Vermilion Energy (VET) 40-F 8 Mar 21 2020 FY Annual report (Canada) Financial data

Document And Entity Information

Document And Entity Information	12 Months Ended
	Dec. 31, 2020shares
Document And Entity Information [Abstract]
Document Type	40-F
Amendment Flag	false
Entity Emerging Growth Company	false
Document Period End Date	Dec. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Entity Registrant Name	Vermilion Energy Inc.
Entity Central Index Key	0001293135
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Trading Symbol	VET
Entity Common Stock, Shares Outstanding	158,723,841
Title of 12(b) Security	Common Shares
Security Exchange Name	NYSE

Consolidated Balance Sheet

Consolidated Balance Sheet - CAD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Current
Cash and cash equivalents	$ 6,904	$ 29,028
Accounts receivable	196,077	211,409
Crude oil inventory	13,402	29,389
Derivative instruments	16,924	55,645
Prepaid expenses	27,686	22,210
Total current assets	260,993	347,681
Derivative instruments	2,451	20,127
Deferred taxes	484,497	196,543
Exploration and evaluation assets	254,094	286,149
Capital assets	3,107,104	5,015,620
Total assets	4,109,139	5,866,120
Current
Accounts payable and accrued liabilities	297,670	312,442
Dividends payable		35,947
Derivative instruments	130,919	62,405
Income taxes payable	4,539	5,416
Total current liabilities	433,128	416,210
Derivative instruments	8,228	24,358
Long-term debt	1,933,848	1,924,665
Lease obligations	76,524	93,072
Asset retirement obligations	467,737	618,201
Deferred taxes	264,272	336,309
Total liabilities	3,183,737	3,412,815
Shareholders' Equity
Shareholders' capital	4,181,160	4,119,031
Contributed surplus	66,250	75,735
Accumulated other comprehensive income	77,986	49,578
Deficit	(3,399,994)	(1,791,039)
Total shareholders' equity	925,402	2,453,305
Total liabilities and shareholders' equity	$ 4,109,139	$ 5,866,120

Consolidated Statements of Net

Consolidated Statements of Net (Loss) Earnings and Comprehensive Loss - CAD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Revenue
Petroleum and natural gas sales	$ 1,119,545	$ 1,689,863
Royalties	(106,554)	(163,666)
Sales of purchased commodities	127,853	221,274
Petroleum and natural gas revenue	1,140,844	1,747,471
Expenses
Purchased commodities	127,853	221,274
Operating	417,251	440,078
Transportation	67,711	72,446
Equity based compensation	42,906	64,233
Gain on derivative instruments	(8,138)	(26,792)
Interest expense	75,077	81,377
General and administration	60,840	58,976
Foreign exchange gain	(60,122)	(52,271)
Other income	(3,258)	(6,875)
Accretion	35,318	32,667
Depletion and depreciation	580,461	675,177
Impairment	1,682,344	46,056
Expenses	3,018,243	1,606,346
(Loss) earnings before income taxes	(1,877,399)	141,125
Income tax (recovery) expense
Deferred	(374,313)	56,096
Current	14,341	52,230
Taxes	(359,972)	108,326
Net (loss) earnings	(1,517,427)	32,799
Other comprehensive loss
Currency translation adjustments	65,160	(81,042)
Unrealized (loss) gain on hedges	(36,752)	12,438
Other comprehensive loss	$ (1,489,019)	$ (35,805)
Net (loss) earnings per share
Basic	$ (9.61)	$ 0.21
Diluted	$ (9.61)	$ 0.21
Weighted average shares outstanding ('000s)
Basic	157,908	154,736
Diluted	157,908	156,095

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Operating
Net (loss) earnings	$ (1,517,427)	$ 32,799
Adjustments:
Accretion	35,318	32,667
Depletion and depreciation	580,461	675,177
Impairment	1,682,344	46,056
Unrealized loss on derivative instruments	100,955	57,427
Equity based compensation	42,906	64,233
Unrealized foreign exchange gain	(49,012)	(57,225)
Unrealized other expense	833	825
Deferred taxes	(374,313)	56,096
Asset retirement obligations settled	(14,278)	(19,442)
Changes in non-cash operating working capital	12,365	(65,148)
Cash flows from operating activities	500,152	823,465
Investing
Drilling and development	(352,481)	(486,677)
Exploration and evaluation	(14,721)	(36,487)
Acquisitions	(25,810)	(38,472)
Changes in non-cash investing working capital	(8,422)	(57,072)
Cash flows used in investing activities	(401,434)	(618,708)
Financing
Borrowings on the revolving credit facility	22,183	214,895
Payments on lease obligations	(25,048)	(26,354)
Cash dividends	(117,737)	(391,549)
Cash flows used in financing activities	(120,602)	(203,008)
Foreign exchange (loss) gain on cash held in foreign currencies	(240)	470
Net change in cash and cash equivalents	(22,124)	2,219
Cash and cash equivalents, beginning of year	29,028	26,809
Cash and cash equivalents, end of year	6,904	29,028
Supplementary information for cash flows from operating activities
Interest paid	74,125	73,783
Income taxes paid	$ 15,218	$ 84,224

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity - CAD ($) $ in Thousands	Issued capital [member]	Share premium [member]	Retained Earnings [Member]	Total
Balance, beginning of year at Dec. 31, 2018				$ 4,008,828
Shareholders' capital
Shares issued for the Dividend Reinvestment Plan				34,937
Vesting of equity based awards	$ 51,108	$ (51,108)
Equity based compensation	15,868	48,365
Share-settled dividends on vested equity based awards	8,290		$ 8,290
Balance, end of year at Dec. 31, 2019				4,119,031
Balance, beginning of year at Dec. 31, 2018				78,478
Contributed surplus
Equity based compensation	15,868	48,365
Vesting of equity based awards	51,108	(51,108)
Balance, end of year at Dec. 31, 2019				75,735
Balance, beginning of year at Dec. 31, 2018				118,182
Accumulated other comprehensive income
Currency translation adjustments				(81,042)
Hedge accounting reserve				12,438
Balance, end of year at Dec. 31, 2019				49,578
Balance, beginning of year at Dec. 31, 2018				(1,388,237)
Deficit
Net (loss) earnings			32,799	32,799
Dividends declared			(427,311)
Share-settled dividends on vested equity based awards	(8,290)		(8,290)
Balance, end of year at Dec. 31, 2019				(1,791,039)
Deficit
Total shareholders' equity				2,453,305
Shares issued for the Dividend Reinvestment Plan				8,277
Vesting of equity based awards	49,188	(49,188)
Equity based compensation	3,203	39,703
Share-settled dividends on vested equity based awards	1,461		1,461
Balance, end of year at Dec. 31, 2020				4,181,160
Contributed surplus
Equity based compensation	3,203	39,703
Vesting of equity based awards	49,188	$ (49,188)
Balance, end of year at Dec. 31, 2020				66,250
Accumulated other comprehensive income
Currency translation adjustments				65,160
Hedge accounting reserve				(36,752)
Loss on derivatives designated as cash flow hedges, net of tax				29,800
Loss on derivatives designated as net investment hedges, net of tax				6,900
Balance, end of year at Dec. 31, 2020				77,986
Deficit
Net (loss) earnings			(1,517,427)	(1,517,427)
Dividends declared			(90,067)
Share-settled dividends on vested equity based awards	$ (1,461)		$ (1,461)
Balance, end of year at Dec. 31, 2020				(3,399,994)
Deficit
Total shareholders' equity				$ 925,402

Basis of presentation

Basis of presentation	12 Months Ended
	Dec. 31, 2020
Basis of presentation
Basis of presentation	1. Basis of presentation Vermilion Energy Inc. and its subsidiaries (the “Company” or “Vermilion”) are engaged in the business of petroleum and natural gas exploration, development, acquisition, and production. Vermilion was incorporated in Canada and the Company’s registered office and principal place of business is located at 3500, 520, 3rd Avenue SW, Calgary, Alberta, Canada. These consolidated financial statements were approved and authorized for issuance by Vermilion’s Board of Directors on March 5, 2021.

Significant accounting policies

Significant accounting policies	12 Months Ended
	Dec. 31, 2020
Significant accounting policies
Significant accounting policies	2. Significant accounting policies Accounting framework The consolidated financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). Principles of consolidation The consolidated financial statements include the accounts of Vermilion Energy Inc. and its subsidiaries. Vermilion’s subsidiaries include entities in each of the jurisdictions that Vermilion operates as described in Note 3 (Segmented information) including: Canada, France, Netherlands, Germany, Ireland, Australia, the United States, and Central and Eastern Europe (Hungary, Slovakia, and Croatia). Vermilion Energy Inc. directly or indirectly through holding companies owns all of the voting securities of each material subsidiary. Transactions between Vermilion Energy Inc. and its subsidiaries have been eliminated. Vermilion accounts for joint operations by recognizing the Company’s share of assets, liabilities, income, and expenses. Exploration and evaluation assets Vermilion classifies costs as exploration and evaluation (“E&E”) assets when they relate to exploring and evaluating an area for which the Company has the license or right to explore and extract resources. E&E costs may include: geological and geophysical costs; land and license acquisition costs; and costs for the drilling, completion, and testing of exploration wells. E&E costs are reclassified to capital assets if the technical feasibility and commercial viability of the area can be determined. E&E assets are assessed for impairment prior to any reclassification. The technical feasibility and commercial viability of extracting the reserves is considered to be determinable when proved and probable reserves are identified. Costs incurred prior to the acquisition of the legal rights to explore an area are expensed as incurred. If reserves are not found within the license area or the area is abandoned, the related E&E costs are depreciated over a period not greater than five years. If an exploration license expires prior to the commencement of exploration activities, the cost of the exploration license is written off through depreciation in the year of expiration. Capital assets Vermilion recognizes capital assets at cost less accumulated depletion, depreciation, and impairment losses. Costs include directly attributable costs incurred for the drilling, completion, and tie-in of wells and the construction of production and processing facilities. When components of capital assets are replaced, disposed of, or no longer in use, they are derecognized. Gains and losses on disposal of capital assets are determined by comparing the proceeds of disposal compared to the carrying amount. Depletion and depreciation Capital assets are grouped into depletion units, which are groups of assets within a specific production area that have similar economic lives. Depletion units represent the lowest level of disaggregation for which costs are accumulated for the purposes of calculating depletion and depreciation. The net carrying value of each depletion unit is depleted using the unit of production method by reference to the ratio of production in the period to the total proved and probable reserves, taking into account the future development costs necessary to bring the applicable reserves into production. For the purposes of the depletion calculations, oil and gas reserves are converted to a common unit of measure on the basis of their relative energy content based on a conversion ratio of six thousand cubic feet of natural gas to one barrel of oil equivalent. Impairment of capital assets and exploration and evaluation assets Depletion units are aggregated into cash generating units (“CGUs”) for impairment testing. CGUs are the lowest level for which there are identifiable cash inflows that are largely independent of cash inflows of other groups of assets. CGUs are reviewed for indicators of potential impairment at each reporting date. E&E assets are tested for impairment when reclassified to capital assets or when indicators of potential impairment are identified. E&E assets are reviewed for indicators of potential impairment at each reporting date. If indicators of potential impairment are identified, E&E assets are tested for impairment as part of the CGU attributable to the jurisdiction in which the exploration area resides. If an indicator of potential impairment exists, the CGU’s carrying value is compared to its recoverable amount. A CGU’s recoverable amount is the higher of its fair value less costs of disposal and its value-in-use. If the carrying amount of a CGU exceeds its recoverable amount, an impairment loss is recognized to reduce the carrying value of the CGU to its recoverable amount. If an impairment loss has been recognized in a prior period, an assessment is performed at each reporting date to determine if there are indicators that the circumstances which led to the impairment loss have reversed. If the change in circumstances results in the recoverable amount being higher than the carrying value after the impairment loss, then the impairment loss (net of depletion that would otherwise have been recorded) is reversed. Lease obligations and right-of-use assets A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. At the lease commencement date, a lease obligation is recognized at the present value of future lease payments, typically using the applicable incremental borrowing rate. A corresponding right-of-use asset is recognized at the amount of the lease obligation, adjusted for lease incentives received and initial direct costs. Vermilion does not recognize leases for short-term leases with a lease term of 12 months or less, or leases for low-value assets. Payments are applied against the lease obligation and interest expense is recognized on the lease obligations using the effective interest rate method. Depreciation is recognized on the right-of-use asset over the lease term. Cash and cash equivalents Cash and cash equivalents include cash on deposit with financial institutions and guaranteed investment certificates. Crude oil inventory Crude oil inventory is valued at the lower of cost or net realizable value. The cost of crude oil inventory produced includes related operating expense, royalties, and depletion determined on a weighted-average basis. Asset retirement obligations Vermilion recognizes a provision for asset retirement obligations when an event occurs giving rise to an obligation of uncertain timing or amount. Asset retirement obligations are recognized on the consolidated balance sheet as a long-term liability with a corresponding increase to E&E or capital assets. Asset retirement obligations reflect the present value of estimated future settlement costs. The discount rate used to calculate the present value is specific to the jurisdiction the obligation relates to and is reflective of current market assessment of the time value of money and risks specific to the liabilities that have not been reflected in the cash flow estimates. Asset retirement obligations are remeasured at each reporting period to reflect changes in market rates and estimated future settlement costs. Asset retirement obligations are increased each reporting period to reflect the passage of time with a corresponding charge to accretion expense. Revenue recognition Revenue associated with the sale of crude oil and condensate, natural gas, and natural gas liquids is measured based on the consideration specified in contracts with customers. Revenue from contracts with customers is recognized when or as Vermilion satisfies a performance obligation by transferring control of crude oil and condensate, natural gas, or natural gas liquids to a customer at contractually specified transfer points. This transfer coincides with title passing to the customer and the customer taking physical possession of the commodity. Vermilion principally satisfies its performance obligations at a point in time and the amounts of revenue recognized relating to performance obligations satisfied over time are not significant. Vermilion invoices customers for delivered products monthly and payment occurs shortly thereafter. Vermilion does not have any contracts where the period between the transfer of control of the commodity to the customer and payment by the customer exceeds one year. As a result, Vermilion does not adjust its revenue transactions to reflect significant financing components. Financial instruments On initial recognition, financial instruments are measured at fair value. Measurement in subsequent periods depends on the classification of the financial instrument as described below: · Fair value through profit or loss ("FVTPL"): Financial instruments under this classification include cash and cash equivalents and derivative assets and liabilities. Transaction costs under this classification are expensed as incurred. · Fair value through other comprehensive income ("FVTOCI"): Financial instruments under this classification include derivative assets and liabilities where hedge accounting is applied. Transaction costs under this classification are expensed as incurred. · Amortized cost: Financial instruments under this classification include accounts receivable, accounts payable and accrued liabilities, dividends payable, lease obligations, and long-term debt. Transaction costs under this classification are included in the measurement of the financial instrument. Accounts receivable are measured net of a loss allowance equal to the lifetime expected credit loss. Hedge accounting Hedge accounting is applied to financial instruments designated as hedging instruments in qualifying hedging relationships. Qualifying hedge relationships may include cash flow hedges, fair value hedges, and hedges of net investments in foreign operations. The purpose of hedge accounting is to represent the effect of Vermilion's risk management activities to manage exposures arising from specific risks that affect net earnings such as foreign currency risk. In order to apply hedge accounting, the eligible hedging instrument must be highly effective in offsetting the exposure to changes in the eligible hedged item. This effectiveness is assessed at inception and at the end of each reporting period thereafter. At inception, formal designation and documentation of the hedging relationship, risk management objective and strategy is required for undertaking the hedge. For cash flow and net investment hedges, gains and losses on the hedging instrument are recognized in the consolidated statement of earnings in the same period in which the transaction associated with the hedged item occurs. Where the hedging instrument is a derivative instrument, a derivative asset or liability is recognized on the balance sheet at fair value (included in "Derivative instruments") with the effective portion of the gain or loss recorded to other comprehensive income. Any gain or loss associated with the ineffective portion of the hedging relationship is recognized in the consolidated statement of net earnings as other income or expense. If a hedging relationship no longer qualifies for hedge accounting, any gain or loss resulting from the discontinuation of hedge accounting is deferred in other comprehensive income until the forecasted transaction date. If the forecasted transaction is no longer expected to occur, any gain or loss resulting from the discontinuation of hedge accounting is immediately recognized in the consolidated statement of net earnings. Equity based compensation Equity based compensation expense results from equity-settled awards issued under Vermilion’s long-term share-based compensation plans as well as the grant date fair value of Vermilion common shares issued under the Company’s bonus and employee share savings plans. Vermilion’s long-term share-based compensation plans consist of the Vermilion Incentive Plan (“VIP”) and the Deferred Share Unit Plan ("DSU"). Equity-settled awards issued under the VIP vest over a period of one to three years and awards issued under the DSU vest immediately upon granting. Equity based compensation expense for equity-settled plans is recognized over the vesting period with a corresponding adjustment to contributed surplus. The expense recognized is based on the grant date fair value of the awards, an estimate of the performance factor that will be achieved (if applicable), and an estimate of forfeiture rates based on historical vesting data. Dividends notionally accrue to the VIP and are excluded in the determination of grant date fair values. When the awards are converted to Vermilion common shares, the amount recognized in contributed surplus is reclassified to shareholders’ capital. The grant date fair value of awards or Vermilion common shares issued is determined as the closing price of Vermilion’s common shares on the Toronto Stock Exchange on the grant date. Per share amounts Basic net earnings per share is calculated by dividing net earnings by the weighted-average number of shares outstanding during the period. Diluted net earnings per share is calculated by dividing net earnings by the diluted weighted-average number of shares outstanding during the period. The diluted weighted-average number of shares outstanding is the sum of the basic weighted-average number of shares outstanding and (to the extent inclusion reduces diluted net earnings per share) the number of shares issuable for equity-settled awards determined using the treasury stock method. The treasury stock method assumes that the unrecognized equity based compensation expense are deemed proceeds used to repurchase Vermilion common shares at the average market price during the period. Foreign currency translation Vermilion Energy Inc.’s functional and presentation currency is the Canadian dollar. Vermilion has subsidiaries that transact and operate in countries other than Canada and have functional currencies other than the Canadian dollar. Foreign currency translation includes the translation of foreign currency transactions and the translation of foreign operations. Foreign currency transaction translation occurs when translating transactions and balances in foreign currencies to the applicable functional currency of Vermilion Energy Inc. and its subsidiaries. Gains and losses from foreign currency transactions are recorded as foreign exchange gains or losses in the statement of net earnings. Foreign currency transaction translation occurs as follows: · Income and expenses are translated at the prevailing rates on the date of the transaction. · Non-monetary assets or liabilities are carried at the prevailing rates on the date of the transaction. · Monetary items, including intercompany loans that are not deemed to represent net investments in a foreign subsidiary, are translated at the prevailing rates at the balance sheet date. Foreign operation translation occurs when translating the financial statements of non-Canadian functional currency subsidiaries to the Canadian dollar and when translating intercompany loans that are deemed to represent net investments in a foreign subsidiary. Gains and losses from foreign operation translations are recorded as currency translation adjustments in the statement of comprehensive earnings. Foreign operation translation occurs as follows: · Income and expenses are translated at the average exchange rates for the period. · Assets and liabilities are translated at the prevailing rates on the balance sheet date. Income taxes Deferred tax assets and liabilities are calculated using the balance sheet method. Deferred tax assets and liabilities are recognized for the estimated effect of any temporary differences between the amounts recognized on Vermilion’s consolidated balance sheet and the respective tax basis. This calculation uses enacted or substantively enacted tax rates that are expected to be in effect when the temporary differences are expected to reverse. The effect of a change in tax rates on deferred taxes is recognized in the period the related legislation is substantively enacted. Deferred tax assets are recognized to the extent that it is probable that future taxable profits will be available against which the deductible temporary differences can be used. Deferred tax assets are reviewed at each reporting date and are reduced to the extent it is no longer probable that the related tax benefit will be realized. Business combinations Acquisitions of corporations or groups of assets are accounted for as business combinations using the acquisition method if the acquired assets constitute a business. Under the acquisition method, assets acquired and liabilities assumed in a business combination (with the exception of deferred tax assets and liabilities) are measured at their fair values. Deferred tax assets or liabilities arising from the assets acquired and liabilities assumed are measured in accordance with the policies described in "Income taxes" above. If applicable, the excess or deficiency of the fair value of net assets acquired compared to consideration paid is recognized as a gain on business combination or as goodwill on the consolidated balance sheet. Acquisition-related costs incurred to effect a business combination are expensed in the period incurred. As part of the assessment to determine if the acquisition constitutes a business, Vermilion may elect to apply the concentration test on a transaction by transaction basis. The test is met if substantially all of the fair value related to the gross assets acquired is concentrated in a single identifiable asset (or group of similar assets) resulting in the acquisition not being deemed a business and recorded as an asset acquisition. Segmented information Vermilion has a decentralized business unit structure designed to manage assets in each country the Company operates. Each of Vermilion’s operating segments derives its revenues solely from the production and sale of petroleum and natural gas. Vermilion’s Corporate segment aggregates costs incurred at the Company’s Corporate head office located in Calgary, Alberta, Canada as well as costs incurred relating to Vermilion’s exploration and production activities in Hungary, Slovakia, and Croatia (Central and Eastern Europe). These operating segments have similar economic characteristics as they do not currently generate material revenue. Vermilion’s chief operating decision maker regularly reviews fund flows from operations generated by each of Vermilion’s operating segments. Fund flows from operations is a measure of profit or loss that provides the chief operating decision maker with the ability to assess the profitability of each operating segment and, correspondingly, the ability of each operating segment to fund its share of dividends, asset retirement obligations, and capital investments. Management judgments and estimation uncertainty The preparation of the consolidated financial statements in accordance with IFRS requires management to make judgments, estimates, and assumptions that affect the reported amount of assets, liabilities, income, and expenses. Actual results could differ significantly from these estimates. Key areas where management has made judgments, estimates, and assumptions are described below. The determination of whether indicators of impairment or impairment reversals: · Determining whether there are indicators of impairment or impairment reversals are based on management's assessments of the changes in estimates for future commodity prices, costs, discount rates, or reserves. Changes in these estimates and assumptions can directly impact the calculated fair value of capital assets and therefore could be indicators of impairment or impairment reversals. In addition, change in the Vermilion's market capitalization relative to its book value could be an indicator of impairment. The measurement of the fair value of capital assets acquired in a business combination and the determination of the recoverable amount of cash generating units ("CGU"): · Calculating the fair value of capital assets acquired in a business combination and the recoverable amount of CGUs (in the assessment of impairments or reversals of previous impairments if indicators of impairment or impairment reversal are identified) are based on estimated future commodity prices, discount rates and estimated reserves. Reserve estimates are based on: engineering data, estimated future commodity prices, expected future rates of production, and assumptions regarding the timing and amount of future expenditures. Changes in these estimates and assumptions can directly impact the calculated fair value of capital assets acquired (and thus the resulting goodwill or gain on business combination) and the recoverable amount of a CGU (and thus the resulting impairment loss or recovery). · In addition, the recoverable amount of a CGU is impacted by the composition of CGUs, which are subject to management’s judgment of the lowest level at which there are identifiable cash inflows that are largely independent of the cash inflows of other groups of assets. The factors used by Vermilion to determine CGUs vary by jurisdiction due to their unique operating and geographic conditions. In general, Vermilion will assess the following factors: geographic proximity of the assets within a group to one another, geographic proximity of the group of assets to other groups of assets, homogeneity of the production from the group of assets and the sharing of infrastructure used to process and/or transport production. Changes in these judgments can directly impact the calculated recoverable amount of a CGU (and thus the resulting impairment loss or recovery). The measurement of the carrying value of asset retirement obligations on the balance sheet, including the fair value and subsequent carrying value of asset retirement obligations assumed in a business combination: · Asset retirement obligations are based on judgments regarding regulatory requirements, estimates of future costs, assumptions on the expected timing of expenditures, and estimates of the underlying risk inherent to the obligation. The carrying balance of asset retirement obligations and accretion expense may differ due to changes in: laws and regulations, technology, the expected timing of expenditures, and market conditions affecting the discount rate applied. The recognition and measurement of deferred tax assets and liabilities: · Tax interpretations, regulations, and legislation in the various jurisdictions in which Vermilion and its subsidiaries operate are subject to change and interpretation. Changes in laws and interpretations can affect the timing of the reversal of temporary tax differences, the tax rates in effect when such differences reverse and Vermilion’s ability to use tax losses and other tax pools in the future. The Company’s income tax filings are subject to audit by taxation authorities in numerous jurisdictions and the results of such audits may increase or decrease the tax liability. The determination of tax amounts recognized in the consolidated financial statements are based on management’s assessment of the tax positions, which includes consideration of their technical merits, communications with tax authorities and management’s view of the most likely outcome. · The extent to which deferred tax assets are recognized are based on estimates of future profitability. These estimates are based on estimated future commodity prices and estimates of reserves. Judgments, estimates, and assumptions inherent in reserve estimates are described above. The measurement of lease obligations and corresponding right-of-use assets: · The measurement of lease obligations are subject to management’s judgments of the applicable incremental borrowing rate and the expected lease term. The carrying balance of the right-of-use assets, lease obligations, and the resulting interest and depletion and depreciation expense, may differ due to changes in the market conditions and expected lease terms. Applicable incremental borrowing rates are based on judgments of the economic environment, term, currency, and the underlying risk inherent to the asset. Lease terms are based on assumptions regarding cancellation and extension terms that allow for operational flexibility based on future market conditions.

