Vermilion Energy (VET) 40-F 6 Mar 24 2023 FY Annual report (Canada) Financial data

Document And Entity Information

Document And Entity Information	12 Months Ended
	Dec. 31, 2023 shares
Document Information [Line Items]
Document Type	40-F
Document Registration Statement	false
Document Annual Report	true
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Central Index Key	0001293135
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2023
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	162,271,071
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Emerging Growth Company	false
Document Financial Statement Error Correction [Flag]	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, 2023	Dec. 31, 2022
Current
Cash and cash equivalents	$ 141,456	$ 13,836
Accounts receivable	242,926	373,651
Crude oil inventory	57,333	19,657
Derivative instruments	313,792	162,843
Prepaid expenses	68,007	144,459
Total current assets	823,514	714,446
Derivative instruments	76,107	132,598
Investment in securities	73,261	56,366
Deferred taxes	182,051	125,533
Exploration and evaluation assets	198,379	270,593
Capital assets	4,882,509	5,691,522
Total assets	6,235,821	6,991,058
Current
Accounts payable and accrued liabilities	380,370	481,444
Dividends payable	16,227	13,058
Derivative instruments	732	55,845
Income taxes payable	298,745	341,698
Total current liabilities	696,074	892,045
Derivative instruments	21,050	0
Long-term debt	914,015	1,081,351
Lease obligations	33,001	51,507
Asset retirement obligations	1,159,063	1,087,757
Deferred taxes	380,970	477,340
Total liabilities	3,204,173	3,590,000
Shareholders' Equity
Shareholders' capital	4,142,566	4,243,794
Contributed surplus	43,348	35,409
Accumulated other comprehensive income	109,302	123,505
Deficit	(1,263,568)	(1,001,650)
Total shareholders' equity	3,031,648	3,401,058
Total liabilities and shareholders' equity	$ 6,235,821	$ 6,991,058

Consolidated Statements of Net

Consolidated Statements of Net (Loss) Earnings and Comprehensive (Loss) Income - CAD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Revenue
Petroleum and natural gas sales	$ 2,022,555	$ 3,476,394
Royalties	(191,694)	(306,017)
Sales of purchased commodities	177,000	244,834
Petroleum and natural gas revenue	2,007,861	3,415,211
Expenses
Purchased commodities	177,000	244,834
Operating	513,381	489,034
Transportation	88,856	78,896
Equity based compensation	42,756	44,390
Gain on derivative instruments	(414,072)	(134,907)
Interest expense	85,212	82,858
General and administration	80,716	57,677
Foreign exchange (gain) loss	(7,906)	69,269
Other expense (income)	420	(11,149)
Accretion	78,187	58,170
Depletion and depreciation	712,619	577,134
Impairment expense (reversal)	1,016,094	(192,094)
Gain on business combination	(439,487)
Loss on disposition	352,367
Expenses	2,286,143	1,364,112
(Loss) earnings before income taxes	(278,282)	2,051,099
Income tax (recovery) expense
Deferred	(190,193)	288,707
Current	71,072	226,471
Windfall taxes	78,426	222,859
Taxes	(40,695)	738,037
Net (loss) earnings	(237,587)	1,313,062
Other comprehensive (loss) income
Currency translation adjustments	(16,468)	60,543
Hedge accounting reserve, net of tax	6,357	5,599
Fair value adjustment on investment in securities	(4,092)	28,896
Comprehensive (loss) income	$ (251,790)	$ 1,408,100
Net (loss) earnings per share
Basic (in dollar per share)	$ (1.45)	$ 8.03
Diluted (in dollar per share)	$ (1.45)	$ 7.80
Weighted average shares outstanding ('000s)
Basic (in shares)	163,719	163,489
Diluted (in shares)	163,719	168,426

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Operating
Net (loss) earnings	$ (237,587)	$ 1,313,062
Adjustments:
Accretion	78,187	58,170
Depletion and depreciation	712,619	577,134
Impairment expense (reversal)	1,016,094	(192,094)
Gain on business combination	(439,487)	0
Loss on disposition	352,367	0
Unrealized gain on derivative instruments	(179,707)	(540,801)
Equity based compensation	42,756	44,390
Unrealized foreign exchange (gain) loss	(12,438)	84,464
Unrealized other expense	0	1,833
Deferred tax (recovery) expense	(190,193)	288,707
Asset retirement obligations settled	(56,966)	(37,514)
Changes in non-cash operating working capital	(61,117)	216,869
Cash flows from operating activities	1,024,528	1,814,220
Investing
Drilling and development	(569,110)	(528,056)
Exploration and evaluation	(21,081)	(23,761)
Acquisitions, net of cash acquired	(142,281)	(510,309)
Acquisition of securities	(21,603)	(23,282)
Dispositions	197,007	0
Changes in non-cash investing working capital	(19,367)	26,116
Cash flows used in investing activities	(576,435)	(1,059,292)
Financing
Net borrowings (repayments) on the revolving credit facility	(146,324)	(1,121,868)
Issuance of senior unsecured notes	0	499,037
Payments on lease obligations	(17,094)	(21,168)
Repurchase of shares	(94,838)	(71,659)
Cash dividends	(62,080)	(32,711)
Cash flows used in financing activities	(320,336)	(748,369)
Foreign exchange (loss) gain on cash held in foreign currencies	(137)	1,249
Net change in cash and cash equivalents	127,620	7,808
Cash and cash equivalents, beginning of period	13,836	6,028
Cash and cash equivalents, end of period	141,456	13,836
Supplementary information for cash flows from operating activities
Interest paid	84,471	75,042
Income taxes paid	$ 306,911	$ 144,814

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, 2021				$ 4,241,773
Shareholders' capital
Vesting of equity based awards	$ 44,811	$ (44,811)
Equity based compensation	13,699	30,691
Share-settled dividends on vested equity based awards	4,377		$ (4,377)
Repurchase of shares	(60,866)		(10,942)	71,659
Balance, end of year at Dec. 31, 2022				4,243,794
Balance, beginning of year at Dec. 31, 2021				49,529
Contributed surplus
Equity based compensation	13,699	30,691
Vesting of equity based awards	44,811	(44,811)
Balance, end of year at Dec. 31, 2022				35,409
Balance, beginning of year at Dec. 31, 2021				28,467
Accumulated other comprehensive income.
Currency translation adjustments				60,543
Hedge accounting reserve				5,599
Fair value adjustment on investment in securities				28,896
Balance, end of year at Dec. 31, 2022				123,505
Balance, beginning of year at Dec. 31, 2021				(2,253,624)
Deficit
Net (loss) earnings			1,313,062	1,313,062
Dividends declared			(45,769)
Share-settled dividends on vested equity based awards	4,377		(4,377)
Repurchase of shares	(60,866)		(10,942)	71,659
Balance, end of year at Dec. 31, 2022				(1,001,650)
Deficit
Total shareholders' equity				3,401,058
Vesting of equity based awards	23,575	(23,575)
Equity based compensation	11,242	31,514
Share-settled dividends on vested equity based awards	1,179		(1,179)
Repurchase of shares	(137,224)		42,096	94,838
Balance, end of year at Dec. 31, 2023				4,142,566
Contributed surplus
Equity based compensation	11,242	31,514
Vesting of equity based awards	23,575	$ (23,575)
Balance, end of year at Dec. 31, 2023				43,348
Accumulated other comprehensive income.
Currency translation adjustments				(16,468)
Hedge accounting reserve				6,357
Fair value adjustment on investment in securities				(4,092)
Balance, end of year at Dec. 31, 2023				109,302
Deficit
Net (loss) earnings			(237,587)	(237,587)
Dividends declared			(65,248)
Share-settled dividends on vested equity based awards	1,179		(1,179)
Repurchase of shares	$ (137,224)		$ 42,096	94,838
Balance, end of year at Dec. 31, 2023				(1,263,568)
Deficit
Total shareholders' equity				$ 3,031,648

Basis of presentation

Basis of presentation	12 Months Ended
	Dec. 31, 2023
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 6, 2024.

