Vermilion Energy (VET) 40-F 7 Mar 22 2021 FY Annual report (Canada) Financial data

Document And Entity Information

Document And Entity Information	12 Months Ended
	Dec. 31, 2021shares
Document Information [Line Items]
Document Type	40-F
Document Registration Statement	false
Document Annual Report	true
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Entity Central Index Key	0001293135
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2021
Entity File Number	001-35829
Entity Registrant Name	Vermilion Energy Inc.
Entity Incorporation, State or Country Code	A0
Entity Primary SIC Number	1311
Entity Tax Identification Number	00-0000000
Entity Address, Address Line One	3500, 520 - 3rd Avenue S.W.
Entity Address, State or Province	AB
Entity Address, City or Town	Calgary
Entity Address, Postal Zip Code	T2P 0R3
City Area Code	403
Local Phone Number	269-4884
Title of 12(b) Security	Common Shares
ICFR Auditor Attestation Flag	true
Trading Symbol	VET
Security Exchange Name	NYSE
Annual Information Form	true
Audited Annual Financial Statements	true
Entity Common Stock, Shares Outstanding	162,260,989
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Emerging Growth Company	false
Auditor Name	Deloitte LLP
Auditor Firm ID	1208
Auditor Location	Calgary, Canada
Business Contact [Member]
Document Information [Line Items]
Contact Personnel Name	National Corporate Research, Ltd
Entity Address, Address Line One	225 West 34th Street, Suite 910
Entity Address, State or Province	NY
Entity Address, City or Town	New York
Entity Address, Postal Zip Code	10122
City Area Code	212
Local Phone Number	947-7200

Consolidated Balance Sheet

Consolidated Balance Sheet - CAD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current
Cash and cash equivalents	$ 6,028	$ 6,904
Accounts receivable	328,584	196,077
Crude oil inventory	20,070	13,402
Derivative instruments	19,321	16,924
Prepaid expenses	98,842	27,686
Total current assets	472,845	260,993
Derivative instruments	0	2,451
Deferred taxes	374,993	484,497
Exploration and evaluation assets	233,290	254,094
Capital assets	4,824,195	3,107,104
Total assets	5,905,323	4,109,139
Current
Accounts payable and accrued liabilities	440,658	297,670
Derivative instruments	268,973	130,919
Income taxes payable	37,182	4,539
Total current liabilities	746,813	433,128
Derivative instruments	51,213	8,228
Long-term debt	1,651,569	1,933,848
Lease obligations	60,190	76,524
Asset retirement obligations	1,000,554	467,737
Deferred taxes	328,839	264,272
Total liabilities	3,839,178	3,183,737
Shareholders' Equity
Shareholders' capital	4,241,773	4,181,160
Contributed surplus	49,529	66,250
Accumulated other comprehensive income	28,467	77,986
Deficit	(2,253,624)	(3,399,994)
Total shareholders' equity	2,066,145	925,402
Total liabilities and shareholders' equity	$ 5,905,323	$ 4,109,139

Consolidated Statements of Net

Consolidated Statements of Net (Loss) Earnings and Comprehensive Loss - CAD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Revenue
Petroleum and natural gas sales	$ 2,079,761	$ 1,119,545
Royalties	(186,122)	(106,554)
Sales of purchased commodities	147,091	127,853
Petroleum and natural gas revenue	2,040,730	1,140,844
Expenses
Purchased commodities	147,091	127,853
Operating	413,013	417,251
Transportation	77,161	67,711
Equity based compensation	41,565	42,906
Loss (gain) on derivative instruments	508,478	(8,138)
Interest expense	73,075	75,077
General and administration	52,877	60,840
Foreign exchange loss (gain)	71,576	(60,122)
Other income	(21,422)	(3,258)
Accretion	43,552	35,318
Depletion and depreciation	571,688	580,461
Impairment (reversal) expense	(1,302,619)	1,682,344
Gain on business combination	(17,198)
Expenses	658,837	3,018,243
Earnings (loss) before income taxes	1,381,893	(1,877,399)
Income tax expense (recovery)
Deferred	187,343	(374,313)
Current	45,854	14,341
Taxes	233,197	(359,972)
Net earnings (loss)	1,148,696	(1,517,427)
Other comprehensive loss
Currency translation adjustments	(55,632)	65,160
Unrealized gain (loss) on hedges	6,113	(36,752)
Comprehensive income (loss)	$ 1,099,177	$ (1,489,019)
Net earnings (loss) per share
Basic	$ 7.13	$ (9.61)
Diluted	$ 6.97	$ (9.61)
Weighted average shares outstanding ('000s)
Basic	161,172	157,908
Diluted	164,765	157,908

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Operating
Net earnings (loss)	$ 1,148,696	$ (1,517,427)
Adjustments:
Accretion	43,552	35,318
Depletion and depreciation	571,688	580,461
Impairment (reversal) expense	(1,302,619)	1,682,344
Gain on business combinations	(17,198)	0
Unrealized loss on derivative instruments	181,094	100,955
Equity based compensation	41,565	42,906
Unrealized foreign exchange loss (gain)	64,963	(49,012)
Unrealized other expense	778	833
Deferred taxes	187,343	(374,313)
Asset retirement obligations settled	(28,525)	(14,278)
Changes in non-cash operating working capital	(56,884)	12,365
Cash flows from operating activities	834,453	500,152
Investing
Drilling and development	(339,390)	(352,481)
Exploration and evaluation	(35,406)	(14,721)
Acquisitions	(131,628)	(25,810)
Changes in non-cash investing working capital	36,724	(8,422)
Cash flows used in investing activities	(469,700)	(401,434)
Financing
(Repayments) borrowings on the revolving credit facility	(341,259)	22,183
Payments on lease obligations	(22,187)	(25,048)
Cash dividends	0	(117,737)
Cash flows used in financing activities	(363,446)	(120,602)
Foreign exchange loss on cash held in foreign currencies	(2,183)	(240)
Net change in cash and cash equivalents	(876)	(22,124)
Cash and cash equivalents, beginning of year	6,904	29,028
Cash and cash equivalents, end of year	6,028	6,904
Supplementary information for cash flows from operating activities
Interest paid	71,369	74,125
Income taxes paid	$ 13,212	$ 15,218

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, 2019				$ 4,119,031
Shareholders' capital
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
Balance, beginning of year at Dec. 31, 2019				75,735
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
Balance, beginning of year at Dec. 31, 2019				49,578
Accumulated other comprehensive income.
Currency translation adjustments				65,160
Hedge accounting reserve				(36,752)
Balance, end of year at Dec. 31, 2020				77,986
Balance, beginning of year at Dec. 31, 2019				(1,791,039)
Deficit
Net earnings (loss)			(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
Vesting of equity based awards	49,922	(49,922)
Equity based compensation	8,365	33,201
Share-settled dividends on vested equity based awards	2,326		2,326
Balance, end of year at Dec. 31, 2021				4,241,773
Contributed surplus
Equity based compensation	8,365	33,201
Vesting of equity based awards	49,922	$ (49,922)
Balance, end of year at Dec. 31, 2021				49,529
Accumulated other comprehensive income.
Currency translation adjustments				(55,632)
Hedge accounting reserve				6,113
Loss on derivatives designated as cash flow hedges, net of tax				4,700
Loss on derivatives designated as net investment hedges, net of tax				1,400
Balance, end of year at Dec. 31, 2021				28,467
Deficit
Net earnings (loss)			1,148,696	1,148,696
Share-settled dividends on vested equity based awards	$ (2,326)		$ (2,326)
Balance, end of year at Dec. 31, 2021				(2,253,624)
Deficit
Total shareholders' equity				$ 2,066,145

Basis of presentation

Basis of presentation	12 Months Ended
	Dec. 31, 2021
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 4, 2022.

Significant accounting policies

Significant accounting policies	12 Months Ended
	Dec. 31, 2021
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 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, 2021
Segmented information
Segmented information	3. Segmented information Substantially all sales in the France and Netherlands operating segments for the years ended December 31, 2021 (2020 - France, Netherlands, and Ireland) were to one customer in each respective segment. In 2021, France and the Netherlands contributed more than 10%of Vermilion's consolidated revenues (2020 - France). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2021 ​ Canada ​ USA France Netherlands Germany Ireland Australia Corporate Total Total assets 3,100,322 ​ 545,296 771,707 227,779 422,030 427,362 217,852 192,975 5,905,323 Drilling and development 190,242 ​ 32,540 39,587 20,198 19,234 1,261 34,785 1,543 339,390 Exploration and evaluation — ​ — 121 6,839 1,073 — — 27,373 35,406 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Crude oil and condensate sales 625,053 ​ 80,208 279,263 2,640 32,607 23 143,014 — 1,162,808 NGL sales 86,932 ​ 17,723 — — — — — — 104,655 Natural gas sales 189,790 ​ 14,484 — 293,083 99,328 214,402 — 1,211 812,298 Sales of purchased commodities ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ 147,091 ​ 147,091 Royalties (113,651) ​ (30,747) (37,666) (873) (2,847) — — (338) (186,122) Revenue from external customers 788,124 ​ 81,668 241,597 294,850 129,088 214,425 143,014 147,964 2,040,730 Purchased commodities — ​ — — — — — — (147,091) (147,091) Transportation (38,764) ​ (1,336) (26,497) — (6,359) (4,205) — — (77,161) Operating (215,378) ​ (16,992) (52,147) (35,269) (27,149) (14,889) (50,748) (441) (413,013) General and administration ​ (18,380) ​ (4,563) ​ (10,954) ​ (1,243) ​ (5,257) ​ 9 ​ (3,457) ​ (9,032) ​ (52,877) PRRT — ​ — — — — — (15,688) — (15,688) Corporate income taxes — ​ — 9,120 (46,567) — — 5,759 1,522 (30,166) Interest expense — ​ — — — — — — (73,075) (73,075) Realized loss on derivative instruments — ​ — — — — — — (327,384) (327,384) Realized foreign exchange loss — ​ — — — — — — (6,613) (6,613) Realized other income — ​ — — — — — — 22,200 22,200 Fund flows from operations 515,602 ​ 58,777 161,119 211,771 90,323 195,340 78,880 (391,950) 919,862 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2020 ​ Canada ​ USA France Netherlands Germany Ireland Australia Corporate Total Total assets 2,276,787 ​ 328,902 703,567 130,063 198,357 257,990 105,898 107,575 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 ​ Reconciliation of fund flows from operations to net earnings (loss): ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ Dec 31, 2021 Dec 31, 2020 Fund flows from operations 919,862 502,065 Equity based compensation (41,565) (42,906) Unrealized loss on derivative instruments (181,094) (100,955) Unrealized foreign exchange (loss) gain (64,963) 49,012 Accretion (43,552) (35,318) Depletion and depreciation (571,688) (580,461) Deferred tax (expense) recovery (187,343) 374,313 Gain on business combinations 17,198 — Impairment reversal (expense) ​ 1,302,619 ​ (1,682,344) Unrealized other expense (778) (833) Net earnings (loss) 1,148,696 (1,517,427) ​

Capital assets

Capital assets	12 Months Ended
	Dec. 31, 2021
Capital assets
Capital assets	4. Capital assets The following table reconciles the change in Vermilion’s capital assets: ​ ​ ​ ​ ​ ​ ​ 2021 2020 Balance at January 1 3,107,104 5,015,620 180,806 24,430 Additions 339,390 352,481 Increase in right-of-use assets 551 5,245 Transfers from exploration and evaluation assets 11,495 — Impairment reversal ​ 1,302,619 ​ (1,682,344) Depletion and depreciation (538,704) (517,734) Changes in asset retirement obligations 528,714 (200,454) (107,780) 109,860 Balance at December 31 4,824,195 3,107,104 ​ ​ ​ 10,849,047 9,863,537 Accumulated depletion, depreciation, and impairment (6,024,852) (6,756,433) Carrying amount at December 31 4,824,195 3,107,104 ​ In the fourth quarter of 2021, indicators of impairment reversal were present in our France - Neocomian CGU due to increases and stabilization of commodity prices resulting in increased cash flow estimates. As a result of the indicators of impairment reversal, the Company performed impairment reversal calculations on the identified CGU 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 12.0%. Based on the results of the impairment reversal calculations completed, recoverable amounts were determined to be greater than the carrying values of the CGU tested and $17.7 million (net of $6.2 million deferred income tax expense) of impairment reversal was recorded. Inputs used in the measurement of capital assets are not based on observable market data and fall within level 3 of the fair value hierarchy. The following benchmark price forecasts were used to calculate the recoverable amounts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 (2) Brent Crude ($ US/bbl) (1) ​ 76.00 ​ 72.51 ​ 71.24 ​ 72.66 ​ 74.12 ​ 75.59 ​ 77.11 ​ 78.66 ​ 80.22 ​ 81.83 Exchange rate (CAD/USD) ​ 0.79 ​ 0.79 ​ 0.79 ​ 0.79 ​ 0.79 ​ 0.79 ​ 0.79 ​ 0.79 ​ 0.79 ​ 0.79 ​ (1) (2) ​ The following are the results of tests completed, recoverable amounts, and sensitivity impacts which would decrease impairment reversals taken: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Segment CGU Impairment Reversal (1) Recoverable Amount ​ 1% increase in discount rate 5% decrease in pricing France Neocomian 23,923 129,189 ​ 6,359 12,894 Total ​ 23,923 129,189 ​ 6,359 12,894 ​ (1) In the third quarter of 2021, indicators of impairment reversal were present in our Ireland CGU due to increased European forecast gas prices. As a result of the indicators of impairment reversal, the Company performed impairment reversal calculations on the Ireland CGU and 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 12.0%. Based on the results of the impairment reversal calculations completed, the recoverable amount was determined to be greater than the carrying value and $16.7 million (net of $5.5 million deferred income tax expense) of impairment reversal was recorded. Inputs used in the measurement of capital assets are not based on observable market data and fall within level 3 of the fair value hierarchy. In the second quarter of 2021, indicators of impairment reversal were present in our Alberta, Saskatchewan, Germany, Ireland and United States CGU due to an increase and stabilization in forecast oil and gas prices. As a result of the indicators of impairment reversal, the Company performed impairment reversal calculations on the identified 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 12.0%. Based on the results of the impairment reversal calculations completed, recoverable amounts were determined to be greater than the carrying values of the CGUs tested and $460.4 million (net of $133.2 million deferred income tax expense) of impairment reversal was recorded. Inputs used in the measurement of capital assets are not based on observable market data and fall within level 3 of the fair value hierarchy. The following benchmark price forecasts were used to calculate the recoverable amounts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2H2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 (2) Brent Crude ($US/bbl) (1) 73.25 69.55 66.42 67.75 69.11 70.49 71.90 73.34 74.80 76.30 WTI Crude ($US/bbl) (1) 71.00 66.30 62.42 63.67 64.95 66.25 67.57 68.92 70.30 71.71 NBP (€/mmbtu) (1) 9.17 7.19 5.53 5.65 5.75 5.87 5.99 6.11 6.23 6.35 Exchange rate (CAD/USD) 0.81 0.81 0.80 0.80 0.80 0.80 0.80 0.80 0.80 0.80 ​ (1) (2) The following are the results of tests completed, recoverable amounts, and sensitivity impacts which would decrease impairment reversals taken: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1% increase in 5% decrease in Operating Segment CGU Impairment Reversal (1) Recoverable Amount ​ discount rate ​ pricing Canada Alberta 88,708 988,447 ​ — 29,716 Canada ​ Saskatchewan ​ 270,897 ​ 1,500,139 ​ 80,724 ​ 156,875 Ireland ​ Ireland ​ 133,005 ​ 339,315 ​ 9,136 ​ 23,975 Germany ​ Germany - Gas ​ 43,735 ​ 168,290 ​ — ​ — United States ​ United States ​ 57,261 ​ 429,322 ​ 26,903 ​ 44,317 Total ​ ​ ​ 593,606 ​ 3,425,513 ​ 116,763 ​ 254,883 ​ (1) In the first quarter of 2021, indicators of impairment reversal were present in our Australia, Alberta, Saskatchewan, and United States CGUs due to an increase and stabilization in forecast oil prices. As a result of the indicators of impairment reversal, the Company performed impairment reversal calculations on the identified 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 12.0%. Based on the results of the impairment reversal calculations completed, recoverable amounts were determined to be greater than the carrying values of the CGUs tested and $492.2 million (net of $170.7 million deferred income tax expense) of impairment reversal was recorded. Inputs used in the measurement of capital assets are not based on observable market data and fall within level 3 of the fair value hierarchy. The following benchmark price forecasts were used to calculate the recoverable amounts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 (2) Brent Crude ($US/bbl) (1) 64.50 62.08 61.69 62.84 64.02 65.22 66.45 67.70 68.97 70.35 WTI Crude ($US/bbl) (1) 62.00 58.58 57.69 58.84 60.02 61.22 62.45 63.70 64.97 66.27 Exchange rate (CAD/USD) 0.80 0.79 0.78 0.78 0.78 0.78 0.78 0.78 0.78 0.78 ​ (1) (2) The following are the results of tests completed, recoverable amounts, and sensitivity impacts which would decrease impairment reversals taken: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Segment CGU Impairment Reversal (1) Recoverable Amount ​ 1% increase in discount rate 5% decrease in pricing Australia Australia 82,016 189,749 ​ 6,921 19,756 Canada Alberta 232,724 859,706 ​ 46,223 81,212 Canada Saskatchewan 290,241 1,206,343 ​ 69,104 143,281 United States ​ United States ​ 57,885 ​ 364,242 ​ 24,180 ​ 41,345 Total ​ 662,866 2,620,040 ​ 146,428 285,594 ​ (1) ​ Germany Acquisitions In April 2021, Vermilion completed an acquisition within its Germany Gas CGU for total consideration of $11.6 million, in which $49.2 million in capital assets, $12.4 million in asset retirement obligations, and $7.9 million in deferred tax liabilities were recognized. The acquisition resulted in a gain on acquisition of $17.2 million which was due to increases in commodity prices from the effective date to close and was accounted for as a business combination under IFRS 3. In December 2021, Vermilion completed an acquisition within its Germany Gas CGU for total consideration of $23.2 million. Included within total consideration are contingent payment provisions for production and revenue targets in which $8.4 million has been recognized in accordance with IAS 37. The acquisition increases Vermilion's non-operated working interest within the Dümmersee-Uchte region and was funded with cash flows from operating activities. Vermilion applied the optional concentration test under IFRS 3 Business Combinations Assets in Wyoming In July 2021, Vermilion acquired mineral leasehold land and oil and gas producing assets from a private oil company for total cash consideration of $92.0 million. The assets are located in the Powder River Basin and are adjacent to Vermilion's Hilight assets within the USBU cash generating unit ("CGU"). The acquired assets complement Vermilion's existing Powder River operations and were funded with cash flows from operating activities. Vermilion applied the optional concentration test under IFRS 3 Business Combinations Right-of-use assets The following table discloses the carrying balance and depreciation charge relating to right-of-use assets by class of underlying asset as at and for the year ended December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at Dec 31, 2021 ​ As at Dec 31, 2020 ($M) Depreciation Balance Depreciation Balance Office space 8,921 38,216 9,835 49,134 Gas processing facilities 7,691 20,504 7,109 27,593 Oil storage facilities 2,644 11,480 2,738 15,231 Vehicles and equipment 3,629 6,038 3,608 8,035 Total 22,885 76,238 23,290 99,993 ​