Segmented information

Segmented information	12 Months Ended
	Dec. 31, 2020
Segmented information
Segmented information	3. Segmented information Substantially all sales in the France, Netherlands, and Ireland operating segments for the years ended December 31, 2020 and 2019 were to one customer in each respective segment. In 2020 and 2019, France contributed more than 10% of Vermilion's consolidated revenues. Year Ended December 31, 2020 ($M) Canada USA France Netherlands Germany Ireland Australia Corporate Total Total assets 1,805,464 328,902 703,567 130,063 198,357 257,990 105,898 578,898 4,109,139 Drilling and development 199,141 66,120 42,145 10,331 13,005 1,823 24,520 (4,604) 352,481 Exploration and evaluation — — 183 (226) 2,814 — — 11,950 14,721 Crude oil and condensate sales 418,610 55,099 182,292 1,502 17,143 13 141,452 8 816,119 NGL sales 36,204 6,513 — — — — — — 42,717 Natural gas sales 114,377 4,834 — 64,073 17,067 58,433 — 1,925 260,709 Sales of purchased commodities — — — — — — — 127,853 127,853 Royalties (54,961) (17,446) (32,069) (444) (990) — — (644) (106,554) Revenue from external customers 514,230 49,000 150,223 65,131 33,220 58,446 141,452 129,142 1,140,844 Purchased commodities — — — — — — — (127,853) (127,853) Transportation (41,494) (1,349) (14,604) — (5,839) (4,425) — — (67,711) Operating (218,596) (18,108) (57,128) (32,410) (20,732) (15,232) (54,581) (464) (417,251) General and administration (25,462) (7,420) (13,108) (1,220) (6,532) (594) (3,841) (2,663) (60,840) PRRT — — — — — — (20,151) — (20,151) Corporate income taxes — — (141) 3,774 — — 2,106 71 5,810 Interest expense — — — — — — — (75,077) (75,077) Realized gain on derivative instruments — — — — — — — 109,093 109,093 Realized foreign exchange gain — — — — — — — 11,110 11,110 Realized other income — — — — — — — 4,091 4,091 Fund flows from operations 228,678 22,123 65,242 35,275 117 38,195 64,985 47,450 502,065 Year Ended December 31, 2019 ($M) Canada USA France Netherlands Germany Ireland Australia Corporate Total Total assets 3,088,947 421,609 841,875 226,834 261,712 470,316 233,581 321,246 5,866,120 Drilling and development 293,744 57,196 74,579 19,866 10,806 1,372 30,550 (1,436) 486,677 Exploration and evaluation — — 62 3,739 10,878 — — 21,808 36,487 Crude oil and condensate sales 699,290 63,449 326,578 2,411 25,783 27 184,490 — 1,302,028 NGL sales 33,159 6,499 — — — — — — 39,658 Natural gas sales 95,621 5,416 121 110,446 31,529 104,247 — 797 348,177 Sales of purchased commodities — — — — — — — 221,274 221,274 Royalties (94,079) (18,706) (43,895) (1,469) (5,264) — — (253) (163,666) Revenue from external customers 733,991 56,658 282,804 111,388 52,048 104,274 184,490 221,818 1,747,471 Purchased commodities — — — — — — — (221,274) (221,274) Transportation (41,261) — (21,609) — (5,117) (4,459) — — (72,446) Operating (242,790) (16,370) (61,281) (32,125) (24,970) (12,431) (49,810) (301) (440,078) General and administration (23,341) (7,566) (15,406) (2,659) (8,452) (2,491) (4,940) 5,879 (58,976) PRRT — — — — — — (25,947) — (25,947) Corporate income taxes — — (21,431) 3,961 — — (8,407) (406) (26,283) Interest expense — — — — — — — (81,377) (81,377) Realized gain on derivative instruments — — — — — — — 84,219 84,219 Realized foreign exchange loss — — — — — — — (4,954) (4,954) Realized other income — — — — — — — 7,700 7,700 Fund flows from operations 426,599 32,722 163,077 80,565 13,509 84,893 95,386 11,304 908,055 Reconciliation of fund flows from operations to net (loss) earnings: Year Ended Dec 31, 2020 Dec 31, 2019 Fund flows from operations 502,065 908,055 Accretion (35,318) (32,667) Depletion and depreciation (580,461) (675,177) Impairment (1,682,344) (46,056) Unrealized loss on derivative instruments (100,955) (57,427) Equity based compensation (42,906) (64,233) Unrealized foreign exchange gain 49,012 57,225 Unrealized other expense (833) (825) Deferred tax 374,313 (56,096) Net (loss) earnings (1,517,427) 32,799

Capital assets

Capital assets	12 Months Ended
	Dec. 31, 2020
Capital assets.
Capital assets	4. Capital assets The following table reconciles the change in Vermilion’s capital assets: Balance at January 1 5,015,620 5,316,873 Acquisitions 24,430 38,472 Additions 352,481 486,677 Increase in right-of-use assets 5,245 12,348 Transfers from exploration and evaluation assets — 27,918 Impairment (1,682,344) (46,056) Depletion and depreciation (517,734) (657,863) Changes in asset retirement obligations (200,454) (10,354) Foreign exchange 109,860 (152,395) Balance at December 31 3,107,104 5,015,620 Cost 9,863,537 9,604,933 Accumulated depletion, depreciation, and impairment (6,756,433) (4,589,313) Carrying amount at December 31 3,107,104 5,015,620 Right-of-use assets The following table discloses the carrying balance and depreciation charge relating to right-of-use assets by class of underlying asset as at and for the year ended December 31, 2020: As at Dec 31, 2020 As at Dec 31, 2019 ($M) Depreciation Balance Depreciation Balance Office space 9,835 49,134 9,745 53,777 Gas processing facilities 7,109 27,593 7,089 34,701 Oil storage facilities 2,738 15,231 2,633 16,803 Vehicles and equipment 3,608 8,035 3,209 10,327 Total 23,290 99,993 22,676 115,608 Q4 2020 impairment In the fourth quarter of 2020, indicators of impairment were present in our France CGUs due to a decrease in estimated reserves as a result of economic revisions. As a result of the indicators of impairment, the Company performed impairment tests on its four France CGUs and the recoverable amounts were determined using fair value less costs to sell, which considered future after-tax cash flows from proved plus probable reserves and an after-tax discount rate of 9.5%. Based on the results of the impairment tests completed, recoverable amounts were determined to be greater than the carrying values of the CGUs tested and no impairment charges were recorded. The following benchmark price forecasts were used to calculate the recoverable amounts: 2030 (2) Brent Crude ($ US/bbl) (1) 50.75 55.00 58.50 61.79 62.95 64.13 65.33 66.56 67.81 69.17 Exchange rate (CAD/USD) 0.78 0.77 0.76 0.76 0.76 0.76 0.76 0.76 0.76 0.76 (1) The forecast benchmark commodity prices listed are adjusted for quality differentials, heat content, transportation and marketing costs and other factors specific to the Company’s operations. (2) In 2031 and beyond, commodity price forecasts are inflated at a rate of 2.0 % per annum. In 2030 and beyond there is no escalation of exchange rates. The following are the results of impairment tests completed and sensitivity impacts which would increase impairment charges taken: Operating Segment CGU Impairment 1% increase in discount rate 5% decrease in pricing France Aquitaine Basin — — 12,556 France Neocomian — 5,582 12,241 Total — 5,582 24,797 In the fourth quarter of 2020, no indicators of impairment reversal were identified. Q3 2020 impairment In the third quarter of 2020, indicators of impairment were present due to a decline in the Company’s market capitalization. As a result of the indicators of impairment, the Company performed impairment tests across all CGUs. The recoverable amounts were determined using fair value less costs to sell, which considered future after-tax cash flows from proved plus probable reserves and an after-tax discount rate of 11.5%. Based on the results of the impairment tests completed, the Company recognized non-cash impairment charges of $35.4 million (net of $12.4 million income tax recovery) in the Neocomian CGU due to increased estimated transportation expenses as a result of an announcement during the quarter that the third-party Grandpuits refinery plans on converting into a zero-crude platform in 2021. As a result of this change, the Company estimates that incremental transportation expenses will be incurred to transport the crude oil production in the Neocomian, Chaunoy, and Champotran CGUs to alternative refineries in France. The following benchmark price forecasts were used to calculate the recoverable amounts: 2029 (2) Brent Crude ($US/bbl) (1) 44.00 46.75 51.00 56.50 60.00 62.95 64.13 65.33 66.56 67.81 WTI Crude ($US/bbl) (1) 42.00 44.00 47.50 52.50 56.00 58.95 60.13 61.33 62.56 63.81 NBP (€/mmbtu) (1) 3.87 4.03 4.41 4.58 4.79 5.00 5.21 5.42 5.63 5.83 AECO Spot Gas ($/mmbtu) (1) 3.00 2.90 2.70 2.60 2.60 2.65 2.70 2.76 2.81 2.87 Exchange rate (CAD/USD) 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 (1) The forecast benchmark commodity prices listed are adjusted for quality differentials, heat content, transportation and marketing costs and other factors specific to the Company’s operations. (2) In 2030 and beyond, commodity price forecasts are inflated at a rate of 2.0 % per annum. In 2030 and beyond there is no escalation of exchange rates. The following are the results of impairment tests completed and sensitivity impacts which would increase impairment charges taken: Operating Segment CGU Impairment 1% increase in discount rate 5% decrease in pricing France Neocomian 47,777 5,184 13,235 Q2 2020 impairment In the second quarter of 2020, indicators of impairment were present due to a decline in the Company’s market capitalization. As a result of the indicators of impairment, the Company performed impairment tests across all CGUs. The recoverable amounts were determined using fair value less costs to sell, which considered future after-tax cash flows from proved plus probable reserves and an after-tax discount rate of 11.5%. Based on the results of the impairment tests completed, the Company recognized non-cash impairment charges of $53.1 million (net of $16.6 million income tax recovery). The following benchmark price forecasts were used to calculate the recoverable amounts: 2029 (2) Brent Crude ($US/bbl) (1) 43.50 48.00 51.50 56.50 60.00 62.95 64.13 65.33 66.56 67.81 WTI Crude ($US/bbl) (1) 41.00 44.00 47.50 52.50 56.00 58.95 60.13 61.33 62.56 63.81 NBP (€/mmbtu) (1) 2.75 4.25 4.75 5.25 5.75 6.00 6.25 6.50 6.75 7.00 AECO Spot Gas ($/mmbtu) (1) 2.10 2.35 2.40 2.45 2.55 2.65 2.70 2.76 2.81 2.87 Exchange rate (CAD/USD) 0.74 0.74 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 (1) The forecast benchmark commodity prices listed are adjusted for quality differentials, heat content, transportation and marketing costs and other factors specific to the Company’s operations. (2) In 2030 and beyond, commodity price forecasts are inflated at a rate of 2.0 % per annum. In 2030 and beyond there is no escalation of exchange rates. The following are the results of impairment tests completed and sensitivity impacts which would increase impairment charges taken: Operating Segment CGU Impairment 1% increase in discount rate 5% decrease in pricing Australia Australia 33,475 3,435 15,470 Germany Germany Gas 10,177 1,370 2,818 Ireland Ireland 26,061 9,198 19,208 Total 69,713 14,003 37,496 Q1 2020 impairment In the first quarter of 2020, indicators of impairment were present due to global commodity price forecasts deteriorating from decreases in demand and an increase of supply around the world. As a result of the indicators of impairment, the Company performed impairment tests across all CGUs. The recoverable amounts were determined using fair value less costs to sell, which considered future after-tax cash flows from proved plus probable reserves and an after-tax discount rate of 11.5%. Based on the results of the impairment tests completed, the Company recognized non-cash impairment charges of $1.2 billion (net of $0.4 billion income tax recovery). The following benchmark price forecasts were used to calculate the recoverable amounts: 2029 (2) Brent Crude ($US/bbl) (1) 34.00 45.50 52.50 57.50 62.50 62.95 64.13 65.33 66.56 67.81 WTI Crude ($US/bbl) (1) 30.00 41.00 47.50 52.50 57.50 58.95 60.13 61.33 62.56 63.81 NBP (€/mmbtu) (1) 3.33 4.25 5.00 5.50 6.00 6.25 6.50 6.75 7.00 7.25 AECO Spot Gas ($/mmbtu) (1) 1.95 2.25 2.35 2.45 2.55 2.65 2.70 2.76 2.81 2.87 Exchange rate (CAD/USD) 0.72 0.73 0.74 0.74 0.75 0.75 0.75 0.75 0.75 0.75 (1) The forecast benchmark commodity prices listed are adjusted for quality differentials, heat content, transportation and marketing costs and other factors specific to the Company’s operations. (2) In 2030 and beyond, commodity price forecasts are inflated at a rate of 2.0 % per annum. In 2030 and beyond there is no escalation of exchange rates. The following are the results of impairment tests completed and sensitivity impacts which would increase impairment charges taken: Operating Segment CGU Impairment 1% increase in discount rate 5% decrease in pricing Australia Australia 55,583 3,227 13,582 Canada Saskatchewan 815,909 70,737 141,015 Canada Drayton Valley Oil 364,879 13,204 23,582 France Neocomian 22,758 8,576 13,609 Germany Germany Gas 39,738 3,545 7,084 Ireland Ireland 119,634 10,333 20,793 United States United States 146,353 28,051 52,613 Total 1,564,854 137,673 272,278 Q4 2019 impairment In the fourth quarter of 2019, an indicator of impairment was present in the Ireland CGU due to declining natural gas price forecasts. As a result of the indicator of impairment, the Company performed an impairment test on its Ireland CGU whereby the recoverable amount was compared against its carrying amount. The recoverable amount was determined using fair value less costs to sell, which considered future after-tax cash flows from proved plus probable reserves and an after-tax discount rate of 9.0%. Based on the results of the impairment test completed, the Company recognized a non-cash impairment charge of $34.6 million (net of $11.5 million income tax recovery). The following benchmark price forecast was used to calculate the recoverable amount: 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 (2) NBP (€/mmbtu) (1) 5.58 5.51 5.54 5.65 5.77 5.88 6.00 6.12 6.24 6.37 (1) The forecast benchmark commodity prices listed are adjusted for quality differentials, heat content, transportation and marketing costs and other factors specific to the Company’s operations. (2) In 2030 and beyond, commodity price forecasts are inflated at a rate of 2.0% per annum. The following is the result of the impairment test completed and sensitivity impacts of a 1% increase in after-tax discount rate and a 5% decrease in pricing on the impairment test completed: CGU Operating Segment Impairment 1% increase in discount rate 5% decrease in pricing Ireland Ireland 46,055 14,749 28,598 Changes in any of the key judgments, such as a revision in reserves, changes in forecast commodity prices, foreign exchange rates, capital or operating costs would impact the estimated recoverable amount. Q4 2020 CGU Realignment Previously, Vermilion’s assets in Alberta were managed and organized based primarily on geological characteristics and were grouped into the Drayton Valley Gas and Drayton Valley Oil CGUs. In the fourth quarter of 2020, the Company finalized an evaluation of the management and organization of Vermilion’s assets in Alberta resulting in a re-organization based primarily on geographical characteristics. This process resulted in the combination of its Drayton Valley Gas and Drayton Valley Oil CGU’s into a combined Alberta CGU.

Exploration and evaluation asse

Exploration and evaluation assets	12 Months Ended
	Dec. 31, 2020
Exploration and evaluation assets
Exploration and evaluation assets	5. Exploration and evaluation assets The following table reconciles the change in Vermilion’s exploration and evaluation assets: Balance at January 1 286,149 303,295 Acquisitions 1,380 — Additions 14,721 36,487 Changes in asset retirement obligations (500) 36 Transfers to capital assets — (27,918) Depreciation (54,838) (18,689) Foreign exchange 7,182 (7,062) Balance at December 31 254,094 286,149 Cost 395,615 371,632 Accumulated depreciation (141,521) (85,483) Carrying amount at December 31 254,094 286,149

Asset retirement obligations

Asset retirement obligations	12 Months Ended
	Dec. 31, 2020
Asset retirement obligations
Asset retirement obligations	6. Asset retirement obligations The following table reconciles the change in Vermilion’s asset retirement obligations: Balance at January 1 618,201 650,164 Additional obligations recognized 1,484 7,595 Changes in estimated abandonment timing and costs 74,235 39,722 Obligations settled (14,278) (19,442) Accretion 35,318 32,667 Changes in discount rates (276,673) (57,635) Foreign exchange 29,450 (34,870) Balance at December 31 467,737 618,201 Vermilion calculated the present value of the obligations using a credit-adjusted risk-free rate, calculated using a credit spread of 9.5% (as at December 31, 2019 – 5.3%) added to risk-free rates based on long-term, risk-free government bonds. Vermilion’s credit spread is determined as the yield to maturity on its senior unsecured notes as at the reporting period. The country specific risk-free rates used as inputs to discount the obligations were as follows: Dec 31, 2020 Dec 31, 2019 Canada 1.2 % 1.7 % United States 1.6 % 2.4 % France 0.3 % 0.9 % Netherlands (0.6) % (0.1) % Germany (0.2) % 0.3 % Ireland (0.1) % 0.6 % Australia 1.3 % 1.6 % Vermilion has estimated the asset retirement obligations based on current cost estimates of $2.0 billion (2019 - $1.8 billion). Current cost estimates are inflated to the estimated time of abandonment using inflation rates of between 0.2% and 2.9% (2019 - between 0.4% and 2.7%), resulting in inflated cost estimates of $2.5 billion (2019 - $2.6 billion). These payments are expected to be made between 2021 and 2080, with the majority of costs occurring between 2030 and 2040 ($0.8 billion) and 2049 to 2056 ($0.8 billion). A 0.5% increase/decrease in the discount rate applied to asset retirement obligations would decrease/increase asset retirement obligations by approximately $26.8 million. A one-year increase/decrease in the expected timing of abandonment spend would decrease/increase asset retirement obligations by approximately $37.7 million.

Derivative instruments

Derivative instruments	12 Months Ended
	Dec. 31, 2020
Derivative instruments
Derivative instruments	7. Derivative instruments The following table reconciles the change in the fair value of Vermilion’s derivative instruments: Year Ended Dec 31, 2020 Dec 31, 2019 Fair value of contracts, beginning of year (10,991) 38,339 Reversal of opening contracts settled during the year 12,811 (62,735) Realized gain on contracts settled during the year 109,093 84,219 Unrealized (loss) gain during the year on contracts outstanding at the end of the year (113,766) 5,308 Net receipt from counterparties on contract settlements during the year (109,093) (84,219) Unrealized loss on derivatives designated as cash flow hedges (7,826) (1,071) Unrealized gain on derivatives designated as net investment hedges — 9,168 Fair value of contracts, end of year (119,772) (10,991) Comprised of: Current derivative asset 16,924 55,645 Current derivative liability (130,919) (62,405) Non-current derivative asset 2,451 20,127 Non-current derivative liability (8,228) (24,358) Fair value of contracts, end of year (119,772) (10,991) The gain on derivative instruments for 2020 and 2019 were comprised of the following: Year Ended Dec 31, 2020 Dec 31, 2019 Realized gain on contracts settled during the year (109,093) (84,219) Reversal of opening contracts settled during the year (12,811) 62,735 Unrealized loss (gain) on contracts outstanding at the end of the year 113,766 (5,308) Gain on derivative instruments (8,138) (26,792) Please refer to Note 17 (Supplemental information) for a listing of Vermilion’s outstanding derivative instruments as at December 31, 2020.

Leases

Leases	12 Months Ended
	Dec. 31, 2020
Leases
Leases	8. Leases Vermilion had the following future commitments associated with its lease obligations: As at ($M) Dec 31, 2020 Dec 31, 2019 Less than 1 year 27,927 29,217 1 - 3 years 41,270 46,501 3 - 5 years 31,412 38,177 After 5 years 14,178 26,168 Total lease payments 114,787 140,063 Amounts representing interest (15,381) (23,309) Present value of net lease payments 99,406 116,754 Current portion of lease obligations (22,882) (23,682) Non-current portion of lease obligations 76,524 93,072 Total cash outflow 31,240 33,276 Interest on lease liabilities 6,192 6,984

Taxes

Taxes	12 Months Ended
	Dec. 31, 2020
Taxes
Taxes	9. Taxes The following table reconciles Vermilion’s deferred tax asset and liability: As at Dec 31, 2020 Dec 31, 2019 Deferred tax assets: Non-capital losses 420,060 454,339 Derivative contracts 33,064 2,712 Other 14,766 3,149 Stock based compensation 12,218 — Asset retirement obligations 7,581 36,170 Capital assets 443 (296,793) Unrealized foreign exchange (3,635) (3,034) Deferred tax assets 484,497 196,543 Deferred tax liabilities: Asset retirement obligations 184,144 123,257 Capital assets 112,818 262,669 Other 1,682 (1,610) Non-capital losses (34,372) (48,007) Deferred tax liabilities 264,272 336,309 Income tax expense differs from the amount that would have been expected if the reported earnings had been subject only to the statutory Canadian income tax rate as follows: Year Ended Dec 31, 2020 Dec 31, 2019 Earnings before income taxes (1,877,399) 141,125 Canadian corporate tax rate (1) 25.31 % 26.72 % Expected tax expense (475,170) 37,709 Increase (decrease) in taxes resulting from: Petroleum resource rent tax rate (PRRT) differential (2) (15,157) 17,455 Foreign tax rate differentials (2) (3) (14,907) 5,543 Equity based compensation expense 2,445 3,733 Amended returns and changes to estimated tax pools and tax positions (2,598) (24,387) Statutory rate changes and the estimated reversal rates on temporary differences (4) 33,770 9,543 Derecognition (recognition) of deferred tax assets 141,315 65,522 Adjustment for uncertain tax positions — 3,659 Other non-deductible items (29,670) (10,451) Provision for income taxes (359,972) 108,326 (1) In Canada, the lower tax rate is a result of reductions to the Alberta corporate tax rate from 10% to 8%. (2) In Australia, current taxes include both corporate income tax rates and PRRT. Corporate income tax rates were applied at a rate of 30% and PRRT was applied at a rate of 40%. (3) The applicable tax rates for 2020 were: 28.9% in France, 50.0% in the Netherlands, 31.6% in Germany, 25.0% in Ireland, and 21.0% in the United States (2019: 32.0% in France, 50.0% in the Netherlands, 31.8% in Germany, 25.0% in Ireland, and 21.0% in the United States). (4) On December 28, 2019, the French Parliament approved the Finance Bill for 2020. The Finance Bill for 2020 provides for a progressive decrease of the French corporate income tax rate for companies with sales below €250 million from 32.0% to 25.8% by 2022. On July 1, 2020, the Alberta government reduced the provincial corporate tax rate from 10% to 8%, accelerating the previously enacted schedule of rate reductions. At December 31, 2020, Vermilion had $2.9 billion (2019 - $2.5 billion) of unused tax losses of which $1.3 billion (2019 - $1.2 billion) relates to Vermilion's Canada segment and expire between 2028 and 2040. The majority of the remaining unused tax losses relates to Vermilion's Ireland segment and do not expire. At December 31, 2020, Vermilion derecognized $141.3 million (2019 - derecognized $65.5 million) of deferred income tax assets primarily relating to the aforementioned non-expiring tax loss in Ireland as there is uncertainty as to the Company's ability to fully utilize such losses based on the forecasted commodity prices in effect as at December 31, 2020. The aggregate amount of temporary differences associated with investments in subsidiaries for which deferred tax liabilities have not been recognized as at December 31, 2020 is approximately $0.5 billion (2019 – approximately $0.5 billion).