Material accounting policies

Material accounting policies	12 Months Ended
	Dec. 31, 2023
Material accounting policies
Material accounting policies	2. Material 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 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, investment in securities, 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. 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 Long-term Incentive Plan (“LTIP”) and the Deferred Share Unit Plan ("DSU"). Equity-settled awards issued under the LTIP vest over a period of one three years 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 LTIP 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 (loss) earnings per share is calculated by dividing net (loss) earnings by the weighted-average number of shares outstanding during the period. Diluted net (loss) earnings per share is calculated by dividing net (loss) 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 (loss) 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 (loss) 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 income. 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, 2023
Segmented information
Segmented information	3. Segmented information ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2023 ​ Canada ​ USA France Netherlands Germany Ireland Australia Corporate Total Total assets 1,805,049 ​ 254,884 587,824 237,326 425,532 1,137,648 280,532 1,507,026 6,235,821 Drilling and development 288,223 ​ 91,977 48,297 44,147 48,463 20,283 26,005 1,715 569,110 Exploration and evaluation — ​ — — — 11,248 — — 9,833 21,081 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Crude oil and condensate sales 621,985 ​ 129,775 285,626 2,306 57,464 74 36,381 — 1,133,611 NGL sales 68,753 ​ 15,240 — — — — — — 83,993 Natural gas sales 170,653 ​ 6,143 — 184,548 138,017 302,330 — 3,260 804,951 Sales of purchased commodities ​ ​ ​ — ​ — ​ — ​ — ​ — ​ — ​ 177,000 ​ 177,000 Royalties (103,511) ​ (41,487) (37,425) (1,567) (5,993) — — (1,711) (191,694) Revenue from external customers 757,880 ​ 109,671 248,201 185,287 189,488 302,404 36,381 178,549 2,007,861 Purchased commodities ​ ​ — — — — — — (177,000) (177,000) Transportation (43,163) ​ (751) (24,511) — (13,333) (7,098) — — (88,856) Operating (233,417) ​ (23,424) (80,134) (39,157) (43,857) (39,464) (52,360) (1,568) (513,381) General and administration ​ (96,296) ​ (9,734) ​ (20,642) ​ (8,317) ​ (13,104) ​ (19,054) ​ (8,182) ​ 94,613 ​ (80,716) PRRT — ​ — — — — — 20,860 — 20,860 Corporate income taxes (53) ​ — (14,313) (48,349) (28,533) (715) 13 18 (91,932) Windfall taxes ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ (78,426) ​ (78,426) Interest expense — ​ — — — — — — (85,212) (85,212) Realized gain on derivative instruments — ​ — — — — — — 234,365 234,365 Realized foreign exchange loss — ​ — — — — — — (4,532) (4,532) Realized other expense — ​ — — — — — — (420) (420) Fund flows from operations 384,951 ​ 75,762 108,601 89,464 90,661 236,073 (3,288) 160,387 1,142,611 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2022 ​ Canada ​ USA France Netherlands Germany Ireland Australia Corporate Total Total assets 3,612,487 ​ 618,116 823,544 240,276 398,612 465,643 249,253 583,127 6,991,058 Drilling and development 275,203 ​ 63,353 44,250 21,629 25,087 3,030 95,173 331 528,056 Exploration and evaluation — ​ — 2 23 1,070 — — 22,666 23,761 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Crude oil and condensate sales 910,863 ​ 130,150 365,431 2,119 62,464 15 221,187 — 1,692,229 NGL sales 114,128 ​ 19,385 — — — — — — 133,513 Natural gas sales 319,293 ​ 16,698 — 560,738 418,796 324,330 — 10,797 1,650,652 Sales of purchased commodities ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ 244,834 ​ 244,834 Royalties (196,005) ​ (44,427) (40,353) (512) (21,232) — — (3,488) (306,017) Revenue from external customers 1,148,279 ​ 121,806 325,078 562,345 460,028 324,345 221,187 252,143 3,415,211 Purchased commodities ​ — ​ — — — — — — (244,834) (244,834) Transportation (44,849) ​ (618) (20,100) — (9,751) (3,578) — — (78,896) Operating (240,899) ​ (27,372) (57,588) (45,903) (41,523) (16,580) (57,478) (1,691) (489,034) General and administration (28,643) ​ (5,863) ​ (16,444) ​ (4,255) ​ (6,949) ​ 122 ​ (4,964) ​ 9,319 ​ (57,677) PRRT — ​ — — — — — (18,318) — (18,318) Corporate income taxes (10) ​ — (29,889) (150,647) (31,513) — 5,016 (1,110) (208,153) Windfall tax ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ (222,859) ​ (222,859) Interest expense — ​ — — — — — — (82,858) (82,858) Realized loss on derivative instruments — ​ — — — — — — (405,894) (405,894) Realized foreign exchange gain — ​ — — — — — — 15,195 15,195 Realized other income — ​ — — — — — — 12,982 12,982 Fund flows from operations 833,878 ​ 87,953 201,057 361,540 370,292 304,309 145,443 (669,607) 1,634,865 ​ Reconciliation of fund flows from operations to net (loss) earnings: ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ Dec 31, 2023 Dec 31, 2022 Fund flows from operations 1,142,611 1,634,865 Equity based compensation (42,756) (44,390) Unrealized gain on derivative instruments 179,707 540,801 Unrealized foreign exchange gain (loss) 12,438 (84,464) Accretion (78,187) (58,170) Depletion and depreciation (712,619) (577,134) Deferred tax recovery (expense) 190,193 (288,707) Gain on business combination 439,487 — Loss on disposition ​ (352,367) ​ — Impairment (expense) reversal ​ (1,016,094) ​ 192,094 Unrealized other expense — (1,833) Net (loss) earnings (237,587) 1,313,062 ​

Business combination

Business combination	12 Months Ended
	Dec. 31, 2023
Business combination
Business combination	4. Business combination ​ Equinor Energy Ireland Limited On March 31, 2023, Vermilion purchased 100% of the shares outstanding of Equinor Energy Ireland Limited ("EEIL") from Equinor ASA. The acquisition adds an incremental 36.5% interest in the Corrib Natural Gas Project, increasing Vermilion's operated interest to 56.5%. The total consideration paid and the fair value of the assets acquired and liabilities assumed at the date of acquisition are detailed in the table below. ​ ​ ​ ​ ​ Consideration Cash consideration paid 488,893 ​ ​ ​ ​ ​ Allocation of consideration Cash acquired 400,002 Capital assets 768,026 Acquired working capital deficit (109,134) Asset retirement obligations (42,277) Derivative liability (51,789) Deferred tax liability (36,448) Net assets acquired ​ 928,380 Gain on business combination (439,487) Total net assets acquired, net of gain on business combination 488,893 ​ The gain on the business combination primarily resulted from increases in working capital and the fair value of capital assets from when the purchase and sale agreement was entered into in November 2021 and when the acquisition closed in March 2023 due to significant increases in European natural gas prices throughout 2022 and Q1 2023. ​ The results of operations from the assets acquired and liabilities assumed have been included in Vermilion's consolidated financial statements beginning March 31, 2023 and have contributed revenues net of royalties of $161.7 million and net earnings of $43.6 million. Had the acquisition occurred on January 1, 2023, consolidated petroleum and natural gas revenue would have been $2,098.2 million and consolidated net loss would have been 182.6 million for the year ended December 31, 2023.