Exploration and evaluation asse

Exploration and evaluation assets	12 Months Ended
	Dec. 31, 2021
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: ​ ​ ​ ​ ​ ​ 2021 2020 Balance at January 1 254,094 286,148 Acquisitions — 1,380 Additions 35,406 14,721 Changes in asset retirement obligations 110 (500) Transfers to capital assets (11,495) — Depreciation (35,549) (54,838) Foreign exchange (9,276) 7,183 Balance at December 31 233,290 254,094 ​ ​ Cost 408,494 395,615 Accumulated depreciation (175,204) (141,521) Carrying amount at December 31 233,290 254,094 ​

Asset retirement obligations

Asset retirement obligations	12 Months Ended
	Dec. 31, 2021
Asset retirement obligations
Asset retirement obligations	6. Asset retirement obligations The following table reconciles the change in Vermilion’s asset retirement obligations: ​ ​ ​ ​ ​ ​ 2021 2020 Balance at January 1 467,737 618,200 Additional obligations recognized 28,655 1,484 Changes in estimated abandonment timing and costs 85,022 74,235 Obligations settled (28,525) (14,278) Accretion 43,552 35,318 Changes in discount rates 439,849 (276,673) Foreign exchange (35,736) 29,451 Balance at December 31 1,000,554 467,737 ​ Vermilion calculated the present value of the obligations using a credit-adjusted risk-free rate, calculated using a credit spread of 4.9% as at December 31, 2021 (December 31, 2020 – 10.0%) added to risk-free rates based on long-term, risk-free government bonds. Vermilion’s credit spread is determined using the Company’s expected cost of borrowing at the end of the reporting period. The country specific risk-free rates used as inputs to discount the obligations were as follows: ​ ​ ​ ​ ​ ​ ​ Dec 31, 2021 Dec 31, 2020 Canada 1.8 % 1.2 % United States ​ 1.9 % 1.6 % France 0.8 % 0.3 % Netherlands (0.3) % (0.6) % Germany 0.1 % (0.2) % Ireland 0.5 % (0.1) % Australia 1.9 % 1.3 % ​ Vermilion has estimated the asset retirement obligations based on current cost estimates of $2.0 billion (2020 - $2.0 billion). Current cost estimates are inflated to the estimated time of abandonment using inflation rates of between 1.1% and 3.1% (2020 - between 0.2% and 2.9%), resulting in inflated cost estimates of $3.1 billion (2020 - $2.5 billion). These payments are expected to be made between 2022 and 2081, with the majority of costs occurring between 2030 and 2037 ($0.9 billion) and 2043 to 2050 ($1.1 billion). A 0.5% increase/decrease in the discount rate applied to asset retirement obligations would decrease/increase asset retirement obligations by approximately $73.0 million. A one-year increase/decrease in the expected timing of abandonment spend would decrease/increase asset retirement obligations by approximately $37.3 million.

Derivative instruments

Derivative instruments	12 Months Ended
	Dec. 31, 2021
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, 2021 Dec 31, 2020 Fair value of contracts, beginning of year (119,772) (10,991) Reversal of opening contracts settled during the year 112,679 12,811 Realized (loss) gain on contracts settled during the year (327,384) 109,093 Unrealized loss during the year on contracts outstanding at the end of the year (293,773) (113,766) Net receipt from counterparties on contract settlements during the year 327,385 (109,093) Unrealized loss on derivatives designated as cash flow hedges ​ — ​ (7,826) Fair value of contracts, end of year (300,865) (119,772) Comprised of: Current derivative asset 19,321 16,924 Current derivative liability (268,973) (130,919) Non-current derivative asset — 2,451 Non-current derivative liability (51,213) (8,228) Fair value of contracts, end of year (300,865) (119,772) ​ The loss (gain) on derivative instruments for 2021 and 2020 were comprised of the following: ​ ​ ​ ​ ​ ​ ​ ​ Year Ended Dec 31, 2021 Dec 31, 2020 Realized loss (gain) on contracts settled during the year 327,384 (109,093) Reversal of opening contracts settled during the year (112,679) (12,811) Unrealized loss on contracts outstanding at the end of the year 293,773 113,766 Loss (gain) on derivative instruments 508,478 (8,138) ​ Vermilion executes derivative instruments where there is an underlying exposure to offset the position. Consistent with our accounting policy we do not match unrealized gains / losses on these contracts with the underlying exposure. Please refer to Note 17 (Supplemental information) for a listing of Vermilion's outstanding derivative instruments as at December 31, 2021.

Leases

Leases	12 Months Ended
	Dec. 31, 2021
Leases
Leases	8. Leases Vermilion had the following future commitments associated with its lease obligations: ​ ​ ​ ​ ​ ​ ​ ​ As at ($M) Dec 31, 2021 Dec 31, 2020 Less than 1 year 19,045 27,927 1 - 3 years 38,136 41,270 3 - 5 years 25,226 31,412 After 5 years 3,686 14,178 Total lease payments 86,093 114,787 Amounts representing interest (10,871) (15,381) Present value of net lease payments 75,222 99,406 Current portion of lease obligations (15,032) (22,882) Non-current portion of lease obligations 60,190 76,524 ​ ​ ​ ​ ​ Total cash outflow ​ 27,368 ​ 31,240 Interest on lease liabilities ​ 5,181 ​ 6,192 ​

Taxes

Taxes	12 Months Ended
	Dec. 31, 2021
Taxes
Taxes	9. Taxes The following table reconciles Vermilion’s deferred tax asset and liability: ​ ​ ​ ​ ​ ​ ​ ​ As at ​ Dec 31, 2021 Dec 31, 2020 Deferred tax assets: ​ ​ ​ Non-capital losses 477,903 ​ 420,060 Derivative contracts 74,043 ​ 33,064 Other 2,879 ​ 14,766 Stock based compensation 8,651 ​ 12,218 Asset retirement obligations 83,461 ​ 7,581 Capital assets (268,615) ​ 443 Unrealized foreign exchange (3,329) ​ (3,635) Deferred tax assets 374,993 ​ 484,497 Deferred tax liabilities: ​ ​ ​ Asset retirement obligations 104,258 ​ 184,144 Capital assets 322,641 ​ 112,818 Other (10,518) ​ 1,682 Non-capital losses (87,542) ​ (34,372) Deferred tax liabilities 328,839 ​ 264,272 ​ 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, 2021 Dec 31, 2020 Earnings before income taxes 1,381,893 (1,877,399) Canadian corporate tax rate (1) 24.61 % 25.31 % Expected tax expense 340,084 (475,170) ​ Increase (decrease) in taxes resulting from: ​ ​ ​ Petroleum resource rent tax rate (PRRT) differential (2) 27,281 (15,157) ​ Foreign tax rate differentials (2) (3) 43,301 (14,907) ​ Equity based compensation expense 6,794 2,445 ​ Amended returns and changes to estimated tax pools and tax positions (14,391) (2,598) ​ Statutory rate changes and the estimated reversal rates on temporary differences (4) 5,862 33,770 ​ Derecognition (recognition) of deferred tax assets (190,423) 141,315 ​ Adjustment for uncertain tax positions — — ​ Other non-deductible items 14,689 ​ (29,670) ​ Provision for income taxes 233,197 ​ (359,972) ​ (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 2021 were: 27.4% in France, 50.0% in the Netherlands, 31.4% in Germany, 25.0% in Ireland, and 21.0% in the United States (2020: 28.9% in France, 50.0% in the Netherlands, 31.6% 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. On December 21, 2021, the Dutch Senate approved the 2022 Tax Plan that included an increase to the Dutch corporate tax rate from 25.0% in 2021 to 25.8% in 2022. Due to the tax regime applicable to natural gas producers in the Netherlands, the increase to the corporate tax rate is not expected to have a material impact to Vermilion taxes in the Netherlands. At December 31, 2021, Vermilion had $2.7 billion (2020 - $2.9 billion) of unused tax losses of which $1.4 billion (2020 - $1.3 billion) relates to Vermilion's Canada segment and expire between 2028 and 2041. The majority of the remaining unused tax losses relate to Vermilion's Ireland segment and do not expire. At December 31, 2021, Vermilion recognized $190.4 million (2020 - derecognized $141.3 million) of deferred income tax assets primarily relating to the aforementioned non-expiring tax loss in Ireland that are expected to be utilized due to an increase in forecast commodity prices. The aggregate amount of temporary differences associated with investments in subsidiaries for which deferred tax liabilities have not been recognized as at December 31, 2021 is approximately $0.4 billion (2020 – approximately $0.5 billion).

Long-term debt

Long-term debt	12 Months Ended
	Dec. 31, 2021
Long-term debt
Long-term debt	10. Long-term debt The following table summarizes Vermilion’s outstanding long-term debt: ​ ​ ​ ​ ​ ​ ​ ​ As at ​ Dec 31, 2021 Dec 31, 2020 Revolving credit facility 1,273,755 1,555,215 Senior unsecured notes 377,814 378,633 Long-term debt 1,651,569 1,933,848 ​ 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, 2021 was $387.0 million (December 31, 2020 - $329.1 million). The following table reconciles the change in Vermilion’s long-term debt: ​ ​ ​ ​ ​ ​ 2021 2020 Balance at January 1 1,933,848 ​ 1,924,665 (Repayments) borrowings on the revolving credit facility (341,259) ​ 22,183 Amortization of transaction costs 778 833 Foreign exchange 58,202 (13,833) Balance at December 31 1,651,569 1,933,848 ​ 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, 2021, Vermilion had in place a bank revolving credit facility maturing May 31, 2024 with the following terms: ​ ​ ​ ​ ​ ​ ​ As at ​ Dec 31, 2021 Dec 31, 2020 Total facility amount 2,100,000 2,100,000 Amount drawn (1,273,755) (1,555,215) Letters of credit outstanding (11,035) (23,210) Unutilized capacity 815,210 521,575 ​ 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, 2021, the revolving credit facility was subject to the following financial covenants: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at Financial covenant Limit Dec 31, 2021 Dec 31, 2020 Consolidated total debt to consolidated EBITDA Less than 4.0 1.61 3.48 Consolidated total senior debt to consolidated EBITDA Less than 3.5 1.24 2.82 Consolidated EBITDA to consolidated interest expense Greater than 2.5 ​ 14.78 ​ 8.12 ​ 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, 2021, 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, 2021 and December 31, 2020, 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 % ​

Shareholders' capital

Shareholders' capital	12 Months Ended
	Dec. 31, 2021
Shareholders' capital
Shareholders' capital	11. Shareholders’ capital The following table reconciles the change in Vermilion’s shareholders’ capital: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Shareholders’ capital Shares (‘000s) Amount ($M) Shares (‘000s) Amount ($M) Balance at January 1 ​ 158,724 ​ 4,181,160 ​ 156,290 ​ 4,119,031 Shares issued for the Dividend Reinvestment Plan — ​ — 619 ​ 8,277 Vesting of equity based awards 2,385 ​ 49,922 1,103 ​ 49,188 Shares issued for equity based compensation 911 ​ 8,365 415 ​ 3,203 Share-settled dividends on vested equity based awards 241 ​ 2,326 297 ​ 1,461 Balance at December 31 162,261 ​ 4,241,773 158,724 ​ 4,181,160 ​ 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, 2021 were $— Subsequent to December 31, 2021 Vermilion declared a dividend of $0.06 per share to be paid April 18, 2022.

Capital disclosures

Capital disclosures	12 Months Ended
	Dec. 31, 2021
Capital disclosures
Capital disclosures	12. Capital disclosures Vermilion defines capital as net debt (long-term debt (excluding unrealized foreign exchange on swapped USD borrowings) plus adjusted working capital (defined as current assets less current liabilities, excluding current derivatives and current lease liabilities)) and shareholders’ capital. In managing capital, Vermilion reviews whether fund flows from operations is sufficient to fund capital expenditures, dividends, and asset retirement obligations. Vermilion monitors the ratio of net debt to fund flows from operations. As at December 31, 2021, our ratio of net debt to trailing fund flows from operations is 1.79 (2020 – 4.00 (revised)). 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 1.0 over time. The following table calculates Vermilion’s ratio of net debt to fund flows from operations: ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ ​ ​ Dec 31, 2020 Dec 31, 2021 (revised) Long-term debt 1,651,569 1,933,848 Adjusted working capital deficiency (1) ​ 9,284 ​ 35,258 Unrealized FX on swapped USD borrowings ​ (16,067) ​ 40,219 Net debt 1,644,786 2,009,325 ​ ​ Ratio of net debt to four quarter trailing fund flows from operations 1.79 4.00 ( (1) Adjusted working capital is defined as current assets (excluding current derivatives), less current liabilities (excluding current derivatives and current lease liabilities).

Equity based compensation

Equity based compensation	12 Months Ended
	Dec. 31, 2021
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) 2021 2020 Opening balance 6,244 2,268 Granted 2,745 5,120 Vested (1,520) (650) Forfeited (1,064) (494) Closing balance 6,405 6,244 ​ For the year ended December 31, 2021, the awards had a weighted average grant date fair value of $9.53 (2020 - $5.92). 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 (2021 – 1.1; 2020 – 1.2) adjusted by an estimated annual forfeiture rate (2021 – 4.2%; 2020 – 5.8%). Equity based compensation expense of $31.3 million was recorded during the year ended December 31, 2021 (2020 - $38.9 million) relating to the awards. For the year ended December 31, 2021, there were 388,896 DSUs granted and outstanding with a weighted average grant date fair value of $11.49. Equity based compensation expense of $1.9 million was recorded during the year ended December 31, 2021 (2020 - $0.8 million) relating to the DSUs.

