivering long-term value for our stakeholders.
Our 2023 Highlights
We provided over $2 million in community investment donations to non-profit and charitable organizations around the world.
We also committed $1.2 million over the next seven years to Inn from the Cold, the largest organization in the Calgary region that is dedicated solely to families experiencing a housing crisis. We believe as they do: that a community is possible where no child or family is homeless
We reduced our Scope 1 emission intensity to 0.017 tCO2e/operated boe, reflecting a 10% reduction over our baseline year of 2019 and on track to achieve our 2025 target of 15-20%.
In 2022, Vermilion produced approximately 31 million boe of oil and natural gas, thereby investing:
- Close to $194 million in wages and benefits to our employees
- More than $755 million in taxes and royalties
- Close to $62 million in protecting our environment
- Almost $1.1 billion in 6,477 entities in our supply chain
- More than $117 million in shareholder dividends and share repurchases
- 2022 CDP Climate Change: A-; 2022 CDP Water Security: B; 2022 CDP Supplier Engagement Rating: A
- 2023 MSCI ESG Ratings assessment: AAA1
- June 2023 ISS Quality Score (1 - Environmental, 2 - Social)
- 2022 Great Place to Work Survey: Best Workplaces designation in Canada, Germany, United States and Australia
- 2022 Globe and Mail Board Games: 1st in our peer group
Our front cover photo features Sruwaddacon Bay, County Mayo in Ireland. A 4.6-kilometre section of the Corrib gas pipeline is installed in a tunnel under the Bay, which is a large tidal inlet and comprises part of a Special Protection Area for birds and an internationally important wetland (Ramsar) site. The area was monitored intensely for water birds before, during and for several years after the construction of the pipeline as part of the Corrib Biodiversity Action Plan. Related data on the habitats and species can be found here.
We closed two major acquisitions:
- 2022: Leucrotta Exploration Inc., providing us with 77,000 net acres of Montney mineral rights with an expected 20+ years of low-risk, high-deliverability drilling inventory
- 2023: Equinor Energy Ireland Limited, which has increased our operated interest in Corrib to 56.5%
We closed one divestment:
- 2023: Approximately 5,500 boe/d of non-core light oil production in southeast Saskatchewan
The Global Goals
Launched in 2015, the Global Goals for Sustainable Development (SDGs) are a universal call to action to end poverty, protect the planet and ensure that all people enjoy peace and prosperity.
Vermilion is already making a strong contribution to many of the SDGs through our business strategy that focuses on the importance of our people, the environment and our communities in our pursuit of long-term, sustainable and inclusive growth.
Click on each SDG below to see how we align our work with the goal, and how we are measuring our impact. You can also see how we’re embedding the goals within our sustainability strategy by visiting the dashboard page of each of our main sections, and by looking for the SDG icons throughout our report.