Long-term debt

Long-term debt	12 Months Ended
	Dec. 31, 2020
Long-term debt
Long-term debt	10. Long-term debt The following table summarizes Vermilion’s outstanding long-term debt: As at Dec 31, 2020 Dec 31, 2019 Revolving credit facility 1,555,215 1,539,225 Senior unsecured notes 378,633 385,440 Long-term debt 1,933,848 1,924,665 The fair value of the revolving credit facility is equal to its carrying value due to the use of short-term borrowing instruments at market rates of interest. The fair value of the senior unsecured notes as at December 31, 2020 was $329.1 million. The following table reconciles the change in Vermilion’s long-term debt: Balance at January 1 1,924,665 1,796,207 Borrowings on the revolving credit facility 22,183 207,787 Amortization of transaction costs 833 4,379 Foreign exchange (13,833) (83,708) Balance at December 31 1,933,848 1,924,665 Revolving credit facility In Q1 2020, we negotiated an extension to our $2.1 billion revolving credit facility to extend the maturity to May 31, 2024. As at December 31, 2020, Vermilion had in place a bank revolving credit facility maturing May 31, 2024 with the following terms: As at Dec 31, 2020 Dec 31, 2019 Total facility amount 2,100,000 2,100,000 Amount drawn (1,555,215) (1,539,225) Letters of credit outstanding (23,210) (10,230) Unutilized capacity 521,575 550,545 The facility can be extended from time to time at the option of the lenders and upon notice from Vermilion. If no extension is granted by the lenders, the amounts owing pursuant to the facility are due at the maturity date. The facility is secured by various fixed and floating charges against the subsidiaries of Vermilion. The facility bears interest at a rate applicable to demand loans plus applicable margins. As at December 31, 2020, the revolving credit facility was subject to the following financial covenants: As at Financial covenant Limit Dec 31, 2020 Dec 31, 2019 Consolidated total debt to consolidated EBITDA Less than 4.0 3.48 1.94 Consolidated total senior debt to consolidated EBITDA Less than 3.5 2.82 1.56 Consolidated EBITDA to consolidated interest expense Greater than 2.5 8.12 13.46 The financial covenants include financial measures defined within the revolving credit facility agreement that are not defined under IFRS. These financial measures are defined by the revolving credit facility agreement as follows: · Consolidated total debt: Includes all amounts classified as “Long-term debt” and “Lease obligations” (including the current portion included within “Accounts payable and accrued liabilities” but excluding operating leases as defined under IAS 17) on the balance sheet. · Consolidated total senior debt: Defined as consolidated total debt excluding unsecured and subordinated debt. · Consolidated EBITDA: Defined as consolidated net earnings before interest, income taxes, depreciation, accretion and certain other non-cash items, adjusted for the impact of the acquisition of a material subsidiary. · Consolidated total interest expense: Includes all amounts classified as “Interest expense”, but excludes interest on operating leases as defined under IAS 17. In addition, our revolving credit facility has provisions relating to our liability management ratings in Alberta and Saskatchewan whereby if our security adjusted liability management ratings fall below specified limits in a province, a portion of the asset retirement obligations are included in the definitions of consolidated total debt and consolidated total senior debt. An event of default occurs if our security adjusted liability management ratings breach additional lower limits for a period greater than 90 days. As of December 31, 2020, Vermilion’s liability management ratings were higher than the specified levels, and as such, no amounts relating to asset retirement obligations were included in the calculation of consolidated total debt and consolidated total senior debt. As at December 31, 2020 and 2019, Vermilion was in compliance with the above covenants. Senior unsecured notes On March 13, 2017, Vermilion issued US $300.0 million of senior unsecured notes at par. The notes bear interest at a rate of 5.625% per annum, to be paid semi-annually on March 15 and September 15. The notes mature on March 15, 2025. As direct senior unsecured obligations of Vermilion, the notes rank equally with existing and future senior unsecured indebtedness of the Company. The senior unsecured notes were recognized at amortized cost and include the transaction costs directly related to the issuance. Vermilion may redeem some or all of the senior unsecured notes at the redemption prices set forth in the following table plus any accrued and unpaid interest, if redeemed during the twelve-month period beginning on March 15 of each of the years indicated below: Year Redemption price 2021 102.813 % 2022 101.406 % 2023 and thereafter 100.000 % Cross currency interest rate swaps On June 12, 2019, Vermilion entered into a series of cross currency interest rate swaps with a syndicate of banks. Vermilion applied hedge accounting to these derivative instruments. The cross currency interest rate swaps had an original maturity of March 15, 2025. The USD-to-CAD cross currency interest swaps were designated as the hedging instrument in a cash flow hedge while the CAD-to-EUR cross currency interest rate swaps were designated as the hedging instrument in a net investment hedge. In 2020, Vermilion executed a number of transactions that resulted in a termination of the cross currency interest rate swaps in exchange for $42.3 million ($16.8 million received in the three months ended March 30, 2020 and $25.5 million received in the three months ended June 30, 2020). As a result of the termination, Vermilion has discontinued hedge accounting and amounts previously recognized for the hedge reserve within accumulated other comprehensive income will be reclassified into net income over the remaining life of the senior unsecured notes.

Shareholders' capital

Shareholders' capital	12 Months Ended
	Dec. 31, 2020
Shareholders' capital
Shareholders' capital	11. Shareholders’ capital The following table reconciles the change in Vermilion’s shareholders’ capital: 2020 2019 Shareholders’ capital Shares (‘000s) Amount ($M) Shares (‘000s) Amount ($M) Balance at January 1 156,290 4,119,031 152,704 4,008,828 Shares issued for the Dividend Reinvestment Plan 619 8,277 1,417 34,937 Vesting of equity based awards 1,103 49,188 1,359 51,108 Shares issued for equity based compensation 415 3,203 552 15,868 Share-settled dividends on vested equity based awards 297 1,461 258 8,290 Balance at December 31 158,724 4,181,160 156,290 4,119,031 Vermilion is authorized to issue an unlimited number of common shares with no par value. Dividends declared to shareholders for the year ended December 31, 2020 were $90.1 million or $0.58 per common share (2019 - $427.3 million or $2.76 per common share). At Vermilion’s Annual General and Special Meeting held on April 28, 2020 shareholders of the Company approved a $3.7 billion reduction in the stated capital of Vermilion’s common shares, with the $3.7 billion reduction deducted from the stated capital account maintained for the common shares of Vermilion and an offsetting increase to the contributed surplus account of Vermilion. The transaction did not result in an adjustment to the financial statements under IFRS.

Capital disclosures

Capital disclosures	12 Months Ended
	Dec. 31, 2020
Capital disclosures
Capital disclosures	12. Capital disclosures Vermilion defines capital as net debt (long-term debt plus net working capital) and shareholders’ capital. Vermilion excludes from its definition of capital any obligations secured by an offsetting asset, such as lease obligations. Vermilion monitors the ratio of net debt to fund flows from operations. As at December 31, 2020, our ratio of net debt to trailing fund flows from operations is 4.19 (2019 – 2.20). Vermilion manages the ratio of net debt to fund flows from operations (refer to Note 3 – Segmented information) by monitoring capital expenditures, dividends, and asset retirement obligations with expected fund flows from operations. Vermilion intends for the ratio of net debt to fund flows from operations to trend towards 1.5 over time. The following table calculates Vermilion’s ratio of net debt to fund flows from operations: Year Ended Dec 31, 2020 Dec 31, 2019 Long-term debt 1,933,848 1,924,665 Current liabilities 433,128 416,210 Current assets (260,993) (347,681) Net debt 2,105,983 1,993,194 Ratio of net debt to four quarter trailing fund flows from operations 4.19 2.20

Equity based compensation

Equity based compensation	12 Months Ended
	Dec. 31, 2020
Equity based compensation
Equity based compensation	13. Equity based compensation The following table summarizes the number of awards outstanding under the VIP: Number of VIP and Five Year Compensation Awards (‘000s) Opening balance 2,268 1,931 Granted 5,120 1,193 Vested (650) (688) Forfeited (494) (168) Closing balance 6,244 2,268 For the year ended December 31, 2020, the awards had a weighted average grant date fair value of $5.92 (2019 - $30.92). Equity based compensation expense for the awards is calculated based on the number of awards outstanding multiplied by the estimated performance factor that will be realized upon vesting (2020 – 1.2; 2019 – 1.7) adjusted by an estimated annual forfeiture rate (2020 – 5.8%; 2019 – 5.2%). Equity based compensation expense of $38.9 million was recorded during the year ended December 31, 2020 (2019 - $46.6 million) relating to the awards. For the year ended December 31, 2020, there were 252,910 DSUs granted and outstanding with a weighted average grant date fair value of $4.48. Equity based compensation expense of $0.8 million was recorded during the year ended December 31, 2020 relating to the DSUs.

Per share amounts

Per share amounts	12 Months Ended
	Dec. 31, 2020
Per share amounts
Per share amounts	14. Per share amounts Basic and diluted net (loss) earnings per share have been determined based on the following: Year Ended Dec 31, 2020 Dec 31, 2019 Net (loss) earnings (1,517,427) 32,799 Basic weighted average shares outstanding (‘000s) 157,908 154,736 Dilutive impact of equity based compensation (‘000s) — 1,359 Diluted weighted average shares outstanding (‘000s) 157,908 156,095 Basic loss per share (9.61) 0.21 Diluted loss per share (9.61) 0.21

Financial instruments

Financial instruments	12 Months Ended
	Dec. 31, 2020
Financial instruments
Financial instruments	15. Financial instruments Classification of financial instruments The following table summarizes the carrying value relating to Vermilion’s financial instruments: As at Dec 31, 2020 As at Dec 31, 2019 Amortized Amortized ($M) FVTPL FVTOCI Cost Total FVTPL FVTOCI Cost Total Cash and cash equivalents 6,904 — — 6,904 29,028 — — 29,028 Derivative assets 19,375 — — 19,375 64,135 11,637 — 75,772 Derivative liabilities (139,147) — — (139,147) (83,223) (3,540) — (86,763) Accounts receivable — — 196,077 196,077 — — 211,409 211,409 Accounts payable and accrued liabilities — — (297,670) (297,670) — — (312,442) (312,442) Dividends payable — — — — — — (35,947) (35,947) Lease obligations — — (76,524) (76,524) — — (93,072) (93,072) Long-term debt (1) — — (1,933,848) (1,933,848) — — (1,924,665) (1,924,665) (1) The carrying value of the above equals fair value except for long-term debt. The fair value of long-term debt was $1,884,296 (2019 - $1,905,588). The carrying value of accounts receivable, accounts payable and accrued liabilities, dividends payable and lease obligations are a reasonable approximation of their fair value due to the short maturity of these financial instruments. The carrying value of long-term debt outstanding on the revolving credit facility approximates its fair value due to the use of short-term borrowing instruments at market rates of interest. Fair value measurements are categorized into a fair value hierarchy based on the lowest level input that is significant to the fair value measurement: · Level 1 inputs are determined by reference to unadjusted quoted prices in active markets for identical assets or liabilities. Inputs used in fair value measurement of cash and cash equivalents, the revolving credit facility, and the senior unsecured notes are categorized as Level 1. · Level 2 inputs are determined based on inputs other than unadjusted quoted prices that are observable, either directly or indirectly. The fair value of Vermilion’s derivative assets and liabilities are determined using pricing models that incorporate future price forecasts (supported by prices from observable market transactions) and credit risk adjustments. · Level 3 inputs are not based on observable market data. Vermilion does not have any financial instruments classified as Level 3. There were no transfers between levels in the hierarchy in the years ended December 31, 2020 and 2019. Nature and Extent of Risks Associated with Financial Instruments Vermilion is exposed to financial risks from its financial instruments. These financial risks include: market risk (includes commodity price risk, interest rate risk, and currency risk), credit risk, and liquidity risk. Commodity price risk Vermilion is exposed to commodity price risk on its derivative assets and liabilities which are used as part of the Company’s risk management program to mitigate the effects of changes in commodity prices on future cash flows. While transactions of this nature relate to future petroleum and natural gas production, Vermilion does not designate these derivative assets and liabilities as accounting hedges. As such, changes in commodity prices impact the fair value of derivative instruments and the corresponding gains or losses recognized on derivative instruments. Currency risk Vermilion is exposed to currency risk on its financial instruments denominated in foreign currencies. These financial instruments include cash and cash equivalents, accounts receivables, accounts payables, lease obligations, long-term debt, derivative assets and derivative liabilities. These financial instruments are primarily denominated in the US dollar and the Euro. Vermilion monitors its exposure to currency risk and reviews whether the use of derivative financial instruments is appropriate to manage potential fluctuations in foreign exchange rates. Interest rate risk Vermilion is exposed to interest rate risk on its revolving credit facility, which consists of short-term borrowing instruments that bear interest at market rates. Thus, changes in interest rates could result in an increase or decrease in the amount paid by Vermilion to service this debt. The following table summarizes the increase (positive values) or decrease (negative values) to net earnings before tax due to a change in the value of Vermilion’s financial instruments as a result of a change in the relevant market risk variable. This analysis does not attempt to reflect any interdependencies between the relevant risk variables. ($M) Dec 31, 2020 Dec 31, 2019 Currency risk - Euro to Canadian dollar $0.01 increase in strength of the Canadian dollar against the Euro (873) (1,599) $0.01 decrease in strength of the Canadian dollar against the Euro 873 1,599 Currency risk - US dollar to Canadian dollar $0.01 increase in strength of the Canadian dollar against the US $ 2,711 (5,594) $0.01 decrease in strength of the Canadian dollar against the US $ (2,711) 5,594 Commodity price risk - Crude oil US $5.00/bbl increase in crude oil price used to determine the fair value of derivatives (11,783) (44,106) US $5.00/bbl decrease in crude oil price used to determine the fair value of derivatives 7,207 47,777 Commodity price risk - European natural gas € 0.5/GJ increase in European natural gas price used to determine the fair value of derivatives (23,904) (28,192) € 0.5/GJ decrease in European natural gas price used to determine the fair value of derivatives 24,088 22,670 Share price risk - Equity swaps $1.00 increase from initial share price of the equity swap 3,750 3,750 $1.00 decrease from initial share price of the equity swap (3,750) (3,750) Credit risk: Vermilion is exposed to credit risk on accounts receivable and derivative assets in the event that customers, joint operation partners, or counterparties fail to discharge their contractual obligations. As at December 31, 2020, Vermilion’s maximum exposure to receivable credit risk was $215.5 million (December 31, 2019 - $287.2 million) which is the value of accounts receivable and derivative assets on the balance sheet. Vermilion’s accounts receivable primarily relates to customers and joint operations partners in the petroleum and natural gas industry. These amounts are subject to normal industry payment terms and credit risks. Vermilion manages these risks by monitoring the creditworthiness of customers and joint operations partners and, where appropriate, obtaining assurances such as parental guarantees and letters of credit. Vermilion determines the lifetime expected credit losses recognized on accounts receivable using a provision matrix. In preparing the provision matrix, the Company takes into account historical credit loss experience based on the aging of accounts receivable, adjusted as necessary for current and future petroleum and natural gas prices to the extent that changes in pricing may negatively impact the Company’s customers and joint operations partners. The lifetime expected credit losses on accounts receivable as at December 31, 2020 and 2019 is not material. As at the balance sheet date, approximately 1.4% (2019 – 3.6%) of the accounts receivable balance was outstanding for more than 90 days. Vermilion considers the balance of accounts receivable to be collectible. Vermilion’s derivative assets primarily relates to the fair value of financial instruments used as part of the Company’s risk management program to mitigate the effects of changes in commodity prices on future cash flows. Vermilion manages this risk by monitoring the creditworthiness of counterparties, transacting primarily with counterparties that have investment grade third party credit ratings, and by limiting the concentration of financial exposure to individual counterparties. As a result, Vermilion has not obtained collateral or other security to support its financial derivatives. Vermilion’s cash deposited in financial institutions and guaranteed investment certificates are also subject to counterparty credit risk. Vermilion mitigates this risk by transacting with financial institutions with high third party credit ratings. Liquidity risk: Liquidity risk is the risk that Vermilion will encounter difficulty in meeting obligations associated with its financial liabilities. Vermilion does not consider this to be a significant risk as its financial position and available committed borrowing facility provide significant financial flexibility and allow Vermilion to meet its obligations as they come due. The following table summarizes Vermilion’s undiscounted non-derivative financial liabilities and their contractual maturities: 1 month to 3 months to 1 year to ($M) 1 month 3 months 1 year 5 years December 31, 2020 92,991 181,475 23,204 2,006,530 December 31, 2019 134,502 208,752 5,136 1,608,435

Related party disclosures

Related party disclosures	12 Months Ended
	Dec. 31, 2020
Related party disclosures
Related party disclosures	16. Related party disclosures The compensation of directors and management is reviewed annually by the independent Governance and Human Resources Committee against industry practices for oil and gas companies of similar size and scope. The following table summarizes the compensation of directors and other members of key management personnel during the years ended December 31, 2020 and 2019: Year Ended Dec 31, 2020 Dec 31, 2019 Short-term benefits 4,800 8,084 Equity based compensation 13,169 16,296 17,969 24,380 Number of individuals included in the above amounts 18 19 During the year ended December 31, 2020, Vermilion recorded $0.2 million of office rent recoveries (2019 - $0.2 million) relating to an office sub-lease to a company whose Managing Director is also a member of Vermilion’s Board of Directors. This related party transaction is provided in the normal course of business under the same commercial terms and conditions as transactions with unrelated companies and is recorded at the exchange amount.

Supplemental information

Supplemental information	12 Months Ended
	Dec. 31, 2020
Supplemental information
Supplemental information	17. Supplemental information Changes in non-cash working capital was comprised of the following: Year Ended Dec 31, 2020 Dec 31, 2019 Changes in: Accounts receivable 15,332 48,913 Crude oil inventory 15,987 (1,638) Prepaid expenses (5,476) (2,882) Accounts payable and accrued liabilities (14,772) (137,209) Income taxes payable (877) (31,994) Foreign exchange (6,251) 2,590 Changes in non-cash working capital 3,943 (122,220) Changes in non-cash operating working capital 12,365 (65,148) Changes in non-cash investing working capital (8,422) (57,072) Changes in non-cash working capital 3,943 (122,220) Cash and cash equivalents was comprised of the following: As at Dec 31, 2020 Dec 31, 2019 Cash on deposit with financial institutions 6,777 28,898 Guaranteed investment certificates 127 130 Cash and cash equivalents 6,904 29,028 Wages and benefits included in operating expenses and general and administration expenses were: Year Ended Dec 31, 2020 Dec 31, 2019 Operating expense 70,414 77,868 General and administration expense 60,551 47,310 Wages and benefits 130,965 125,178 The following tables summarize Vermilion's outstanding risk management positions as at December 31, 2020: Weighted Weighted Weighted Weighted Weighted Average Average Average Average Bought Average Bought Put Bought Put Sold Call Sold Call Sold Put Sold Put Sold Swap Sold Swap Swap Bought Unit Currency Volume Price Volume Price Volume Price Volume Price Volume Swap Price Dated Brent Q1 2021 bbl USD 1,000 47.50 1,000 53.75 1,000 40.00 2,000 49.18 — — Q2 2021 bbl USD — — — — — — 500 47.50 — — WTI Q1 2021 bbl USD 4,500 45.00 4,500 51.26 4,500 37.50 4,300 45.51 — — Q2 2021 bbl USD 4,000 45.00 4,000 53.50 4,000 37.50 2,150 45.54 — — AECO Q2 2021 mcf CAD — — — — — — 9,478 2.12 — — Q3 2021 mcf CAD — — — — — — 9,478 2.12 — — Q4 2021 mcf CAD — — — — — — 3,194 2.12 — — AECO Basis (AECO less NYMEX Henry Hub) Q1 2021 mcf USD — — — — — — 30,000 (1.11) — — Q2 2021 mcf USD — — — — — — 45,000 (1.08) — — Q3 2021 mcf USD — — — — — — 45,000 (1.08) — — Q4 2021 mcf USD — — — — — — 35,054 (1.09) — — Q1 2022 mcf USD — — — — — — 30,000 (1.10) — — Q2 2022 mcf USD — — — — — — 35,000 (1.09) — — Q3 2022 mcf USD — — — — — — 35,000 (1.09) — — Q4 2022 mcf USD — — — — — — 11,793 (1.09) — — NYMEX Henry Hub Q1 2021 mcf USD 15,000 2.73 15,000 2.90 — — 33,500 2.86 — — Q2 2021 mcf USD 10,000 2.65 10,000 2.77 — — 28,500 2.83 — — Q3 2021 mcf USD 10,000 2.65 10,000 2.77 — — 28,500 2.83 — — Q4 2021 mcf USD 10,000 2.65 10,000 2.77 — — 21,870 2.78 — — Ventura Basis (Ventura less NYMEX Henry Hub) Q1 2021 mcf USD — — — — — — — — 10,000 0.04 Q2 2021 mcf USD — — — — — — — — 10,000 0.04 Q3 2021 mcf USD — — — — — — — — 10,000 0.04 Q4 2021 mcf USD — — — — — — — — 3,370 0.04 SoCal Border — — Q1 2021 mcf USD — — — — — — 5,000 3.40 — — Conway Propane — — Q1 2021 bbl USD — — — — — — 500 56% WTI — — Weighted Weighted Weighted Weighted Weighted Average Average Average Average Bought Average Bought Put Bought Put Sold Call Sold Call Sold Put Sold Put Sold Swap Sold Swap Swap Bought Unit Currency Volume Price Volume Price Volume Price Volume Price Volume Swap Price NBP Q1 2021 mcf EUR 58,962 5.37 61,419 5.45 58,962 3.88 2,457 4.69 — — Q2 2021 mcf EUR 49,135 5.37 49,135 5.43 49,135 3.87 2,457 4.69 — — Q3 2021 mcf EUR 49,135 5.37 49,135 5.42 49,135 3.87 2,457 4.69 — — Q4 2021 mcf EUR 58,962 5.37 58,962 5.36 58,962 3.88 2,457 4.69 — — Q1 2022 mcf EUR 34,394 5.18 34,394 5.88 34,394 3.63 2,457 4.69 — — Q2 2022 mcf EUR 27,024 5.07 27,024 5.64 27,024 3.50 2,457 4.69 — — Q3 2022 mcf EUR 14,740 4.86 14,740 5.42 14,740 3.42 2,457 4.69 — — Q4 2022 mcf EUR 14,740 4.86 14,740 5.41 14,740 3.42 2,457 4.69 — — Q1 2023 mcf EUR 7,370 4.74 7,370 4.96 7,370 3.32 — — — — TTF Q2 2021 mcf EUR 2,457 4.25 2,457 3.93 2,457 2.93 — — — — Q3 2021 mcf EUR 2,457 4.25 2,457 3.92 2,457 2.93 — — — — Q1 2022 mcf EUR 2,457 4.84 2,457 5.64 2,457 3.52 — — — — Q2 2022 mcf EUR 2,457 4.84 2,457 5.64 2,457 3.52 — — — — Q3 2022 mcf EUR 2,457 4.84 2,457 5.64 2,457 3.52 — — — — Q4 2022 mcf EUR 2,457 4.84 2,457 5.64 2,457 3.52 — — — — Q1 2023 mcf EUR 2,457 4.84 2,457 5.64 2,457 3.52 — — — — VET Equity Swaps Initial Share Price Share Volume Swap Jan 2020 - Sep 2021 20.9788 CAD 2,250,000 Swap Jan 2020 - Oct 2021 22.4587 CAD 1,500,000 Foreign Currency Swaps Notional Amount Notional Amount Average Rate Swap Jan 2021 1,200,342,790 USD 1,570,298,550 CAD 1.3082 The following sold option instruments allow the counterparties, at the specified date, to enter into a derivative instrument contract with Vermilion at the detailed terms: Weighted Weighted Weighted Weighted Option Average Average Average Average Period if Option Expiration Bought Put Bought Put Sold Call Sold Call Sold Put Sold Put Sold Swap Sold Swap Exercised Unit Currency Date Volume Price Volume Price Volume Price Volume Price NYMEX Apr 2021 - Oct 2021 mcf USD 24-Mar-21 — — — — — — 10,000 2.90 NBP Jan 2022 - Dec 2022 mcf EUR 30-Jun-21 — — — — — — 2,457 5.13 Dated Brent Apr 2021 - Mar 2022 bbl USD 31-Mar-21 — — — — — — 500 52.00