Per share amounts

Per share amounts	12 Months Ended
	Dec. 31, 2021
Per share amounts
Per share amounts	14. Per share amounts Basic and diluted net earnings (loss) per share have been determined based on the following: ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ Dec 31, 2021 Dec 31, 2020 Net earnings (loss) 1,148,696 (1,517,427) ​ ​ ​ ​ ​ Basic weighted average shares outstanding (‘000s) 161,172 157,908 Dilutive impact of equity based compensation (‘000s) 3,593 — Diluted weighted average shares outstanding (‘000s) 164,765 157,908 ​ ​ Basic earnings per share 7.13 (9.61) Diluted earnings per share 6.97 (9.61) ​

Financial instruments

Financial instruments	12 Months Ended
	Dec. 31, 2021
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, 2021 ​ As at Dec 31, 2020 ​ ​ ​ ​ ​ ​ ​ Amortized ​ ​ ​ ​ ​ ​ ​ Amortized ​ ​ ​ ($M) FVTPL FVTOCI Cost Total FVTPL FVTOCI Cost Total Cash and cash equivalents 6,028 ​ — — ​ 6,028 6,904 ​ — — ​ 6,904 ​ Derivative assets 19,321 ​ — — ​ 19,321 19,375 ​ — — ​ 19,375 ​ Derivative liabilities (320,186) ​ — — ​ (320,186) (139,147) ​ — — ​ (139,147) ​ Accounts receivable — ​ — 328,584 ​ 328,584 — ​ — 196,077 ​ 196,077 ​ Accounts payable and accrued liabilities — ​ — (440,658) ​ (440,658) — ​ — (297,670) ​ (297,670) ​ Lease obligations ​ — ​ — ​ (60,190) ​ (60,190) ​ — ​ — ​ (76,524) ​ (76,524) ​ Long-term debt (1) — ​ — (1,651,569) ​ (1,651,569) — ​ — (1,933,848) ​ (1,933,848) ​ ​ (1) The carrying value of the above equals fair value except for long-term debt. The fair value of long-term debt was $1,660,778 (2020 - $1,884,296). 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, 2021 and 2020. 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, 2021 Dec 31, 2020 Currency risk - Euro to Canadian dollar $0.01 increase in strength of the Canadian dollar against the Euro (273) (873) $0.01 decrease in strength of the Canadian dollar against the Euro 273 873 ​ ​ ​ ​ ​ Currency risk - US dollar to Canadian dollar ​ $0.01 increase in strength of the Canadian dollar against the US $ 2,086 2,711 $0.01 decrease in strength of the Canadian dollar against the US $ (2,086) (2,711) ​ ​ ​ ​ ​ Commodity price risk - Crude oil ​ US $5.00/bbl increase in crude oil price used to determine the fair value of derivatives (9,324) (11,783) US $5.00/bbl decrease in crude oil price used to determine the fair value of derivatives 1,636 7,207 ​ ​ ​ ​ ​ Commodity price risk - European natural gas ​ € 0.5/GJ increase in European natural gas price used to determine the fair value of derivatives (10,554) (23,904) € 0.5/GJ decrease in European natural gas price used to determine the fair value of derivatives 10,554 24,088 ​ ​ ​ ​ ​ 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, 2021, Vermilion’s maximum exposure to receivable credit risk was $347.9 million (December 31, 2020 - $215.5 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, 2021 and 2020 is not material. As at the balance sheet date, approximately 0.8% (2020 –1.4%) 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, 2021 191,298 223,885 25,475 1,718,475 December 31, 2020 92,991 181,475 23,204 2,006,530 ​

Related party disclosures

Related party disclosures	12 Months Ended
	Dec. 31, 2021
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, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ Dec 31, 2021 Dec 31, 2020 Short-term benefits 4,654 4,800 Equity based compensation 14,570 ​ 13,169 ​ 19,224 ​ 17,969 Number of individuals included in the above amounts 18 ​ 18 ​ During the year ended December 31, 2021, Vermilion recorded $0.2 million of office rent recoveries (2020 - $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, 2021
Supplemental information
Supplemental information	17. Supplemental information Changes in non-cash working capital was comprised of the following: ​ ​ ​ ​ ​ ​ ​ ​ Year Ended Dec 31, 2021 Dec 31, 2020 Changes in: Accounts receivable (132,507) 15,332 Crude oil inventory (6,668) 15,987 Prepaid expenses (71,156) (5,476) Accounts payable and accrued liabilities 142,988 (14,772) Income taxes payable 32,643 (877) Foreign exchange 14,540 (6,251) Changes in non-cash working capital (20,160) 3,943 ​ ​ ​ ​ ​ Changes in non-cash operating working capital (56,884) 12,365 Changes in non-cash investing working capital 36,724 (8,422) Changes in non-cash working capital (20,160) 3,943 ​ As at December 31, 2021, prepaid expenses includes a deposit of $68.5 million related to a previously announced transaction to acquire an additional working interest within the Corrib natural gas project. ​ Cash and cash equivalents was comprised of the following: ​ ​ ​ ​ ​ ​ ​ ​ As at ​ Dec 31, 2021 Dec 31, 2020 Cash on deposit with financial institutions 5,901 6,777 Guaranteed investment certificates 127 127 Cash and cash equivalents 6,028 6,904 ​ Wages and benefits included in operating expenses and general and administration expenses were: ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ Dec 31, 2021 Dec 31, 2020 Operating expense 73,739 70,414 General and administration expense 54,771 60,551 Wages and benefits 128,510 130,965 ​ The following tables summarize Vermilion's outstanding risk management positions as at December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 2022 ​ bbl ​ USD ​ 2,700 ​ 62.50 ​ 2,700 ​ 81.01 ​ 2,700 ​ 47.50 ​ 500 ​ 52.00 ​ — ​ — Q2 2022 ​ bbl ​ USD ​ 3,450 ​ 63.59 ​ 3,450 ​ 83.34 ​ 3,450 ​ 47.50 ​ — ​ — ​ — ​ — Q3 2022 ​ bbl ​ USD ​ 2,600 ​ 63.94 ​ 2,600 ​ 84.35 ​ 2,600 ​ 47.50 ​ — ​ — ​ — ​ — Q4 2022 ​ bbl ​ USD ​ 2,600 ​ 63.94 ​ 2,600 ​ 84.35 ​ 2,600 ​ 47.50 ​ — ​ — ​ — ​ — WTI Q1 2022 ​ bbl ​ USD ​ 9,550 ​ 60.52 ​ 9,550 ​ 75.89 ​ 9,550 ​ 45.52 ​ — ​ — ​ — ​ — Q2 2022 ​ bbl ​ USD ​ 9,300 ​ 60.93 ​ 9,300 ​ 78.39 ​ 9,300 ​ 45.54 ​ — ​ — ​ — ​ — Q3 2022 ​ bbl ​ USD ​ 4,500 ​ 60.82 ​ 4,500 ​ 82.92 ​ 4,500 ​ 45.00 ​ — ​ — ​ — ​ — Q4 2022 ​ bbl ​ USD ​ 4,500 ​ 60.82 ​ 4,500 ​ 82.92 ​ 4,500 ​ 45.00 ​ — ​ — ​ — ​ — AECO Basis (AECO less NYMEX Henry Hub) 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 Q2 2022 ​ mcf ​ USD ​ 30,000 ​ 3.33 ​ 30,000 ​ 4.81 ​ — ​ — ​ — ​ — ​ — ​ — Q3 2022 ​ mcf ​ USD ​ 30,000 ​ 3.33 ​ 30,000 ​ 4.81 ​ — ​ — ​ — ​ — ​ — ​ — Q4 2022 ​ mcf ​ USD ​ 10,109 ​ 3.33 ​ 10,109 ​ 4.81 ​ — ​ — ​ — ​ — ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 2022 mcf EUR 36,851 6.04 36,851 7.59 34,394 3.63 4,913 4.91 — — Q2 2022 mcf EUR 27,024 5.07 27,024 5.84 27,024 3.50 4,913 4.91 — — Q3 2022 mcf EUR 19,654 5.11 19,654 6.24 19,654 3.66 4,913 4.91 — — Q4 2022 mcf EUR 19,654 5.11 19,654 6.23 19,654 3.66 4,913 4.91 — — Q1 2023 mcf EUR 12,284 5.19 12,284 6.45 12,284 3.75 — — — — Q2 2023 mcf EUR 4,913 5.86 4,913 8.24 4,913 4.40 — — — — TTF — — 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 - Apr 2023 ​ ​ 20.9788 CAD ​ 2,250,000 ​ Swap Jan 2020 - Apr 2023 ​ ​ 22.4587 CAD ​ 1,500,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign Currency Swaps ​ ​ Notional Amount ​ Notional Amount Average Rate ​ Swap January 2022 562,166,987 USD ​ ​ 700,000,000 CAD 1.2452 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cross Currency Interest Rate ​ ​ ​ Notional Amount ​ Receive Rate ​ Notional Amount ​ Pay Rate ​ Swap January 2022 ​ 398,373,887 USD ​ LIBOR + 1.70% ​ 500,000,000 CAD ​ CDOR + 1.08% ​ ​ DIRECTORS ​ Lorenzo Donadeo 1 Calgary, Alberta ​ Larry J. Macdonald 2, 4, 8, 10 Calgary, Alberta ​ James J. Kleckner Jr. 8, 10 Edwards, Colorado ​ Carin Knickel 5, 8, 12 Golden, Colorado ​ Stephen P. Larke 4, 6, 11 Calgary, Alberta ​ Timothy R. Marchant 7, 10, 12 Calgary, Alberta ​ Robert Michaleski 3, 6 Calgary, Alberta ​ William Roby 8, 9, 12 Katy, Texas ​ Manjit Sharma 4,8 Toronto, Ontario ​ Judy Steele 6,12 Halifax, Nova Scotia ​ ​ 1 2 3 4 5 Governance and Human Resources Committee Chair __ 6 7 Health, Safety and Environment Committee Chair __ 8 9 10 11 12 ​ OFFICERS / CORPORATE SECRETARY ​ Lorenzo Donadeo * Executive Chairman ​ Dion Hatcher * President ​ Lars Glemser * Vice President & Chief Financial Officer ​ Terry Hergott Vice President Marketing ​ Yvonne Jeffery Vice President Sustainability ​ Darcy Kerwin * Vice President International & HSE ​ Bryce Kremnica * Vice President North America ​ Geoff MacDonald Vice President Geosciences ​ Kyle Preston Vice President Investor Relations ​ Averyl Schraven Vice President People and Culture ​ Jenson Tan * Vice President Business Development ​ Gerard Schut * Vice President European Operations ​ Robert (Bob) J. Engbloom Corporate Secretary ​ * Executive Committee ​ ​ ​ AUDITORS ​ Deloitte LLP Calgary, Alberta ​ BANKERS ​ The Toronto-Dominion Bank ​ Bank of Montreal ​ Canadian Imperial Bank of Commerce ​ Export Development Canada ​ National Bank of Canada ​ Royal Bank of Canada ​ The Bank of Nova Scotia ​ Wells Fargo Bank N.A., Canadian Branch ​ Bank of America N.A., Canada Branch ​ Citibank N.A., Canadian Branch - Citibank Canada ​ JPMorgan Chase Bank, N.A., Toronto Branch ​ La Caisse Centrale Desjardins du Québec ​ Alberta Treasury Branches ​ Canadian Western Bank ​ Goldman Sachs Lending Partners LLC ​ ​ EVALUATION ENGINEERS ​ GLJ Petroleum Consultants Ltd. Calgary, Alberta ​ LEGAL COUNSEL ​ Norton Rose Fulbright Canada LLP Calgary, Alberta ​ TRANSFER AGENT ​ Odyssey Trust Company ​ STOCK EXCHANGE LISTINGS ​ The Toronto Stock Exchange (“VET”) The New York Stock Exchange (“VET”) ​ INVESTOR RELATIONS Kyle Preston Vice President Investor Relations 403-476-8431 TEL 403-476-8100 FAX 1-866-895-8101 IR TOLL FREE investor_relations vermilionenergy.com ​ ​

Significant accounting polici_2

Significant accounting policies (Policies)	12 Months Ended
	Dec. 31, 2021
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 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, 2021
Segmented information
Summary of segment operations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2021 ​ Canada ​ USA France Netherlands Germany Ireland Australia Corporate Total Total assets 3,100,322 ​ 545,296 771,707 227,779 422,030 427,362 217,852 192,975 5,905,323 Drilling and development 190,242 ​ 32,540 39,587 20,198 19,234 1,261 34,785 1,543 339,390 Exploration and evaluation — ​ — 121 6,839 1,073 — — 27,373 35,406 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Crude oil and condensate sales 625,053 ​ 80,208 279,263 2,640 32,607 23 143,014 — 1,162,808 NGL sales 86,932 ​ 17,723 — — — — — — 104,655 Natural gas sales 189,790 ​ 14,484 — 293,083 99,328 214,402 — 1,211 812,298 Sales of purchased commodities ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ 147,091 ​ 147,091 Royalties (113,651) ​ (30,747) (37,666) (873) (2,847) — — (338) (186,122) Revenue from external customers 788,124 ​ 81,668 241,597 294,850 129,088 214,425 143,014 147,964 2,040,730 Purchased commodities — ​ — — — — — — (147,091) (147,091) Transportation (38,764) ​ (1,336) (26,497) — (6,359) (4,205) — — (77,161) Operating (215,378) ​ (16,992) (52,147) (35,269) (27,149) (14,889) (50,748) (441) (413,013) General and administration ​ (18,380) ​ (4,563) ​ (10,954) ​ (1,243) ​ (5,257) ​ 9 ​ (3,457) ​ (9,032) ​ (52,877) PRRT — ​ — — — — — (15,688) — (15,688) Corporate income taxes — ​ — 9,120 (46,567) — — 5,759 1,522 (30,166) Interest expense — ​ — — — — — — (73,075) (73,075) Realized loss on derivative instruments — ​ — — — — — — (327,384) (327,384) Realized foreign exchange loss — ​ — — — — — — (6,613) (6,613) Realized other income — ​ — — — — — — 22,200 22,200 Fund flows from operations 515,602 ​ 58,777 161,119 211,771 90,323 195,340 78,880 (391,950) 919,862 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2020 ​ Canada ​ USA France Netherlands Germany Ireland Australia Corporate Total Total assets 2,276,787 ​ 328,902 703,567 130,063 198,357 257,990 105,898 107,575 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 ​ Reconciliation of fund flows from operations to net earnings (loss): ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ Dec 31, 2021 Dec 31, 2020 Fund flows from operations 919,862 502,065 Equity based compensation (41,565) (42,906) Unrealized loss on derivative instruments (181,094) (100,955) Unrealized foreign exchange (loss) gain (64,963) 49,012 Accretion (43,552) (35,318) Depletion and depreciation (571,688) (580,461) Deferred tax (expense) recovery (187,343) 374,313 Gain on business combinations 17,198 — Impairment reversal (expense) ​ 1,302,619 ​ (1,682,344) Unrealized other expense (778) (833) Net earnings (loss) 1,148,696 (1,517,427)

Capital assets (Tables)