Investment in securities

Investment in securities	12 Months Ended
	Dec. 31, 2023
Investment in securities.
Investment in securities	5. Investment in securities ​ The total consideration paid and the fair value of the investments acquired are detailed in the table below: ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 Balance at January 1 56,366 ​ — Acquisition of securities 21,603 ​ 23,282 Fair value adjustment (1) (4,708) ​ 33,084 Balance at December 31 73,261 ​ 56,366 (1) The investment is classified as a level 1 instrument on the fair value hierarchy and therefore uses observable inputs when making fair value adjustments. ​

Capital assets

Capital assets	12 Months Ended
	Dec. 31, 2023
Capital assets
Capital assets	6. Capital assets ​ The following table reconciles the change in Vermilion’s capital assets: ​ ​ ​ ​ ​ ​ ​ 2023 2022 Balance at January 1 5,691,522 4,824,195 Acquisitions 836,295 572,535 Dispositions ​ (676,471) ​ — Additions 569,110 528,056 Increase in right-of-use assets 3,103 13,871 Transfers from exploration and evaluation assets 40,521 1,223 Impairment (expense) reversal ​ (1,016,094) ​ 192,094 Depletion and depreciation (699,343) (546,381) Changes in asset retirement obligations 138,239 65,462 Foreign exchange (4,373) 40,467 Balance at December 31 4,882,509 5,691,522 ​ ​ ​ Cost 12,966,256 12,058,520 Accumulated depletion, depreciation, and impairment (8,083,747) (6,366,998) Balance at December 31 4,882,509 5,691,522 ​ Impairment ​ In the fourth quarter of 2023, indicators of impairment were present in our France CGU due to changes in forecasted cost assumptions and in our Saskatchewan and United States CGUs due to negative technical revisions. As a result of the indicators of impairment, the Company performed impairment 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 13% for Saskatchewan and 15.0% for France and United States The following benchmark price forecasts were used to calculate the recoverable amounts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 (2) Brent Crude ($ US/bbl) (1) ​ 78.00 ​ 79.18 ​ 80.36 ​ 81.79 ​ 83.41 ​ 85.09 ​ 86.79 ​ 88.52 ​ 90.29 ​ 92.10 WTI Crude ($ US/bbl) (1) ​ 73.67 ​ 74.98 ​ 76.14 ​ 77.66 ​ 79.22 ​ 80.80 ​ 82.42 ​ 84.06 ​ 85.75 ​ 87.46 Light Sour Crude ($/bbl) (1) ​ 93.35 ​ 95.50 ​ 96.53 ​ 98.46 ​ 100.43 ​ 102.44 ​ 104.49 ​ 106.58 ​ 108.71 ​ 110.88 SK Plant Gate Gas - Spot Gas ($/MMbtu) (1) ​ 1.98 ​ 3.15 ​ 3.83 ​ 3.91 ​ 3.99 ​ 4.08 ​ 4.16 ​ 4.25 ​ 4.34 ​ 4.43 Henry Hub Gas ($ US/MMbtu) (1) ​ 2.75 ​ 3.64 ​ 4.02 ​ 4.10 ​ 4.18 ​ 4.27 ​ 4.35 ​ 4.44 ​ 4.53 ​ 4.62 (1) The forecast benchmark prices listed are adjusted for quality differentials, heat content, transportation and marketing costs and other factors specific to the Company’s operations when determining recoverable amounts. (2) In 2033 and beyond, commodity price forecasts are inflated at a rate of 2.0% per annum. ​ The following are the results of tests completed, recoverable amounts, and sensitivity impacts which would increase the impairments taken: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Segment CGU Impairment Recoverable Amount 1% increase in discount rate 5% decrease in pricing Canada Saskatchewan 542,937 704,636 ​ 42,657 79,452 France France (1) 226,858 523,303 ​ 24,653 70,035 United States United States 246,299 239,179 ​ 12,819 38,290 Total ​ 1,016,094 1,467,118 ​ 80,129 187,777 (1) During 2023, Vermilion finalized an evaluation of the management and organization of Vermilion’s assets in France resulting in a combination of its Neocomian, Chaunoy, Champotran, and Aquitaine Basin CGUs into the France CGU. If these CGUs were not combined, impairment recognized would have increased by $23.2 million. ​ Southeast Saskatchewan disposition ​ In March 2023, Vermilion sold non-core assets in southeast Saskatchewan for net proceeds of $182.2 million and resulted in a loss on disposition of $226.8 million. The book value of the net assets disposed of was $409.0 million and consisted of $534.0 million of capital assets, $25.9 million of exploration and evaluation assets, and $150.9 million of asset retirement obligations. ​ United States disposition ​ In December 2023, Vermilion sold non-core assets in Wyoming for net proceeds of $16.3 million and resulted in a loss on disposition of $125.5 million. ​ Minor acquisition ​ In March 2023, Vermilion completed a minor acquisition of Alberta assets for total consideration of $19.0 million where $33.9 million of capital assets and $14.9 million of asset retirement obligations were recognized. ​ Right-of-use assets The following table discloses the carrying balance and depreciation charge relating to right-of-use assets by class of underlying asset as at and for the year ended December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at Dec 31, 2023 ​ As at Dec 31, 2022 ($M) Depreciation Balance Depreciation Balance Office space 8,115 25,893 8,328 31,199 Gas processing facilities 7,691 6,326 7,691 13,415 Oil storage facilities 2,667 7,037 2,429 8,970 Vehicles and equipment 5,433 9,760 4,716 13,944 Total 23,906 49,016 23,164 67,528 ​

Exploration and evaluation asse

Exploration and evaluation assets	12 Months Ended
	Dec. 31, 2023
Exploration and evaluation assets
Exploration and evaluation assets	7. Exploration and evaluation assets The following table reconciles the change in Vermilion’s exploration and evaluation assets: ​ ​ ​ ​ ​ ​ 2023 2022 Balance at January 1 270,593 233,290 Acquisitions — 43,227 Additions 21,081 23,761 Dispositions ​ (25,862) ​ — Changes in asset retirement obligations (980) 646 Transfers to capital assets (40,521) (1,223) Depreciation (27,386) (30,503) Foreign exchange 1,454 1,395 Balance at December 31 198,379 270,593 ​ ​ ​ Cost 432,345 476,571 Accumulated depreciation (233,966) (205,978) Carrying amount at December 31 198,379 270,593 ​

Asset retirement obligations

Asset retirement obligations	12 Months Ended
	Dec. 31, 2023
Asset retirement obligations
Asset retirement obligations	8. Asset retirement obligations The following table reconciles the change in Vermilion’s asset retirement obligations: ​ ​ ​ ​ ​ ​ 2023 2022 Balance at January 1 1,087,757 1,000,554 Additional obligations recognized 60,012 5,184 Dispositions ​ (151,566) ​ — Changes in estimated abandonment timing and costs 1,159 207,919 Obligations settled (56,966) (37,514) Accretion 78,187 58,170 Changes in rates 133,575 (145,555) Foreign exchange 6,905 (1,001) Balance at December 31 1,159,063 1,087,757 ​ Vermilion calculated the present value of the obligations using a credit-adjusted risk-free rate, calculated using a credit spread of 3.6% as at December 31, 2023 (December 31, 2022 – 4.5%) 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, 2023 Dec 31, 2022 Canada 3.0 % 3.3 % United States ​ 4.2 % 4.1 % France 3.0 % 3.4 % Netherlands 2.1 % 2.7 % Germany 2.3 % 2.5 % Ireland 2.7 % 3.2 % Australia 4.0 % 4.2 % ​ Vermilion has estimated the asset retirement obligations based on current cost estimates of $2.2 billion (2022 - $2.3 billion). Current cost estimates are inflated to the estimated time of abandonment using inflation rates of between 1.3% and 5.5% (2022 - between 1.6% and 4.2%), resulting in inflated cost estimates of $3.4 billion (2022 - $3.7 billion). These payments are expected to be made over the next 60 years, with the majority of the costs incurred in the first 40 years. A 0.5% increase/decrease in the discount rate applied to asset retirement obligations would decrease/increase asset retirement obligations by approximately $70.1 million. A one-year increase/decrease in the expected timing of abandonment spend would decrease/increase asset retirement obligations by approximately $34.0 million.