Significant accounting polici_2

Significant accounting policies (Policies)	12 Months Ended
	Dec. 31, 2020
Significant accounting policies
Accounting framework	Accounting framework The consolidated financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”).
Principles of consolidation	Principles of consolidation The consolidated financial statements include the accounts of Vermilion Energy Inc. and its subsidiaries. Vermilion’s subsidiaries include entities in each of the jurisdictions that Vermilion operates as described in Note 3 (Segmented information) including: Canada, France, Netherlands, Germany, Ireland, Australia, the United States, and Central and Eastern Europe (Hungary, Slovakia, and Croatia). Vermilion Energy Inc. directly or indirectly through holding companies owns all of the voting securities of each material subsidiary. Transactions between Vermilion Energy Inc. and its subsidiaries have been eliminated. Vermilion accounts for joint operations by recognizing the Company’s share of assets, liabilities, income, and expenses.
Exploration and evaluation assets	Exploration and evaluation assets Vermilion classifies costs as exploration and evaluation (“E&E”) assets when they relate to exploring and evaluating an area for which the Company has the license or right to explore and extract resources. E&E costs may include: geological and geophysical costs; land and license acquisition costs; and costs for the drilling, completion, and testing of exploration wells. E&E costs are reclassified to capital assets if the technical feasibility and commercial viability of the area can be determined. E&E assets are assessed for impairment prior to any reclassification. The technical feasibility and commercial viability of extracting the reserves is considered to be determinable when proved and probable reserves are identified. Costs incurred prior to the acquisition of the legal rights to explore an area are expensed as incurred. If reserves are not found within the license area or the area is abandoned, the related E&E costs are depreciated over a period not greater than five years. If an exploration license expires prior to the commencement of exploration activities, the cost of the exploration license is written off through depreciation in the year of expiration.
Capital assets	Capital assets Vermilion recognizes capital assets at cost less accumulated depletion, depreciation, and impairment losses. Costs include directly attributable costs incurred for the drilling, completion, and tie-in of wells and the construction of production and processing facilities. When components of capital assets are replaced, disposed of, or no longer in use, they are derecognized. Gains and losses on disposal of capital assets are determined by comparing the proceeds of disposal compared to the carrying amount.
Depletion and depreciation	Depletion and depreciation Capital assets are grouped into depletion units, which are groups of assets within a specific production area that have similar economic lives. Depletion units represent the lowest level of disaggregation for which costs are accumulated for the purposes of calculating depletion and depreciation. The net carrying value of each depletion unit is depleted using the unit of production method by reference to the ratio of production in the period to the total proved and probable reserves, taking into account the future development costs necessary to bring the applicable reserves into production. For the purposes of the depletion calculations, oil and gas reserves are converted to a common unit of measure on the basis of their relative energy content based on a conversion ratio of six thousand cubic feet of natural gas to one barrel of oil equivalent.
Impairment of capital assets and exploration and evaluation assets	Impairment of capital assets and exploration and evaluation assets Depletion units are aggregated into cash generating units (“CGUs”) for impairment testing. CGUs are the lowest level for which there are identifiable cash inflows that are largely independent of cash inflows of other groups of assets. CGUs are reviewed for indicators of potential impairment at each reporting date. E&E assets are tested for impairment when reclassified to capital assets or when indicators of potential impairment are identified. E&E assets are reviewed for indicators of potential impairment at each reporting date. If indicators of potential impairment are identified, E&E assets are tested for impairment as part of the CGU attributable to the jurisdiction in which the exploration area resides. If an indicator of potential impairment exists, the CGU’s carrying value is compared to its recoverable amount. A CGU’s recoverable amount is the higher of its fair value less costs of disposal and its value-in-use. If the carrying amount of a CGU exceeds its recoverable amount, an impairment loss is recognized to reduce the carrying value of the CGU to its recoverable amount. If an impairment loss has been recognized in a prior period, an assessment is performed at each reporting date to determine if there are indicators that the circumstances which led to the impairment loss have reversed. If the change in circumstances results in the recoverable amount being higher than the carrying value after the impairment loss, then the impairment loss (net of depletion that would otherwise have been recorded) is reversed.
Lease obligations and right-of-use assets	Lease obligations and right-of-use assets A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. At the lease commencement date, a lease obligation is recognized at the present value of future lease payments, typically using the applicable incremental borrowing rate. A corresponding right-of-use asset is recognized at the amount of the lease obligation, adjusted for lease incentives received and initial direct costs. Vermilion does not recognize leases for short-term leases with a lease term of 12 months or less, or leases for low-value assets. Payments are applied against the lease obligation and interest expense is recognized on the lease obligations using the effective interest rate method. Depreciation is recognized on the right-of-use asset over the lease term.
Cash and cash equivalents	Cash and cash equivalents Cash and cash equivalents include cash on deposit with financial institutions and guaranteed investment certificates.
Crude oil inventory	Crude oil inventory Crude oil inventory is valued at the lower of cost or net realizable value. The cost of crude oil inventory produced includes related operating expense, royalties, and depletion determined on a weighted-average basis.
Asset retirement obligations	Asset retirement obligations Vermilion recognizes a provision for asset retirement obligations when an event occurs giving rise to an obligation of uncertain timing or amount. Asset retirement obligations are recognized on the consolidated balance sheet as a long-term liability with a corresponding increase to E&E or capital assets. Asset retirement obligations reflect the present value of estimated future settlement costs. The discount rate used to calculate the present value is specific to the jurisdiction the obligation relates to and is reflective of current market assessment of the time value of money and risks specific to the liabilities that have not been reflected in the cash flow estimates. Asset retirement obligations are remeasured at each reporting period to reflect changes in market rates and estimated future settlement costs. Asset retirement obligations are increased each reporting period to reflect the passage of time with a corresponding charge to accretion expense.
Revenue recognition	Revenue recognition Revenue associated with the sale of crude oil and condensate, natural gas, and natural gas liquids is measured based on the consideration specified in contracts with customers. Revenue from contracts with customers is recognized when or as Vermilion satisfies a performance obligation by transferring control of crude oil and condensate, natural gas, or natural gas liquids to a customer at contractually specified transfer points. This transfer coincides with title passing to the customer and the customer taking physical possession of the commodity. Vermilion principally satisfies its performance obligations at a point in time and the amounts of revenue recognized relating to performance obligations satisfied over time are not significant. Vermilion invoices customers for delivered products monthly and payment occurs shortly thereafter. Vermilion does not have any contracts where the period between the transfer of control of the commodity to the customer and payment by the customer exceeds one year. As a result, Vermilion does not adjust its revenue transactions to reflect significant financing components.
Financial instruments	Financial instruments On initial recognition, financial instruments are measured at fair value. Measurement in subsequent periods depends on the classification of the financial instrument as described below: · Fair value through profit or loss ("FVTPL"): Financial instruments under this classification include cash and cash equivalents and derivative assets and liabilities. Transaction costs under this classification are expensed as incurred. · Fair value through other comprehensive income ("FVTOCI"): Financial instruments under this classification include derivative assets and liabilities where hedge accounting is applied. Transaction costs under this classification are expensed as incurred. · Amortized cost: Financial instruments under this classification include accounts receivable, accounts payable and accrued liabilities, dividends payable, lease obligations, and long-term debt. Transaction costs under this classification are included in the measurement of the financial instrument. Accounts receivable are measured net of a loss allowance equal to the lifetime expected credit loss. Hedge accounting Hedge accounting is applied to financial instruments designated as hedging instruments in qualifying hedging relationships. Qualifying hedge relationships may include cash flow hedges, fair value hedges, and hedges of net investments in foreign operations. The purpose of hedge accounting is to represent the effect of Vermilion's risk management activities to manage exposures arising from specific risks that affect net earnings such as foreign currency risk. In order to apply hedge accounting, the eligible hedging instrument must be highly effective in offsetting the exposure to changes in the eligible hedged item. This effectiveness is assessed at inception and at the end of each reporting period thereafter. At inception, formal designation and documentation of the hedging relationship, risk management objective and strategy is required for undertaking the hedge. For cash flow and net investment hedges, gains and losses on the hedging instrument are recognized in the consolidated statement of earnings in the same period in which the transaction associated with the hedged item occurs. Where the hedging instrument is a derivative instrument, a derivative asset or liability is recognized on the balance sheet at fair value (included in "Derivative instruments") with the effective portion of the gain or loss recorded to other comprehensive income. Any gain or loss associated with the ineffective portion of the hedging relationship is recognized in the consolidated statement of net earnings as other income or expense. If a hedging relationship no longer qualifies for hedge accounting, any gain or loss resulting from the discontinuation of hedge accounting is deferred in other comprehensive income until the forecasted transaction date. If the forecasted transaction is no longer expected to occur, any gain or loss resulting from the discontinuation of hedge accounting is immediately recognized in the consolidated statement of net earnings.
Equity based compensation	Equity based compensation Equity based compensation expense results from equity-settled awards issued under Vermilion’s long-term share-based compensation plans as well as the grant date fair value of Vermilion common shares issued under the Company’s bonus and employee share savings plans. Vermilion’s long-term share-based compensation plans consist of the Vermilion Incentive Plan (“VIP”) and the Deferred Share Unit Plan ("DSU"). Equity-settled awards issued under the VIP vest over a period of one to three years and awards issued under the DSU vest immediately upon granting. Equity based compensation expense for equity-settled plans is recognized over the vesting period with a corresponding adjustment to contributed surplus. The expense recognized is based on the grant date fair value of the awards, an estimate of the performance factor that will be achieved (if applicable), and an estimate of forfeiture rates based on historical vesting data. Dividends notionally accrue to the VIP and are excluded in the determination of grant date fair values. When the awards are converted to Vermilion common shares, the amount recognized in contributed surplus is reclassified to shareholders’ capital. The grant date fair value of awards or Vermilion common shares issued is determined as the closing price of Vermilion’s common shares on the Toronto Stock Exchange on the grant date.
Per share amounts	Per share amounts Basic net earnings per share is calculated by dividing net earnings by the weighted-average number of shares outstanding during the period. Diluted net earnings per share is calculated by dividing net earnings by the diluted weighted-average number of shares outstanding during the period. The diluted weighted-average number of shares outstanding is the sum of the basic weighted-average number of shares outstanding and (to the extent inclusion reduces diluted net earnings per share) the number of shares issuable for equity-settled awards determined using the treasury stock method. The treasury stock method assumes that the unrecognized equity based compensation expense are deemed proceeds used to repurchase Vermilion common shares at the average market price during the period.
Foreign currency translation	Foreign currency translation Vermilion Energy Inc.’s functional and presentation currency is the Canadian dollar. Vermilion has subsidiaries that transact and operate in countries other than Canada and have functional currencies other than the Canadian dollar. Foreign currency translation includes the translation of foreign currency transactions and the translation of foreign operations. Foreign currency transaction translation occurs when translating transactions and balances in foreign currencies to the applicable functional currency of Vermilion Energy Inc. and its subsidiaries. Gains and losses from foreign currency transactions are recorded as foreign exchange gains or losses in the statement of net earnings. Foreign currency transaction translation occurs as follows: · Income and expenses are translated at the prevailing rates on the date of the transaction. · Non-monetary assets or liabilities are carried at the prevailing rates on the date of the transaction. · Monetary items, including intercompany loans that are not deemed to represent net investments in a foreign subsidiary, are translated at the prevailing rates at the balance sheet date. Foreign operation translation occurs when translating the financial statements of non-Canadian functional currency subsidiaries to the Canadian dollar and when translating intercompany loans that are deemed to represent net investments in a foreign subsidiary. Gains and losses from foreign operation translations are recorded as currency translation adjustments in the statement of comprehensive earnings. Foreign operation translation occurs as follows: · Income and expenses are translated at the average exchange rates for the period. · Assets and liabilities are translated at the prevailing rates on the balance sheet date.
Income taxes	Income taxes Deferred tax assets and liabilities are calculated using the balance sheet method. Deferred tax assets and liabilities are recognized for the estimated effect of any temporary differences between the amounts recognized on Vermilion’s consolidated balance sheet and the respective tax basis. This calculation uses enacted or substantively enacted tax rates that are expected to be in effect when the temporary differences are expected to reverse. The effect of a change in tax rates on deferred taxes is recognized in the period the related legislation is substantively enacted. Deferred tax assets are recognized to the extent that it is probable that future taxable profits will be available against which the deductible temporary differences can be used. Deferred tax assets are reviewed at each reporting date and are reduced to the extent it is no longer probable that the related tax benefit will be realized.
Business combinations	Business combinations Acquisitions of corporations or groups of assets are accounted for as business combinations using the acquisition method if the acquired assets constitute a business. Under the acquisition method, assets acquired and liabilities assumed in a business combination (with the exception of deferred tax assets and liabilities) are measured at their fair values. Deferred tax assets or liabilities arising from the assets acquired and liabilities assumed are measured in accordance with the policies described in "Income taxes" above. If applicable, the excess or deficiency of the fair value of net assets acquired compared to consideration paid is recognized as a gain on business combination or as goodwill on the consolidated balance sheet. Acquisition-related costs incurred to effect a business combination are expensed in the period incurred. As part of the assessment to determine if the acquisition constitutes a business, Vermilion may elect to apply the concentration test on a transaction by transaction basis. The test is met if substantially all of the fair value related to the gross assets acquired is concentrated in a single identifiable asset (or group of similar assets) resulting in the acquisition not being deemed a business and recorded as an asset acquisition.
Segmented information	Segmented information Vermilion has a decentralized business unit structure designed to manage assets in each country the Company operates. Each of Vermilion’s operating segments derives its revenues solely from the production and sale of petroleum and natural gas. Vermilion’s Corporate segment aggregates costs incurred at the Company’s Corporate head office located in Calgary, Alberta, Canada as well as costs incurred relating to Vermilion’s exploration and production activities in Hungary, Slovakia, and Croatia (Central and Eastern Europe). These operating segments have similar economic characteristics as they do not currently generate material revenue. Vermilion’s chief operating decision maker regularly reviews fund flows from operations generated by each of Vermilion’s operating segments. Fund flows from operations is a measure of profit or loss that provides the chief operating decision maker with the ability to assess the profitability of each operating segment and, correspondingly, the ability of each operating segment to fund its share of dividends, asset retirement obligations, and capital investments.
Management judgments and estimation uncertainty	Management judgments and estimation uncertainty The preparation of the consolidated financial statements in accordance with IFRS requires management to make judgments, estimates, and assumptions that affect the reported amount of assets, liabilities, income, and expenses. Actual results could differ significantly from these estimates. Key areas where management has made judgments, estimates, and assumptions are described below. The determination of whether indicators of impairment or impairment reversals: · Determining whether there are indicators of impairment or impairment reversals are based on management's assessments of the changes in estimates for future commodity prices, costs, discount rates, or reserves. Changes in these estimates and assumptions can directly impact the calculated fair value of capital assets and therefore could be indicators of impairment or impairment reversals. In addition, change in the Vermilion's market capitalization relative to its book value could be an indicator of impairment. The measurement of the fair value of capital assets acquired in a business combination and the determination of the recoverable amount of cash generating units ("CGU"): · Calculating the fair value of capital assets acquired in a business combination and the recoverable amount of CGUs (in the assessment of impairments or reversals of previous impairments if indicators of impairment or impairment reversal are identified) are based on estimated future commodity prices, discount rates and estimated reserves. Reserve estimates are based on: engineering data, estimated future commodity prices, expected future rates of production, and assumptions regarding the timing and amount of future expenditures. Changes in these estimates and assumptions can directly impact the calculated fair value of capital assets acquired (and thus the resulting goodwill or gain on business combination) and the recoverable amount of a CGU (and thus the resulting impairment loss or recovery). · In addition, the recoverable amount of a CGU is impacted by the composition of CGUs, which are subject to management’s judgment of the lowest level at which there are identifiable cash inflows that are largely independent of the cash inflows of other groups of assets. The factors used by Vermilion to determine CGUs vary by jurisdiction due to their unique operating and geographic conditions. In general, Vermilion will assess the following factors: geographic proximity of the assets within a group to one another, geographic proximity of the group of assets to other groups of assets, homogeneity of the production from the group of assets and the sharing of infrastructure used to process and/or transport production. Changes in these judgments can directly impact the calculated recoverable amount of a CGU (and thus the resulting impairment loss or recovery). The measurement of the carrying value of asset retirement obligations on the balance sheet, including the fair value and subsequent carrying value of asset retirement obligations assumed in a business combination: · Asset retirement obligations are based on judgments regarding regulatory requirements, estimates of future costs, assumptions on the expected timing of expenditures, and estimates of the underlying risk inherent to the obligation. The carrying balance of asset retirement obligations and accretion expense may differ due to changes in: laws and regulations, technology, the expected timing of expenditures, and market conditions affecting the discount rate applied. The recognition and measurement of deferred tax assets and liabilities: · Tax interpretations, regulations, and legislation in the various jurisdictions in which Vermilion and its subsidiaries operate are subject to change and interpretation. Changes in laws and interpretations can affect the timing of the reversal of temporary tax differences, the tax rates in effect when such differences reverse and Vermilion’s ability to use tax losses and other tax pools in the future. The Company’s income tax filings are subject to audit by taxation authorities in numerous jurisdictions and the results of such audits may increase or decrease the tax liability. The determination of tax amounts recognized in the consolidated financial statements are based on management’s assessment of the tax positions, which includes consideration of their technical merits, communications with tax authorities and management’s view of the most likely outcome. · The extent to which deferred tax assets are recognized are based on estimates of future profitability. These estimates are based on estimated future commodity prices and estimates of reserves. Judgments, estimates, and assumptions inherent in reserve estimates are described above. The measurement of lease obligations and corresponding right-of-use assets: The measurement of lease obligations are subject to management’s judgments of the applicable incremental borrowing rate and the expected lease term. The carrying balance of the right-of-use assets, lease obligations, and the resulting interest and depletion and depreciation expense, may differ due to changes in the market conditions and expected lease terms. Applicable incremental borrowing rates are based on judgments of the economic environment, term, currency, and the underlying risk inherent to the asset. Lease terms are based on assumptions regarding cancellation and extension terms that allow for operational flexibility based on future market conditions.

Segmented information (Tables)

Segmented information (Tables)	12 Months Ended
	Dec. 31, 2020
Segmented information
Summary of segment operations	Year Ended December 31, 2020 ($M) Canada USA France Netherlands Germany Ireland Australia Corporate Total Total assets 1,805,464 328,902 703,567 130,063 198,357 257,990 105,898 578,898 4,109,139 Drilling and development 199,141 66,120 42,145 10,331 13,005 1,823 24,520 (4,604) 352,481 Exploration and evaluation — — 183 (226) 2,814 — — 11,950 14,721 Crude oil and condensate sales 418,610 55,099 182,292 1,502 17,143 13 141,452 8 816,119 NGL sales 36,204 6,513 — — — — — — 42,717 Natural gas sales 114,377 4,834 — 64,073 17,067 58,433 — 1,925 260,709 Sales of purchased commodities — — — — — — — 127,853 127,853 Royalties (54,961) (17,446) (32,069) (444) (990) — — (644) (106,554) Revenue from external customers 514,230 49,000 150,223 65,131 33,220 58,446 141,452 129,142 1,140,844 Purchased commodities — — — — — — — (127,853) (127,853) Transportation (41,494) (1,349) (14,604) — (5,839) (4,425) — — (67,711) Operating (218,596) (18,108) (57,128) (32,410) (20,732) (15,232) (54,581) (464) (417,251) General and administration (25,462) (7,420) (13,108) (1,220) (6,532) (594) (3,841) (2,663) (60,840) PRRT — — — — — — (20,151) — (20,151) Corporate income taxes — — (141) 3,774 — — 2,106 71 5,810 Interest expense — — — — — — — (75,077) (75,077) Realized gain on derivative instruments — — — — — — — 109,093 109,093 Realized foreign exchange gain — — — — — — — 11,110 11,110 Realized other income — — — — — — — 4,091 4,091 Fund flows from operations 228,678 22,123 65,242 35,275 117 38,195 64,985 47,450 502,065 Year Ended December 31, 2019 ($M) Canada USA France Netherlands Germany Ireland Australia Corporate Total Total assets 3,088,947 421,609 841,875 226,834 261,712 470,316 233,581 321,246 5,866,120 Drilling and development 293,744 57,196 74,579 19,866 10,806 1,372 30,550 (1,436) 486,677 Exploration and evaluation — — 62 3,739 10,878 — — 21,808 36,487 Crude oil and condensate sales 699,290 63,449 326,578 2,411 25,783 27 184,490 — 1,302,028 NGL sales 33,159 6,499 — — — — — — 39,658 Natural gas sales 95,621 5,416 121 110,446 31,529 104,247 — 797 348,177 Sales of purchased commodities — — — — — — — 221,274 221,274 Royalties (94,079) (18,706) (43,895) (1,469) (5,264) — — (253) (163,666) Revenue from external customers 733,991 56,658 282,804 111,388 52,048 104,274 184,490 221,818 1,747,471 Purchased commodities — — — — — — — (221,274) (221,274) Transportation (41,261) — (21,609) — (5,117) (4,459) — — (72,446) Operating (242,790) (16,370) (61,281) (32,125) (24,970) (12,431) (49,810) (301) (440,078) General and administration (23,341) (7,566) (15,406) (2,659) (8,452) (2,491) (4,940) 5,879 (58,976) PRRT — — — — — — (25,947) — (25,947) Corporate income taxes — — (21,431) 3,961 — — (8,407) (406) (26,283) Interest expense — — — — — — — (81,377) (81,377) Realized gain on derivative instruments — — — — — — — 84,219 84,219 Realized foreign exchange loss — — — — — — — (4,954) (4,954) Realized other income — — — — — — — 7,700 7,700 Fund flows from operations 426,599 32,722 163,077 80,565 13,509 84,893 95,386 11,304 908,055 Reconciliation of fund flows from operations to net (loss) earnings: Year Ended Dec 31, 2020 Dec 31, 2019 Fund flows from operations 502,065 908,055 Accretion (35,318) (32,667) Depletion and depreciation (580,461) (675,177) Impairment (1,682,344) (46,056) Unrealized loss on derivative instruments (100,955) (57,427) Equity based compensation (42,906) (64,233) Unrealized foreign exchange gain 49,012 57,225 Unrealized other expense (833) (825) Deferred tax 374,313 (56,096) Net (loss) earnings (1,517,427) 32,799

Capital assets (Tables)

Capital assets (Tables)	12 Months Ended
	Dec. 31, 2020
Capital assets.
Schedule of changes in Vermilion's capital assets	The following table reconciles the change in Vermilion’s capital assets: Balance at January 1 5,015,620 5,316,873 Acquisitions 24,430 38,472 Additions 352,481 486,677 Increase in right-of-use assets 5,245 12,348 Transfers from exploration and evaluation assets — 27,918 Impairment (1,682,344) (46,056) Depletion and depreciation (517,734) (657,863) Changes in asset retirement obligations (200,454) (10,354) Foreign exchange 109,860 (152,395) Balance at December 31 3,107,104 5,015,620 Cost 9,863,537 9,604,933 Accumulated depletion, depreciation, and impairment (6,756,433) (4,589,313) Carrying amount at December 31 3,107,104 5,015,620
Summary of carrying balance and depreciation charge relating to right-of-use assets	Right-of-use assets The following table discloses the carrying balance and depreciation charge relating to right-of-use assets by class of underlying asset as at and for the year ended December 31, 2020: As at Dec 31, 2020 As at Dec 31, 2019 ($M) Depreciation Balance Depreciation Balance Office space 9,835 49,134 9,745 53,777 Gas processing facilities 7,109 27,593 7,089 34,701 Oil storage facilities 2,738 15,231 2,633 16,803 Vehicles and equipment 3,608 8,035 3,209 10,327 Total 23,290 99,993 22,676 115,608
Schedule of benchmark price forecasts used to calculate the recoverable amounts	2030 (2) Brent Crude ($ US/bbl) (1) 50.75 55.00 58.50 61.79 62.95 64.13 65.33 66.56 67.81 69.17 Exchange rate (CAD/USD) 0.78 0.77 0.76 0.76 0.76 0.76 0.76 0.76 0.76 0.76 2029 (2) Brent Crude ($US/bbl) (1) 44.00 46.75 51.00 56.50 60.00 62.95 64.13 65.33 66.56 67.81 WTI Crude ($US/bbl) (1) 42.00 44.00 47.50 52.50 56.00 58.95 60.13 61.33 62.56 63.81 NBP (€/mmbtu) (1) 3.87 4.03 4.41 4.58 4.79 5.00 5.21 5.42 5.63 5.83 AECO Spot Gas ($/mmbtu) (1) 3.00 2.90 2.70 2.60 2.60 2.65 2.70 2.76 2.81 2.87 Exchange rate (CAD/USD) 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 2029 (2) Brent Crude ($US/bbl) (1) 43.50 48.00 51.50 56.50 60.00 62.95 64.13 65.33 66.56 67.81 WTI Crude ($US/bbl) (1) 41.00 44.00 47.50 52.50 56.00 58.95 60.13 61.33 62.56 63.81 NBP (€/mmbtu) (1) 2.75 4.25 4.75 5.25 5.75 6.00 6.25 6.50 6.75 7.00 AECO Spot Gas ($/mmbtu) (1) 2.10 2.35 2.40 2.45 2.55 2.65 2.70 2.76 2.81 2.87 Exchange rate (CAD/USD) 0.74 0.74 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 2029 (2) Brent Crude ($US/bbl) (1) 34.00 45.50 52.50 57.50 62.50 62.95 64.13 65.33 66.56 67.81 WTI Crude ($US/bbl) (1) 30.00 41.00 47.50 52.50 57.50 58.95 60.13 61.33 62.56 63.81 NBP (€/mmbtu) (1) 3.33 4.25 5.00 5.50 6.00 6.25 6.50 6.75 7.00 7.25 AECO Spot Gas ($/mmbtu) (1) 1.95 2.25 2.35 2.45 2.55 2.65 2.70 2.76 2.81 2.87 Exchange rate (CAD/USD) 0.72 0.73 0.74 0.74 0.75 0.75 0.75 0.75 0.75 0.75 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 (2) NBP (€/mmbtu) (1) 5.58 5.51 5.54 5.65 5.77 5.88 6.00 6.12 6.24 6.37
Schedule of sensitivity impacts on impairment charges	Operating Segment CGU Impairment 1% increase in discount rate 5% decrease in pricing France Aquitaine Basin — — 12,556 France Neocomian — 5,582 12,241 Total — 5,582 24,797 Operating Segment CGU Impairment 1% increase in discount rate 5% decrease in pricing France Neocomian 47,777 5,184 13,235 Operating Segment CGU Impairment 1% increase in discount rate 5% decrease in pricing Australia Australia 33,475 3,435 15,470 Germany Germany Gas 10,177 1,370 2,818 Ireland Ireland 26,061 9,198 19,208 Total 69,713 14,003 37,496 Operating Segment CGU Impairment 1% increase in discount rate 5% decrease in pricing Australia Australia 55,583 3,227 13,582 Canada Saskatchewan 815,909 70,737 141,015 Canada Drayton Valley Oil 364,879 13,204 23,582 France Neocomian 22,758 8,576 13,609 Germany Germany Gas 39,738 3,545 7,084 Ireland Ireland 119,634 10,333 20,793 United States United States 146,353 28,051 52,613 Total 1,564,854 137,673 272,278 CGU Operating Segment Impairment 1% increase in discount rate 5% decrease in pricing Ireland Ireland 46,055 14,749 28,598