Capital assets (Tables)	12 Months Ended
	Dec. 31, 2021
Capital assets
Schedule of changes in Vermilion's capital assets	The following table reconciles the change in Vermilion’s capital assets: ​ ​ ​ ​ ​ ​ ​ 2021 2020 Balance at January 1 3,107,104 5,015,620 180,806 24,430 Additions 339,390 352,481 Increase in right-of-use assets 551 5,245 Transfers from exploration and evaluation assets 11,495 — Impairment reversal ​ 1,302,619 ​ (1,682,344) Depletion and depreciation (538,704) (517,734) Changes in asset retirement obligations 528,714 (200,454) (107,780) 109,860 Balance at December 31 4,824,195 3,107,104 ​ ​ ​ 10,849,047 9,863,537 Accumulated depletion, depreciation, and impairment (6,024,852) (6,756,433) Carrying amount at December 31 4,824,195 3,107,104
Summary of carrying balance and depreciation charge relating to right-of-use assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at Dec 31, 2021 ​ As at Dec 31, 2020 ($M) Depreciation Balance Depreciation Balance Office space 8,921 38,216 9,835 49,134 Gas processing facilities 7,691 20,504 7,109 27,593 Oil storage facilities 2,644 11,480 2,738 15,231 Vehicles and equipment 3,629 6,038 3,608 8,035 Total 22,885 76,238 23,290 99,993
Schedule of benchmark price forecasts used to calculate the recoverable amounts	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 (2) Brent Crude ($ US/bbl) (1) ​ 76.00 ​ 72.51 ​ 71.24 ​ 72.66 ​ 74.12 ​ 75.59 ​ 77.11 ​ 78.66 ​ 80.22 ​ 81.83 Exchange rate (CAD/USD) ​ 0.79 ​ 0.79 ​ 0.79 ​ 0.79 ​ 0.79 ​ 0.79 ​ 0.79 ​ 0.79 ​ 0.79 ​ 0.79 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2H2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 (2) Brent Crude ($US/bbl) (1) 73.25 69.55 66.42 67.75 69.11 70.49 71.90 73.34 74.80 76.30 WTI Crude ($US/bbl) (1) 71.00 66.30 62.42 63.67 64.95 66.25 67.57 68.92 70.30 71.71 NBP (€/mmbtu) (1) 9.17 7.19 5.53 5.65 5.75 5.87 5.99 6.11 6.23 6.35 Exchange rate (CAD/USD) 0.81 0.81 0.80 0.80 0.80 0.80 0.80 0.80 0.80 0.80 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 (2) Brent Crude ($US/bbl) (1) 64.50 62.08 61.69 62.84 64.02 65.22 66.45 67.70 68.97 70.35 WTI Crude ($US/bbl) (1) 62.00 58.58 57.69 58.84 60.02 61.22 62.45 63.70 64.97 66.27 Exchange rate (CAD/USD) 0.80 0.79 0.78 0.78 0.78 0.78 0.78 0.78 0.78 0.78
Schedule of sensitivity impacts on impairment charges	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Segment CGU Impairment Reversal (1) Recoverable Amount ​ 1% increase in discount rate 5% decrease in pricing France Neocomian 23,923 129,189 ​ 6,359 12,894 Total ​ 23,923 129,189 ​ 6,359 12,894 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1% increase in 5% decrease in Operating Segment CGU Impairment Reversal (1) Recoverable Amount ​ discount rate ​ pricing Canada Alberta 88,708 988,447 ​ — 29,716 Canada ​ Saskatchewan ​ 270,897 ​ 1,500,139 ​ 80,724 ​ 156,875 Ireland ​ Ireland ​ 133,005 ​ 339,315 ​ 9,136 ​ 23,975 Germany ​ Germany - Gas ​ 43,735 ​ 168,290 ​ — ​ — United States ​ United States ​ 57,261 ​ 429,322 ​ 26,903 ​ 44,317 Total ​ ​ ​ 593,606 ​ 3,425,513 ​ 116,763 ​ 254,883 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Segment CGU Impairment Reversal (1) Recoverable Amount ​ 1% increase in discount rate 5% decrease in pricing Australia Australia 82,016 189,749 ​ 6,921 19,756 Canada Alberta 232,724 859,706 ​ 46,223 81,212 Canada Saskatchewan 290,241 1,206,343 ​ 69,104 143,281 United States ​ United States ​ 57,885 ​ 364,242 ​ 24,180 ​ 41,345 Total ​ 662,866 2,620,040 ​ 146,428 285,594

Exploration and evaluation as_2

Exploration and evaluation assets (Tables)	12 Months Ended
	Dec. 31, 2021
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: ​ ​ ​ ​ ​ ​ 2021 2020 Balance at January 1 254,094 286,148 Acquisitions — 1,380 Additions 35,406 14,721 Changes in asset retirement obligations 110 (500) Transfers to capital assets (11,495) — Depreciation (35,549) (54,838) Foreign exchange (9,276) 7,183 Balance at December 31 233,290 254,094 ​ ​ Cost 408,494 395,615 Accumulated depreciation (175,204) (141,521) Carrying amount at December 31 233,290 254,094

Asset retirement obligations (T

Asset retirement obligations (Tables)	12 Months Ended
	Dec. 31, 2021
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: ​ ​ ​ ​ ​ ​ 2021 2020 Balance at January 1 467,737 618,200 Additional obligations recognized 28,655 1,484 Changes in estimated abandonment timing and costs 85,022 74,235 Obligations settled (28,525) (14,278) Accretion 43,552 35,318 Changes in discount rates 439,849 (276,673) Foreign exchange (35,736) 29,451 Balance at December 31 1,000,554 467,737 ​
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, 2021 Dec 31, 2020 Canada 1.8 % 1.2 % United States ​ 1.9 % 1.6 % France 0.8 % 0.3 % Netherlands (0.3) % (0.6) % Germany 0.1 % (0.2) % Ireland 0.5 % (0.1) % Australia 1.9 % 1.3 %

Derivative instruments (Tables)

Derivative instruments (Tables)	12 Months Ended
	Dec. 31, 2021
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, 2021 Dec 31, 2020 Fair value of contracts, beginning of year (119,772) (10,991) Reversal of opening contracts settled during the year 112,679 12,811 Realized (loss) gain on contracts settled during the year (327,384) 109,093 Unrealized loss during the year on contracts outstanding at the end of the year (293,773) (113,766) Net receipt from counterparties on contract settlements during the year 327,385 (109,093) Unrealized loss on derivatives designated as cash flow hedges ​ — ​ (7,826) Fair value of contracts, end of year (300,865) (119,772) Comprised of: Current derivative asset 19,321 16,924 Current derivative liability (268,973) (130,919) Non-current derivative asset — 2,451 Non-current derivative liability (51,213) (8,228) Fair value of contracts, end of year (300,865) (119,772) ​
Summary of loss (gain) on derivative instruments	The loss (gain) on derivative instruments for 2021 and 2020 were comprised of the following: ​ ​ ​ ​ ​ ​ ​ ​ Year Ended Dec 31, 2021 Dec 31, 2020 Realized loss (gain) on contracts settled during the year 327,384 (109,093) Reversal of opening contracts settled during the year (112,679) (12,811) Unrealized loss on contracts outstanding at the end of the year 293,773 113,766 Loss (gain) on derivative instruments 508,478 (8,138)

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2021
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, 2021 Dec 31, 2020 Less than 1 year 19,045 27,927 1 - 3 years 38,136 41,270 3 - 5 years 25,226 31,412 After 5 years 3,686 14,178 Total lease payments 86,093 114,787 Amounts representing interest (10,871) (15,381) Present value of net lease payments 75,222 99,406 Current portion of lease obligations (15,032) (22,882) Non-current portion of lease obligations 60,190 76,524 ​ ​ ​ ​ ​ Total cash outflow ​ 27,368 ​ 31,240 Interest on lease liabilities ​ 5,181 ​ 6,192

Taxes (Tables)

Taxes (Tables)	12 Months Ended
	Dec. 31, 2021
Taxes
Summary of deferred tax asset and liability	The following table reconciles Vermilion’s deferred tax asset and liability: ​ ​ ​ ​ ​ ​ ​ ​ As at ​ Dec 31, 2021 Dec 31, 2020 Deferred tax assets: ​ ​ ​ Non-capital losses 477,903 ​ 420,060 Derivative contracts 74,043 ​ 33,064 Other 2,879 ​ 14,766 Stock based compensation 8,651 ​ 12,218 Asset retirement obligations 83,461 ​ 7,581 Capital assets (268,615) ​ 443 Unrealized foreign exchange (3,329) ​ (3,635) Deferred tax assets 374,993 ​ 484,497 Deferred tax liabilities: ​ ​ ​ Asset retirement obligations 104,258 ​ 184,144 Capital assets 322,641 ​ 112,818 Other (10,518) ​ 1,682 Non-capital losses (87,542) ​ (34,372) Deferred tax liabilities 328,839 ​ 264,272
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, 2021 Dec 31, 2020 Earnings before income taxes 1,381,893 (1,877,399) Canadian corporate tax rate (1) 24.61 % 25.31 % Expected tax expense 340,084 (475,170) ​ Increase (decrease) in taxes resulting from: ​ ​ ​ Petroleum resource rent tax rate (PRRT) differential (2) 27,281 (15,157) ​ Foreign tax rate differentials (2) (3) 43,301 (14,907) ​ Equity based compensation expense 6,794 2,445 ​ Amended returns and changes to estimated tax pools and tax positions (14,391) (2,598) ​ Statutory rate changes and the estimated reversal rates on temporary differences (4) 5,862 33,770 ​ Derecognition (recognition) of deferred tax assets (190,423) 141,315 ​ Adjustment for uncertain tax positions — — ​ Other non-deductible items 14,689 ​ (29,670) ​ Provision for income taxes 233,197 ​ (359,972) ​ (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 2021 were: 27.4% in France, 50.0% in the Netherlands, 31.4% in Germany, 25.0% in Ireland, and 21.0% in the United States (2020: 28.9% in France, 50.0% in the Netherlands, 31.6% 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. On December 21, 2021, the Dutch Senate approved the 2022 Tax Plan that included an increase to the Dutch corporate tax rate from 25.0% in 2021 to 25.8% in 2022. Due to the tax regime applicable to natural gas producers in the Netherlands, the increase to the corporate tax rate is not expected to have a material impact to Vermilion taxes in the Netherlands.

Long-term debt (Tables)

Long-term debt (Tables)	12 Months Ended
	Dec. 31, 2021
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, 2021 Dec 31, 2020 Revolving credit facility 1,273,755 1,555,215 Senior unsecured notes 377,814 378,633 Long-term debt 1,651,569 1,933,848
Summary of change in long-term debt	The following table reconciles the change in Vermilion’s long-term debt: ​ ​ ​ ​ ​ ​ 2021 2020 Balance at January 1 1,933,848 ​ 1,924,665 (Repayments) borrowings on the revolving credit facility (341,259) ​ 22,183 Amortization of transaction costs 778 833 Foreign exchange 58,202 (13,833) Balance at December 31 1,651,569 1,933,848
Summary of financial covenants	As at December 31, 2021, the revolving credit facility was subject to the following financial covenants: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at Financial covenant Limit Dec 31, 2021 Dec 31, 2020 Consolidated total debt to consolidated EBITDA Less than 4.0 1.61 3.48 Consolidated total senior debt to consolidated EBITDA Less than 3.5 1.24 2.82 Consolidated EBITDA to consolidated interest expense Greater than 2.5 ​ 14.78 ​ 8.12
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, 2021, Vermilion had in place a bank revolving credit facility maturing May 31, 2024 with the following terms: ​ ​ ​ ​ ​ ​ ​ As at ​ Dec 31, 2021 Dec 31, 2020 Total facility amount 2,100,000 2,100,000 Amount drawn (1,273,755) (1,555,215) Letters of credit outstanding (11,035) (23,210) Unutilized capacity 815,210 521,575

Shareholders' capital (Tables)

Shareholders' capital (Tables)	12 Months Ended
	Dec. 31, 2021
Shareholders' capital
Summary of changes in shareholders' capital	The following table reconciles the change in Vermilion’s shareholders’ capital: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Shareholders’ capital Shares (‘000s) Amount ($M) Shares (‘000s) Amount ($M) Balance at January 1 ​ 158,724 ​ 4,181,160 ​ 156,290 ​ 4,119,031 Shares issued for the Dividend Reinvestment Plan — ​ — 619 ​ 8,277 Vesting of equity based awards 2,385 ​ 49,922 1,103 ​ 49,188 Shares issued for equity based compensation 911 ​ 8,365 415 ​ 3,203 Share-settled dividends on vested equity based awards 241 ​ 2,326 297 ​ 1,461 Balance at December 31 162,261 ​ 4,241,773 158,724 ​ 4,181,160

Capital disclosures (Tables)

Capital disclosures (Tables)	12 Months Ended
	Dec. 31, 2021
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, 2021 (revised) Long-term debt 1,651,569 1,933,848 Adjusted working capital deficiency (1) ​ 9,284 ​ 35,258 Unrealized FX on swapped USD borrowings ​ (16,067) ​ 40,219 Net debt 1,644,786 2,009,325 ​ ​ Ratio of net debt to four quarter trailing fund flows from operations 1.79 4.00 ( (1) Adjusted working capital is defined as current assets (excluding current derivatives), less current liabilities (excluding current derivatives and current lease liabilities).

Equity based compensation (Tabl

Equity based compensation (Tables)	12 Months Ended
	Dec. 31, 2021
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) 2021 2020 Opening balance 6,244 2,268 Granted 2,745 5,120 Vested (1,520) (650) Forfeited (1,064) (494) Closing balance 6,405 6,244

Per share amounts (Tables)

Per share amounts (Tables)	12 Months Ended
	Dec. 31, 2021
Per share amounts
Schedule of determination of basic and diluted net earnings per share	Basic and diluted net earnings (loss) per share have been determined based on the following: ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ Dec 31, 2021 Dec 31, 2020 Net earnings (loss) 1,148,696 (1,517,427) ​ ​ ​ ​ ​ Basic weighted average shares outstanding (‘000s) 161,172 157,908 Dilutive impact of equity based compensation (‘000s) 3,593 — Diluted weighted average shares outstanding (‘000s) 164,765 157,908 ​ ​ Basic earnings per share 7.13 (9.61) Diluted earnings per share 6.97 (9.61)

Financial instruments (Tables)

Financial instruments (Tables)	12 Months Ended
	Dec. 31, 2021
Financial instruments
Summary of financial instruments	The following table summarizes the carrying value relating to Vermilion’s financial instruments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at Dec 31, 2021 ​ As at Dec 31, 2020 ​ ​ ​ ​ ​ ​ ​ Amortized ​ ​ ​ ​ ​ ​ ​ Amortized ​ ​ ​ ($M) FVTPL FVTOCI Cost Total FVTPL FVTOCI Cost Total Cash and cash equivalents 6,028 ​ — — ​ 6,028 6,904 ​ — — ​ 6,904 ​ Derivative assets 19,321 ​ — — ​ 19,321 19,375 ​ — — ​ 19,375 ​ Derivative liabilities (320,186) ​ — — ​ (320,186) (139,147) ​ — — ​ (139,147) ​ Accounts receivable — ​ — 328,584 ​ 328,584 — ​ — 196,077 ​ 196,077 ​ Accounts payable and accrued liabilities — ​ — (440,658) ​ (440,658) — ​ — (297,670) ​ (297,670) ​ Lease obligations ​ — ​ — ​ (60,190) ​ (60,190) ​ — ​ — ​ (76,524) ​ (76,524) ​ Long-term debt (1) — ​ — (1,651,569) ​ (1,651,569) — ​ — (1,933,848) ​ (1,933,848) ​
Summary of increase (decrease) to net earnings before tax	The following table summarizes the increase (positive values) or decrease (negative values) to net earnings before tax due to a change in the value of Vermilion’s financial instruments as a result of a change in the relevant market risk variable. This analysis does not attempt to reflect any interdependencies between the relevant risk variables. ​ ​ ​ ​ ​ ​ ($M) Dec 31, 2021 Dec 31, 2020 Currency risk - Euro to Canadian dollar $0.01 increase in strength of the Canadian dollar against the Euro (273) (873) $0.01 decrease in strength of the Canadian dollar against the Euro 273 873 ​ ​ ​ ​ ​ Currency risk - US dollar to Canadian dollar ​ $0.01 increase in strength of the Canadian dollar against the US $ 2,086 2,711 $0.01 decrease in strength of the Canadian dollar against the US $ (2,086) (2,711) ​ ​ ​ ​ ​ Commodity price risk - Crude oil ​ US $5.00/bbl increase in crude oil price used to determine the fair value of derivatives (9,324) (11,783) US $5.00/bbl decrease in crude oil price used to determine the fair value of derivatives 1,636 7,207 ​ ​ ​ ​ ​ Commodity price risk - European natural gas ​ € 0.5/GJ increase in European natural gas price used to determine the fair value of derivatives (10,554) (23,904) € 0.5/GJ decrease in European natural gas price used to determine the fair value of derivatives 10,554 24,088 ​ ​ ​ ​ ​ 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, 2021 191,298 223,885 25,475 1,718,475 December 31, 2020 92,991 181,475 23,204 2,006,530

Related party disclosures (Tabl

Related party disclosures (Tables)	12 Months Ended
	Dec. 31, 2021
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, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ Dec 31, 2021 Dec 31, 2020 Short-term benefits 4,654 4,800 Equity based compensation 14,570 ​ 13,169 ​ 19,224 ​ 17,969 Number of individuals included in the above amounts 18 ​ 18

