Vermilion Energy earnings sharply higher in second quarter
August 1, 2013 (Source: BrandonSun) — Vermilion Energy Inc. (TSX:VET) saw sharply higher earnings in the second quarter of $106.2 million, or $1.05 per share.
That compares with $37.8 million, or 39 cents a share in the same period of 2012.
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The Calgary-based oil and gas company says net earnings rose due to production growth coupled with unrealized foreign exchange gains.
The unrealized foreign exchange gain of $25.5 million primarily resulted from the impact of the appreciation of the Euro against the Canadian dollar.
Vermilion says it recorded its strongest operating quarter in its history and its capital program achieved better than anticipated results.
As it did after the first quarter, the company is again increasing its 2013 guidance to as much as 41,000 barrels of oil equivalent from 39,500 to 40,500.
Vermilion says it achieved in all four of its operating regions, resulting in record production volumes of 42,813 barrels.
The company has interests in Canada, Ireland, the Netherlands, France and Australia.
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