Exploration and evaluation as_2

Exploration and evaluation assets (Tables)	12 Months Ended
	Dec. 31, 2020
Exploration and evaluation assets [member]
Disclosure Of Exploration And Evaluation Assets [Line Items]
Summary of reconciliation of changes in Vermilion's exploration and evaluation assets	The following table reconciles the change in Vermilion’s exploration and evaluation assets: Balance at January 1 286,149 303,295 Acquisitions 1,380 — Additions 14,721 36,487 Changes in asset retirement obligations (500) 36 Transfers to capital assets — (27,918) Depreciation (54,838) (18,689) Foreign exchange 7,182 (7,062) Balance at December 31 254,094 286,149 Cost 395,615 371,632 Accumulated depreciation (141,521) (85,483) Carrying amount at December 31 254,094 286,149

Asset retirement obligations (T

Asset retirement obligations (Tables)	12 Months Ended
	Dec. 31, 2020
Asset retirement obligations
Summary of reconciliation of changes in Vermilion's asset obligations	The following table reconciles the change in Vermilion’s asset retirement obligations: Balance at January 1 618,201 650,164 Additional obligations recognized 1,484 7,595 Changes in estimated abandonment timing and costs 74,235 39,722 Obligations settled (14,278) (19,442) Accretion 35,318 32,667 Changes in discount rates (276,673) (57,635) Foreign exchange 29,450 (34,870) Balance at December 31 467,737 618,201
Schedule of risk free rates used to discount the obligations	The country specific risk-free rates used as inputs to discount the obligations were as follows: Dec 31, 2020 Dec 31, 2019 Canada 1.2 % 1.7 % United States 1.6 % 2.4 % France 0.3 % 0.9 % Netherlands (0.6) % (0.1) % Germany (0.2) % 0.3 % Ireland (0.1) % 0.6 % Australia 1.3 % 1.6 %

Derivative instruments (Tables)

Derivative instruments (Tables)	12 Months Ended
	Dec. 31, 2020
Derivative instruments
Summary of reconciliation of change in fair value of derivative instruments	The following table reconciles the change in the fair value of Vermilion’s derivative instruments: Year Ended Dec 31, 2020 Dec 31, 2019 Fair value of contracts, beginning of year (10,991) 38,339 Reversal of opening contracts settled during the year 12,811 (62,735) Realized gain on contracts settled during the year 109,093 84,219 Unrealized (loss) gain during the year on contracts outstanding at the end of the year (113,766) 5,308 Net receipt from counterparties on contract settlements during the year (109,093) (84,219) Unrealized loss on derivatives designated as cash flow hedges (7,826) (1,071) Unrealized gain on derivatives designated as net investment hedges — 9,168 Fair value of contracts, end of year (119,772) (10,991) Comprised of: Current derivative asset 16,924 55,645 Current derivative liability (130,919) (62,405) Non-current derivative asset 2,451 20,127 Non-current derivative liability (8,228) (24,358) Fair value of contracts, end of year (119,772) (10,991)
Summary of loss (gain) on derivative instruments	The gain on derivative instruments for 2020 and 2019 were comprised of the following: Year Ended Dec 31, 2020 Dec 31, 2019 Realized gain on contracts settled during the year (109,093) (84,219) Reversal of opening contracts settled during the year (12,811) 62,735 Unrealized loss (gain) on contracts outstanding at the end of the year 113,766 (5,308) Gain on derivative instruments (8,138) (26,792)

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2020
Leases
Summary of future commitments associated with lease obligations	Vermilion had the following future commitments associated with its lease obligations: As at ($M) Dec 31, 2020 Dec 31, 2019 Less than 1 year 27,927 29,217 1 - 3 years 41,270 46,501 3 - 5 years 31,412 38,177 After 5 years 14,178 26,168 Total lease payments 114,787 140,063 Amounts representing interest (15,381) (23,309) Present value of net lease payments 99,406 116,754 Current portion of lease obligations (22,882) (23,682) Non-current portion of lease obligations 76,524 93,072 Total cash outflow 31,240 33,276 Interest on lease liabilities 6,192 6,984

Taxes (Tables)

Taxes (Tables)	12 Months Ended
	Dec. 31, 2020
Taxes
Summary of deferred tax asset and liability	The following table reconciles Vermilion’s deferred tax asset and liability: As at Dec 31, 2020 Dec 31, 2019 Deferred tax assets: Non-capital losses 420,060 454,339 Derivative contracts 33,064 2,712 Other 14,766 3,149 Stock based compensation 12,218 — Asset retirement obligations 7,581 36,170 Capital assets 443 (296,793) Unrealized foreign exchange (3,635) (3,034) Deferred tax assets 484,497 196,543 Deferred tax liabilities: Asset retirement obligations 184,144 123,257 Capital assets 112,818 262,669 Other 1,682 (1,610) Non-capital losses (34,372) (48,007) Deferred tax liabilities 264,272 336,309
Summary of reconciliation of accounting profit multiplied by applicable tax rates	Income tax expense differs from the amount that would have been expected if the reported earnings had been subject only to the statutory Canadian income tax rate as follows: Year Ended Dec 31, 2020 Dec 31, 2019 Earnings before income taxes (1,877,399) 141,125 Canadian corporate tax rate (1) 25.31 % 26.72 % Expected tax expense (475,170) 37,709 Increase (decrease) in taxes resulting from: Petroleum resource rent tax rate (PRRT) differential (2) (15,157) 17,455 Foreign tax rate differentials (2) (3) (14,907) 5,543 Equity based compensation expense 2,445 3,733 Amended returns and changes to estimated tax pools and tax positions (2,598) (24,387) Statutory rate changes and the estimated reversal rates on temporary differences (4) 33,770 9,543 Derecognition (recognition) of deferred tax assets 141,315 65,522 Adjustment for uncertain tax positions — 3,659 Other non-deductible items (29,670) (10,451) Provision for income taxes (359,972) 108,326 (1) In Canada, the lower tax rate is a result of reductions to the Alberta corporate tax rate from 10% to 8%. (2) In Australia, current taxes include both corporate income tax rates and PRRT. Corporate income tax rates were applied at a rate of 30% and PRRT was applied at a rate of 40%. (3) The applicable tax rates for 2020 were: 28.9% in France, 50.0% in the Netherlands, 31.6% in Germany, 25.0% in Ireland, and 21.0% in the United States (2019: 32.0% in France, 50.0% in the Netherlands, 31.8% in Germany, 25.0% in Ireland, and 21.0% in the United States). On December 28, 2019, the French Parliament approved the Finance Bill for 2020. The Finance Bill for 2020 provides for a progressive decrease of the French corporate income tax rate for companies with sales below €250 million from 32.0% to 25.8% by 2022. On July 1, 2020, the Alberta government reduced the provincial corporate tax rate from 10% to 8%, accelerating the previously enacted schedule of rate reductions.

Long-term debt (Tables)

Long-term debt (Tables)	12 Months Ended
	Dec. 31, 2020
Disclosure of Long-term Debt [Line Items]
Summary of outstanding long-term debt	The following table summarizes Vermilion’s outstanding long-term debt: As at Dec 31, 2020 Dec 31, 2019 Revolving credit facility 1,555,215 1,539,225 Senior unsecured notes 378,633 385,440 Long-term debt 1,933,848 1,924,665
Summary of change in long-term debt	The following table reconciles the change in Vermilion’s long-term debt: Balance at January 1 1,924,665 1,796,207 Borrowings on the revolving credit facility 22,183 207,787 Amortization of transaction costs 833 4,379 Foreign exchange (13,833) (83,708) Balance at December 31 1,933,848 1,924,665
Summary of financial covenants	As at December 31, 2020, the revolving credit facility was subject to the following financial covenants: As at Financial covenant Limit Dec 31, 2020 Dec 31, 2019 Consolidated total debt to consolidated EBITDA Less than 4.0 3.48 1.94 Consolidated total senior debt to consolidated EBITDA Less than 3.5 2.82 1.56 Consolidated EBITDA to consolidated interest expense Greater than 2.5 8.12 13.46
Summary of redemption price of unsecured notes	Year Redemption price 2021 102.813 % 2022 101.406 % 2023 and thereafter 100.000 %
Revolving Credit Facilities [Member]
Disclosure of Long-term Debt [Line Items]
Summary of outstanding long-term debt	As at December 31, 2020, Vermilion had in place a bank revolving credit facility maturing May 31, 2024 with the following terms: As at Dec 31, 2020 Dec 31, 2019 Total facility amount 2,100,000 2,100,000 Amount drawn (1,555,215) (1,539,225) Letters of credit outstanding (23,210) (10,230) Unutilized capacity 521,575 550,545

Shareholders' capital (Tables)

Shareholders' capital (Tables)	12 Months Ended
	Dec. 31, 2020
Shareholders' capital
Summary of changes in shareholders' capital	The following table reconciles the change in Vermilion’s shareholders’ capital: 2020 2019 Shareholders’ capital Shares (‘000s) Amount ($M) Shares (‘000s) Amount ($M) Balance at January 1 156,290 4,119,031 152,704 4,008,828 Shares issued for the Dividend Reinvestment Plan 619 8,277 1,417 34,937 Vesting of equity based awards 1,103 49,188 1,359 51,108 Shares issued for equity based compensation 415 3,203 552 15,868 Share-settled dividends on vested equity based awards 297 1,461 258 8,290 Balance at December 31 158,724 4,181,160 156,290 4,119,031

Capital disclosures (Tables)

Capital disclosures (Tables)	12 Months Ended
	Dec. 31, 2020
Capital disclosures
Schedule of ratio of net debt to fund flows from operations	The following table calculates Vermilion’s ratio of net debt to fund flows from operations: Year Ended Dec 31, 2020 Dec 31, 2019 Long-term debt 1,933,848 1,924,665 Current liabilities 433,128 416,210 Current assets (260,993) (347,681) Net debt 2,105,983 1,993,194 Ratio of net debt to four quarter trailing fund flows from operations 4.19 2.20

Equity based compensation (Tabl

Equity based compensation (Tables)	12 Months Ended
	Dec. 31, 2020
Vermilion incentive plan [Member]
Disclosure Of Equity Based Compensation [Line Items]
Summary of number of awards outstanding under VIP and the Five-Year Compensation Arrangement	The following table summarizes the number of awards outstanding under the VIP: Number of VIP and Five Year Compensation Awards (‘000s) Opening balance 2,268 1,931 Granted 5,120 1,193 Vested (650) (688) Forfeited (494) (168) Closing balance 6,244 2,268

Per share amounts (Tables)

Per share amounts (Tables)	12 Months Ended
	Dec. 31, 2020
Per share amounts
Schedule of determination of basic and diluted net earnings per share	Basic and diluted net (loss) earnings per share have been determined based on the following: Year Ended Dec 31, 2020 Dec 31, 2019 Net (loss) earnings (1,517,427) 32,799 Basic weighted average shares outstanding (‘000s) 157,908 154,736 Dilutive impact of equity based compensation (‘000s) — 1,359 Diluted weighted average shares outstanding (‘000s) 157,908 156,095 Basic loss per share (9.61) 0.21 Diluted loss per share (9.61) 0.21

Financial instruments (Tables)

Financial instruments (Tables)	12 Months Ended
	Dec. 31, 2020
Financial instruments
Summary of financial instruments	The following table summarizes the carrying value relating to Vermilion’s financial instruments: As at Dec 31, 2020 As at Dec 31, 2019 Amortized Amortized ($M) FVTPL FVTOCI Cost Total FVTPL FVTOCI Cost Total Cash and cash equivalents 6,904 — — 6,904 29,028 — — 29,028 Derivative assets 19,375 — — 19,375 64,135 11,637 — 75,772 Derivative liabilities (139,147) — — (139,147) (83,223) (3,540) — (86,763) Accounts receivable — — 196,077 196,077 — — 211,409 211,409 Accounts payable and accrued liabilities — — (297,670) (297,670) — — (312,442) (312,442) Dividends payable — — — — — — (35,947) (35,947) Lease obligations — — (76,524) (76,524) — — (93,072) (93,072) Long-term debt (1) — — (1,933,848) (1,933,848) — — (1,924,665) (1,924,665)
Summary of increase (decrease) to net earnings before tax	The following table summarizes the increase (positive values) or decrease (negative values) to net earnings before tax due to a change in the value of Vermilion’s financial instruments as a result of a change in the relevant market risk variable. This analysis does not attempt to reflect any interdependencies between the relevant risk variables. ($M) Dec 31, 2020 Dec 31, 2019 Currency risk - Euro to Canadian dollar $0.01 increase in strength of the Canadian dollar against the Euro (873) (1,599) $0.01 decrease in strength of the Canadian dollar against the Euro 873 1,599 Currency risk - US dollar to Canadian dollar $0.01 increase in strength of the Canadian dollar against the US $ 2,711 (5,594) $0.01 decrease in strength of the Canadian dollar against the US $ (2,711) 5,594 Commodity price risk - Crude oil US $5.00/bbl increase in crude oil price used to determine the fair value of derivatives (11,783) (44,106) US $5.00/bbl decrease in crude oil price used to determine the fair value of derivatives 7,207 47,777 Commodity price risk - European natural gas € 0.5/GJ increase in European natural gas price used to determine the fair value of derivatives (23,904) (28,192) € 0.5/GJ decrease in European natural gas price used to determine the fair value of derivatives 24,088 22,670 Share price risk - Equity swaps $1.00 increase from initial share price of the equity swap 3,750 3,750 $1.00 decrease from initial share price of the equity swap (3,750) (3,750)
Schedule of undiscounted non-derivative financial liabilities and their contractual maturities	The following table summarizes Vermilion’s undiscounted non-derivative financial liabilities and their contractual maturities: 1 month to 3 months to 1 year to ($M) 1 month 3 months 1 year 5 years December 31, 2020 92,991 181,475 23,204 2,006,530 December 31, 2019 134,502 208,752 5,136 1,608,435

Related party disclosures (Tabl

Related party disclosures (Tables)	12 Months Ended
	Dec. 31, 2020
Related party disclosures
Summary of compensation of directors and other members of key management personnel	The following table summarizes the compensation of directors and other members of key management personnel during the years ended December 31, 2020 and 2019: Year Ended Dec 31, 2020 Dec 31, 2019 Short-term benefits 4,800 8,084 Equity based compensation 13,169 16,296 17,969 24,380 Number of individuals included in the above amounts 18 19

Supplemental information (Table

Supplemental information (Tables)	12 Months Ended
	Dec. 31, 2020
Supplemental information
Summary of changes in non-working capital	Changes in non-cash working capital was comprised of the following: Year Ended Dec 31, 2020 Dec 31, 2019 Changes in: Accounts receivable 15,332 48,913 Crude oil inventory 15,987 (1,638) Prepaid expenses (5,476) (2,882) Accounts payable and accrued liabilities (14,772) (137,209) Income taxes payable (877) (31,994) Foreign exchange (6,251) 2,590 Changes in non-cash working capital 3,943 (122,220) Changes in non-cash operating working capital 12,365 (65,148) Changes in non-cash investing working capital (8,422) (57,072) Changes in non-cash working capital 3,943 (122,220)
Schedule of components of cash and cash equivalents	Cash and cash equivalents was comprised of the following: As at Dec 31, 2020 Dec 31, 2019 Cash on deposit with financial institutions 6,777 28,898 Guaranteed investment certificates 127 130 Cash and cash equivalents 6,904 29,028
Summary of wages and benefits	Wages and benefits included in operating expenses and general and administration expenses were: Year Ended Dec 31, 2020 Dec 31, 2019 Operating expense 70,414 77,868 General and administration expense 60,551 47,310 Wages and benefits 130,965 125,178
Summary of outstanding risk management positions	The following tables summarize Vermilion's outstanding risk management positions as at December 31, 2020: Weighted Weighted Weighted Weighted Weighted Average Average Average Average Bought Average Bought Put Bought Put Sold Call Sold Call Sold Put Sold Put Sold Swap Sold Swap Swap Bought Unit Currency Volume Price Volume Price Volume Price Volume Price Volume Swap Price Dated Brent Q1 2021 bbl USD 1,000 47.50 1,000 53.75 1,000 40.00 2,000 49.18 — — Q2 2021 bbl USD — — — — — — 500 47.50 — — WTI Q1 2021 bbl USD 4,500 45.00 4,500 51.26 4,500 37.50 4,300 45.51 — — Q2 2021 bbl USD 4,000 45.00 4,000 53.50 4,000 37.50 2,150 45.54 — — AECO Q2 2021 mcf CAD — — — — — — 9,478 2.12 — — Q3 2021 mcf CAD — — — — — — 9,478 2.12 — — Q4 2021 mcf CAD — — — — — — 3,194 2.12 — — AECO Basis (AECO less NYMEX Henry Hub) Q1 2021 mcf USD — — — — — — 30,000 (1.11) — — Q2 2021 mcf USD — — — — — — 45,000 (1.08) — — Q3 2021 mcf USD — — — — — — 45,000 (1.08) — — Q4 2021 mcf USD — — — — — — 35,054 (1.09) — — Q1 2022 mcf USD — — — — — — 30,000 (1.10) — — Q2 2022 mcf USD — — — — — — 35,000 (1.09) — — Q3 2022 mcf USD — — — — — — 35,000 (1.09) — — Q4 2022 mcf USD — — — — — — 11,793 (1.09) — — NYMEX Henry Hub Q1 2021 mcf USD 15,000 2.73 15,000 2.90 — — 33,500 2.86 — — Q2 2021 mcf USD 10,000 2.65 10,000 2.77 — — 28,500 2.83 — — Q3 2021 mcf USD 10,000 2.65 10,000 2.77 — — 28,500 2.83 — — Q4 2021 mcf USD 10,000 2.65 10,000 2.77 — — 21,870 2.78 — — Ventura Basis (Ventura less NYMEX Henry Hub) Q1 2021 mcf USD — — — — — — — — 10,000 0.04 Q2 2021 mcf USD — — — — — — — — 10,000 0.04 Q3 2021 mcf USD — — — — — — — — 10,000 0.04 Q4 2021 mcf USD — — — — — — — — 3,370 0.04 SoCal Border — — Q1 2021 mcf USD — — — — — — 5,000 3.40 — — Conway Propane — — Q1 2021 bbl USD — — — — — — 500 56% WTI — — Weighted Weighted Weighted Weighted Weighted Average Average Average Average Bought Average Bought Put Bought Put Sold Call Sold Call Sold Put Sold Put Sold Swap Sold Swap Swap Bought Unit Currency Volume Price Volume Price Volume Price Volume Price Volume Swap Price NBP Q1 2021 mcf EUR 58,962 5.37 61,419 5.45 58,962 3.88 2,457 4.69 — — Q2 2021 mcf EUR 49,135 5.37 49,135 5.43 49,135 3.87 2,457 4.69 — — Q3 2021 mcf EUR 49,135 5.37 49,135 5.42 49,135 3.87 2,457 4.69 — — Q4 2021 mcf EUR 58,962 5.37 58,962 5.36 58,962 3.88 2,457 4.69 — — Q1 2022 mcf EUR 34,394 5.18 34,394 5.88 34,394 3.63 2,457 4.69 — — Q2 2022 mcf EUR 27,024 5.07 27,024 5.64 27,024 3.50 2,457 4.69 — — Q3 2022 mcf EUR 14,740 4.86 14,740 5.42 14,740 3.42 2,457 4.69 — — Q4 2022 mcf EUR 14,740 4.86 14,740 5.41 14,740 3.42 2,457 4.69 — — Q1 2023 mcf EUR 7,370 4.74 7,370 4.96 7,370 3.32 — — — — TTF Q2 2021 mcf EUR 2,457 4.25 2,457 3.93 2,457 2.93 — — — — Q3 2021 mcf EUR 2,457 4.25 2,457 3.92 2,457 2.93 — — — — Q1 2022 mcf EUR 2,457 4.84 2,457 5.64 2,457 3.52 — — — — Q2 2022 mcf EUR 2,457 4.84 2,457 5.64 2,457 3.52 — — — — Q3 2022 mcf EUR 2,457 4.84 2,457 5.64 2,457 3.52 — — — — Q4 2022 mcf EUR 2,457 4.84 2,457 5.64 2,457 3.52 — — — — Q1 2023 mcf EUR 2,457 4.84 2,457 5.64 2,457 3.52 — — — — VET Equity Swaps Initial Share Price Share Volume Swap Jan 2020 - Sep 2021 20.9788 CAD 2,250,000 Swap Jan 2020 - Oct 2021 22.4587 CAD 1,500,000 Foreign Currency Swaps Notional Amount Notional Amount Average Rate Swap Jan 2021 1,200,342,790 USD 1,570,298,550 CAD 1.3082
Summary of sold option instruments counterparties	Weighted Weighted Weighted Weighted Option Average Average Average Average Period if Option Expiration Bought Put Bought Put Sold Call Sold Call Sold Put Sold Put Sold Swap Sold Swap Exercised Unit Currency Date Volume Price Volume Price Volume Price Volume Price NYMEX Apr 2021 - Oct 2021 mcf USD 24-Mar-21 — — — — — — 10,000 2.90 NBP Jan 2022 - Dec 2022 mcf EUR 30-Jun-21 — — — — — — 2,457 5.13 Dated Brent Apr 2021 - Mar 2022 bbl USD 31-Mar-21 — — — — — — 500 52.00