Supplemental information (Table

Supplemental information (Tables)	12 Months Ended
	Dec. 31, 2021
Supplemental information
Summary of changes in non-working capital	Changes in non-cash working capital was comprised of the following: ​ ​ ​ ​ ​ ​ ​ ​ Year Ended Dec 31, 2021 Dec 31, 2020 Changes in: Accounts receivable (132,507) 15,332 Crude oil inventory (6,668) 15,987 Prepaid expenses (71,156) (5,476) Accounts payable and accrued liabilities 142,988 (14,772) Income taxes payable 32,643 (877) Foreign exchange 14,540 (6,251) Changes in non-cash working capital (20,160) 3,943 ​ ​ ​ ​ ​ Changes in non-cash operating working capital (56,884) 12,365 Changes in non-cash investing working capital 36,724 (8,422) Changes in non-cash working capital (20,160) 3,943
Schedule of components of cash and cash equivalents	Cash and cash equivalents was comprised of the following: ​ ​ ​ ​ ​ ​ ​ ​ As at ​ Dec 31, 2021 Dec 31, 2020 Cash on deposit with financial institutions 5,901 6,777 Guaranteed investment certificates 127 127 Cash and cash equivalents 6,028 6,904
Summary of wages and benefits	Wages and benefits included in operating expenses and general and administration expenses were: ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ Dec 31, 2021 Dec 31, 2020 Operating expense 73,739 70,414 General and administration expense 54,771 60,551 Wages and benefits 128,510 130,965
Summary of outstanding risk management positions	The following tables summarize Vermilion's outstanding risk management positions as at December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 2022 ​ bbl ​ USD ​ 2,700 ​ 62.50 ​ 2,700 ​ 81.01 ​ 2,700 ​ 47.50 ​ 500 ​ 52.00 ​ — ​ — Q2 2022 ​ bbl ​ USD ​ 3,450 ​ 63.59 ​ 3,450 ​ 83.34 ​ 3,450 ​ 47.50 ​ — ​ — ​ — ​ — Q3 2022 ​ bbl ​ USD ​ 2,600 ​ 63.94 ​ 2,600 ​ 84.35 ​ 2,600 ​ 47.50 ​ — ​ — ​ — ​ — Q4 2022 ​ bbl ​ USD ​ 2,600 ​ 63.94 ​ 2,600 ​ 84.35 ​ 2,600 ​ 47.50 ​ — ​ — ​ — ​ — WTI Q1 2022 ​ bbl ​ USD ​ 9,550 ​ 60.52 ​ 9,550 ​ 75.89 ​ 9,550 ​ 45.52 ​ — ​ — ​ — ​ — Q2 2022 ​ bbl ​ USD ​ 9,300 ​ 60.93 ​ 9,300 ​ 78.39 ​ 9,300 ​ 45.54 ​ — ​ — ​ — ​ — Q3 2022 ​ bbl ​ USD ​ 4,500 ​ 60.82 ​ 4,500 ​ 82.92 ​ 4,500 ​ 45.00 ​ — ​ — ​ — ​ — Q4 2022 ​ bbl ​ USD ​ 4,500 ​ 60.82 ​ 4,500 ​ 82.92 ​ 4,500 ​ 45.00 ​ — ​ — ​ — ​ — AECO Basis (AECO less NYMEX Henry Hub) 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 Q2 2022 ​ mcf ​ USD ​ 30,000 ​ 3.33 ​ 30,000 ​ 4.81 ​ — ​ — ​ — ​ — ​ — ​ — Q3 2022 ​ mcf ​ USD ​ 30,000 ​ 3.33 ​ 30,000 ​ 4.81 ​ — ​ — ​ — ​ — ​ — ​ — Q4 2022 ​ mcf ​ USD ​ 10,109 ​ 3.33 ​ 10,109 ​ 4.81 ​ — ​ — ​ — ​ — ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 2022 mcf EUR 36,851 6.04 36,851 7.59 34,394 3.63 4,913 4.91 — — Q2 2022 mcf EUR 27,024 5.07 27,024 5.84 27,024 3.50 4,913 4.91 — — Q3 2022 mcf EUR 19,654 5.11 19,654 6.24 19,654 3.66 4,913 4.91 — — Q4 2022 mcf EUR 19,654 5.11 19,654 6.23 19,654 3.66 4,913 4.91 — — Q1 2023 mcf EUR 12,284 5.19 12,284 6.45 12,284 3.75 — — — — Q2 2023 mcf EUR 4,913 5.86 4,913 8.24 4,913 4.40 — — — — TTF — — 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 - Apr 2023 ​ ​ 20.9788 CAD ​ 2,250,000 ​ Swap Jan 2020 - Apr 2023 ​ ​ 22.4587 CAD ​ 1,500,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign Currency Swaps ​ ​ Notional Amount ​ Notional Amount Average Rate ​ Swap January 2022 562,166,987 USD ​ ​ 700,000,000 CAD 1.2452 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cross Currency Interest Rate ​ ​ ​ Notional Amount ​ Receive Rate ​ Notional Amount ​ Pay Rate ​ Swap January 2022 ​ 398,373,887 USD ​ LIBOR + 1.70% ​ 500,000,000 CAD ​ CDOR + 1.08% ​ ​ DIRECTORS ​ Lorenzo Donadeo 1 Calgary, Alberta ​ Larry J. Macdonald 2, 4, 8, 10 Calgary, Alberta ​ James J. Kleckner Jr. 8, 10 Edwards, Colorado ​ Carin Knickel 5, 8, 12 Golden, Colorado ​ Stephen P. Larke 4, 6, 11 Calgary, Alberta ​ Timothy R. Marchant 7, 10, 12 Calgary, Alberta ​ Robert Michaleski 3, 6 Calgary, Alberta ​ William Roby 8, 9, 12 Katy, Texas ​ Manjit Sharma 4,8 Toronto, Ontario ​ Judy Steele 6,12 Halifax, Nova Scotia ​ ​ 1 2 3 4 5 Governance and Human Resources Committee Chair __ 6 7 Health, Safety and Environment Committee Chair __ 8 9 10 11 12 ​ OFFICERS / CORPORATE SECRETARY ​ Lorenzo Donadeo * Executive Chairman ​ Dion Hatcher * President ​ Lars Glemser * Vice President & Chief Financial Officer ​ Terry Hergott Vice President Marketing ​ Yvonne Jeffery Vice President Sustainability ​ Darcy Kerwin * Vice President International & HSE ​ Bryce Kremnica * Vice President North America ​ Geoff MacDonald Vice President Geosciences ​ Kyle Preston Vice President Investor Relations ​ Averyl Schraven Vice President People and Culture ​ Jenson Tan * Vice President Business Development ​ Gerard Schut * Vice President European Operations ​ Robert (Bob) J. Engbloom Corporate Secretary ​ * Executive Committee ​ ​ ​ AUDITORS ​ Deloitte LLP Calgary, Alberta ​ BANKERS ​ The Toronto-Dominion Bank ​ Bank of Montreal ​ Canadian Imperial Bank of Commerce ​ Export Development Canada ​ National Bank of Canada ​ Royal Bank of Canada ​ The Bank of Nova Scotia ​ Wells Fargo Bank N.A., Canadian Branch ​ Bank of America N.A., Canada Branch ​ Citibank N.A., Canadian Branch - Citibank Canada ​ JPMorgan Chase Bank, N.A., Toronto Branch ​ La Caisse Centrale Desjardins du Québec ​ Alberta Treasury Branches ​ Canadian Western Bank ​ Goldman Sachs Lending Partners LLC ​ ​ EVALUATION ENGINEERS ​ GLJ Petroleum Consultants Ltd. Calgary, Alberta ​ LEGAL COUNSEL ​ Norton Rose Fulbright Canada LLP Calgary, Alberta ​ TRANSFER AGENT ​ Odyssey Trust Company ​ STOCK EXCHANGE LISTINGS ​ The Toronto Stock Exchange (“VET”) The New York Stock Exchange (“VET”) ​ INVESTOR RELATIONS Kyle Preston Vice President Investor Relations 403-476-8431 TEL 403-476-8100 FAX 1-866-895-8101 IR TOLL FREE investor_relations vermilionenergy.com ​

Significant accounting polici_3

Significant accounting policies - Additional Information (Details)	Dec. 31, 2021item
Statement [Line Items]
Depreciated period of exploration and evaluation	5 years
Conversion ratio of cubic feet natural gas to one barrel of oil equivalent	6
Bottom of range [member]
Statement [Line Items]
Equity settled awards issued period of Vermilion Incentive Plan, Period	1 year
Top of range [member]
Statement [Line Items]
Equity settled awards issued period of Vermilion Incentive Plan, Period	3 years

Segmented information - Segment

Segmented information - Segment Operations (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Segmented Information [Line Items]
Total assets	$ 5,905,323	$ 4,109,139
Drilling and development	339,390	352,481
Exploration and evaluation	35,406	14,721
Royalties	(186,122)	(106,554)
Revenue from external customers	2,040,730	1,140,844
Transportation	(77,161)	(67,711)
Operating	(413,013)	(417,251)
General and administration	(52,877)	(60,840)
Corporate income taxes	45,854	14,341
Corporate income taxes	(45,854)	(14,341)
Interest expense	(73,075)	(75,077)
Fund flows from operations	919,862	502,065
Reportable segments [member]
Disclosure Of Segmented Information [Line Items]
Total assets	5,905,323	4,109,139
Drilling and development	339,390	352,481
Exploration and evaluation	35,406	14,721
Crude oil and condensate sales	1,162,808	816,119
NGL sales	104,655	42,717
Natural gas sales	812,298	260,709
Sales of purchased commodities	147,091	127,853
Royalties	(186,122)	(106,554)
Revenue from external customers	2,040,730	1,140,844
Purchased commodities	(147,091)	(127,853)
Transportation	(77,161)	(67,711)
Operating	(413,013)	(417,251)
General and administration	(52,877)	(60,840)
Interest expense	(73,075)	(75,077)
Realized loss on derivative instruments	(327,384)	109,093
Realized other income	22,200	4,091
Fund flows from operations	919,862	502,065
Reportable segments [member] | Operating Segments [Member]
Disclosure Of Segmented Information [Line Items]
Realized foreign exchange loss	(6,613)	11,110
PRRT [Member] | Reportable segments [member]
Disclosure Of Segmented Information [Line Items]
Corporate income taxes	15,688	20,151
Corporate income taxes	(15,688)	(20,151)
Corporate income tax [Member] | Reportable segments [member]
Disclosure Of Segmented Information [Line Items]
Corporate income taxes	30,166	(5,810)
Corporate income taxes	(30,166)	5,810
Canada | Reportable segments [member]
Disclosure Of Segmented Information [Line Items]
Total assets	3,100,322	2,276,787
Drilling and development	190,242	199,141
Exploration and evaluation	0	0
Crude oil and condensate sales	625,053	418,610
NGL sales	86,932	36,204
Natural gas sales	189,790	114,377
Sales of purchased commodities	0	0
Royalties	(113,651)	(54,961)
Revenue from external customers	788,124	514,230
Purchased commodities	0	0
Transportation	(38,764)	(41,494)
Operating	(215,378)	(218,596)
General and administration	(18,380)	(25,462)
Interest expense	0	0
Realized loss on derivative instruments	0	0
Realized foreign exchange loss	0	0
Realized other income	0	0
Fund flows from operations	515,602	228,678
Canada | PRRT [Member] | Reportable segments [member]
Disclosure Of Segmented Information [Line Items]
Corporate income taxes	0	0
Corporate income taxes	0	0
Canada | Corporate income tax [Member] | Reportable segments [member]
Disclosure Of Segmented Information [Line Items]
Corporate income taxes	0	0
Corporate income taxes	0	0
USA | Reportable segments [member]
Disclosure Of Segmented Information [Line Items]
Total assets	545,296	328,902
Drilling and development	32,540	66,120
Crude oil and condensate sales	80,208	55,099
NGL sales	17,723	6,513
Natural gas sales	14,484	4,834
Royalties	(30,747)	(17,446)
Revenue from external customers	81,668	49,000
Transportation	(1,336)	(1,349)
Operating	(16,992)	(18,108)
General and administration	(4,563)	(7,420)
Fund flows from operations	$ 58,777	$ 22,123
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	$ 771,707	$ 703,567
Drilling and development	39,587	42,145
Exploration and evaluation	121	183
Crude oil and condensate sales	279,263	182,292
NGL sales	0	0
Natural gas sales	0	0
Sales of purchased commodities	0	0
Royalties	(37,666)	(32,069)
Revenue from external customers	241,597	150,223
Purchased commodities	0	0
Transportation	(26,497)	(14,604)
Operating	(52,147)	(57,128)
General and administration	(10,954)	(13,108)
Interest expense	0	0
Realized loss on derivative instruments	0	0
Realized foreign exchange loss	0	0
Realized other income	0	0
Fund flows from operations	161,119	65,242
France | PRRT [Member] | Reportable segments [member]
Disclosure Of Segmented Information [Line Items]
Corporate income taxes	0	0
Corporate income taxes	0	0
France | Corporate income tax [Member] | Reportable segments [member]
Disclosure Of Segmented Information [Line Items]
Corporate income taxes	(9,120)	141
Corporate income taxes	9,120	(141)
Netherlands | Reportable segments [member]
Disclosure Of Segmented Information [Line Items]
Total assets	227,779	130,063
Drilling and development	20,198	10,331
Exploration and evaluation	6,839	(226)
Crude oil and condensate sales	2,640	1,502
NGL sales	0	0
Natural gas sales	293,083	64,073
Sales of purchased commodities	0	0
Royalties	(873)	(444)
Revenue from external customers	294,850	65,131
Purchased commodities	0	0
Transportation	0	0
Operating	(35,269)	(32,410)
General and administration	(1,243)	(1,220)
Interest expense	0	0
Realized loss on derivative instruments	0	0
Realized foreign exchange loss	0	0
Realized other income	0	0
Fund flows from operations	211,771	35,275
Netherlands | PRRT [Member] | Reportable segments [member]
Disclosure Of Segmented Information [Line Items]
Corporate income taxes	0	0
Corporate income taxes	0	0
Netherlands | Corporate income tax [Member] | Reportable segments [member]
Disclosure Of Segmented Information [Line Items]
Corporate income taxes	46,567	(3,774)
Corporate income taxes	(46,567)	3,774
Germany | Reportable segments [member]
Disclosure Of Segmented Information [Line Items]
Total assets	422,030	198,357
Drilling and development	19,234	13,005
Exploration and evaluation	1,073	2,814
Crude oil and condensate sales	32,607	17,143
NGL sales	0	0
Natural gas sales	99,328	17,067
Sales of purchased commodities	0	0
Royalties	(2,847)	(990)
Revenue from external customers	129,088	33,220
Purchased commodities	0	0
Transportation	(6,359)	(5,839)
Operating	(27,149)	(20,732)
General and administration	(5,257)	(6,532)
Interest expense	0	0
Realized loss on derivative instruments	0	0
Realized foreign exchange loss	0	0
Realized other income	0	0
Fund flows from operations	90,323	117
Germany | PRRT [Member] | Reportable segments [member]
Disclosure Of Segmented Information [Line Items]
Corporate income taxes	0	0
Corporate income taxes	0	0
Germany | Corporate income tax [Member] | Reportable segments [member]
Disclosure Of Segmented Information [Line Items]
Corporate income taxes	0	0
Corporate income taxes	0	0
Ireland | Reportable segments [member]
Disclosure Of Segmented Information [Line Items]
Total assets	427,362	257,990
Drilling and development	1,261	1,823
Exploration and evaluation	0	0
Crude oil and condensate sales	23	13
NGL sales	0	0
Natural gas sales	214,402	58,433
Sales of purchased commodities	0	0
Royalties	0	0
Revenue from external customers	214,425	58,446
Purchased commodities	0	0
Transportation	(4,205)	(4,425)
Operating	(14,889)	(15,232)
General and administration	9	(594)
Interest expense	0	0
Realized loss on derivative instruments	0	0
Realized foreign exchange loss	0	0
Realized other income	0	0
Fund flows from operations	195,340	38,195
Ireland | PRRT [Member] | Reportable segments [member]
Disclosure Of Segmented Information [Line Items]
Corporate income taxes	0	0
Corporate income taxes	0	0
Ireland | Corporate income tax [Member] | Reportable segments [member]
Disclosure Of Segmented Information [Line Items]
Corporate income taxes	0	0
Corporate income taxes	0	0
Australia | Reportable segments [member]
Disclosure Of Segmented Information [Line Items]
Total assets	217,852	105,898
Drilling and development	34,785	24,520
Exploration and evaluation	0	0
Crude oil and condensate sales	143,014	141,452
NGL sales	0	0
Natural gas sales	0	0
Sales of purchased commodities	0	0
Royalties	0	0
Revenue from external customers	143,014	141,452
Purchased commodities	0	0
Transportation	0	0
Operating	(50,748)	(54,581)
General and administration	(3,457)	(3,841)
Interest expense	0	0
Realized loss on derivative instruments	0	0
Realized foreign exchange loss	0	0
Realized other income	0	0
Fund flows from operations	78,880	64,985
Australia | PRRT [Member] | Reportable segments [member]
Disclosure Of Segmented Information [Line Items]
Corporate income taxes	15,688	20,151
Corporate income taxes	(15,688)	(20,151)
Australia | Corporate income tax [Member] | Reportable segments [member]
Disclosure Of Segmented Information [Line Items]
Corporate income taxes	(5,759)	(2,106)
Corporate income taxes	5,759	2,106
Corporate | Reportable segments [member]
Disclosure Of Segmented Information [Line Items]
Total assets	192,975	107,575
Drilling and development	1,543	(4,604)
Exploration and evaluation	27,373	11,950
Crude oil and condensate sales	0	8
NGL sales	0	0
Natural gas sales	1,211	1,925
Sales of purchased commodities	147,091	127,853
Royalties	(338)	(644)
Revenue from external customers	147,964	129,142
Purchased commodities	(147,091)	(127,853)
Transportation	0	0
Operating	(441)	(464)
General and administration	(9,032)	(2,663)
Interest expense	(73,075)	(75,077)
Realized loss on derivative instruments	(327,384)	109,093
Realized other income	22,200	4,091
Fund flows from operations	(391,950)	47,450
Corporate | Reportable segments [member] | Operating Segments [Member]
Disclosure Of Segmented Information [Line Items]
Realized foreign exchange loss	(6,613)	11,110
Corporate | PRRT [Member] | Reportable segments [member]
Disclosure Of Segmented Information [Line Items]
Corporate income taxes	0	0
Corporate income taxes	0	0
Corporate | Corporate income tax [Member] | Reportable segments [member]
Disclosure Of Segmented Information [Line Items]
Corporate income taxes	(1,522)	(71)
Corporate income taxes	$ 1,522	$ 71