Derivative instruments

Derivative instruments	12 Months Ended
	Dec. 31, 2023
Derivative instruments
Derivative instruments	9. Derivative instruments The following table reconciles the change in the fair value of Vermilion’s derivative instruments: ​ ​ ​ ​ ​ ​ ​ ​ Year Ended Dec 31, 2023 Dec 31, 2022 Fair value of contracts, beginning of year 239,596 (300,865) Reversal of opening contracts settled during the year (43,267) 164,208 Assumed in acquisitions 51,866 (339) Realized gain (loss) on contracts settled during the year 234,365 (405,894) Unrealized gain during the year on contracts outstanding at the end of the year 171,448 376,593 Unwinding of contracts assumed in acquisitions (51,526) — Net receipt from counterparties on contract settlements during the year ​ (234,365) ​ 405,893 Fair value of contracts, end of year 368,117 239,596 Comprised of: Current derivative asset 313,792 162,843 Current derivative liability (732) (55,845) Non-current derivative asset 76,107 132,598 Non-current derivative liability (21,050) — Fair value of contracts, end of year 368,117 239,596 ​ The gain on derivative instruments for 2023 and 2022 were comprised of the following: ​ ​ ​ ​ ​ ​ ​ ​ Year Ended Dec 31, 2023 Dec 31, 2022 Realized (gain) loss on contracts settled during the year (234,365) 405,894 Reversal of opening contracts settled during the year 43,267 (164,208) Unwinding of contracts assumed in acquisitions ​ (51,526) ​ — Unrealized gain on contracts outstanding at the end of the year (171,448) (376,593) Gain on derivative instruments (414,072) (134,907) ​ 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 19 (Supplemental information) for a listing of Vermilion's outstanding derivative instruments as at December 31, 2023.

Leases

Leases	12 Months Ended
	Dec. 31, 2023
Leases
Leases	10. Leases Vermilion had the following future commitments associated with its lease obligations: ​ ​ ​ ​ ​ ​ ​ ​ As at ($M) Dec 31, 2023 Dec 31, 2022 Less than 1 year 24,029 23,588 1 - 3 years 31,077 40,374 3 - 5 years 4,591 16,246 After 5 years 2 177 Total lease payments 59,699 80,385 Amounts representing interest (5,630) (9,392) Present value of net lease payments 54,069 70,993 Current portion of lease obligations (21,068) (19,486) Non-current portion of lease obligations 33,001 51,507 ​ ​ ​ ​ ​ Total cash outflow ​ 21,002 ​ 25,422 Interest on lease liabilities ​ 3,908 ​ 4,254 ​

Taxes

Taxes	12 Months Ended
	Dec. 31, 2023
Taxes
Taxes	11. Taxes The following table reconciles Vermilion’s deferred tax asset and liability: ​ ​ ​ ​ ​ ​ ​ ​ As at ​ Dec 31, 2023 Dec 31, 2022 Deferred tax assets: ​ ​ ​ Non-capital losses 632,870 ​ 200,781 Derivative contracts (89,619) ​ — Other (437) ​ 39 Stock based compensation 6,757 ​ — Asset retirement obligations 77,292 ​ 5,818 Capital assets (447,463) ​ (81,105) Unrealized foreign exchange 2,651 ​ — Deferred tax assets 182,051 ​ 125,533 Deferred tax liabilities: ​ ​ ​ Derivative contracts ​ — ​ 58,941 Asset retirement obligations 105,147 ​ 100,670 Capital assets 279,889 ​ 734,146 Stock based compensation ​ — ​ (5,805) Other 6,275 ​ (16,322) Unrealized foreign exchange ​ — ​ (4,282) Non-capital losses (10,341) ​ (390,008) Deferred tax liabilities 380,970 ​ 477,340 ​ 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, 2023 Dec 31, 2022 (Loss) earnings before income taxes (278,282) ​ 2,051,099 Canadian corporate tax rate 24.35 % 24.60 % Expected tax (recovery) expense (67,762) ​ 504,570 ​ (Decrease) increase in taxes resulting from: ​ ​ ​ ​ Petroleum resource rent tax rate (PRRT) differential (1) (14,177) ​ 13,729 ​ Foreign tax rate differentials (2) (3) 33,404 ​ 101,701 ​ Equity based compensation expense (1,914) ​ (11,610) ​ Amended returns and changes to estimated tax pools and tax positions (7,664) ​ (5,691) ​ Statutory rate changes and the estimated reversal rates on temporary differences (3) (17,474) ​ 14,274 ​ Derecognition (recognition) of deferred tax assets 202,216 ​ (118,304) ​ Non-taxable amounts related to business combinations (172,692) — ​ Windfall taxes (3) 78,426 222,859 ​ Other non-deductible items (73,058) ​ 16,509 ​ Provision for income taxes (40,695) ​ 738,037 ​ (1) In Australia, current taxes include both corporate income tax rates and PRRT. For both 2023 and 2022, corporate income tax rates were applied at a rate of 30% and PRRT was applied at a rate of 40% . (2) The applicable tax rates for 2023 were: 25.8% in France, 50.0% in the Netherlands, 31.2% in Germany, 25.0% in Ireland, and 21.0% in the United States (2022: 25.8% in France, 50.0% in the Netherlands, 31.3% in Germany, 25.0% in Ireland, and 21.0% in the United States). (3) On October 6, 2022 the Council of the European Union adopted a regulation that implemented a temporary windfall tax on the profits of oil and gas producers resident in the European Union. This windfall tax was referred to as a temporary solidarity contribution and was calculated on the amount by which the taxable profits for the elected years exceeded the greater of zero and 120% of the average taxable profits for the 2018 to 2021 period. The regulation required Member States to implement the temporary solidarity contribution at a minimum rate of 33% while providing Member States with the option to apply the temporary solidarity contribution to fiscal years beginning on or after January 1, 2022, January 1, 2023, or both. The temporary solidarity contribution does not apply to 2024 or later years and is considered a tax pursuant to IAS 12 “Income Taxes”. The following table summarizes the manner of implementation of the temporary solidarity contribution by the Member States in which Vermilion operates: ​ ​ ​ ​ ​ ​ Jurisdiction 2024 2023 ​ France (1) N/A ​ 33.0 % Netherlands (2) N/A ​ 33.0 % Germany 33.0 % 33.0 % Ireland 75.0 % 75.0 % (1) For 2022, France implemented a windfall tax; however, did not extend for 2023. (2) For 2023 and 2024, Netherlands has implemented a windfall royalty which, for natural gas sales, is calculated as 65% of the excess of the realized price for a subject year versus the threshold price of €0.50 /Nm3 ( €13.40 /mcf). This royalty is deductible against current income taxes. At December 31, 2023, Vermilion had $3.2 billion (2022 - $2.4 billion) of unused tax losses of which $1.4 billion (2022 - $1.4 billion) relates to Vermilion's Canada segment and expire between 2030 and 2042. The majority of the remaining unused tax losses relate to Vermilion's Ireland segment and do not expire. At December 31, 2023, Vermilion derecognized $202.2 million (2022 - recognized $118.3 million) of deferred income tax assets relating to the Canada, USA, Ireland and Australia segments as there is uncertainty as to the Company's ability to fully utilize such losses based on the forecasted commodity prices in effect as at December 31, 2023. The aggregate amount of temporary differences associated with investments in subsidiaries for which deferred tax liabilities have not been recognized as at December 31, 2023 is approximately $1.0 billion (2022 – approximately $0.7 billion). In December 2021, the Organization for Economic Co-operation and Development (“OECD”) issued model rules for a new global minimum tax framework (“Pillar Two”). The objective of Pillar Two is to ensure that large multinational enterprises are subjected to a minimum 15% effective tax rate in each jurisdiction in which they operate. Most of the countries where Vermilion operates are in the process of enacting, or have enacted, tax legislation to comply with Pillar Two with effect from January 1, 2024. The Company expects that Pillar Two will not have a material impact on income tax expense. In May 2023, the IASB issued amendments to IAS 12, “Income Taxes” (“IAS 12”) to address the impacts and additional disclosure requirements related to Pillar Two. Vermilion has applied the mandatory exception required by IAS 12 and accordingly has not accounted for any related deferred income tax assets or liabilities.

