Vermilion Energy's profit rises on higher production

Fri May 4, 2012 7:52am EDT
 
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(Reuters) - Vermilion Energy Inc's VET.TO quarterly profit rose as it produced more oil and gas and benefited from higher oil prices.

The company produced 39,265 barrels of oil equivalent per day (boe/d), up 15 percent, due to higher production from its Cardium light oil project and the closing of asset acquisitions in France.

Vermilion also increased its capital budget for the year to C$450 million from $373 million.

Fund flow from operations for the first quarter rose to C$151.1 million ($153.14 million), from C$101.8 million a year ago.

Vermilion earned C$65.1 million, or 67 Canadian cents per share, compared with C$27.2 million, or 30 Canadian cents per share, a year earlier.

First quarter petroleum and natural gas revenue rose 37 percent to C$310.5 million.

Analysts on average were expecting earnings of 87 Canadian cents per share on revenue of C$252.7 million, according to Thomson Reuters I/B/E/S.

In the January-March quarter, U.S. crude oil prices rose 9 percent from last year to average $103 per barrel.

Shares of the Calgary, Alberta-based company closed at C$46.98 on Thursday on the Toronto Stock Exchange.   Continued...