Segmented information - Reconci

Segmented information - Reconciliation of Fund Flows from Operations to Net Earnings (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Segmented information
Fund flows from operations	$ 919,862	$ 502,065
Equity based compensation	(41,565)	(42,906)
Unrealized loss on derivative instruments	(181,094)	(100,955)
Unrealized foreign exchange (loss) gain	(64,963)	49,012
Accretion	(43,552)	(35,318)
Depletion and depreciation	(571,688)	(580,461)
Deferred tax (expense) recovery	(187,343)	374,313
Gain on business combinations	17,198
Impairment reversal (expense)	(1,302,619)	(1,682,344)
Unrealized other expense	(778)	(833)
Net earnings (loss)	$ 1,148,696	$ (1,517,427)

Capital assets - Change in Verm

Capital assets - Change in Vermilion's capital assets (Details) - CAD ($) $ in Thousands	3 Months Ended				12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Disclosure of Capital assets [Line Items]
Balance at January 1				$ 3,107,104	$ 3,107,104
Impairment reversal	$ 17,700	$ 16,700	$ 460,400	492,200
Balance at December 31	4,824,195				4,824,195	$ 3,107,104
Property, plant and equipment	4,824,195				4,824,195	3,107,104
Capital assets [Member]
Disclosure of Capital assets [Line Items]
Balance at January 1				3,107,104	3,107,104	5,015,620
Acquisitions					180,806	24,430
Additions					339,390	352,481
Increase in right-of-use assets					551	5,245
Transfers from exploration and evaluation assets					11,495
Impairment reversal					1,302,619	(1,682,344)
Depletion and depreciation					(538,704)	(517,734)
Changes in asset retirement obligations					528,714	(200,454)
Foreign exchange					(107,780)	109,860
Balance at December 31	4,824,195				4,824,195	3,107,104
Property, plant and equipment	4,824,195				4,824,195	3,107,104
Capital assets [Member] | Cost
Disclosure of Capital assets [Line Items]
Balance at January 1				9,863,537	9,863,537
Balance at December 31	10,849,047				10,849,047	9,863,537
Property, plant and equipment	10,849,047				10,849,047	9,863,537
Capital assets [Member] | Accumulated depletion, depreciation, and impairment
Disclosure of Capital assets [Line Items]
Balance at January 1				$ (6,756,433)	(6,756,433)
Balance at December 31	(6,024,852)				(6,024,852)	(6,756,433)
Property, plant and equipment	$ (6,024,852)				$ (6,024,852)	$ (6,756,433)

Capital assets - Recovery Amoun

Capital assets - Recovery Amounts (Details)	3 Months Ended
	Dec. 31, 2020$ / $$ / bbl	Sep. 30, 2020€ / MMBTU$ / bbl$ / $	Jun. 30, 2020$ / bbl$ / $
2020
Disclosure of Capital assets [Line Items]
Exchange rate | $ / $		0.81	0.80
2020 | Brent Crude ($US/bbl) (1)
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts		73.25	64.50
2020 | WTI Crude ($US/bbl) (1)
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts		71	62
2020 | NBP (/mmbtu) (1)
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts | € / MMBTU		9.17
2021.
Disclosure of Capital assets [Line Items]
Exchange rate | $ / $	0.79	0.81	0.79
2021. | Brent Crude ($US/bbl) (1)
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts	76	69.55	62.08
2021. | WTI Crude ($US/bbl) (1)
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts		66.30	58.58
2021. | NBP (/mmbtu) (1)
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts | € / MMBTU		7.19
2022
Disclosure of Capital assets [Line Items]
Exchange rate | $ / $	0.79	0.80	0.78
2022 | Brent Crude ($US/bbl) (1)
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts	72.51	66.42	61.69
2022 | WTI Crude ($US/bbl) (1)
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts		62.42	57.69
2022 | NBP (/mmbtu) (1)
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts | € / MMBTU		5.53
2023
Disclosure of Capital assets [Line Items]
Exchange rate | $ / $	0.79	0.80	0.78
2023 | Brent Crude ($US/bbl) (1)
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts	71.24	67.75	62.84
2023 | WTI Crude ($US/bbl) (1)
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts		63.67	58.84
2023 | NBP (/mmbtu) (1)
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts | € / MMBTU		5.65
2024
Disclosure of Capital assets [Line Items]
Exchange rate | $ / $	0.79	0.80	0.78
2024 | Brent Crude ($US/bbl) (1)
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts	72.66	69.11	64.02
2024 | WTI Crude ($US/bbl) (1)
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts		64.95	60.02
2024 | NBP (/mmbtu) (1)
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts | € / MMBTU		5.75
2025
Disclosure of Capital assets [Line Items]
Exchange rate | $ / $	0.79	0.80	0.78
2025 | Brent Crude ($US/bbl) (1)
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts	74.12	70.49	65.22
2025 | WTI Crude ($US/bbl) (1)
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts		66.25	61.22
2025 | NBP (/mmbtu) (1)
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts | € / MMBTU		5.87
2026
Disclosure of Capital assets [Line Items]
Exchange rate | $ / $	0.79	0.80	0.78
2026 | Brent Crude ($US/bbl) (1)
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts	75.59	71.90	66.45
2026 | WTI Crude ($US/bbl) (1)
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts		67.57	62.45
2026 | NBP (/mmbtu) (1)
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts | € / MMBTU		5.99
2027
Disclosure of Capital assets [Line Items]
Exchange rate | $ / $	0.79	0.80	0.78
2027 | Brent Crude ($US/bbl) (1)
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts	77.11	73.34	67.70
2027 | WTI Crude ($US/bbl) (1)
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts		68.92	63.70
2027 | NBP (/mmbtu) (1)
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts | € / MMBTU		6.11
2028
Disclosure of Capital assets [Line Items]
Exchange rate | $ / $	0.79	0.80	0.78
2028 | Brent Crude ($US/bbl) (1)
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts	78.66	74.80	68.97
2028 | WTI Crude ($US/bbl) (1)
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts		70.30	64.97
2028 | NBP (/mmbtu) (1)
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts | € / MMBTU		6.23
2029
Disclosure of Capital assets [Line Items]
Exchange rate | $ / $	0.79	0.80	0.78
2029 | Brent Crude ($US/bbl) (1)
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts	80.22	76.30	70.35
2029 | WTI Crude ($US/bbl) (1)
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts		71.71	66.27
2029 | NBP (/mmbtu) (1)
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts | € / MMBTU		6.35
2030 and beyond
Disclosure of Capital assets [Line Items]
Exchange rate | $ / $	0.79
Commodity price forecast inflation rate percentage		2.00%	2.00%
2030 and beyond | Brent Crude ($US/bbl) (1)
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts	81.83
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 ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2021
United States
Disclosure of Capital assets [Line Items]
Impairment Reversal		$ 57,885
Recoverable Amount		364,242
1% increase in discount rate		24,180
5% decrease in pricing		41,345
Operating Segments [Member]
Disclosure of Capital assets [Line Items]
Impairment Reversal	$ 23,923	662,866
Recoverable Amount	129,189	2,620,040
1% increase in discount rate	6,359	146,428
5% decrease in pricing	12,894	285,594
Operating Segments [Member] | Impairment Reversals
Disclosure of Capital assets [Line Items]
Impairment Reversal		593,606
Recoverable Amount		3,425,513
1% increase in discount rate		116,763
5% decrease in pricing		254,883
Operating Segments [Member] | Neocomian
Disclosure of Capital assets [Line Items]
Impairment Reversal	23,923
Recoverable Amount	129,189
1% increase in discount rate	6,359
5% decrease in pricing	$ 12,894
Operating Segments [Member] | ALBERTA | Impairment Reversals
Disclosure of Capital assets [Line Items]
Impairment Reversal		88,708
Recoverable Amount		988,447
5% decrease in pricing		29,716
Operating Segments [Member] | SASKATCHEWAN | Impairment Reversals
Disclosure of Capital assets [Line Items]
Impairment Reversal		270,897
Recoverable Amount		1,500,139
1% increase in discount rate		80,724
5% decrease in pricing		156,875
Operating Segments [Member] | Ireland
Disclosure of Capital assets [Line Items]
Impairment Reversal		290,241
Recoverable Amount		1,206,343
1% increase in discount rate		69,104
5% decrease in pricing		143,281
Operating Segments [Member] | Ireland | Impairment Reversals
Disclosure of Capital assets [Line Items]
Impairment Reversal		133,005
Recoverable Amount		339,315
1% increase in discount rate		9,136
5% decrease in pricing		23,975
Operating Segments [Member] | Germany
Disclosure of Capital assets [Line Items]
Impairment Reversal		232,724
Recoverable Amount		859,706
1% increase in discount rate		46,223
5% decrease in pricing		81,212
Operating Segments [Member] | Germany | Impairment Reversals
Disclosure of Capital assets [Line Items]
Impairment Reversal		43,735
Recoverable Amount		168,290
Operating Segments [Member] | United States | Impairment Reversals
Disclosure of Capital assets [Line Items]
Impairment Reversal		57,261
Recoverable Amount		429,322
1% increase in discount rate		26,903
5% decrease in pricing		44,317
Operating Segments [Member] | Australia
Disclosure of Capital assets [Line Items]
Impairment Reversal		82,016
Recoverable Amount		189,749
1% increase in discount rate		6,921
5% decrease in pricing		$ 19,756

Capital assets - Carrying Balan

Capital assets - Carrying Balance and Depreciation (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of Capital assets [Line Items]
Depreciation	$ 22,885	$ 23,290
Balance	76,238	99,993
Impairment Reversal	1,302,619	1,682,344
Office space
Disclosure of Capital assets [Line Items]
Depreciation	8,921	9,835
Balance	38,216	49,134
Gas processing facilities
Disclosure of Capital assets [Line Items]
Depreciation	7,691	7,109
Balance	20,504	27,593
Oil storage facilities
Disclosure of Capital assets [Line Items]
Depreciation	2,644	2,738
Balance	11,480	15,231
Vehicles and equipment
Disclosure of Capital assets [Line Items]
Depreciation	3,629	3,608
Balance	$ 6,038	$ 8,035

Capital assets - Additional Inf

Capital assets - Additional Information (Details) - CAD ($) $ in Thousands	3 Months Ended						12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2021	Jul. 31, 2021	Apr. 30, 2021
Disclosure of detailed information about business combination [line items]
Gain (loss) that relates to identifiable assets acquired or liabilities assumed in business combination and is of such size, nature or incidence that disclosure is relevant to understanding combined entity's financial statements							$ 17,198
Discount rate applied to cash flow projections		12.00%	12.00%		12.00%	12.00%
Impairment reversal	$ 17,700	$ 16,700	$ 460,400	$ 492,200
Income tax recovery						$ 170,700
Deferred income tax expense		$ 5,500	$ 133,200		$ 6,200
Germany Acquisitions in April 2021 [Member]
Disclosure of detailed information about business combination [line items]
Consideration transferred, acquisition-date fair value									$ 11,600
Property, plant and equipment recognised as of acquisition date									49,200
Asset Retirement Obligations Recognized On Acquisition Date									12,400
Deferred tax liabilities recognised as of acquisition date									7,900
Contingent consideration recognised as of acquisition date									$ 17,200
Germany Acquisitions in December 2021 [Member]
Disclosure of detailed information about business combination [line items]
Consideration transferred, acquisition-date fair value	23,200						23,200
Contingent consideration recognised as of acquisition date	$ 8,400						$ 8,400
Asset Acquisition in Wyoming [Member]
Disclosure of detailed information about business combination [line items]
Consideration transferred, acquisition-date fair value								$ 92,000

Exploration and evaluation as_3

Exploration and evaluation assets - Reconciliation of Change in Carrying Amount (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Exploration And Evaluation Assets [Line Items]
Balance at January 1	$ 3,107,104
Balance at December 31	4,824,195	$ 3,107,104
Property, plant and equipment	4,824,195	3,107,104
Exploration and evaluation assets [member]
Disclosure Of Exploration And Evaluation Assets [Line Items]
Balance at January 1	254,094	286,148
Acquisitions		1,380
Additions	35,406	14,721
Changes in asset retirement obligations	110	(500)
Transfers to capital assets	(11,495)
Depreciation	(35,549)	(54,838)
Foreign exchange	(9,276)	7,183
Balance at December 31	233,290	254,094
Property, plant and equipment	233,290	254,094
Exploration and evaluation assets [member] | Cost
Disclosure Of Exploration And Evaluation Assets [Line Items]
Balance at January 1	395,615
Balance at December 31	408,494	395,615
Property, plant and equipment	408,494	395,615
Exploration and evaluation assets [member] | Accumulated depreciation
Disclosure Of Exploration And Evaluation Assets [Line Items]
Balance at January 1	(141,521)
Balance at December 31	(175,204)	(141,521)
Property, plant and equipment	$ (175,204)	$ (141,521)

Asset retirement obligations -

Asset retirement obligations - Reconciliation of Change in Carrying Amount (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Asset Retirement Obligations [Line Items]
Beginning balance	$ 467,737	$ 618,200
Additional obligations recognized	28,655	1,484
Changes in estimated abandonment timing and costs	85,022	74,235
Obligations settled	(28,525)	(14,278)
Accretion	43,552	35,318
Changes in discount rates	439,849	(276,673)
Foreign exchange	(35,736)	29,451
Ending balance	$ 1,000,554	$ 467,737

Asset retirement obligations _2

Asset retirement obligations - Risk Free Rates (Details) - Provision for decommissioning, restoration and rehabilitation costs [member]	Dec. 31, 2021	Dec. 31, 2020
Canada
Disclosure Of Asset Retirement Obligations [Line Items]
Discount rate used in current measurement of fair value less costs of disposal	1.80%	1.20%
United States
Disclosure Of Asset Retirement Obligations [Line Items]
Discount rate used in current measurement of fair value less costs of disposal	1.90%	1.60%
France
Disclosure Of Asset Retirement Obligations [Line Items]
Discount rate used in current measurement of fair value less costs of disposal	0.80%	0.30%
Netherlands
Disclosure Of Asset Retirement Obligations [Line Items]
Discount rate used in current measurement of fair value less costs of disposal	(0.30%)	(0.60%)
Germany
Disclosure Of Asset Retirement Obligations [Line Items]
Discount rate used in current measurement of fair value less costs of disposal	0.10%	(0.20%)
Ireland
Disclosure Of Asset Retirement Obligations [Line Items]
Discount rate used in current measurement of fair value less costs of disposal	0.50%	(0.10%)
Australia
Disclosure Of Asset Retirement Obligations [Line Items]
Discount rate used in current measurement of fair value less costs of disposal	1.90%	1.30%