Long-term debt

Long-term debt	12 Months Ended
	Dec. 31, 2023
Long-term debt
Long-term debt	12. Long-term debt The following table summarizes Vermilion’s outstanding long-term debt: ​ ​ ​ ​ ​ ​ ​ ​ As at ​ Dec 31, 2023 Dec 31, 2022 Revolving credit facility — 147,666 2025 senior unsecured notes 395,839 404,463 2030 senior unsecured notes ​ 518,176 ​ 529,222 Long-term debt 914,015 1,081,351 ​ 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 2025 senior unsecured notes as at December 31, 2023 was $392.7 million (December 31, 2022 - $391.3 million). The fair value of the 2030 senior unsecured notes as at December 31, 2023 was $511.7 million (December 31, 2022 - $496.8 million). ​ The following table reconciles the change in Vermilion’s long-term debt: ​ ​ ​ ​ ​ ​ 2023 2022 Balance at January 1 1,081,351 ​ 1,651,569 Net repayments on the revolving credit facility (146,324) ​ (1,121,868) Issuance of 2030 senior unsecured notes — 499,037 Amortization of transaction costs 2,182 1,833 Foreign exchange (23,194) 50,780 Balance at December 31 914,015 1,081,351 ​ Revolving credit facility As at December 31, 2023, Vermilion had in place a bank revolving credit facility maturing May 29, 2027 with the following terms: ​ ​ ​ ​ ​ ​ ​ As at ​ Dec 31, 2023 Dec 31, 2022 Total facility amount 1,600,000 1,600,000 Amount drawn — (147,666) Letters of credit outstanding (18,116) (13,527) Unutilized capacity 1,581,884 1,438,807 ​ 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. On May 19, 2023, the maturity date of the facility was extended to May 28, 2027 (previously May 29, 2026) and the total facility amount of $1.6 billion was unchanged. As at December 31, 2023, the revolving credit facility was undrawn. The facility bears interest at a rate applicable to demand loans plus applicable margins. As at December 31, 2023, the revolving credit facility was subject to the following financial covenants: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at Financial covenant Limit Dec 31, 2023 Dec 31, 2022 Consolidated total debt to consolidated EBITDA Less than 4.0 0.65 0.51 Consolidated total senior debt to consolidated EBITDA Less than 3.5 — 0.07 Consolidated EBITDA to consolidated interest expense Greater than 2.5 ​ 17.33 ​ 27.10 ​ 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 consolidated balance sheet. ● Consolidated total senior debt: Consolidated total debt excluding unsecured and subordinated debt. ● Consolidated EBITDA: Consolidated net (loss) 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, 2023, 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, 2023 and December 31, 2022, Vermilion was in compliance with the above covenants. 2025 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. Subsequent to March 15, 2023, Vermilion may redeem some or all of the senior unsecured notes at a 100.000% redemption price plus any accrued and unpaid interest. 2030 senior unsecured notes On April 26, 2022, Vermilion closed a private offering of US $400.0 million 8-year senior unsecured notes. The notes were priced at 99.241% of par, mature on May 1, 2030, and bear interest at a rate of 6.875% per annum. Interest is paid semi-annually on May 1 and November 1, commencing on November 1, 2022. The notes are senior unsecured obligations of Vermilion and rank equally with existing and future senior unsecured indebtedness. The senior unsecured notes were recognized at amortized cost and include the transaction costs directly related to the issuance. Vermilion may, at its option, redeem the notes prior to maturity as follows: ● On or after May 1, 2025, Vermilion may redeem some or all of the senior unsecured notes at the redemption prices set forth below, together with accrued and unpaid interest. ● Prior to May 1, 2025, Vermilion may redeem up to 35% of the original principal amount of the notes with an amount of cash not greater than the net cash proceeds of certain equity offerings at a redemption price of 106.875% of the principal amount of the notes, together with accrued and unpaid interest. ● Prior to May 1, 2025, Vermilion may also redeem some or all of the notes at a price equal to 100% of the principal amount of the notes, plus a “make-whole premium,” together with applicable premium, accrued and unpaid interest. ​ ​ ​ ​ ​ Year Redemption price 2025 103.438 % 2026 102.292 % 2027 101.146 % 2028 and thereafter 100.000 % ​

Shareholders' capital

Shareholders' capital	12 Months Ended
	Dec. 31, 2023
Shareholders' capital
Shareholders' capital	13. Shareholders’ capital The following table reconciles the change in Vermilion’s shareholders’ capital: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 Shareholders’ capital Shares (‘000s) Amount ($M) Shares (‘000s) Amount ($M) Balance at January 1 ​ 163,227 ​ 4,243,794 ​ 162,261 ​ 4,241,773 Vesting of equity based awards 3,657 ​ 23,575 2,578 ​ 44,811 Shares issued for equity based compensation 655 ​ 11,242 549 ​ 13,699 Share-settled dividends on vested equity based awards 64 ​ 1,179 178 ​ 4,377 Repurchase of shares (5,332) ​ (137,224) (2,339) ​ (60,866) Balance at December 31 162,271 ​ 4,142,566 163,227 ​ 4,243,794 ​ 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, 2023 were $65.2 million or $0.40 per common share (2022 - $45.8 million or $0.28 per share). On July 10, 2023, the Toronto Stock Exchange approved our notice of intention to commence a normal course issuer bid ("the NCIB"). The NCIB allows Vermilion to purchase up to 16,308,587 common shares representing approximately 10% of its public float as at July 12, 2023 beginning July 12, 2023 and ending July 11, 2024. Common shares purchased under the NCIB will be cancelled. In 2023, Vermilion purchased and cancelled 5.33 million common shares under the NCIB for total consideration of $94.8 million (2022 - 2.34 million common shares for total consideration of $71.7 million). The surplus between the total consideration and the carrying value of the shares repurchased was recorded as an increase to deficit. Subsequent to December 31, 2023 Vermilion purchased and cancelled 1.44 million common shares under the NCIB for total consideration of $21.4 million.