Segmented information - Segment

Segmented information - Segment Operations (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure Of Segmented Information [Line Items]
Total assets	$ 4,109,139	$ 5,866,120
Drilling and development	352,481	486,677
Exploration and evaluation	14,721	36,487
Royalties	(106,554)	(163,666)
Revenue from external customers	1,140,844	1,747,471
Transportation	(67,711)	(72,446)
Operating	(417,251)	(440,078)
General and administration	(60,840)	(58,976)
PRRT	14,341	52,230
Current tax income (expense)	(14,341)	(52,230)
Interest expense	(75,077)	(81,377)
Fund flows from operations	502,065	908,055
Reportable segments [member]
Disclosure Of Segmented Information [Line Items]
Total assets	4,109,139	5,866,120
Drilling and development	352,481	486,677
Exploration and evaluation	14,721	36,487
Crude oil and condensate sales	816,119	1,302,028
NGL sales	42,717	39,658
Natural gas sales	260,709	348,177
Sales of purchased commodities	127,853	221,274
Royalties	(106,554)	(163,666)
Revenue from external customers	1,140,844	1,747,471
Purchased commodities	(127,853)	(221,274)
Transportation	(67,711)	(72,446)
Operating	(417,251)	(440,078)
General and administration	(60,840)	(58,976)
Interest expense	(75,077)	(81,377)
Realized gain on derivative instruments	109,093	84,219
Realized other income	4,091	7,700
Fund flows from operations	502,065	908,055
Reportable segments [member] | Operating Segments [Member]
Disclosure Of Segmented Information [Line Items]
Realized foreign exchange gain	11,110	(4,954)
PRRT [Member] | Reportable segments [member]
Disclosure Of Segmented Information [Line Items]
PRRT	20,151	25,947
Current tax income (expense)	(20,151)	(25,947)
Corporate income tax [Member] | Reportable segments [member]
Disclosure Of Segmented Information [Line Items]
PRRT	(5,810)	26,283
Current tax income (expense)	5,810	(26,283)
Canada | Reportable segments [member]
Disclosure Of Segmented Information [Line Items]
Total assets	1,805,464	3,088,947
Drilling and development	199,141	293,744
Exploration and evaluation	0	0
Crude oil and condensate sales	418,610	699,290
NGL sales	36,204	33,159
Natural gas sales	114,377	95,621
Sales of purchased commodities	0	0
Royalties	(54,961)	(94,079)
Revenue from external customers	514,230	733,991
Purchased commodities	0	0
Transportation	(41,494)	(41,261)
Operating	(218,596)	(242,790)
General and administration	(25,462)	(23,341)
Interest expense	0	0
Realized gain on derivative instruments	0	0
Realized foreign exchange gain	0	0
Realized other income	0	0
Fund flows from operations	228,678	426,599
Canada | PRRT [Member] | Reportable segments [member]
Disclosure Of Segmented Information [Line Items]
PRRT	0	0
Current tax income (expense)	0	0
Canada | Corporate income tax [Member] | Reportable segments [member]
Disclosure Of Segmented Information [Line Items]
PRRT	0	0
Current tax income (expense)	$ 0	$ 0
France
Disclosure Of Segmented Information [Line Items]
Revenue (as a percentage)	10.00%	10.00%
France | Reportable segments [member]
Disclosure Of Segmented Information [Line Items]
Total assets	$ 703,567	$ 841,875
Drilling and development	42,145	74,579
Exploration and evaluation	183	62
Crude oil and condensate sales	182,292	326,578
NGL sales	0	0
Natural gas sales	0	121
Sales of purchased commodities	0	0
Royalties	(32,069)	(43,895)
Revenue from external customers	150,223	282,804
Purchased commodities	0	0
Transportation	(14,604)	(21,609)
Operating	(57,128)	(61,281)
General and administration	(13,108)	(15,406)
Interest expense	0	0
Realized gain on derivative instruments	0	0
Realized foreign exchange gain	0	0
Realized other income	0	0
Fund flows from operations	65,242	163,077
France | PRRT [Member] | Reportable segments [member]
Disclosure Of Segmented Information [Line Items]
PRRT	0	0
Current tax income (expense)	0	0
France | Corporate income tax [Member] | Reportable segments [member]
Disclosure Of Segmented Information [Line Items]
PRRT	141	21,431
Current tax income (expense)	(141)	(21,431)
Netherlands | Reportable segments [member]
Disclosure Of Segmented Information [Line Items]
Total assets	130,063	226,834
Drilling and development	10,331	19,866
Exploration and evaluation	(226)	3,739
Crude oil and condensate sales	1,502	2,411
NGL sales	0	0
Natural gas sales	64,073	110,446
Sales of purchased commodities	0	0
Royalties	(444)	(1,469)
Revenue from external customers	65,131	111,388
Purchased commodities	0	0
Transportation	0	0
Operating	(32,410)	(32,125)
General and administration	(1,220)	(2,659)
Interest expense	0	0
Realized gain on derivative instruments	0	0
Realized foreign exchange gain	0	0
Realized other income	0	0
Fund flows from operations	35,275	80,565
Netherlands | PRRT [Member] | Reportable segments [member]
Disclosure Of Segmented Information [Line Items]
PRRT	0	0
Current tax income (expense)	0	0
Netherlands | Corporate income tax [Member] | Reportable segments [member]
Disclosure Of Segmented Information [Line Items]
PRRT	(3,774)	(3,961)
Current tax income (expense)	3,774	3,961
Germany | Reportable segments [member]
Disclosure Of Segmented Information [Line Items]
Total assets	198,357	261,712
Drilling and development	13,005	10,806
Exploration and evaluation	2,814	10,878
Crude oil and condensate sales	17,143	25,783
NGL sales	0	0
Natural gas sales	17,067	31,529
Sales of purchased commodities	0	0
Royalties	(990)	(5,264)
Revenue from external customers	33,220	52,048
Purchased commodities	0	0
Transportation	(5,839)	(5,117)
Operating	(20,732)	(24,970)
General and administration	(6,532)	(8,452)
Interest expense	0	0
Realized gain on derivative instruments	0	0
Realized foreign exchange gain	0	0
Realized other income	0	0
Fund flows from operations	117	13,509
Germany | PRRT [Member] | Reportable segments [member]
Disclosure Of Segmented Information [Line Items]
PRRT	0	0
Current tax income (expense)	0	0
Germany | Corporate income tax [Member] | Reportable segments [member]
Disclosure Of Segmented Information [Line Items]
PRRT	0	0
Current tax income (expense)	0	0
Ireland | Reportable segments [member]
Disclosure Of Segmented Information [Line Items]
Total assets	257,990	470,316
Drilling and development	1,823	1,372
Exploration and evaluation	0	0
Crude oil and condensate sales	13	27
NGL sales	0	0
Natural gas sales	58,433	104,247
Sales of purchased commodities	0	0
Royalties	0	0
Revenue from external customers	58,446	104,274
Purchased commodities	0	0
Transportation	(4,425)	(4,459)
Operating	(15,232)	(12,431)
General and administration	(594)	(2,491)
Interest expense	0	0
Realized gain on derivative instruments	0	0
Realized foreign exchange gain	0	0
Realized other income	0	0
Fund flows from operations	38,195	84,893
Ireland | PRRT [Member] | Reportable segments [member]
Disclosure Of Segmented Information [Line Items]
PRRT	0	0
Current tax income (expense)	0	0
Ireland | Corporate income tax [Member] | Reportable segments [member]
Disclosure Of Segmented Information [Line Items]
PRRT	0	0
Current tax income (expense)	0	0
Australia | Reportable segments [member]
Disclosure Of Segmented Information [Line Items]
Total assets	105,898	233,581
Drilling and development	24,520	30,550
Exploration and evaluation	0	0
Crude oil and condensate sales	141,452	184,490
NGL sales	0	0
Natural gas sales	0	0
Sales of purchased commodities	0	0
Royalties	0	0
Revenue from external customers	141,452	184,490
Purchased commodities	0	0
Transportation	0	0
Operating	(54,581)	(49,810)
General and administration	(3,841)	(4,940)
Interest expense	0	0
Realized gain on derivative instruments	0	0
Realized foreign exchange gain	0	0
Realized other income	0	0
Fund flows from operations	64,985	95,386
Australia | PRRT [Member] | Reportable segments [member]
Disclosure Of Segmented Information [Line Items]
PRRT	20,151	25,947
Current tax income (expense)	(20,151)	(25,947)
Australia | Corporate income tax [Member] | Reportable segments [member]
Disclosure Of Segmented Information [Line Items]
PRRT	(2,106)	8,407
Current tax income (expense)	2,106	(8,407)
United States | Reportable segments [member]
Disclosure Of Segmented Information [Line Items]
Total assets	328,902	421,609
Drilling and development	66,120	57,196
Crude oil and condensate sales	55,099	63,449
NGL sales	6,513	6,499
Natural gas sales	4,834	5,416
Royalties	(17,446)	(18,706)
Revenue from external customers	49,000	56,658
Transportation	(1,349)
Operating	(18,108)	(16,370)
General and administration	(7,420)	(7,566)
Fund flows from operations	22,123	32,722
Corporate | Reportable segments [member]
Disclosure Of Segmented Information [Line Items]
Total assets	578,898	321,246
Drilling and development	(4,604)	(1,436)
Exploration and evaluation	11,950	21,808
Crude oil and condensate sales	8	0
NGL sales	0	0
Natural gas sales	1,925	797
Sales of purchased commodities	127,853	221,274
Royalties	(644)	(253)
Revenue from external customers	129,142	221,818
Purchased commodities	(127,853)	(221,274)
Transportation	0	0
Operating	(464)	(301)
General and administration	(2,663)	5,879
Interest expense	(75,077)	(81,377)
Realized gain on derivative instruments	109,093	84,219
Realized other income	4,091	7,700
Fund flows from operations	47,450	11,304
Corporate | Reportable segments [member] | Operating Segments [Member]
Disclosure Of Segmented Information [Line Items]
Realized foreign exchange gain	11,110	(4,954)
Corporate | PRRT [Member] | Reportable segments [member]
Disclosure Of Segmented Information [Line Items]
PRRT	0	0
Current tax income (expense)	0	0
Corporate | Corporate income tax [Member] | Reportable segments [member]
Disclosure Of Segmented Information [Line Items]
PRRT	(71)	406
Current tax income (expense)	$ 71	$ (406)

Segmented information - Reconci

Segmented information - Reconciliation of Fund Flows from Operations to Net Earnings (Details) - CAD ($)	3 Months Ended	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Segmented information
Fund flows from operations		$ 502,065,000	$ 908,055,000
Accretion		(35,318,000)	(32,667,000)
Depletion and depreciation		(580,461,000)	(675,177,000)
Impairment	$ 0	(1,682,344,000)	(46,056,000)
Unrealized loss on derivative instruments		(100,955,000)	(57,427,000)
Equity based compensation		(42,906,000)	(64,233,000)
Unrealized foreign exchange gain		49,012,000	57,225,000
Unrealized other expense		(833,000)	(825,000)
Deferred tax		374,313,000	(56,096,000)
Net (loss) earnings		$ (1,517,427,000)	$ 32,799,000

Capital assets - Reconciliation

Capital assets - Reconciliation of Change in Carrying Amount (Details) - CAD ($) $ in Thousands	3 Months Ended				12 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Disclosure of Capital assets [Line Items]
Beginning balance			$ 5,015,620		$ 5,015,620
Impairment	$ (35,400)	$ (53,100)	(1,200,000)	$ (34,600)	(1,682,344)	$ (46,056)
Ending balance				5,015,620	3,107,104	5,015,620
Property, plant and equipment			5,015,620	5,015,620	3,107,104	5,015,620
Capital assets [Member]
Disclosure of Capital assets [Line Items]
Beginning balance			5,015,620		5,015,620	5,316,873
Acquisitions					24,430	38,472
Additions					352,481	486,677
Increase in right-of-use assets					5,245	12,348
Transfers from exploration and evaluation assets						27,918
Impairment					(1,682,344)	(46,056)
Depletion and depreciation					(517,734)	(657,863)
Changes in asset retirement obligations					(200,454)	(10,354)
Foreign exchange					109,860	(152,395)
Ending balance				5,015,620	3,107,104	5,015,620
Property, plant and equipment			5,015,620	5,015,620	3,107,104	5,015,620
Capital assets [Member] | Gross carrying amount [member]
Disclosure of Capital assets [Line Items]
Beginning balance			9,604,933		9,604,933
Ending balance				9,604,933	9,863,537	9,604,933
Property, plant and equipment			9,604,933	9,604,933	9,863,537	9,604,933
Capital assets [Member] | Accumulated depletion, depreciation, and impairment [member]
Disclosure of Capital assets [Line Items]
Beginning balance			(4,589,313)		(4,589,313)
Ending balance				(4,589,313)	(6,756,433)	(4,589,313)
Property, plant and equipment			$ (4,589,313)	$ (4,589,313)	$ (6,756,433)	$ (4,589,313)

Capital assets - Carrying Balan

Capital assets - Carrying Balance and Depreciation (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure of Capital assets [Line Items]
Depreciation	$ 23,290	$ 22,676
Balance	99,993	115,608
Office space [Member]
Disclosure of Capital assets [Line Items]
Depreciation	9,835	9,745
Balance	49,134	53,777
Gas processing facilities [Member]
Disclosure of Capital assets [Line Items]
Depreciation	7,109	7,089
Balance	27,593	34,701
Oil storage facilities [Member]
Disclosure of Capital assets [Line Items]
Depreciation	2,738	2,633
Balance	15,231	16,803
Vehicles and equipment [Member]
Disclosure of Capital assets [Line Items]
Depreciation	3,608	3,209
Balance	$ 8,035	$ 10,327

Capital assets - Recovery Amoun

Capital assets - Recovery Amounts (Details)	3 Months Ended
	Dec. 31, 2020$ / bbl$ / $	Sep. 30, 2020$ / bbl$ / MMBTU€ / MMBTU$ / $	Jun. 30, 2020$ / bbl$ / MMBTU€ / MMBTU$ / $	Mar. 31, 2020$ / bbl$ / MMBTU€ / MMBTU$ / $	Dec. 31, 2019€ / MMBTU
2020
Disclosure of Capital assets [Line Items]
Exchange rate | $ / $		0.75	0.74	0.72
2020 | Brent Crude
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts		44	43.50	34
2020 | WTI Crude
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts		42	41	30
2020 | NBP
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts | € / MMBTU		3.87	2.75	3.33	5.58
2020 | AECO Spot Gas
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts | $ / MMBTU		3	2.10	1.95
2021
Disclosure of Capital assets [Line Items]
Exchange rate | $ / $	0.78	0.75	0.74	0.73
2021 | Brent Crude
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts	50.75	46.75	48	45.50
2021 | WTI Crude
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts		44	44	41
2021 | NBP
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts | € / MMBTU		4.03	4.25	4.25	5.51
2021 | AECO Spot Gas
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts | $ / MMBTU		2.90	2.35	2.25
2022
Disclosure of Capital assets [Line Items]
Exchange rate | $ / $	0.77	0.75	0.75	0.74
2022 | Brent Crude
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts	55	51	51.50	52.50
2022 | WTI Crude
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts		47.50	47.50	47.50
2022 | NBP
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts | € / MMBTU		4.41	4.75	5	5.54
2022 | AECO Spot Gas
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts | $ / MMBTU		2.70	2.40	2.35
2023
Disclosure of Capital assets [Line Items]
Exchange rate | $ / $	0.76	0.75	0.75	0.74
2023 | Brent Crude
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts	58.50	56.50	56.50	57.50
2023 | WTI Crude
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts		52.50	52.50	52.50
2023 | NBP
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts | € / MMBTU		4.58	5.25	5.50	5.65
2023 | AECO Spot Gas
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts | $ / MMBTU		2.60	2.45	2.45
2024
Disclosure of Capital assets [Line Items]
Exchange rate | $ / $	0.76	0.75	0.75	0.75
2024 | Brent Crude
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts	61.79	60	60	62.50
2024 | WTI Crude
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts		56	56	57.50
2024 | NBP
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts | € / MMBTU		4.79	5.75	6	5.77
2024 | AECO Spot Gas
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts | $ / MMBTU		2.60	2.55	2.55
2025
Disclosure of Capital assets [Line Items]
Exchange rate | $ / $	0.76	0.75	0.75	0.75
2025 | Brent Crude
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts	62.95	62.95	62.95	62.95
2025 | WTI Crude
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts		58.95	58.95	58.95
2025 | NBP
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts | € / MMBTU		5	6	6.25	5.88
2025 | AECO Spot Gas
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts | $ / MMBTU		2.65	2.65	2.65
2026
Disclosure of Capital assets [Line Items]
Exchange rate | $ / $	0.76	0.75	0.75	0.75
2026 | Brent Crude
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts	64.13	64.13	64.13	64.13
2026 | WTI Crude
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts		60.13	60.13	60.13
2026 | NBP
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts | € / MMBTU		5.21	6.25	6.50	6
2026 | AECO Spot Gas
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts | $ / MMBTU		2.70	2.70	2.70
2027
Disclosure of Capital assets [Line Items]
Exchange rate | $ / $	0.76	0.75	0.75	0.75
2027 | Brent Crude
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts	65.33	65.33	65.33	65.33
2027 | WTI Crude
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts		61.33	61.33	61.33
2027 | NBP
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts | € / MMBTU		5.42	6.50	6.75	6.12
2027 | AECO Spot Gas
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts | $ / MMBTU		2.76	2.76	2.76
2028
Disclosure of Capital assets [Line Items]
Exchange rate | $ / $	0.76	0.75	0.75	0.75
2028 | Brent Crude
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts	66.56	66.56	66.56	66.56
2028 | WTI Crude
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts		62.56	62.56	62.56
2028 | NBP
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts | € / MMBTU		5.63	6.75	7	6.24
2028 | AECO Spot Gas
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts | $ / MMBTU		2.81	2.81	2.81
2029
Disclosure of Capital assets [Line Items]
Exchange rate | $ / $	0.76	0.75	0.75	0.75
2029 | Brent Crude
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts	67.81	67.81	67.81	67.81
2029 | WTI Crude
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts		63.81	63.81	63.81
2029 | NBP
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts | € / MMBTU		5.83	7	7.25	6.37
2029 | AECO Spot Gas
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts | $ / MMBTU		2.87	2.87	2.87
2030 and beyond
Disclosure of Capital assets [Line Items]
Exchange rate | $ / $	0.76
Commodity price forecast inflation rate percentage		2.00%	2.00%	2.00%	2.00%
2030 and beyond | Brent Crude
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts	69.17
2031 and beyond
Disclosure of Capital assets [Line Items]
Commodity price forecast inflation rate percentage	2.00%

Capital assets - Impairment tes

Capital assets - Impairment tests and sensitivity impacts (Details) - CAD ($)	3 Months Ended					12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Disclosure of Capital assets [Line Items]
Impairment loss	$ 0					$ 1,682,344,000	$ 46,056,000
Percentage of increase in discount rate					1.00%
Percentage of decrease in pricing					5.00%
Operating Segments [Member]
Disclosure of Capital assets [Line Items]
Impairment loss			$ 69,713,000	$ 1,564,854,000
1% increase discount rate	5,582,000		14,003,000	137,673,000
5% decrease pricing	24,797,000		37,496,000	272,278,000
Operating Segments [Member] | Australia
Disclosure of Capital assets [Line Items]
Impairment loss			33,475,000	55,583,000
1% increase discount rate			3,435,000	3,227,000
5% decrease pricing			15,470,000	13,582,000
Operating Segments [Member] | Saskatchewan
Disclosure of Capital assets [Line Items]
Impairment loss				815,909,000
1% increase discount rate				70,737,000
5% decrease pricing				141,015,000
Operating Segments [Member] | Drayton Valley Oil
Disclosure of Capital assets [Line Items]
Impairment loss				364,879,000
1% increase discount rate				13,204,000
5% decrease pricing				23,582,000
Operating Segments [Member] | Aquitaine Basin
Disclosure of Capital assets [Line Items]
5% decrease pricing	12,556,000
Operating Segments [Member] | Neocomian
Disclosure of Capital assets [Line Items]
Impairment loss		$ 47,777,000		22,758,000
1% increase discount rate	5,582,000	5,184,000		8,576,000
5% decrease pricing	$ 12,241,000	$ 13,235,000		13,609,000
Operating Segments [Member] | Germany
Disclosure of Capital assets [Line Items]
Impairment loss			10,177,000	39,738,000
1% increase discount rate			1,370,000	3,545,000
5% decrease pricing			2,818,000	7,084,000
Operating Segments [Member] | Ireland
Disclosure of Capital assets [Line Items]
Impairment loss			26,061,000	119,634,000	$ 46,055,000
1% increase discount rate			9,198,000	10,333,000	14,749,000
5% decrease pricing			$ 19,208,000	20,793,000	$ 28,598,000
Operating Segments [Member] | United States
Disclosure of Capital assets [Line Items]
Impairment loss				146,353,000
1% increase discount rate				28,051,000
5% decrease pricing				$ 52,613,000

Capital assets - Additional Inf

Capital assets - Additional Information (Details) - CAD ($) $ in Thousands	3 Months Ended				12 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Capital assets
Discount rate applied to cash flow projections	11.50%	11.50%	11.50%	9.00%	9.50%	9.00%
Impairment	$ 35,400	$ 53,100	$ 1,200,000	$ 34,600	$ 1,682,344	$ 46,056
Income tax recovery	$ 12,400	$ 16,600	$ 400,000	$ 11,500

Exploration and evaluation as_3

Exploration and evaluation assets - Reconciliation of Change in Carrying Amount (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure Of Exploration And Evaluation Assets [Line Items]
Beginning balance	$ 5,015,620
Ending balance	3,107,104	$ 5,015,620
Property, plant and equipment	3,107,104	5,015,620
Exploration and evaluation assets [member]
Disclosure Of Exploration And Evaluation Assets [Line Items]
Beginning balance	286,149	303,295
Acquisitions	1,380
Additions	14,721	36,487
Changes in asset retirement obligations	(500)	36
Transfers to capital assets		(27,918)
Depreciation	(54,838)	(18,689)
Foreign exchange	7,182	(7,062)
Ending balance	254,094	286,149
Property, plant and equipment	254,094	286,149
Exploration and evaluation assets [member] | Gross carrying amount [member]
Disclosure Of Exploration And Evaluation Assets [Line Items]
Beginning balance	371,632
Ending balance	395,615	371,632
Property, plant and equipment	395,615	371,632
Exploration and evaluation assets [member] | Accumulated depletion, depreciation, and impairment [member]
Disclosure Of Exploration And Evaluation Assets [Line Items]
Beginning balance	(85,483)
Ending balance	(141,521)	(85,483)
Property, plant and equipment	$ (141,521)	$ (85,483)

Asset retirement obligations -

Asset retirement obligations - Reconciliation of Change in Carrying Amount (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Asset retirement obligations
Beginning balance	$ 618,201	$ 650,164
Additional obligations recognized	1,484	7,595
Changes in estimated abandonment timing and costs	74,235	39,722
Obligations settled	(14,278)	(19,442)
Accretion	35,318	32,667
Changes in discount rates	(276,673)	(57,635)
Foreign exchange	29,450	(34,870)
Ending balance	$ 467,737	$ 618,201

Asset retirement obligations _2

Asset retirement obligations - Risk Free Rates (Details) - Provision for decommissioning, restoration and rehabilitation costs [member]	Dec. 31, 2020	Dec. 31, 2019
Canada
Disclosure Of Asset Retirement Obligations [Line Items]
Discount rate used in current measurement of fair value less costs of disposal	1.20%	1.70%
United States
Disclosure Of Asset Retirement Obligations [Line Items]
Discount rate used in current measurement of fair value less costs of disposal	1.60%	2.40%
France
Disclosure Of Asset Retirement Obligations [Line Items]
Discount rate used in current measurement of fair value less costs of disposal	0.30%	0.90%
Netherlands
Disclosure Of Asset Retirement Obligations [Line Items]
Discount rate used in current measurement of fair value less costs of disposal	(0.60%)	(0.10%)
Germany
Disclosure Of Asset Retirement Obligations [Line Items]
Discount rate used in current measurement of fair value less costs of disposal	(0.20%)	0.30%
Ireland
Disclosure Of Asset Retirement Obligations [Line Items]
Discount rate used in current measurement of fair value less costs of disposal	(0.10%)	0.60%
Australia
Disclosure Of Asset Retirement Obligations [Line Items]
Discount rate used in current measurement of fair value less costs of disposal	1.30%	1.60%

Asset retirement obligations _3

Asset retirement obligations - Additional Information (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure Of Asset Retirement Obligations [Line Items]
Asset Retirement Obligations Based On Current Cost Estimates	$ 2,000	$ 1,800
Credit Risk Rate Used In Determining Other Provisions	9.50%	5.30%
Increase decrease in discount rate, asset retirement obligations	0.50%
IncreaseDecreaseInAssetRetirementObligations	$ 26.8
Scenario Forecasts [Member]
Disclosure Of Asset Retirement Obligations [Line Items]
IncreaseDecreaseInAssetRetirementObligations	37.7
Two Thousand Twenty One And Two Thousand Eighty [Member]
Disclosure Of Asset Retirement Obligations [Line Items]
Asset retirement obligations based on a total undiscounted future liability	2,500	$ 2,600
Two Thousand Thirty And Two Thousand Fourty [Member]
Disclosure Of Asset Retirement Obligations [Line Items]
Asset retirement obligations based on a total undiscounted future liability	800
Two Thousand Fourty Nine And Two Thousand Fifty Six [Member]
Disclosure Of Asset Retirement Obligations [Line Items]
Asset retirement obligations based on a total undiscounted future liability	$ 800
Bottom of range [member]
Disclosure Of Asset Retirement Obligations [Line Items]
Inflation rates used in determining the cash flow estimates	0.20%	0.40%
Top of range [member]
Disclosure Of Asset Retirement Obligations [Line Items]
Inflation rates used in determining the cash flow estimates	2.90%	2.70%

Derivative instruments - Change

Derivative instruments - Changes in Fair Value (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Derivative instruments
Fair value of contracts, beginning of year	$ (10,991)	$ 38,339
Reversal of opening contracts settled during the year	12,811	(62,735)
Realized gain on contracts settled during the year	109,093	84,219
Unrealized (loss) gain during the year on contracts outstanding at the end of the year	(113,766)	5,308
Net receipt from counterparties on contract settlements during the year	(109,093)	(84,219)
Unrealized loss on derivatives designated as cash flow hedges	(7,826)	(1,071)
Unrealized (loss) gain on derivatives designated as net investment hedges		9,168
Fair value of contracts, end of year	(119,772)	(10,991)
Current derivative asset	16,924	55,645
Current derivative liability	(130,919)	(62,405)
Non-current derivative asset	2,451	20,127
Non-current derivative liability	$ (8,228)	$ (24,358)

Derivative instruments - Loss(G

Derivative instruments - Loss(Gain) (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Derivative instruments
Realized gain on contracts settled during the year	$ (109,093)	$ (84,219)
Reversal of opening contracts settled during the year	(12,811)	62,735
Unrealized loss (gain) on contracts outstanding at the end of the year	113,766	(5,308)
Gain on derivative instruments	$ (8,138)	$ (26,792)

Leases - Future Commitments (De

Leases - Future Commitments (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure Of leases [Line Items]
Total lease payments	$ 114,787	$ 140,063
Amounts representing interest	(15,381)	(23,309)
Present value of net lease payments	99,406	116,754
Current portion of lease obligations	(22,882)	(23,682)
Non-current portion of lease obligations	76,524	93,072
Less than 1 year
Disclosure Of leases [Line Items]
Total lease payments	27,927	29,217
1 - 3 years
Disclosure Of leases [Line Items]
Total lease payments	41,270	46,501
3 - 5 years
Disclosure Of leases [Line Items]
Total lease payments	31,412	38,177
After 5 years
Disclosure Of leases [Line Items]
Total lease payments	$ 14,178	$ 26,168

Leases - Additional Information

Leases - Additional Information (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Leases
Total cash outflow	$ 31,240	$ 33,276
Interest on lease liabilities	$ 6,192	$ 6,984