Asset retirement obligations _3

Asset retirement obligations - Additional Information (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Asset Retirement Obligations [Line Items]
Asset Retirement Obligations Based On Current Cost Estimates	$ 2,000	$ 2,000
Credit Risk Rate Used In Determining Other Provisions	4.90%	10.00%
Increase decrease in discount rate, asset retirement obligations	0.50%
Increase decrease in asset retirement obligations	$ 73
Increase (Decrease) in Expected Timing of Abandonment Spend which Affects Asset Retirement Obligations, Period	1 year
Scenario Forecasts [Member]
Disclosure Of Asset Retirement Obligations [Line Items]
Increase decrease in asset retirement obligations	$ 37.3
Two Thousand Thirty And Two Thousand Thirty seven [Member]
Disclosure Of Asset Retirement Obligations [Line Items]
Asset retirement obligations based on a total undiscounted future liability	900
Two Thousand Forty Three To Two Thousand Fifty [Member]
Disclosure Of Asset Retirement Obligations [Line Items]
Asset retirement obligations based on a total undiscounted future liability	1,100
Two Thousand Twenty Two And Two Thousand Eighty One [Member]
Disclosure Of Asset Retirement Obligations [Line Items]
Asset retirement obligations based on a total undiscounted future liability	$ 3,100	$ 2,500
Bottom of range [member]
Disclosure Of Asset Retirement Obligations [Line Items]
Inflation rates used in determining the cash flow estimates	1.10%	0.20%
Top of range [member]
Disclosure Of Asset Retirement Obligations [Line Items]
Inflation rates used in determining the cash flow estimates	3.10%	2.90%

Derivative instruments - Change

Derivative instruments - Changes in Fair Value (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Derivative instruments
Fair value of contracts, beginning of year	$ (119,772)	$ (10,991)
Reversal of opening contracts settled during the year	112,679	12,811
Realized (loss) gain on contracts settled during the year	(327,384)	109,093
Unrealized loss during the year on contracts outstanding at the end of the year	(293,773)	(113,766)
Net receipt from counterparties on contract settlements during the year	327,385	(109,093)
Unrealized loss on derivatives designated as cash flow hedges		(7,826)
Fair value of contracts, end of year	(300,865)	(119,772)
Current derivative asset	19,321	16,924
Current derivative liability	(268,973)	(130,919)
Non-current derivative asset	0	2,451
Non-current derivative liability	$ (51,213)	$ (8,228)

Derivative instruments - Loss(G

Derivative instruments - Loss(Gain) (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Derivative instruments
Realized loss (gain) on contracts settled during the year	$ 327,384	$ (109,093)
Reversal of opening contracts settled during the year	(112,679)	(12,811)
Unrealized loss on contracts outstanding at the end of the year	293,773	113,766
Loss (gain) on derivative instruments	$ 508,478	$ (8,138)

Leases - Future Commitments (De

Leases - Future Commitments (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of leases [Line Items]
Total lease payments	$ 86,093	$ 114,787
Amounts representing interest	(10,871)	(15,381)
Present value of net lease payments	75,222	99,406
Current portion of lease obligations	(15,032)	(22,882)
Non-current portion of lease obligations	60,190	76,524
Less than 1 year
Disclosure Of leases [Line Items]
Total lease payments	19,045	27,927
1 - 3 years
Disclosure Of leases [Line Items]
Total lease payments	38,136	41,270
3 - 5 years
Disclosure Of leases [Line Items]
Total lease payments	25,226	31,412
After 5 years
Disclosure Of leases [Line Items]
Total lease payments	$ 3,686	$ 14,178

Leases - Additional Information

Leases - Additional Information (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Leases
Total cash outflow	$ 27,368	$ 31,240
Interest on lease liabilities	$ 5,181	$ 6,192

Taxes - Reconciliation of Defer

Taxes - Reconciliation of Deferred Tax Asset and Liability (Details) - CAD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred Tax Assets [Member]
Disclosure of income tax [Line Items]
Deferred tax asset/liabilities	$ 374,993	$ 484,497
Deferred Tax Liabilities [Member]
Disclosure of income tax [Line Items]
Deferred tax asset/liabilities	328,839	264,272
Non-capital losses [Member] | Deferred Tax Assets [Member]
Disclosure of income tax [Line Items]
Deferred tax asset/liabilities	477,903	420,060
Non-capital losses [Member] | Deferred Tax Liabilities [Member]
Disclosure of income tax [Line Items]
Deferred tax asset/liabilities	(87,542)	(34,372)
Derivative contracts [Member] | Deferred Tax Assets [Member]
Disclosure of income tax [Line Items]
Deferred tax asset/liabilities	74,043	33,064
Capital assets [Member] | Deferred Tax Assets [Member]
Disclosure of income tax [Line Items]
Deferred tax asset/liabilities	(268,615)	443
Capital assets [Member] | Deferred Tax Liabilities [Member]
Disclosure of income tax [Line Items]
Deferred tax asset/liabilities	322,641	112,818
Stock based compensation | Deferred Tax Assets [Member]
Disclosure of income tax [Line Items]
Deferred tax asset/liabilities	8,651	12,218
Asset retirement obligations [Member] | Deferred Tax Assets [Member]
Disclosure of income tax [Line Items]
Deferred tax asset/liabilities	83,461	7,581
Asset retirement obligations [Member] | Deferred Tax Liabilities [Member]
Disclosure of income tax [Line Items]
Deferred tax asset/liabilities	104,258	184,144
Unrealized foreign exchange [Member] | Deferred Tax Assets [Member]
Disclosure of income tax [Line Items]
Deferred tax asset/liabilities	(3,329)	(3,635)
Other deferred tax liabilities [Member] | Deferred Tax Liabilities [Member]
Disclosure of income tax [Line Items]
Deferred tax asset/liabilities	(10,518)	1,682
Other deferred tax assets [Member] | Deferred Tax Assets [Member]
Disclosure of income tax [Line Items]
Deferred tax asset/liabilities	$ 2,879	$ 14,766

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, 2021	Dec. 31, 2020
Taxes
Earnings before income taxes			$ 1,381,893	$ (1,877,399)
Canadian corporate tax rate (1)	8.00%	10.00%	24.61%	25.31%
Expected tax expense			$ 340,084	$ (475,170)
Petroleum resource rent tax rate (PRRT) differential (2)			27,281	(15,157)
Foreign tax rate differentials (2) (3)			43,301	(14,907)
Equity based compensation expense			6,794	2,445
Amended returns and changes to estimated tax pools and tax positions			(14,391)	(2,598)
Statutory rate changes and the estimated reversal rates on temporary differences (4)			5,862	33,770
Derecognition (recognition) of deferred tax assets			(190,423)	141,315
Other non-deductible items			14,689	(29,670)
Provision for income taxes			$ 233,197	$ (359,972)

Taxes - Additional Information

Taxes - Additional Information (Details) € in Millions, $ in Millions	1 Months Ended		12 Months Ended
	Jan. 31, 2022	Jul. 31, 2020	Dec. 31, 2022	Dec. 31, 2021EUR (€)	Dec. 31, 2020CAD ($)	Dec. 31, 2021CAD ($)
Disclosure of income tax [Line Items]
Applicable tax rate	8.00%	10.00%		24.61%	25.31%
Unused tax losses for which no deferred tax asset recognised					$ 2,900	$ 2,700
Deductible temporary differences, unused tax losses and unused tax credits expired					141.3	190.4
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	400
Vermilions Canada Segment [Member]
Disclosure of income tax [Line Items]
Deductible temporary differences, unused tax losses and unused tax credits expired					$ 1,300	$ 1,400
France
Disclosure of income tax [Line Items]
Applicable tax rate				27.40%	28.90%
Netherlands
Disclosure of income tax [Line Items]
Applicable tax rate				50.00%	50.00%
Germany
Disclosure of income tax [Line Items]
Applicable tax rate				31.40%	31.60%
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			25.80%	32.00%
Dutch Corporate Tax Rate [Member]
Disclosure of income tax [Line Items]
Applicable tax rate			25.80%	25.00%

Long-term debt - Outstanding Am

Long-term debt - Outstanding Amount (Details) - CAD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Long-term debt
Revolving credit facility	$ 1,273,755	$ 1,555,215	$ 2,100,000
Senior unsecured notes	377,814	378,633
Long-term debt	$ 1,651,569	$ 1,933,848

Long-term debt - Change in Outs

Long-term debt - Change in Outstanding Amount (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of Long-term Debt [Line Items]
Balance at January 1	$ 1,933,848	$ 1,924,665
(Repayments) borrowings on the revolving credit facility	(341,259)	22,183
Amortization of transaction costs	778	833
Foreign exchange	58,202	(13,833)
Balance at December 31	$ 1,651,569	$ 1,933,848

Long-term debt - Terms of Revol

Long-term debt - Terms of Revolving Credit Facility (Details) - Revolving Credit Facilities [Member] - CAD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Disclosure of Long-term Debt [Line Items]
Total facility amount	$ 2,100,000	$ 2,100,000
Amount drawn	(1,273,755)	(1,555,215)
Letters of credit outstanding	(11,035)	(23,210)
Unutilized capacity	$ 815,210	$ 521,575

Long-term debt - Financial Cove

Long-term debt - Financial Covenants (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of Long-term Debt [Line Items]
Consolidated total debt to consolidated EBITDA	1.61	3.48
Consolidated total senior debt to consolidated EBITDA	1.24	2.82
Consolidated EBITDA to consolidated interest expense	14.78	8.12
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, 2021
2021
Disclosure of Long-term Debt [Line Items]
Redemption price Percentage of senior unsecured notes	102.813%
2022 [Member]
Disclosure of Long-term Debt [Line Items]
Redemption price Percentage of senior unsecured notes	101.406%
2023 and thereafter
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	Dec. 31, 2021CAD ($)	Dec. 31, 2020CAD ($)	Dec. 31, 2021CAD ($)	Mar. 31, 2020CAD ($)	Mar. 13, 2017USD ($)
Disclosure of Long-term Debt [Line Items]
Fair value of senior unsecured notes	$ 387,000	$ 329,100
Revolving credit facility	$ 1,273,755	$ 1,555,215	$ 1,273,755	$ 2,100,000
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, 2021	Dec. 31, 2020
Disclosure Of Shareholder's Capital [Line Items]
Balance, beginning of year	$ 4,181,160	$ 4,119,031
Balance at January 1 (shares)	158,724	156,290
Shares issued for the Dividend Reinvestment Plan		$ 8,277
Vesting of equity based awards (shares)	2,385	1,103
Share-settled dividends on vested equity based awards (shares)	241	297
Balance, end of year	$ 4,241,773	$ 4,181,160
Balance at December 31 (shares)	162,261	158,724
Equity based compensation [Member]
Disclosure Of Shareholder's Capital [Line Items]
Shares issued for equity based compensation (shares)	911	415
Dividend reinvestment plan [Member]
Disclosure Of Shareholder's Capital [Line Items]
Shares issued for the Dividend Reinvestment Plan (shares)		619
Issued capital [member]
Disclosure Of Shareholder's Capital [Line Items]
Vesting of equity based awards	$ 49,922	$ 49,188
Shares issued for equity based compensation	8,365	3,203
Share-settled dividends on vested equity based awards	$ 2,326	$ 1,461

Shareholders' capital - Additio

Shareholders' capital - Additional Information (Details) - CAD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Shareholders' capital
Dividends proposed or declared before financial statements authorised for issue but not recognised as distribution to owners per share	$ 0.06
Dividends paid, ordinary shares	$ 0	$ 90.1
Dividends paid, ordinary shares per share	$ 0	$ 0.58

Capital disclosures - Ratio of

Capital disclosures - Ratio of Net Debt to Fund Flows Operations (Details) $ in Thousands	Dec. 31, 2021CAD ($)	Dec. 31, 2020CAD ($)	Dec. 31, 2019CAD ($)
Capital disclosures
Long-term debt	$ 1,651,569	$ 1,933,848	$ 1,924,665
Adjusted working capital deficiency	(9,284)	(35,258)
Unrealized FX on swapped USD borrowings	(16,067)	40,219
Current liabilities	746,813	433,128
Current assets	(472,845)	(260,993)
Net debt	$ 1,644,786	$ 2,009,325
Ratio of net debt to fund flows from operations	1.79	4

Capital disclosures - Additiona

Capital disclosures - Additional Information (Details)	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Capital Disclosures [Line Items]
Ratio of net debt to funds from operations	1.79	4
Top of range [member]
Disclosure Of Capital Disclosures [Line Items]
Ratio of net debt to funds from operations	1

Equity based compensation - Awa

Equity based compensation - Awards Outstanding (Details) - Vermilion incentive plan [Member] - EquityInstruments EquityInstruments in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Equity Based Compensation [Line Items]
Opening balance	6,244	2,268
Granted	2,745	5,120
Vested	(1,520)	(650)
Forfeited	(1,064)	(494)
Closing balance	6,405	6,244

Equity based compensation - Add

Equity based compensation - Additional Information (Details) EquityInstruments in Thousands	12 Months Ended
	Dec. 31, 2021CAD ($)EquityInstruments	Dec. 31, 2020CAD ($)EquityInstruments	Dec. 31, 2019EquityInstruments
Disclosure Of Equity Based Compensation [Line Items]
Expense from share-based payment transactions with employees	$ 41,565,000	$ 42,906,000
Vermilion incentive plan [Member]
Disclosure Of Equity Based Compensation [Line Items]
Weighted average fair value at measurement date, other equity instruments granted	$ 9.53	$ 5.92
Performance factor (ratio)	1.1	1.2
Annual forfeiture rate share options granted	4.20%	5.80%
Expense from share-based payment transactions with employees	$ 31,300,000	$ 38,900,000
Number of other equity instruments outstanding in share-based payment arrangement | EquityInstruments	6,405	6,244	2,268
Deferred Share Units [Member]
Disclosure Of Equity Based Compensation [Line Items]
Weighted average fair value at measurement date, other equity instruments granted	$ 11.49
Expense from share-based payment transactions with employees	$ 1,900,000	$ 800,000
Number of other equity instruments outstanding in share-based payment arrangement	388,896

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, 2021	Dec. 31, 2020
Per share amounts
Net earnings (loss)	$ 1,148,696	$ (1,517,427)
Basic weighted average shares outstanding ('000s)	161,172	157,908
Dilutive impact of equity based compensation ('000s)	3,593
Diluted weighted average shares outstanding ('000s)	164,765	157,908
Basic earnings per share	$ 7.13	$ (9.61)
Diluted earnings per share	$ 6.97	$ (9.61)

Financial instruments - Fair Va

Financial instruments - Fair Value and Amortized Cost (Details) - CAD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Derivative liabilities
Disclosure of detailed information about financial instruments [line items]
Financial liabilities, FVTPL	$ (320,186)	$ (139,147)
Financial liabilities, Total	(320,186)	(139,147)
Accounts payable and accrued liabilities
Disclosure of detailed information about financial instruments [line items]
Financial liabilities, Amortized Cost	(440,658)	(297,670)
Financial liabilities, Total	(440,658)	(297,670)
Lease obligations
Disclosure of detailed information about financial instruments [line items]
Financial liabilities, Amortized Cost	(60,190)	(76,524)
Financial liabilities, Total	(60,190)	(76,524)
Long-term debt [Member]
Disclosure of detailed information about financial instruments [line items]
Financial liabilities, Amortized Cost	(1,651,569)	(1,933,848)
Financial liabilities, Total	(1,651,569)	(1,933,848)
Cash and cash equivalents [Member]
Disclosure of detailed information about financial instruments [line items]
Financial assets, FVTPL	6,028	6,904
Financial assets, Total	6,028	6,904
Derivative assets
Disclosure of detailed information about financial instruments [line items]
Financial assets, FVTPL	19,321	19,375
Financial assets, Total	19,321	19,375
Accounts receivable
Disclosure of detailed information about financial instruments [line items]
Financial assets, Amortized Cost	328,584	196,077
Financial assets, Total	$ 328,584	$ 196,077

Financial instruments - Increas

Financial instruments - Increase (Decrease) to Net Earnings Before Tax (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
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	$ (273)	$ (873)
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	2,086	2,711
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	273	873
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	(2,086)	(2,711)
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	(10,554)	(23,904)
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	(9,324)	(11,783)
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	10,554	24,088
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	1,636	7,207
$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, 2021	Dec. 31, 2020
Not later than one month [member]
Disclosure of detailed information about financial instruments [line items]
Non-derivative financial liabilities, undiscounted cash flows	$ 191,298	$ 92,991
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	223,885	181,475
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	25,475	23,204
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	$ 1,718,475	$ 2,006,530

Financial instruments - Additio

Financial instruments - Additional Information (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about financial instruments [line items]
Maximum exposure to credit risk	$ 347,900	$ 215,500
Percentage of trade and other current receivables	0.80%	1.40%
Transfer out of level 1 to level 2, assets	$ 0	$ 0
Transfer out of level 2 to level 1, assets	0	0
Transfer out of level 1 to level 2, liabilities	0	0
Transfer out of level 2 to level 1, liabilities Transfer into level 3 assets	0	0
Transfer into level 3 assets	0	0
Transfer out of level 3 assets	0	0
Transfer into level 3 liabilities	0	0
Transfer out of level 3 liabilities	0	0
Long-term debt [Member]
Disclosure of detailed information about financial instruments [line items]
Fair value of long-term debt	$ 1,660,778	$ 1,884,296