Capital disclosures

Capital disclosures	12 Months Ended
	Dec. 31, 2023
Capital disclosures
Capital disclosures	14. 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, 2023, our ratio of net debt to trailing fund flows from operations is 0.9 (2022 - 0.8). 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, 2023 Dec 31, 2022 Long-term debt 914,015 1,081,351 Adjusted working capital (1) ​ 164,552 ​ 265,111 Unrealized FX on swapped USD borrowings ​ — ​ (1,876) Net debt 1,078,567 1,344,586 ​ ​ ​ Ratio of net debt to four quarter trailing fund flows from operations 0.9 0.8 (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, 2023
Equity based compensation
Equity based compensation	15. Equity based compensation The following table summarizes the number of awards outstanding under the LTIP: ​ ​ ​ ​ ​ ​ Number of LTIP Awards (‘000s) 2023 2022 Opening balance 5,503 6,405 Granted 1,694 1,108 Vested (2,476) (1,733) Forfeited (243) (277) Closing balance 4,478 5,503 ​ For the year ended December 31, 2023, the awards had a weighted average grant date fair value of $18.19 (2022 - $25.60). 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 (2023 - 1.0; 2022 - 1.0) adjusted by an estimated annual forfeiture rate (2023 - 5.3%; 2022 - 3.8%). Equity based compensation expense of $29.2 million was recorded during the year ended December 31, 2023 (2022 - $29.2 million) relating to the awards. As at December 31, 2023, there were 470,952 DSUs outstanding with a weighted average grant date fair value of $14.26. In 2023, there were 106,644 DSUs granted with a weighted average grant date fair value of $21.85. Equity based compensation expense of $2.3 million was recorded during the year ended December 31, 2023 (2022 - $1.5 million) relating to the DSUs.

Per share amounts

Per share amounts	12 Months Ended
	Dec. 31, 2023
Per share amounts
Per share amounts	16. Per share amounts Basic and diluted net (loss) earnings per share have been determined based on the following: ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ Dec 31, 2023 Dec 31, 2022 Net ( loss) earnings (237,587) 1,313,062 ​ ​ ​ ​ ​ Basic weighted average shares outstanding (‘000s) 163,719 163,489 Dilutive impact of equity based compensation (‘000s) — 4,937 Diluted weighted average shares outstanding (‘000s) 163,719 168,426 ​ ​ ​ Basic (loss) earnings per share (1.45) 8.03 Diluted (loss) earnings per share (1.45) 7.80 ​

Financial instruments

Financial instruments	12 Months Ended
	Dec. 31, 2023
Financial instruments
Financial instruments	17. Financial instruments Classification of financial instruments The following table summarizes the carrying value relating to Vermilion’s financial instruments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at Dec 31, 2023 ​ As at Dec 31, 2022 ​ ​ ​ ​ ​ ​ Amortized ​ ​ ​ ​ ​ ​ ​ Amortized ​ ​ ($M) FVTPL FVTOCI Cost Total FVTPL FVTOCI Cost Total Cash and cash equivalents 141,456 ​ — — ​ 141,456 13,836 ​ — — ​ 13,836 Derivative assets 389,899 ​ — — ​ 389,899 295,441 ​ — — ​ 295,441 Investment in securities — ​ 73,261 — ​ 73,261 — ​ 56,366 — ​ 56,366 Derivative liabilities (21,782) ​ — ​ — ​ (21,782) (55,845) ​ — ​ — ​ (55,845) Accounts receivable — ​ — 242,926 ​ 242,926 — ​ — 373,651 ​ 373,651 Accounts payable and accrued liabilities — ​ — (380,370) ​ (380,370) — ​ — (481,444) ​ (481,444) Dividends payable — ​ — (16,227) ​ (16,227) — ​ — (13,058) ​ (13,058) Lease obligations ​ — ​ — ​ (33,001) ​ (33,001) ​ — ​ — ​ (51,507) ​ (51,507) Long-term debt (1) — ​ — (914,015) ​ (914,015) — ​ — (1,081,351) ​ (1,081,351) ​ (1) The carrying value of the above equals fair value except for long-term debt. The fair value of long-term debt was $904,418 (2022 - $1,035,671 ). 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 , investment in securities, 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, 2023 and 2022. 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 (loss) 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, 2023 Dec 31, 2022 Currency risk - Euro to Canadian dollar $0.01 increase in strength of the Canadian dollar against the Euro 5,855 5,640 $0.01 decrease in strength of the Canadian dollar against the Euro (5,855) (5,640) ​ ​ ​ ​ ​ Currency risk - US dollar to Canadian dollar ​ ​ $0.01 increase in strength of the Canadian dollar against the US $ 6,816 5,441 $0.01 decrease in strength of the Canadian dollar against the US $ (6,816) (5,441) ​ ​ ​ ​ ​ Commodity price risk - Crude oil ​ ​ US $5.00/bbl increase in crude oil price used to determine the fair value of derivatives (27,573) — US $5.00/bbl decrease in crude oil price used to determine the fair value of derivatives 27,573 — ​ ​ ​ ​ ​ Commodity price risk - European natural gas ​ ​ € 5.0/GJ increase in European natural gas price used to determine the fair value of derivatives (256,731) (88,524) € 5.0/GJ decrease in European natural gas price used to determine the fair value of derivatives 262,862 91,828 ​ ​ ​ ​ ​ 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, 2023, Vermilion’s maximum exposure to receivable credit risk was $632.8 million (December 31, 2022 - $669.1 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, 2023 and 2022 is not material. As at the balance sheet date, approximately 3.7% (2022 –0.5%) 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, 2023 134,381 235,396 26,820 430,993 December 31, 2022 192,572 278,520 23,412 607,796 ​

Related party disclosures

Related party disclosures	12 Months Ended
	Dec. 31, 2023
Related party disclosures
Related party disclosures	18. 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, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ Dec 31, 2023 Dec 31, 2022 Short-term benefits 5,451 5,124 Equity based compensation 8,015 ​ 8,951 ​ 13,466 ​ 14,075 Number of individuals included in the above amounts 15 ​ 16 ​