Taxes - Reconciliation of Defer

Taxes - Reconciliation of Deferred Tax Asset and Liability (Details) - CAD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred Tax Assets [Member]
Disclosure of income tax [Line Items]
Deferred tax asset/liabilities	$ 484,497	$ 196,543
Deferred Tax Liabilities [Member]
Disclosure of income tax [Line Items]
Deferred tax asset/liabilities	264,272	336,309
Non-capital losses [Member] | Deferred Tax Assets [Member]
Disclosure of income tax [Line Items]
Deferred tax asset/liabilities	420,060	454,339
Non-capital losses [Member] | Deferred Tax Liabilities [Member]
Disclosure of income tax [Line Items]
Deferred tax asset/liabilities	(34,372)	(48,007)
Derivative contracts [Member] | Deferred Tax Assets [Member]
Disclosure of income tax [Line Items]
Deferred tax asset/liabilities	33,064	2,712
Capital assets [Member] | Deferred Tax Assets [Member]
Disclosure of income tax [Line Items]
Deferred tax asset/liabilities	443	(296,793)
Capital assets [Member] | Deferred Tax Liabilities [Member]
Disclosure of income tax [Line Items]
Deferred tax asset/liabilities	112,818	262,669
Stock based compensation | Deferred Tax Assets [Member]
Disclosure of income tax [Line Items]
Deferred tax asset/liabilities	12,218
Asset retirement obligations [Member] | Deferred Tax Assets [Member]
Disclosure of income tax [Line Items]
Deferred tax asset/liabilities	7,581	36,170
Asset retirement obligations [Member] | Deferred Tax Liabilities [Member]
Disclosure of income tax [Line Items]
Deferred tax asset/liabilities	184,144	123,257
Unrealized foreign exchange [Member] | Deferred Tax Assets [Member]
Disclosure of income tax [Line Items]
Deferred tax asset/liabilities	(3,635)	(3,034)
Other deferred tax liabilities [Member] | Deferred Tax Liabilities [Member]
Disclosure of income tax [Line Items]
Deferred tax asset/liabilities	1,682	(1,610)
Other deferred tax assets [Member] | Deferred Tax Assets [Member]
Disclosure of income tax [Line Items]
Deferred tax asset/liabilities	$ 14,766	$ 3,149

Taxes - Reconciliation of Accou

Taxes - Reconciliation of Accounting Profit (Details) - CAD ($) $ in Thousands	1 Months Ended		12 Months Ended
	Jan. 31, 2022	Jul. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Taxes
Earnings before income taxes			$ (1,877,399)	$ 141,125
Canadian corporate tax rate (1)	8.00%	10.00%	25.31%	26.72%
Expected tax expense			$ (475,170)	$ 37,709
Petroleum resource rent tax rate (PRRT) differential (2)			(15,157)	17,455
Foreign tax rate differentials (2) (3)			(14,907)	5,543
Equity based compensation expense			2,445	3,733
Amended returns and changes to estimated tax pools and tax positions			(2,598)	(24,387)
Statutory rate changes and the estimated reversal rates on temporary differences (4)			33,770	9,543
Derecognition (recognition) of deferred tax assets			141,315	65,522
Adjustment for uncertain tax positions				3,659
Other non-deductible items			(29,670)	(10,451)
Provision for income taxes			$ (359,972)	$ 108,326

Taxes - Additional Information

Taxes - Additional Information (Details) € in Millions, $ in Millions	1 Months Ended			12 Months Ended
	Dec. 31, 2022	Jan. 31, 2022	Jul. 31, 2020	Dec. 31, 2020EUR (€)	Dec. 31, 2019CAD ($)	Dec. 31, 2020CAD ($)
Disclosure of income tax [Line Items]
Applicable tax rate		8.00%	10.00%	25.31%	26.72%
Unused tax losses for which no deferred tax asset recognised					$ 2,500	$ 2,900
Deductible temporary differences, unused tax losses and unused tax credits expired					65.5	141.3
Maximum sales limit to companies for applicability of progressive decrease of the french corporate income tax rate | €				€ 250
Temporary differences associated with investments in subsidiaries, branches and associates and interests in joint arrangements for which deferred tax liabilities have not been recognised					500	500
Vermilions Canada Segment [Member]
Disclosure of income tax [Line Items]
Deductible temporary differences, unused tax losses and unused tax credits expired					$ 1,200	$ 1,300
France
Disclosure of income tax [Line Items]
Applicable tax rate				28.90%	32.00%
Netherlands
Disclosure of income tax [Line Items]
Applicable tax rate				50.00%	50.00%
Germany
Disclosure of income tax [Line Items]
Applicable tax rate				31.60%	31.80%
Ireland
Disclosure of income tax [Line Items]
Applicable tax rate				25.00%	25.00%
United States
Disclosure of income tax [Line Items]
Applicable tax rate				21.00%	21.00%
Canada | Bottom of range [member]
Disclosure of income tax [Line Items]
Applicable tax rate				8.00%
Canada | Top of range [member]
Disclosure of income tax [Line Items]
Applicable tax rate				10.00%
Corporate income tax [Member] | Australia
Disclosure of income tax [Line Items]
Applicable tax rate				30.00%
PRRT [Member] | Australia
Disclosure of income tax [Line Items]
Applicable tax rate				40.00%
FrenchCorporate Income tax [Member]
Disclosure of income tax [Line Items]
Applicable tax rate	32.00%			25.80%

Long-term debt - Outstanding Am

Long-term debt - Outstanding Amount (Details) - CAD ($) $ in Thousands	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Long-term debt
Revolving credit facility	$ 1,555,215	$ 2,100,000	$ 1,539,225
Senior unsecured notes	378,633		385,440
Long-term debt	$ 1,933,848		$ 1,924,665

Long-term debt - Change in Outs

Long-term debt - Change in Outstanding Amount (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Long-term debt
Balance at January 1	$ 1,924,665	$ 1,796,207
Borrowings on the revolving credit facility	22,183	207,787
Amortization of transaction costs	833	4,379
Foreign exchange	(13,833)	(83,708)
Ending balance	$ 1,933,848	$ 1,924,665

Long-term debt - Terms of Revol

Long-term debt - Terms of Revolving Credit Facility (Details) - Revolving Credit Facilities [Member] - CAD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Disclosure of Long-term Debt [Line Items]
Total facility amount	$ 2,100,000	$ 2,100,000
Amount drawn	(1,555,215)	(1,539,225)
Letters of credit outstanding	(23,210)	(10,230)
Unutilized capacity	$ 521,575	$ 550,545

Long-term debt - Financial Cove

Long-term debt - Financial Covenants (Details)	12 Months Ended
	Dec. 31, 2020item	Dec. 31, 2019item
Disclosure of Long-term Debt [Line Items]
Consolidated total debt to consolidated EBITDA	3.48	1.94
Consolidated total senior debt to consolidated EBITDA	2.82	1.56
Consolidated EBITDA to consolidated interest expense	8.12	13.46
Top of range [member]
Disclosure of Long-term Debt [Line Items]
Consolidated EBITDA to consolidated interest expense	2.5
Bottom of range [member]
Disclosure of Long-term Debt [Line Items]
Consolidated total debt to consolidated EBITDA	4
Consolidated total senior debt to consolidated EBITDA	3.5

Long-term debt - Maturity Analy

Long-term debt - Maturity Analysis (Details)	12 Months Ended
	Dec. 31, 2020
Year Four [Member]
Disclosure of Long-term Debt [Line Items]
Redemption price Percentage of senior unsecured notes	102.813%
Year Five [Member]
Disclosure of Long-term Debt [Line Items]
Redemption price Percentage of senior unsecured notes	101.406%
Year Five and There after [Member]
Disclosure of Long-term Debt [Line Items]
Redemption price Percentage of senior unsecured notes	100.00%

Long-term debt - Additional Inf

Long-term debt - Additional Information (Details) $ in Thousands, $ in Millions	3 Months Ended		12 Months Ended
	Jun. 30, 2020CAD ($)	Mar. 31, 2020CAD ($)	Dec. 31, 2020CAD ($)	Dec. 31, 2019CAD ($)	Mar. 13, 2017USD ($)
Disclosure of Long-term Debt [Line Items]
Fair value of senior unsecured notes			$ 329,100
Exchange value upon termination of contracts			42,300
Amount received on exchange	$ 25,500	$ 16,800
Revolving credit facility		$ 2,100,000	$ 1,555,215	$ 1,539,225
Unsecured notes [Member]
Disclosure of Long-term Debt [Line Items]
Notional amount					$ 300
Borrowings, interest rate					5.625%
Borrowings Repayment Description Prior Maturity			March 15, 2025

Shareholders' capital - Reconci

Shareholders' capital - Reconciliation of Change in Balance (Details) - CAD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure Of Shareholder's Capital [Line Items]
Balance, beginning of year	$ 4,119,031	$ 4,008,828
Balance at January 1 (shares)	156,290	152,704
Shares issued for the Dividend Reinvestment Plan	$ 8,277	$ 34,937
Vesting of equity based awards (shares)	1,103	1,359
Share-settled dividends on vested equity based awards (shares)	297	258
Balance, end of year	$ 4,181,160	$ 4,119,031
Balance at December 31 (shares)	158,724	156,290
Equity based compensation [Member]
Disclosure Of Shareholder's Capital [Line Items]
Shares issued for equity based compensation (shares)	415	552
Dividend reinvestment plan [Member]
Disclosure Of Shareholder's Capital [Line Items]
Shares issued for the Dividend Reinvestment Plan (shares)	619	1,417
Issued capital [member]
Disclosure Of Shareholder's Capital [Line Items]
Vesting of equity based awards	$ 49,188	$ 51,108
Shares issued for equity based compensation	3,203	15,868
Share-settled dividends on vested equity based awards	$ 1,461	$ 8,290

Shareholders' capital - Additio

Shareholders' capital - Additional Information (Details) - CAD ($) $ / shares in Units, $ in Millions, shares in Billions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Apr. 28, 2020
Shareholders' capital
Dividends paid, ordinary shares	$ 90.1	$ 427.3
Dividends paid, ordinary shares per share	$ 0.58	$ 2.76
Reduction in stated capital			3.7

Capital disclosures - Ratio of

Capital disclosures - Ratio of Net Debt to Fund Flows Operations (Details) $ in Thousands	Dec. 31, 2020CAD ($)	Dec. 31, 2019CAD ($)	Dec. 31, 2018CAD ($)
Capital disclosures
Long-term debt	$ 1,933,848	$ 1,924,665	$ 1,796,207
Current liabilities	433,128	416,210
Current assets	(260,993)	(347,681)
Net debt	$ 2,105,983	$ 1,993,194
Ratio of net debt to fund flows from operations	4.19	2.20

Capital disclosures - Additiona

Capital disclosures - Additional Information (Details)	Dec. 31, 2020	Dec. 31, 2019
Disclosure Of Capital Disclosures [Line Items]
Ratio of net debt to funds from operations	4.19	2.20
Top of range [member]
Disclosure Of Capital Disclosures [Line Items]
Ratio of net debt to funds from operations	1.5

Equity based compensation - Awa

Equity based compensation - Awards Outstanding (Details) - Vermilion incentive plan [Member] - EquityInstruments EquityInstruments in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure Of Equity Based Compensation [Line Items]
Opening balance	2,268	1,931
Granted	5,120	1,193
Vested	(650)	(688)
Forfeited	(494)	(168)
Closing balance	6,244	2,268

Equity based compensation - Add

Equity based compensation - Additional Information (Details) EquityInstruments in Thousands	12 Months Ended
	Dec. 31, 2020CAD ($)EquityInstruments	Dec. 31, 2019CAD ($)EquityInstruments	Dec. 31, 2018EquityInstruments
Disclosure Of Equity Based Compensation [Line Items]
Expense from share-based payment transactions with employees	$ 42,906,000	$ 64,233,000
Vermilion incentive plan [Member]
Disclosure Of Equity Based Compensation [Line Items]
Weighted average fair value at measurement date, other equity instruments granted	$ 5.92	$ 30.92
Performance factor (ratio)	1.2	1.7
Annual forfeiture rate share options granted	5.80%	5.20%
Expense from share-based payment transactions with employees	$ 38,900,000	$ 46,600,000
Number of other equity instruments outstanding in share-based payment arrangement | EquityInstruments	6,244	2,268	1,931
Deferred Share Units [Member]
Disclosure Of Equity Based Compensation [Line Items]
Weighted average fair value at measurement date, other equity instruments granted	$ 4.48
Expense from share-based payment transactions with employees	$ 800,000
Number of other equity instruments outstanding in share-based payment arrangement	252,910

Per share amounts - Determinati

Per share amounts - Determination of Basic and Diluted Earnings Per Share (Details) - CAD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Per share amounts
Net (loss) earnings	$ (1,517,427)	$ 32,799
Basic weighted average shares outstanding ('000s)	157,908	154,736
Dilutive impact of equity based compensation ('000s)		1,359
Diluted weighted average shares outstanding ('000s)	157,908	156,095
Basic earnings per share	$ (9.61)	$ 0.21
Diluted earnings per share	$ (9.61)	$ 0.21

Financial instruments - Fair Va

Financial instruments - Fair Value and Amortized Cost (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2020
Derivative liabilities [Member]
Disclosure of detailed information about financial instruments [line items]
Financial liabilities, FVTPL	$ (83,223)	$ (139,147)
Financial liabilities, FVTOCI	(3,540)
Financial liabilities, Total	(86,763)	(139,147)
Dividends payable [Member]
Disclosure of detailed information about financial instruments [line items]
Financial liabilities, Amortized Cost	(35,947)
Financial liabilities, Total	(35,947)
Accounts payable and accrued liability [Member]
Disclosure of detailed information about financial instruments [line items]
Financial liabilities, Amortized Cost	(312,442)	(297,670)
Financial liabilities, Total	(312,442)	(297,670)
Lease Obligations [Member]
Disclosure of detailed information about financial instruments [line items]
Financial liabilities, Amortized Cost	(93,072)	(76,524)
Financial liabilities, Total	(93,072)	(76,524)
Long-term debts [Member]
Disclosure of detailed information about financial instruments [line items]
Financial liabilities, Amortized Cost	(1,924,665)	(1,933,848)
Financial liabilities, Total	(1,924,665)	(1,933,848)
Cash and cash equivalent [Member]
Disclosure of detailed information about financial instruments [line items]
Financial assets, FVTPL	29,028	6,904
Financial assets, Total	29,028	6,904
Derivative assets [Member]
Disclosure of detailed information about financial instruments [line items]
Financial assets, FVTPL	64,135	19,375
Financial assets, FVTOCI	11,637
Financial assets, Total	75,772	19,375
Loans And Receivables [Member]
Disclosure of detailed information about financial instruments [line items]
Financial assets, Amortized Cost	211,409	196,077
Financial assets, Total	$ 211,409	$ 196,077

Financial instruments - Increas

Financial instruments - Increase (Decrease) to Net Earnings Before Tax (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Currency risk increase [Member] | Euro [Member]
Disclosure of detailed information about financial instruments [line items]
Increase or decrease to net earnings before tax due to change in fair value of financial instruments	$ (873)	$ (1,599)
Currency risk increase [Member] | US dollar [Member]
Disclosure of detailed information about financial instruments [line items]
Increase or decrease to net earnings before tax due to change in fair value of financial instruments	2,711	(5,594)
Currency risk decrease [Member] | Euro [Member]
Disclosure of detailed information about financial instruments [line items]
Increase or decrease to net earnings before tax due to change in fair value of financial instruments	873	1,599
Currency risk decrease [Member] | US dollar [Member]
Disclosure of detailed information about financial instruments [line items]
Increase or decrease to net earnings before tax due to change in fair value of financial instruments	(2,711)	5,594
Commodity price risk increase [Member] | Euro [Member]
Disclosure of detailed information about financial instruments [line items]
Increase or decrease to net earnings before tax due to change in fair value of financial instruments	(23,904)	(28,192)
Commodity price risk increase [Member] | US dollar [Member]
Disclosure of detailed information about financial instruments [line items]
Increase or decrease to net earnings before tax due to change in fair value of financial instruments	(11,783)	(44,106)
Commodity price risk decrease [Member] | Euro [Member]
Disclosure of detailed information about financial instruments [line items]
Increase or decrease to net earnings before tax due to change in fair value of financial instruments	24,088	22,670
Commodity price risk decrease [Member] | US dollar [Member]
Disclosure of detailed information about financial instruments [line items]
Increase or decrease to net earnings before tax due to change in fair value of financial instruments	7,207	47,777
$1.00 increase from initial share price of the equity swap
Disclosure of detailed information about financial instruments [line items]
Increase or decrease to net earnings before tax due to change in fair value of financial instruments	3,750	3,750
$1.00 decrease from initial share price of the equity swap | Euro [Member]
Disclosure of detailed information about financial instruments [line items]
Increase or decrease to net earnings before tax due to change in fair value of financial instruments	$ (3,750)	$ (3,750)

Financial instruments - Undisco

Financial instruments - Undiscounted Non-derivative Financial Liabilities and Contractual Maturities (Details) - CAD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Not later than one month [member]
Disclosure of detailed information about financial instruments [line items]
Non-derivative financial liabilities, undiscounted cash flows	$ 92,991	$ 134,502
Later than one month and not later than three months [member]
Disclosure of detailed information about financial instruments [line items]
Non-derivative financial liabilities, undiscounted cash flows	181,475	208,752
Later than three months and not later than one year [member]
Disclosure of detailed information about financial instruments [line items]
Non-derivative financial liabilities, undiscounted cash flows	23,204	5,136
Later than one year and not later than five years [member]
Disclosure of detailed information about financial instruments [line items]
Non-derivative financial liabilities, undiscounted cash flows	$ 2,006,530	$ 1,608,435

Financial instruments - Additio

Financial instruments - Additional Information (Details) - CAD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Disclosure of detailed information about financial instruments [line items]
Maximum exposure to credit risk	$ 215,500	$ 287,200
Percentage of trade and other current receivables	1.40%	3.60%
Long-term debts [Member]
Disclosure of detailed information about financial instruments [line items]
Fair value of long-term debt	$ 1,884,296	$ 1,905,588

Related party disclosures - Com

Related party disclosures - Compensation of Directors and Other Members (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020CAD ($)individual	Dec. 31, 2019CAD ($)individual
Disclosure Of Related Party Disclosures [Line Items]
Short-term benefits	$ 4,800	$ 8,084
Equity based compensation	13,169	16,296
Key management personnel compensation	$ 17,969	$ 24,380
Key management personnel [member]
Disclosure Of Related Party Disclosures [Line Items]
Number of individuals included in the above amounts | individual	18	19

Related party disclosures - Add

Related party disclosures - Additional Information (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Related party disclosures
Income from subleasing right-of-use assets	$ 0.2	$ 0.2

Supplemental information - Chan

Supplemental information - Changes in Non-cash Working Capital (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Supplemental information .
Accounts receivable	$ 15,332	$ 48,913
Crude oil inventory	15,987	(1,638)
Prepaid expenses	(5,476)	(2,882)
Accounts payable and accrued liabilities	(14,772)	(137,209)
Income taxes payable	(877)	(31,994)
Foreign exchange	(6,251)	2,590
Changes in non-cash working capital	3,943	(122,220)
Changes in non-cash operating working capital	12,365	(65,148)
Changes in non-cash investing working capital	(8,422)	(57,072)
Changes in non-cash working capital	$ 3,943	$ (122,220)

Supplemental information - Comp

Supplemental information - Components of Cash and Cash Equivalents (Details) - CAD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Supplemental information
Cash on deposit with financial institutions	$ 6,777	$ 28,898
Guaranteed investment certificates	127	130
Cash and cash equivalents	$ 6,904	$ 29,028	$ 26,809

Supplemental information - Wage

Supplemental information - Wages and Benefits (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure Of Supplemental Information [Line Items]
Short-term employee benefits expense	$ 130,965	$ 125,178
Operating expense [Member]
Disclosure Of Supplemental Information [Line Items]
Short-term employee benefits expense	70,414	77,868
General and administration expense [Member]
Disclosure Of Supplemental Information [Line Items]
Short-term employee benefits expense	$ 60,551	$ 47,310