Related party disclosures - Com

Related party disclosures - Compensation of Directors and Other Members (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021CAD ($)individual	Dec. 31, 2020CAD ($)individual
Disclosure Of Related Party Disclosures [Line Items]
Short-term benefits	$ 4,654	$ 4,800
Equity based compensation	14,570	13,169
Key management personnel compensation	$ 19,224	$ 17,969
Key management personnel [member]
Disclosure Of Related Party Disclosures [Line Items]
Number of individuals included in the above amounts | individual	18	18

Related party disclosures - Add

Related party disclosures - Additional Information (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
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, 2021	Dec. 31, 2020
Supplemental information .
Accounts receivable	$ (132,507)	$ 15,332
Crude oil inventory	(6,668)	15,987
Prepaid expenses	(71,156)	(5,476)
Accounts payable and accrued liabilities	142,988	(14,772)
Income taxes payable	32,643	(877)
Foreign exchange	14,540	(6,251)
Changes in non-cash working capital	(20,160)	3,943
Changes in non-cash operating working capital	(56,884)	12,365
Changes in non-cash investing working capital	36,724	(8,422)
Changes in non-cash working capital	(20,160)	$ 3,943
Deposit Related to Previously Announced Transaction to Acquire Working Interest	$ 68,500

Supplemental information - Comp

Supplemental information - Components of Cash and Cash Equivalents (Details) - CAD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure Of Supplemental Information [Line Items]
Cash on deposit with financial institutions	$ 5,901	$ 6,777
Guaranteed investment certificates	127	127
Cash and cash equivalents	$ 6,028	$ 6,904	$ 29,028

Supplemental information - Wage

Supplemental information - Wages and Benefits (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Supplemental Information [Line Items]
Short-term employee benefits expense	$ 128,510	$ 130,965
Operating expense [Member]
Disclosure Of Supplemental Information [Line Items]
Short-term employee benefits expense	73,739	70,414
General and administration expense [Member]
Disclosure Of Supplemental Information [Line Items]
Short-term employee benefits expense	$ 54,771	$ 60,551

Supplemental information - Outs

Supplemental information - Outstanding Risk Management Positions (Details) - 12 months ended Dec. 31, 2021	CAD ($)item€ / Mcf$ / Mcf$ / bbl$ / shares	USD ($)item€ / Mcf$ / Mcf$ / bbl
Crude Oil Dated Brent Q1 2022 [Member]
Statement [Line Items]
Description of presentation currency	USD	USD
Derivative, bought put volume	2,700	2,700
Derivative, weighted average bought put | $ / bbl	62.50	62.50
Derivative, sold call volume	2,700	2,700
Derivative, weighted average sold call | $ / bbl	81.01	81.01
Derivative, sold put volume	2,700	2,700
Derivative, weighted average sold put | $ / bbl	47.50	47.50
Derivatives, sold swap volume	500	500
Derivative, weighted average sold swap price | $ / bbl	52	52
Crude Oil Dated Brent Q2 2022 [Member]
Statement [Line Items]
Description of presentation currency	USD	USD
Derivative, bought put volume	3,450	3,450
Derivative, weighted average bought put | $ / bbl	63.59	63.59
Derivative, sold call volume	3,450	3,450
Derivative, weighted average sold call | $ / bbl	83.34	83.34
Derivative, sold put volume	3,450	3,450
Derivative, weighted average sold put | $ / bbl	47.50	47.50
Derivatives, sold swap volume	0	0
Crude Oil Dated Brent Q3 2022 [Member]
Statement [Line Items]
Description of presentation currency	USD	USD
Derivative, bought put volume	2,600	2,600
Derivative, weighted average bought put | $ / bbl	63.94	63.94
Derivative, sold call volume	2,600	2,600
Derivative, weighted average sold call | $ / bbl	84.35	84.35
Derivative, sold put volume	2,600	2,600
Derivative, weighted average sold put | $ / bbl	47.50	47.50
Derivatives, sold swap volume	0	0
Crude Oil Dated Brent Q4 2022 [Member]
Statement [Line Items]
Description of presentation currency	USD	USD
Derivative, bought put volume	2,600	2,600
Derivative, weighted average bought put | $ / bbl	63.94	63.94
Derivative, sold call volume	2,600	2,600
Derivative, weighted average sold call | $ / bbl	84.35	84.35
Derivative, sold put volume	2,600	2,600
Derivative, weighted average sold put | $ / bbl	47.50	47.50
Derivatives, sold swap volume	0	0
Crude Oil West Texas Intermediate Q1 2022 [Member]
Statement [Line Items]
Description of presentation currency	USD	USD
Derivative, bought put volume	9,550	9,550
Derivative, weighted average bought put | $ / bbl	60.52	60.52
Derivative, sold call volume	9,550	9,550
Derivative, weighted average sold call | $ / bbl	75.89	75.89
Derivative, sold put volume	9,550	9,550
Derivative, weighted average sold put | $ / bbl	45.52	45.52
Derivatives, sold swap volume	0	0
Crude Oil West Texas Intermediate Q2 2022 [Member]
Statement [Line Items]
Description of presentation currency	USD	USD
Derivative, bought put volume	9,300	9,300
Derivative, weighted average bought put | $ / bbl	60.93	60.93
Derivative, sold call volume	9,300	9,300
Derivative, weighted average sold call | $ / bbl	78.39	78.39
Derivative, sold put volume	9,300	9,300
Derivative, weighted average sold put | $ / bbl	45.54	45.54
Derivatives, sold swap volume	0	0
Crude Oil West Texas Intermediate Q3 2022 [Member]
Statement [Line Items]
Description of presentation currency	USD	USD
Derivative, bought put volume	4,500	4,500
Derivative, weighted average bought put | $ / bbl	60.82	60.82
Derivative, sold call volume	4,500	4,500
Derivative, weighted average sold call | $ / bbl	82.92	82.92
Derivative, sold put volume	4,500	4,500
Derivative, weighted average sold put | $ / bbl	45	45
Derivatives, sold swap volume	0	0
Crude Oil West Texas Intermediate Q4 2022 [Member]
Statement [Line Items]
Description of presentation currency	USD	USD
Derivative, bought put volume	4,500	4,500
Derivative, weighted average bought put | $ / bbl	60.82	60.82
Derivative, sold call volume	4,500	4,500
Derivative, weighted average sold call | $ / bbl	82.92	82.92
Derivative, sold put volume	4,500	4,500
Derivative, weighted average sold put | $ / bbl	45	45
Derivatives, sold swap volume	0	0
North American Gas Aeco Basis Q1 2022 [Member]
Statement [Line Items]
Description of presentation currency	USD	USD
Derivative, bought put volume	0	0
Derivative, weighted average bought put | $ / Mcf	0	0
Derivative, sold call volume	0	0
Derivative, weighted average sold call | $ / Mcf	0	0
Derivative, sold put volume	0	0
Derivatives, sold swap volume	30,000	30,000
Derivative, weighted average sold swap price | $ / Mcf	(1.10)	(1.10)
North American Gas Aeco Basis Q2 2022 [Member]
Statement [Line Items]
Description of presentation currency	USD	USD
Derivative, bought put volume	0	0
Derivative, weighted average bought put | $ / Mcf	0	0
Derivative, sold call volume	0	0
Derivative, weighted average sold call | $ / Mcf	0	0
Derivative, sold put volume	0	0
Derivatives, sold swap volume	35,000	35,000
Derivative, weighted average sold swap price | $ / Mcf	(1.09)	(1.09)
North American Gas Aeco Basis Q3 2022 [Member]
Statement [Line Items]
Description of presentation currency	USD	USD
Derivative, bought put volume	0	0
Derivative, weighted average bought put | $ / Mcf	0	0
Derivative, sold call volume	0	0
Derivative, weighted average sold call | $ / Mcf	0	0
Derivative, sold put volume	0	0
Derivatives, sold swap volume	35,000	35,000
Derivative, weighted average sold swap price | $ / Mcf	(1.09)	(1.09)
North American Gas Aeco Basis Q4 2022 [Member]
Statement [Line Items]
Description of presentation currency	USD	USD
Derivative, bought put volume	0	0
Derivative, weighted average bought put | $ / Mcf	0	0
Derivative, sold call volume	0	0
Derivative, weighted average sold call | $ / Mcf	0	0
Derivative, sold put volume	0	0
Derivatives, sold swap volume	11,793	11,793
Derivative, weighted average sold swap price | $ / Mcf	(1.09)	(1.09)
North American Gas Nymex Hh Q2 2022 [Member]
Statement [Line Items]
Description of presentation currency	USD	USD
Derivative, bought put volume	30,000	30,000
Derivative, weighted average bought put | $ / Mcf	3.33	3.33
Derivative, sold call volume	30,000	30,000
Derivative, weighted average sold call | $ / Mcf	4.81	4.81
Derivative, sold put volume	0	0
Derivatives, sold swap volume	0	0
North American Gas Nymex Hh Q3 2022 [Member]
Statement [Line Items]
Description of presentation currency	USD	USD
Derivative, bought put volume	30,000	30,000
Derivative, weighted average bought put | $ / Mcf	3.33	3.33
Derivative, sold call volume	30,000	30,000
Derivative, weighted average sold call | $ / Mcf	4.81	4.81
Derivative, sold put volume	0	0
Derivatives, sold swap volume	0	0
North American Gas Nymex Hh Q4 2022 [Member]
Statement [Line Items]
Description of presentation currency	USD	USD
Derivative, bought put volume	10,109	10,109
Derivative, weighted average bought put | $ / Mcf	3.33	3.33
Derivative, sold call volume	10,109	10,109
Derivative, weighted average sold call | $ / Mcf	4.81	4.81
Derivative, sold put volume	0	0
Derivatives, sold swap volume	0	0
European Gas Nbp Q1 2022 [Member]
Statement [Line Items]
Description of presentation currency	EUR	EUR
Derivative, bought put volume	36,851	36,851
Derivative, weighted average bought put | € / Mcf	6.04	6.04
Derivative, sold call volume	36,851	36,851
Derivative, weighted average sold call | € / Mcf	7.59	7.59
Derivative, sold put volume	34,394	34,394
Derivative, weighted average sold put | € / Mcf	3.63	3.63
Derivatives, sold swap volume	4,913	4,913
Derivative, weighted average sold swap price | € / Mcf	4.91	4.91
European Gas Nbp Q2 2022 [Member]
Statement [Line Items]
Description of presentation currency	EUR	EUR
Derivative, bought put volume	27,024	27,024
Derivative, weighted average bought put | € / Mcf	5.07	5.07
Derivative, sold call volume	27,024	27,024
Derivative, weighted average sold call | € / Mcf	5.84	5.84
Derivative, sold put volume	27,024	27,024
Derivative, weighted average sold put | € / Mcf	3.50	3.50
Derivatives, sold swap volume	4,913	4,913
Derivative, weighted average sold swap price | € / Mcf	4.91	4.91
European Gas Nbp Q3 2022 [Member]
Statement [Line Items]
Description of presentation currency	EUR	EUR
Derivative, bought put volume	19,654	19,654
Derivative, weighted average bought put | € / Mcf	5.11	5.11
Derivative, sold call volume	19,654	19,654
Derivative, weighted average sold call | € / Mcf	6.24	6.24
Derivative, sold put volume	19,654	19,654
Derivative, weighted average sold put | € / Mcf	3.66	3.66
Derivatives, sold swap volume	4,913	4,913
Derivative, weighted average sold swap price | € / Mcf	4.91	4.91
European Gas Nbp Q4 2022 [Member]
Statement [Line Items]
Description of presentation currency	EUR	EUR
Derivative, bought put volume	19,654	19,654
Derivative, weighted average bought put | € / Mcf	5.11	5.11
Derivative, sold call volume	19,654	19,654
Derivative, weighted average sold call | € / Mcf	6.23	6.23
Derivative, sold put volume	19,654	19,654
Derivative, weighted average sold put | € / Mcf	3.66	3.66
Derivatives, sold swap volume	4,913	4,913
Derivative, weighted average sold swap price | € / Mcf	4.91	4.91
European Gas Nbp Q1 2023 [Member]
Statement [Line Items]
Description of presentation currency	EUR	EUR
Derivative, bought put volume	12,284	12,284
Derivative, weighted average bought put | € / Mcf	5.19	5.19
Derivative, sold call volume	12,284	12,284
Derivative, weighted average sold call | € / Mcf	6.45	6.45
Derivative, sold put volume	12,284	12,284
Derivative, weighted average sold put | € / Mcf	3.75	3.75
European Gas Nbp Q2 2023 [Member]
Statement [Line Items]
Description of presentation currency	EUR	EUR
Derivative, bought put volume	4,913	4,913
Derivative, weighted average bought put | € / Mcf	5.86	5.86
Derivative, sold call volume	4,913	4,913
Derivative, weighted average sold call | € / Mcf	8.24	8.24
Derivative, sold put volume	4,913	4,913
Derivative, weighted average sold put | € / Mcf	4.40	4.40
European Gas Ttf Q1 2022 [Member]
Statement [Line Items]
Description of presentation currency	EUR	EUR
Derivative, bought put volume	2,457	2,457
Derivative, weighted average bought put | € / Mcf	4.84	4.84
Derivative, sold call volume	2,457	2,457
Derivative, weighted average sold call | € / Mcf	5.64	5.64
Derivative, sold put volume	2,457	2,457
Derivative, weighted average sold put | € / Mcf	3.52	3.52
European Gas Ttf Q2 2022 [Member]
Statement [Line Items]
Description of presentation currency	EUR	EUR
Derivative, bought put volume	2,457	2,457
Derivative, weighted average bought put | € / Mcf	4.84	4.84
Derivative, sold call volume	2,457	2,457
Derivative, weighted average sold call | € / Mcf	5.64	5.64
Derivative, sold put volume	2,457	2,457
Derivative, weighted average sold put | € / Mcf	3.52	3.52
European Gas Ttf Q3 2022 [Member]
Statement [Line Items]
Description of presentation currency	EUR	EUR
Derivative, bought put volume	2,457	2,457
Derivative, weighted average bought put | € / Mcf	4.84	4.84
Derivative, sold call volume	2,457	2,457
Derivative, weighted average sold call | € / Mcf	5.64	5.64
Derivative, sold put volume	2,457	2,457
Derivative, weighted average sold put | € / Mcf	3.52	3.52
European Gas Ttf Q4 2022 [Member]
Statement [Line Items]
Description of presentation currency	EUR	EUR
Derivative, bought put volume	2,457	2,457
Derivative, weighted average bought put | € / Mcf	4.84	4.84
Derivative, sold call volume	2,457	2,457
Derivative, weighted average sold call | € / Mcf	5.64	5.64
Derivative, sold put volume	2,457	2,457
Derivative, weighted average sold put | € / Mcf	3.52	3.52
European Gas Ttf Q1 2023 [Member]
Statement [Line Items]
Description of presentation currency	EUR	EUR
Derivative, bought put volume	2,457	2,457
Derivative, weighted average bought put | € / Mcf	4.84	4.84
Derivative, sold call volume	2,457	2,457
Derivative, weighted average sold call | € / Mcf	5.64	5.64
Derivative, sold put volume	2,457	2,457
Derivative, weighted average sold put | € / Mcf	3.52	3.52
Swap Contract One [Member] | European Gas cross currency interest rate [Member]
Statement [Line Items]
Derivative interest maturity period	January 2022	January 2022
Proceeds from sales or maturity of financial instruments, classified as investing activities | $		$ 398,373,887
London Interbank Offered Rate	1.70%	1.70%
Purchase of financial instruments, classified as investing activities | $	$ 500,000,000
Canadian Dollar Offered Rate	1.08%	1.08%
Swap Contract One [Member] | Foreign Currency Swap [Member]
Statement [Line Items]
Derivative interest maturity period	January 2022	January 2022
Proceeds from sales or maturity of financial instruments, classified as investing activities | $		$ 562,166,987
Purchase of financial instruments, classified as investing activities | $	$ 700,000,000
Canadian Dollar Offered Rate	1.2452%	1.2452%
Swap Contract One [Member] | VET Equity Swaps [Member]
Statement [Line Items]
Derivative interest maturity period	Jan 2020 - Apr 2023	Jan 2020 - Apr 2023
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 - Apr 2023	Jan 2020 - Apr 2023
Initial Share Price | $ / shares	$ 22.4587
Share Volume | $	$ 1,500,000