Supplemental information

Supplemental information	12 Months Ended
	Dec. 31, 2023
Supplemental information
Supplemental information	19. Supplemental information Changes in non-cash working capital was comprised of the following: ​ ​ ​ ​ ​ ​ ​ ​ Year Ended Dec 31, 2023 Dec 31, 2022 Changes in: Accounts receivable 130,725 (45,067) Crude oil inventory (37,676) 413 Prepaid expenses 76,452 (45,617) Accounts payable and accrued liabilities (101,074) 40,786 Income taxes payable (42,953) 304,516 Dividends payable ​ 3,169 ​ — Working capital assumed in acquisitions ​ (109,134) ​ — Foreign exchange 7 (12,046) Changes in non-cash working capital (80,484) 242,985 ​ ​ ​ ​ ​ Changes in non-cash operating working capital (61,117) 216,869 Changes in non-cash investing working capital (19,367) 26,116 Changes in non-cash working capital (80,484) 242,985 ​ Cash and cash equivalents was comprised of the following: ​ ​ ​ ​ ​ ​ ​ ​ As at ​ Dec 31, 2023 Dec 31, 2022 Cash on deposit with financial institutions 140,795 13,701 Guaranteed investment certificates 661 135 Cash and cash equivalents 141,456 13,836 ​ Wages and benefits included in operating expenses and general and administration expenses were: ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ Dec 31, 2023 Dec 31, 2022 Operating expense 87,418 75,165 General and administration expense 61,550 45,525 Wages and benefits 148,968 120,690 ​ As at December 31, 2023, we had the following contractual obligations and commitments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ($M) Less than 1 year 1 - 3 years 3 - 5 years After 5 years Total Long-term debt (1) 58,690 480,682 72,743 583,597 1,195,712 Lease obligations (2) 58,034 80,281 53,839 43,907 236,061 Processing and transportation agreements 42,127 54,205 27,493 151,777 275,602 Purchase obligations 32,087 13,519 2,374 105 48,085 Drilling and service agreements 18,572 49,784 — — 68,356 Total contractual obligations and commitments 209,510 678,471 156,449 779,386 1,823,816 (1) Includes interest on senior unsecured notes. (2) Includes undiscounted IFRS 16 - Leases obligations of $59.7 million recognized in the financial statements as at December 31, 2023, future undiscounted IFRS 16 - leases due to commence in 2024 of $117.5 million, and surface lease rental commitments of $56.5 million and other of $2.4 million that are not considered leases under IFRS 16 and are not represented on the balance sheet. (3) Commitments denominated in foreign currencies have been translated using the related spot rates on December 31, 2023. ​ The following tables summarize Vermilion’s outstanding risk management positions as at December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Weighted ​ Weighted ​ Weighted Daily Weighted ​ ​ ​ ​ ​ ​ Daily ​ Average ​ ​ ​ Average ​ ​ ​ Average ​ Daily ​ Average ​ Bought ​ Average ​ ​ ​ ​ ​ ​ Bought Put ​ Bought Put ​ Daily Sold ​ Sold Call ​ Daily Sold ​ Sold Put ​ Sold Swap ​ Sold Swap ​ Swap ​ Bought ​ Unit Currency Volume Price Call Volume Price Put Volume Price Volume Price Volume Swap Price WTI Q1 2024 ​ bbl ​ USD ​ — ​ — ​ — ​ — ​ — ​ — ​ 12,500 ​ 79.00 ​ — ​ — Q2 2024 ​ bbl ​ USD ​ — ​ — ​ — ​ — ​ — ​ — ​ 9,500 ​ 80.11 ​ — ​ — Q3 2024 ​ bbl ​ USD ​ — ​ — ​ — ​ — ​ — ​ — ​ 9,500 ​ 80.11 ​ — ​ — AECO ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Q1 2024 ​ mcf ​ CAD ​ 4,739 ​ 3.17 ​ 4,739 ​ 4.22 ​ — ​ — ​ 4,739 ​ 3.69 ​ — ​ — Q2 2024 ​ mcf ​ CAD ​ 4,739 ​ 3.17 ​ 4,739 ​ 4.22 ​ — ​ — ​ 19,904 ​ 3.14 ​ — ​ — Q3 2024 ​ mcf ​ CAD ​ 4,739 ​ 3.17 ​ 4,739 ​ 4.22 ​ — ​ — ​ 19,904 ​ 3.14 ​ — ​ — Q4 2024 ​ mcf ​ CAD ​ 4,739 ​ 3.17 ​ 4,739 ​ 4.22 ​ — ​ — ​ 9,849 ​ 3.31 ​ — ​ — Q1 2025 ​ mcf ​ CAD ​ 4,739 ​ 3.17 ​ 4,739 ​ 4.22 ​ — ​ — ​ 23,695 ​ 3.89 ​ — ​ — Q2 2025 ​ mcf ​ CAD ​ 4,739 ​ 3.17 ​ 4,739 ​ 4.22 ​ — ​ — ​ 23,695 ​ 3.89 ​ — ​ — Q3 2025 ​ mcf ​ CAD ​ 4,739 ​ 3.17 ​ 4,739 ​ 4.22 ​ — ​ — ​ 23,695 ​ 3.89 ​ — ​ — Q4 2025 ​ mcf ​ CAD ​ 4,739 ​ 3.17 ​ 4,739 ​ 4.22 ​ — ​ — ​ 23,695 ​ 3.89 ​ — ​ — Q1 2026 ​ mcf ​ CAD ​ 4,739 ​ 3.17 ​ 4,739 ​ 4.22 ​ — ​ — ​ 23,695 ​ 3.89 ​ — ​ — Q2 2026 ​ mcf ​ CAD ​ 4,739 ​ 3.17 ​ 4,739 ​ 4.22 ​ — ​ — ​ 23,695 ​ 3.89 ​ — ​ — Q3 2026 ​ mcf ​ CAD ​ 4,739 ​ 3.17 ​ 4,739 ​ 4.22 ​ — ​ — ​ 23,695 ​ 3.89 ​ — ​ — Q4 2026 ​ mcf ​ CAD ​ 4,739 ​ 3.17 ​ 4,739 ​ 4.22 ​ — ​ — ​ 23,695 ​ 3.89 ​ — ​ — NYMEX Henry Hub ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Q1 2024 ​ mcf ​ USD ​ 20,000 ​ 3.50 ​ 20,000 ​ 4.45 ​ — ​ — ​ 4,000 ​ 3.51 ​ — ​ — Q2 2024 mcf USD 20,000 3.50 20,000 4.45 — — 4,000 3.51 — — Q3 2024 mcf USD 20,000 3.50 20,000 4.45 — — 4,000 3.51 — — Q4 2024 mcf USD 20,000 3.50 20,000 4.45 — — 4,000 3.51 — — Q1 2025 ​ mcf ​ USD ​ 24,000 ​ 3.50 ​ 24,000 ​ 4.49 ​ — ​ — ​ — ​ — ​ — ​ — Q2 2025 ​ mcf ​ USD ​ 24,000 ​ 3.50 ​ 24,000 ​ 4.49 ​ — ​ — ​ — ​ — ​ — ​ — Q3 2025 ​ mcf ​ USD ​ 24,000 ​ 3.50 ​ 24,000 ​ 4.49 ​ — ​ — ​ — ​ — ​ — ​ — Q4 2025 ​ mcf ​ USD ​ 24,000 ​ 3.50 ​ 24,000 ​ 4.49 ​ — ​ — ​ — ​ — ​ — ​ — Q1 2026 ​ mcf ​ USD ​ 24,000 ​ 3.50 ​ 24,000 ​ 4.49 ​ — ​ — ​ — ​ — ​ — ​ — Q2 2026 ​ mcf ​ USD ​ 24,000 ​ 3.50 ​ 24,000 ​ 4.49 ​ — ​ — ​ — ​ — ​ — ​ — Q3 2026 ​ mcf ​ USD ​ 24,000 ​ 3.50 ​ 24,000 ​ 4.49 ​ — ​ — ​ — ​ — ​ — ​ — Q4 2026 ​ mcf ​ USD ​ 24,000 ​ 3.50 ​ 24,000 ​ 4.49 ​ — ​ — ​ — ​ — ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Weighted ​ Weighted ​ Weighted Daily Weighted ​ ​ ​ ​ ​ ​ Daily ​ Average ​ Daily ​ Average ​ Daily ​ Average ​ Daily ​ 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 2024 mcf EUR 4,913 41.03 4,913 84.26 — — — — — — Q2 2024 mcf EUR — — — — — — 2,457 14.65 — — Q3 2024 mcf EUR — — — — — — 2,457 14.65 — — TTF Q1 2024 mcf EUR 35,623 37.85 35,623 71.90 — — 7,370 41.19 — — Q2 2024 mcf EUR 7,278 25.96 7,278 45.76 — — 30,709 14.08 — — Q3 2024 mcf EUR 7,278 25.96 7,278 45.76 — — 30,709 14.08 — — Q4 2024 mcf EUR 4,913 13.19 4,913 18.32 — — 34,394 15.13 — — Q1 2025 mcf EUR 4,913 13.19 4,913 18.32 — — 34,394 15.13 — — Q2 2025 mcf EUR — — — — — — 17,197 14.40 — — Q3 2025 ​ mcf ​ EUR ​ — ​ — ​ — ​ — ​ — ​ — ​ 17,197 ​ 14.40 ​ — — Q4 2025 mcf EUR — — — — — — 12,284 13.51 — — Q1 2026 mcf EUR — — — — — — 12,284 13.51 — — Q2 2026 mcf EUR — — — — — — 9,827 9.67 — — Q3 2026 mcf EUR — — — — — — 9,827 9.67 — — Buy TTF, Sell NBP Basis Q1 2024 mcf EUR — — — — — — 22,111 (0.26) — — THE Q4 2024 mcf EUR — — — — — — 2,457 14.95 — — Q1 2025 mcf EUR — — — — — — 2,457 14.95 — — Q2 2025 mcf EUR — — — — — — 2,457 14.95 — — Q3 2025 ​ mcf ​ EUR ​ — ​ — ​ — ​ — ​ — ​ — ​ 2,457 ​ 14.95 ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ VET Equity Swaps Initial Share Price ​ Share Volume ​ Swap Jan 2020 - Apr 2025 ​ ​ 20.9788 CAD ​ 2,250,000 ​ Swap Jan 2020 - Jul 2025 ​ ​ 22.4587 CAD ​ 1,500,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign ​ ​ ​ Monthly Bought Put ​ Weighted Average ​ Monthly Sold Call ​ Weighted Average ​ Monthly Sold Swap ​ Weighted Average Exchange ​ Amount Bought Put Price Amount Sold Call Price Amount Sold Swap Price Collar ​ Jan 2024 - Dec 2024 ​ 4,000,000 ​ USD ​ 1.3600 ​ 4,000,000 ​ USD ​ 1.3963 ​ — ​ ​ ​ — Forward Jan 2024 - Dec 2024 ​ — ​ ​ — ​ — ​ ​ ​ — ​ 4,000,000 ​ USD ​ 1.3531 ​ The following sold option instruments allow the counterparties, at the specified date, to enter into a derivative instrument contract with Vermilion at the detailed terms: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Weighted ​ Weighted Weighted ​ ​ ​ ​ ​ ​ ​ ​ Daily ​ Average ​ ​ ​ Average ​ ​ ​ Average ​ Daily Sold ​ Average ​ ​ ​ ​ ​ ​ Option Expiration ​ Bought Put ​ Bought Put ​ Daily Sold ​ Sold Call ​ Daily Sold ​ Sold Put ​ Swap ​ Sold Swap Period if Option Exercised Unit Currency Date Volume Price Call Volume Price Put Volume Price Volume Price WTI ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Oct 2024 - Sep 2025 ​ bbl ​ USD ​ 29-Mar-2024 ​ — ​ — ​ — ​ — ​ — ​ — ​ 1,000 ​ 80.00 ​