Supplemental information - Outs

Supplemental information - Outstanding Risk Management Positions (Details) - 12 months ended Dec. 31, 2020	EUR (€)$ / Mcf$ / Mcf€ / Mcf$ / MMBTUitem$ / bbl	USD ($)$ / Mcf$ / Mcf€ / Mcf$ / MMBTUitem$ / bbl	CAD ($)$ / Mcf$ / Mcf€ / Mcf$ / MMBTUitem$ / bbl$ / shares
Crude oil dated brent Q1 2021 [Member]
Statement [Line Items]
Description of presentation currency	USD	USD	USD
Derivative, bought put volume	1,000	1,000	1,000
Derivative, weighted average bought put | $ / bbl	47.50	47.50	47.50
Derivative, sold call volume	1,000	1,000	1,000
Derivative, weighted average sold call | $ / bbl	53.75	53.75	53.75
Derivative, sold put volume	1,000	1,000	1,000
Derivative, weighted average sold put | $ / bbl	40	40	40
Derivatives, sold swap volume	2,000	2,000	2,000
Derivative, weighted average sold swap price | $ / bbl	49.18	49.18	49.18
Derivative, bought swap volume	0	0	0
Derivative, weighted average bought swap price | $ / bbl	0	0	0
Crude oil dated brent Q2 2021 [Member]
Statement [Line Items]
Description of presentation currency	USD	USD	USD
Derivative, bought put volume	0	0	0
Derivative, weighted average bought put | $ / bbl	0	0	0
Derivative, sold call volume	0	0	0
Derivative, weighted average sold call | $ / bbl	0	0	0
Derivative, sold put volume	0	0	0
Derivative, weighted average sold put | $ / bbl	0	0	0
Derivatives, sold swap volume	500	500	500
Derivative, weighted average sold swap price | $ / bbl	47.50	47.50	47.50
Derivative, bought swap volume	0	0	0
Derivative, weighted average bought swap price | $ / bbl	0	0	0
Crude oil west texas intermediate Q1 2021 [Member]
Statement [Line Items]
Description of presentation currency	USD	USD	USD
Derivative, bought put volume	4,500	4,500	4,500
Derivative, weighted average bought put | $ / bbl	45	45	45
Derivative, sold call volume	4,500	4,500	4,500
Derivative, weighted average sold call | $ / bbl	51.26	51.26	51.26
Derivative, sold put volume	4,500	4,500	4,500
Derivative, weighted average sold put | $ / bbl	37.50	37.50	37.50
Derivatives, sold swap volume	4,300	4,300	4,300
Derivative, weighted average sold swap price | $ / bbl	45.51	45.51	45.51
Derivative, bought swap volume	0	0	0
Derivative, weighted average bought swap price | $ / bbl	0	0	0
Crude oil west texas intermediate Q2 2021 [Member]
Statement [Line Items]
Description of presentation currency	USD	USD	USD
Derivative, bought put volume	4,000	4,000	4,000
Derivative, weighted average bought put | $ / bbl	45	45	45
Derivative, sold call volume	4,000	4,000	4,000
Derivative, weighted average sold call | $ / bbl	53.50	53.50	53.50
Derivative, sold put volume	4,000	4,000	4,000
Derivative, weighted average sold put | $ / bbl	37.50	37.50	37.50
Derivatives, sold swap volume	2,150	2,150	2,150
Derivative, weighted average sold swap price | $ / bbl	45.54	45.54	45.54
Derivative, bought swap volume	0	0	0
Derivative, weighted average bought swap price | $ / bbl	0	0	0
North American Gas Aeco Q2 2021 [Member]
Statement [Line Items]
Description of presentation currency	CAD	CAD	CAD
Derivative, bought put volume	0	0	0
Derivative, weighted average bought put | $ / Mcf	0	0	0
Derivative, sold call volume	0	0	0
Derivative, weighted average sold call | $ / Mcf	0	0	0
Derivative, sold put volume	0	0	0
Derivative, weighted average sold put | $ / Mcf	0	0	0
Derivatives, sold swap volume	9,478	9,478	9,478
Derivative, weighted average sold swap price | $ / Mcf	2.12	2.12	2.12
Derivative, bought swap volume	0	0	0
Derivative, weighted average bought swap price | $ / Mcf	0	0	0
North American Gas Aeco Q3 2021 [Member]
Statement [Line Items]
Description of presentation currency	CAD	CAD	CAD
Derivative, bought put volume	0	0	0
Derivative, weighted average bought put | $ / Mcf	0	0	0
Derivative, sold call volume	0	0	0
Derivative, weighted average sold call | $ / Mcf	0	0	0
Derivative, sold put volume	0	0	0
Derivative, weighted average sold put | $ / Mcf	0	0	0
Derivatives, sold swap volume	9,478	9,478	9,478
Derivative, weighted average sold swap price | $ / Mcf	2.12	2.12	2.12
Derivative, bought swap volume	0	0	0
Derivative, weighted average bought swap price | $ / Mcf	0	0	0
North American Gas Aeco Q42021 [Member]
Statement [Line Items]
Description of presentation currency	CAD	CAD	CAD
Derivative, bought put volume	0	0	0
Derivative, weighted average bought put | $ / Mcf	0	0	0
Derivative, sold call volume	0	0	0
Derivative, weighted average sold call | $ / Mcf	0	0	0
Derivative, sold put volume	0	0	0
Derivative, weighted average sold put | $ / Mcf	0	0	0
Derivatives, sold swap volume	3,194	3,194	3,194
Derivative, weighted average sold swap price | $ / Mcf	2.12	2.12	2.12
Derivative, bought swap volume	0	0	0
Derivative, weighted average bought swap price | $ / Mcf	0	0	0
North American Gas Aeco Basis Q1 2021 [Member]
Statement [Line Items]
Description of presentation currency	USD	USD	USD
Derivative, bought put volume	0	0	0
Derivative, weighted average bought put | $ / Mcf	0	0	0
Derivative, sold call volume	0	0	0
Derivative, weighted average sold call | $ / Mcf	0	0	0
Derivative, sold put volume	0	0	0
Derivative, weighted average sold put | $ / Mcf	0	0	0
Derivatives, sold swap volume	30,000	30,000	30,000
Derivative, weighted average sold swap price | $ / Mcf	(1.11)	(1.11)	(1.11)
Derivative, bought swap volume	0	0	0
Derivative, weighted average bought swap price | $ / Mcf	0	0	0
North American Gas Aeco Basis Q2 2021 [Member]
Statement [Line Items]
Description of presentation currency	USD	USD	USD
Derivative, bought put volume	0	0	0
Derivative, weighted average bought put | $ / Mcf	0	0	0
Derivative, sold call volume	0	0	0
Derivative, weighted average sold call | $ / Mcf	0	0	0
Derivative, sold put volume	0	0	0
Derivative, weighted average sold put | $ / Mcf	0	0	0
Derivatives, sold swap volume	45,000	45,000	45,000
Derivative, weighted average sold swap price | $ / Mcf	(1.08)	(1.08)	(1.08)
Derivative, bought swap volume	0	0	0
Derivative, weighted average bought swap price | $ / Mcf	0	0	0
North American Gas Aeco Basis Q3 2021 [Member]
Statement [Line Items]
Description of presentation currency	USD	USD	USD
Derivative, bought put volume	0	0	0
Derivative, weighted average bought put | $ / Mcf	0	0	0
Derivative, sold call volume	0	0	0
Derivative, weighted average sold call | $ / Mcf	0	0	0
Derivative, sold put volume	0	0	0
Derivative, weighted average sold put | $ / Mcf	0	0	0
Derivatives, sold swap volume	45,000	45,000	45,000
Derivative, weighted average sold swap price | $ / Mcf	(1.08)	(1.08)	(1.08)
Derivative, bought swap volume	0	0	0
Derivative, weighted average bought swap price | $ / Mcf	0	0	0
North American Gas Aeco Basis Q4 2021 [Member]
Statement [Line Items]
Description of presentation currency	USD	USD	USD
Derivative, bought put volume	0	0	0
Derivative, weighted average bought put | $ / Mcf	0	0	0
Derivative, sold call volume	0	0	0
Derivative, weighted average sold call | $ / Mcf	0	0	0
Derivative, sold put volume	0	0	0
Derivative, weighted average sold put | $ / Mcf	0	0	0
Derivatives, sold swap volume	35,054	35,054	35,054
Derivative, weighted average sold swap price | $ / Mcf	(1.09)	(1.09)	(1.09)
Derivative, bought swap volume	0	0	0
Derivative, weighted average bought swap price | $ / Mcf	0	0	0
North American Gas Aeco Basis Q1 2022 [Member]
Statement [Line Items]
Description of presentation currency	USD	USD	USD
Derivative, bought put volume	0	0	0
Derivative, weighted average bought put | $ / Mcf	0	0	0
Derivative, sold call volume	0	0	0
Derivative, weighted average sold call | $ / Mcf	0	0	0
Derivative, sold put volume	0	0	0
Derivative, weighted average sold put | $ / Mcf	0	0	0
Derivatives, sold swap volume	30,000	30,000	30,000
Derivative, weighted average sold swap price | $ / Mcf	(1.10)	(1.10)	(1.10)
Derivative, bought swap volume	0	0	0
Derivative, weighted average bought swap price | $ / Mcf	0	0	0
North American Gas Aeco Basis Q2 2022 [Member]
Statement [Line Items]
Description of presentation currency	USD	USD	USD
Derivative, bought put volume	0	0	0
Derivative, weighted average bought put | $ / Mcf	0	0	0
Derivative, sold call volume	0	0	0
Derivative, weighted average sold call | $ / Mcf	0	0	0
Derivative, sold put volume	0	0	0
Derivative, weighted average sold put | $ / Mcf	0	0	0
Derivatives, sold swap volume	35,000	35,000	35,000
Derivative, weighted average sold swap price | $ / Mcf	(1.09)	(1.09)	(1.09)
Derivative, bought swap volume	0	0	0
Derivative, weighted average bought swap price | $ / Mcf	0	0	0
North American Gas Aeco Basis Q3 2022 [Member]
Statement [Line Items]
Description of presentation currency	USD	USD	USD
Derivative, bought put volume	0	0	0
Derivative, weighted average bought put | $ / Mcf	0	0	0
Derivative, sold call volume	0	0	0
Derivative, weighted average sold call | $ / Mcf	0	0	0
Derivative, sold put volume	0	0	0
Derivative, weighted average sold put | $ / Mcf	0	0	0
Derivatives, sold swap volume	35,000	35,000	35,000
Derivative, weighted average sold swap price | $ / Mcf	(1.09)	(1.09)	(1.09)
Derivative, bought swap volume	0	0	0
Derivative, weighted average bought swap price | $ / Mcf	0	0	0
North American Gas Aeco Basis Q4 2022 [Member]
Statement [Line Items]
Description of presentation currency	USD	USD	USD
Derivative, bought put volume	0	0	0
Derivative, weighted average bought put | $ / Mcf	0	0	0
Derivative, sold call volume	0	0	0
Derivative, weighted average sold call | $ / Mcf	0	0	0
Derivative, sold put volume	0	0	0
Derivative, weighted average sold put | $ / Mcf	0	0	0
Derivatives, sold swap volume	11,793	11,793	11,793
Derivative, weighted average sold swap price | $ / Mcf	(1.09)	(1.09)	(1.09)
Derivative, bought swap volume	0	0	0
Derivative, weighted average bought swap price | $ / Mcf	0	0	0
North American Gas Nymex Hh Q1 2021 [Member]
Statement [Line Items]
Description of presentation currency	USD	USD	USD
Derivative, bought put volume	15,000	15,000	15,000
Derivative, weighted average bought put | $ / Mcf	2.73	2.73	2.73
Derivative, sold call volume	15,000	15,000	15,000
Derivative, weighted average sold call | $ / Mcf	2.90	2.90	2.90
Derivative, sold put volume	0	0	0
Derivative, weighted average sold put | $ / Mcf	0	0	0
Derivatives, sold swap volume	33,500	33,500	33,500
Derivative, weighted average sold swap price | $ / Mcf	2.86	2.86	2.86
Derivative, bought swap volume	0	0	0
Derivative, weighted average bought swap price | $ / Mcf	0	0	0
North American Gas Nymex Hh Q2 2021 [Member]
Statement [Line Items]
Description of presentation currency	USD	USD	USD
Derivative, bought put volume	10,000	10,000	10,000
Derivative, weighted average bought put | $ / Mcf	2.65	2.65	2.65
Derivative, sold call volume	10,000	10,000	10,000
Derivative, weighted average sold call | $ / Mcf	2.77	2.77	2.77
Derivative, sold put volume	0	0	0
Derivative, weighted average sold put | $ / Mcf	0	0	0
Derivatives, sold swap volume	28,500	28,500	28,500
Derivative, weighted average sold swap price | $ / Mcf	2.83	2.83	2.83
Derivative, bought swap volume	0	0	0
Derivative, weighted average bought swap price | $ / Mcf	0	0	0
North American Gas Nymex Hh Q3 2021 [Member]
Statement [Line Items]
Description of presentation currency	USD	USD	USD
Derivative, bought put volume	10,000	10,000	10,000
Derivative, weighted average bought put | $ / Mcf	2.65	2.65	2.65
Derivative, sold call volume	10,000	10,000	10,000
Derivative, weighted average sold call | $ / Mcf	2.77	2.77	2.77
Derivative, sold put volume	0	0	0
Derivative, weighted average sold put | $ / Mcf	0	0	0
Derivatives, sold swap volume	28,500	28,500	28,500
Derivative, weighted average sold swap price | $ / Mcf	2.83	2.83	2.83
Derivative, bought swap volume	0	0	0
Derivative, weighted average bought swap price | $ / Mcf	0	0	0
North American Gas Nymex Hh Q4 2021 [Member]
Statement [Line Items]
Description of presentation currency	USD	USD	USD
Derivative, bought put volume	10,000	10,000	10,000
Derivative, weighted average bought put | $ / Mcf	2.65	2.65	2.65
Derivative, sold call volume	10,000	10,000	10,000
Derivative, weighted average sold call | $ / Mcf	2.77	2.77	2.77
Derivative, sold put volume	0	0	0
Derivative, weighted average sold put | $ / Mcf	0	0	0
Derivatives, sold swap volume	21,870	21,870	21,870
Derivative, weighted average sold swap price | $ / Mcf	2.78	2.78	2.78
Derivative, bought swap volume	0	0	0
Derivative, weighted average bought swap price | $ / Mcf	0	0	0
Ventura Basis (Ventura less NYMEX Henry Hub) Q1 2021 [Member]
Statement [Line Items]
Description of presentation currency	USD	USD	USD
Derivative, bought put volume	0	0	0
Derivative, weighted average bought put | $ / Mcf	0	0	0
Derivative, sold call volume	0	0	0
Derivative, weighted average sold call | $ / Mcf	0	0	0
Derivative, sold put volume	0	0	0
Derivative, weighted average sold put | $ / Mcf	0	0	0
Derivatives, sold swap volume	0	0	0
Derivative, weighted average sold swap price | $ / Mcf	0	0	0
Derivative, bought swap volume	10,000	10,000	10,000
Derivative, weighted average bought swap price | $ / Mcf	0.04	0.04	0.04
Ventura Basis (Ventura less NYMEX Henry Hub) Q2 2021 [Member]
Statement [Line Items]
Description of presentation currency	USD	USD	USD
Derivative, bought put volume	0	0	0
Derivative, weighted average bought put | $ / Mcf	0	0	0
Derivative, sold call volume	0	0	0
Derivative, weighted average sold call | $ / Mcf	0	0	0
Derivative, sold put volume	0	0	0
Derivative, weighted average sold put | $ / Mcf	0	0	0
Derivatives, sold swap volume	0	0	0
Derivative, weighted average sold swap price | $ / Mcf	0	0	0
Derivative, bought swap volume	10,000	10,000	10,000
Derivative, weighted average bought swap price | $ / Mcf	0.04	0.04	0.04
Ventura Basis (Ventura less NYMEX Henry Hub) Q3 2021 [Member]
Statement [Line Items]
Description of presentation currency	USD	USD	USD
Derivative, bought put volume	0	0	0
Derivative, weighted average bought put | $ / Mcf	0	0	0
Derivative, sold call volume	0	0	0
Derivative, weighted average sold call | $ / Mcf	0	0	0
Derivative, sold put volume	0	0	0
Derivative, weighted average sold put | $ / Mcf	0	0	0
Derivatives, sold swap volume	0	0	0
Derivative, weighted average sold swap price | $ / Mcf	0	0	0
Derivative, bought swap volume	10,000	10,000	10,000
Derivative, weighted average bought swap price | $ / Mcf	0.04	0.04	0.04
Ventura Basis (Ventura less NYMEX Henry Hub) Q4 2021 [Member]
Statement [Line Items]
Description of presentation currency	USD	USD	USD
Derivative, bought put volume	0	0	0
Derivative, weighted average bought put | $ / Mcf	0	0	0
Derivative, sold call volume	0	0	0
Derivative, weighted average sold call | $ / Mcf	0	0	0
Derivative, sold put volume	0	0	0
Derivative, weighted average sold put | $ / Mcf	0	0	0
Derivatives, sold swap volume	0	0	0
Derivative, weighted average sold swap price | $ / Mcf	0	0	0
Derivative, bought swap volume	3,370	3,370	3,370
Derivative, weighted average bought swap price | $ / Mcf	0.04	0.04	0.04
SoCal Border Q1 2021 [Member]
Statement [Line Items]
Description of presentation currency	USD	USD	USD
Derivative, bought put volume	0	0	0
Derivative, weighted average bought put | $ / MMBTU	0	0	0
Derivative, sold call volume	0	0	0
Derivative, weighted average sold call | $ / Mcf	0	0	0
Derivative, sold put volume	0	0	0
Derivative, weighted average sold put | $ / Mcf	0	0	0
Derivatives, sold swap volume	5,000	5,000	5,000
Derivative, weighted average sold swap price | $ / Mcf	3.40	3.40	3.40
Derivative, bought swap volume	0	0	0
Derivative, weighted average bought swap price | $ / Mcf	0	0	0
Conway Propane Q1 2021 [Member]
Statement [Line Items]
Description of presentation currency	USD	USD	USD
Derivative, bought put volume | $ / MMBTU	0	0	0
Derivative, weighted average bought put | $ / MMBTU	0	0	0
Derivative, sold call volume	0	0	0
Derivative, weighted average sold call | $ / MMBTU	0	0	0
Derivative, sold put volume	0	0	0
Derivative, weighted average sold put | $ / MMBTU	0	0	0
Derivatives, sold swap volume	500	500	500
Derivative, weighted average sold swap price | $ / Mcf	56	56	56
Derivative, bought swap volume	0	0	0
Derivative, weighted average bought swap price | $ / MMBTU	0	0	0
European Gas Nbp Q1 2021 [Member]
Statement [Line Items]
Description of presentation currency	EUR	EUR	EUR
Derivative, bought put volume	58,962	58,962	58,962
Derivative, weighted average bought put | € / Mcf	5.37	5.37	5.37
Derivative, sold call volume	61,419	61,419	61,419
Derivative, weighted average sold call | € / Mcf	5.45	5.45	5.45
Derivative, sold put volume	58,962	58,962	58,962
Derivative, weighted average sold put | € / Mcf	3.88	3.88	3.88
Derivatives, sold swap volume	2,457	2,457	2,457
Derivative, weighted average sold swap price | € / Mcf	4.69	4.69	4.69
European Gas Nbp Q2 2021 [Member]
Statement [Line Items]
Description of presentation currency	EUR	EUR	EUR
Derivative, bought put volume	49,135	49,135	49,135
Derivative, weighted average bought put | € / Mcf	5.37	5.37	5.37
Derivative, sold call volume	49,135	49,135	49,135
Derivative, weighted average sold call | € / Mcf	5.43	5.43	5.43
Derivative, sold put volume	49,135	49,135	49,135
Derivative, weighted average sold put | € / Mcf	3.87	3.87	3.87
Derivatives, sold swap volume	2,457	2,457	2,457
Derivative, weighted average sold swap price | € / Mcf	4.69	4.69	4.69
European Gas Nbp Q3 2021 [Member]
Statement [Line Items]
Description of presentation currency	EUR	EUR	EUR
Derivative, bought put volume	49,135	49,135	49,135
Derivative, weighted average bought put | € / Mcf	5.37	5.37	5.37
Derivative, sold call volume	49,135	49,135	49,135
Derivative, weighted average sold call | € / Mcf	5.42	5.42	5.42
Derivative, sold put volume	49,135	49,135	49,135
Derivative, weighted average sold put | € / Mcf	3.87	3.87	3.87
Derivatives, sold swap volume	2,457	2,457	2,457
Derivative, weighted average sold swap price | € / Mcf	4.69	4.69	4.69
European Gas Nbp Q4 2021 [Member]
Statement [Line Items]
Description of presentation currency	EUR	EUR	EUR
Derivative, bought put volume	58,962	58,962	58,962
Derivative, weighted average bought put | € / Mcf	5.37	5.37	5.37
Derivative, sold call volume	58,962	58,962	58,962
Derivative, weighted average sold call | € / Mcf	5.36	5.36	5.36
Derivative, sold put volume	58,962	58,962	58,962
Derivative, weighted average sold put | € / Mcf	3.88	3.88	3.88
Derivatives, sold swap volume	2,457	2,457	2,457
Derivative, weighted average sold swap price | € / Mcf	4.69	4.69	4.69
European Gas Nbp Q1 2022 [Member]
Statement [Line Items]
Description of presentation currency	EUR	EUR	EUR
Derivative, bought put volume	34,394	34,394	34,394
Derivative, weighted average bought put | € / Mcf	5.18	5.18	5.18
Derivative, sold call volume	34,394	34,394	34,394
Derivative, weighted average sold call | € / Mcf	5.88	5.88	5.88
Derivative, sold put volume	34,394	34,394	34,394
Derivative, weighted average sold put | € / Mcf	3.63	3.63	3.63
Derivatives, sold swap volume	2,457	2,457	2,457
Derivative, weighted average sold swap price | € / Mcf	4.69	4.69	4.69
European Gas Nbp Q2 2022 [Member]
Statement [Line Items]
Description of presentation currency	EUR	EUR	EUR
Derivative, bought put volume	27,024	27,024	27,024
Derivative, weighted average bought put | € / Mcf	5.07	5.07	5.07
Derivative, sold call volume	27,024	27,024	27,024
Derivative, weighted average sold call | € / Mcf	5.64	5.64	5.64
Derivative, sold put volume	27,024	27,024	27,024
Derivative, weighted average sold put | € / Mcf	3.50	3.50	3.50
Derivatives, sold swap volume	2,457	2,457	2,457
Derivative, weighted average sold swap price | € / Mcf	4.69	4.69	4.69
European Gas Nbp Q3 2022 [Member]
Statement [Line Items]
Description of presentation currency	EUR	EUR	EUR
Derivative, bought put volume	14,740	14,740	14,740
Derivative, weighted average bought put | € / Mcf	4.86	4.86	4.86
Derivative, sold call volume	14,740	14,740	14,740
Derivative, weighted average sold call | € / Mcf	5.42	5.42	5.42
Derivative, sold put volume	14,740	14,740	14,740
Derivative, weighted average sold put | € / Mcf	3.42	3.42	3.42
Derivatives, sold swap volume	2,457	2,457	2,457
Derivative, weighted average sold swap price | € / Mcf	4.69	4.69	4.69
European Gas Nbp Q4 2022 [Member]
Statement [Line Items]
Description of presentation currency	EUR	EUR	EUR
Derivative, bought put volume	14,740	14,740	14,740
Derivative, weighted average bought put | € / Mcf	4.86	4.86	4.86
Derivative, sold call volume	14,740	14,740	14,740
Derivative, weighted average sold call | € / Mcf	5.41	5.41	5.41
Derivative, sold put volume	14,740	14,740	14,740
Derivative, weighted average sold put | € / Mcf	3.42	3.42	3.42
Derivatives, sold swap volume	2,457	2,457	2,457
Derivative, weighted average sold swap price | € / Mcf	4.69	4.69	4.69
European Gas Nbp Q1 2023 [Member]
Statement [Line Items]
Description of presentation currency	EUR	EUR	EUR
Derivative, bought put volume	7,370	7,370	7,370
Derivative, weighted average bought put | € / Mcf	4.74	4.74	4.74
Derivative, sold call volume	7,370	7,370	7,370
Derivative, weighted average sold call | € / Mcf	4.96	4.96	4.96
Derivative, sold put volume	7,370	7,370	7,370
Derivative, weighted average sold put | € / Mcf	3.32	3.32	3.32
European Gas Ttf Q2 2021 [Member]
Statement [Line Items]
Description of presentation currency	EUR	EUR	EUR
Derivative, bought put volume	2,457	2,457	2,457
Derivative, weighted average bought put | € / Mcf	4.25	4.25	4.25
Derivative, sold call volume	2,457	2,457	2,457
Derivative, weighted average sold call | € / Mcf	3.93	3.93	3.93
Derivative, sold put volume	2,457	2,457	2,457
Derivative, weighted average sold put | € / Mcf	2.93	2.93	2.93
European Gas Ttf Q3 2021 [Member]
Statement [Line Items]
Description of presentation currency	EUR	EUR	EUR
Derivative, bought put volume	2,457	2,457	2,457
Derivative, weighted average bought put | € / Mcf	4.25	4.25	4.25
Derivative, sold call volume	2,457	2,457	2,457
Derivative, weighted average sold call | € / Mcf	3.92	3.92	3.92
Derivative, sold put volume	2,457	2,457	2,457
Derivative, weighted average sold put | € / Mcf	2.93	2.93	2.93
European Gas Ttf Q1 2022 [Member]
Statement [Line Items]
Description of presentation currency	EUR	EUR	EUR
Derivative, bought put volume	2,457	2,457	2,457
Derivative, weighted average bought put | € / Mcf	4.84	4.84	4.84
Derivative, sold call volume	2,457	2,457	2,457
Derivative, weighted average sold call | € / Mcf	5.64	5.64	5.64
Derivative, sold put volume	2,457	2,457	2,457
Derivative, weighted average sold put | € / Mcf	3.52	3.52	3.52
European Gas Ttf Q2 2022 [Member]
Statement [Line Items]
Description of presentation currency	EUR	EUR	EUR
Derivative, bought put volume	2,457	2,457	2,457
Derivative, weighted average bought put | € / Mcf	4.84	4.84	4.84
Derivative, sold call volume	2,457	2,457	2,457
Derivative, weighted average sold call | € / Mcf	5.64	5.64	5.64
Derivative, sold put volume	2,457	2,457	2,457
Derivative, weighted average sold put | € / Mcf	3.52	3.52	3.52
European Gas Ttf Q3 2022 [Member]
Statement [Line Items]
Description of presentation currency	EUR	EUR	EUR
Derivative, bought put volume	2,457	2,457	2,457
Derivative, weighted average bought put | € / Mcf	4.84	4.84	4.84
Derivative, sold call volume	2,457	2,457	2,457
Derivative, weighted average sold call | € / Mcf	5.64	5.64	5.64
Derivative, sold put volume	2,457	2,457	2,457
Derivative, weighted average sold put | € / Mcf	3.52	3.52	3.52
European Gas Ttf Q4 2022 [Member]
Statement [Line Items]
Description of presentation currency	EUR	EUR	EUR
Derivative, bought put volume	2,457	2,457	2,457
Derivative, weighted average bought put | € / Mcf	4.84	4.84	4.84
Derivative, sold call volume	2,457	2,457	2,457
Derivative, weighted average sold call | € / Mcf	5.64	5.64	5.64
Derivative, sold put volume	2,457	2,457	2,457
Derivative, weighted average sold put | € / Mcf	3.52	3.52	3.52
European Gas Ttf Q1 2023 [Member]
Statement [Line Items]
Description of presentation currency	EUR	EUR	EUR
Derivative, bought put volume	2,457	2,457	2,457
Derivative, weighted average bought put | € / Mcf	4.84	4.84	4.84
Derivative, sold call volume	2,457	2,457	2,457
Derivative, weighted average sold call | € / Mcf	5.64	5.64	5.64
Derivative, sold put volume	2,457	2,457	2,457
Derivative, weighted average sold put | € / Mcf	3.52	3.52	3.52
Swap Contract One [Member] | European Gas cross currency interest rate [Member]
Statement [Line Items]
Derivative interest maturity period	Jan 2021	Jan 2021	Jan 2021
Proceeds from sales or maturity of financial instruments, classified as investing activities | $		$ 1,200,342,790
Purchase of financial instruments, classified as investing activities | €	€ 1,570,298,550
Canadian Dollar Offered Rate	1.3082%	1.3082%	1.3082%
Swap Contract One [Member] | VET Equity Swaps [Member]
Statement [Line Items]
Derivative interest maturity period	Jan 2020 - Sep 2021	Jan 2020 - Sep 2021	Jan 2020 - Sep 2021
Initial Share Price | $ / shares			$ 20.9788
Share Volume | $			$ 2,250,000
Swap Contract Two [Member] | VET Equity Swaps [Member]
Statement [Line Items]
Derivative interest maturity period	Jan 2020 - Oct 2021	Jan 2020 - Oct 2021	Jan 2020 - Oct 2021
Initial Share Price | $ / shares			$ 22.4587
Share Volume | $			$ 1,500,000

Supplemental information - Sold

Supplemental information - Sold option instruments (Details)	12 Months Ended
	Dec. 31, 2020$ / Mcf€ / Mcfitem$ / bbl
Crude Oil Dated Brent Period if Option Exercised One [Member]
Statement [Line Items]
Derivative, contract period	Apr 2021 - Mar 2022
Description of presentation currency	USD
Option Expiration Date	Mar. 31, 2021
Derivatives, sold swap volume	500
Derivative, weighted average sold swap price | $ / bbl	52
European Gas Nbp Period if Option Exercised One [Member]
Statement [Line Items]
Derivative, contract period	Jan 2022 - Dec 2022
Description of presentation currency	EUR
Option Expiration Date	Jun. 30, 2021
Derivatives, sold swap volume	2,457
Derivative, weighted average sold swap price | € / Mcf	5.13
North American Gas Nymex Period if Option Exercised One [Member]
Statement [Line Items]
Derivative, contract period	Apr 2021 - Oct 2021
Description of presentation currency	USD
Option Expiration Date	Mar. 24, 2021
Derivatives, sold swap volume	10,000
Derivative, weighted average sold swap price | $ / Mcf	2.90