Material accounting policies (P

Material accounting policies (Policies)	12 Months Ended
	Dec. 31, 2023
Material 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
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, investment in securities, 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.
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 Long-term Incentive Plan (“LTIP”) and the Deferred Share Unit Plan ("DSU"). Equity-settled awards issued under the LTIP vest over a period of one three years 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 LTIP 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 (loss) earnings per share is calculated by dividing net (loss) earnings by the weighted-average number of shares outstanding during the period. Diluted net (loss) earnings per share is calculated by dividing net (loss) 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 (loss) 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 (loss) 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 income. 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, 2023
Segmented information
Summary of segment operations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2023 ​ Canada ​ USA France Netherlands Germany Ireland Australia Corporate Total Total assets 1,805,049 ​ 254,884 587,824 237,326 425,532 1,137,648 280,532 1,507,026 6,235,821 Drilling and development 288,223 ​ 91,977 48,297 44,147 48,463 20,283 26,005 1,715 569,110 Exploration and evaluation — ​ — — — 11,248 — — 9,833 21,081 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Crude oil and condensate sales 621,985 ​ 129,775 285,626 2,306 57,464 74 36,381 — 1,133,611 NGL sales 68,753 ​ 15,240 — — — — — — 83,993 Natural gas sales 170,653 ​ 6,143 — 184,548 138,017 302,330 — 3,260 804,951 Sales of purchased commodities ​ ​ ​ — ​ — ​ — ​ — ​ — ​ — ​ 177,000 ​ 177,000 Royalties (103,511) ​ (41,487) (37,425) (1,567) (5,993) — — (1,711) (191,694) Revenue from external customers 757,880 ​ 109,671 248,201 185,287 189,488 302,404 36,381 178,549 2,007,861 Purchased commodities ​ ​ — — — — — — (177,000) (177,000) Transportation (43,163) ​ (751) (24,511) — (13,333) (7,098) — — (88,856) Operating (233,417) ​ (23,424) (80,134) (39,157) (43,857) (39,464) (52,360) (1,568) (513,381) General and administration ​ (96,296) ​ (9,734) ​ (20,642) ​ (8,317) ​ (13,104) ​ (19,054) ​ (8,182) ​ 94,613 ​ (80,716) PRRT — ​ — — — — — 20,860 — 20,860 Corporate income taxes (53) ​ — (14,313) (48,349) (28,533) (715) 13 18 (91,932) Windfall taxes ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ (78,426) ​ (78,426) Interest expense — ​ — — — — — — (85,212) (85,212) Realized gain on derivative instruments — ​ — — — — — — 234,365 234,365 Realized foreign exchange loss — ​ — — — — — — (4,532) (4,532) Realized other expense — ​ — — — — — — (420) (420) Fund flows from operations 384,951 ​ 75,762 108,601 89,464 90,661 236,073 (3,288) 160,387 1,142,611 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2022 ​ Canada ​ USA France Netherlands Germany Ireland Australia Corporate Total Total assets 3,612,487 ​ 618,116 823,544 240,276 398,612 465,643 249,253 583,127 6,991,058 Drilling and development 275,203 ​ 63,353 44,250 21,629 25,087 3,030 95,173 331 528,056 Exploration and evaluation — ​ — 2 23 1,070 — — 22,666 23,761 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Crude oil and condensate sales 910,863 ​ 130,150 365,431 2,119 62,464 15 221,187 — 1,692,229 NGL sales 114,128 ​ 19,385 — — — — — — 133,513 Natural gas sales 319,293 ​ 16,698 — 560,738 418,796 324,330 — 10,797 1,650,652 Sales of purchased commodities ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ 244,834 ​ 244,834 Royalties (196,005) ​ (44,427) (40,353) (512) (21,232) — — (3,488) (306,017) Revenue from external customers 1,148,279 ​ 121,806 325,078 562,345 460,028 324,345 221,187 252,143 3,415,211 Purchased commodities ​ — ​ — — — — — — (244,834) (244,834) Transportation (44,849) ​ (618) (20,100) — (9,751) (3,578) — — (78,896) Operating (240,899) ​ (27,372) (57,588) (45,903) (41,523) (16,580) (57,478) (1,691) (489,034) General and administration (28,643) ​ (5,863) ​ (16,444) ​ (4,255) ​ (6,949) ​ 122 ​ (4,964) ​ 9,319 ​ (57,677) PRRT — ​ — — — — — (18,318) — (18,318) Corporate income taxes (10) ​ — (29,889) (150,647) (31,513) — 5,016 (1,110) (208,153) Windfall tax ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ (222,859) ​ (222,859) Interest expense — ​ — — — — — — (82,858) (82,858) Realized loss on derivative instruments — ​ — — — — — — (405,894) (405,894) Realized foreign exchange gain — ​ — — — — — — 15,195 15,195 Realized other income — ​ — — — — — — 12,982 12,982 Fund flows from operations 833,878 ​ 87,953 201,057 361,540 370,292 304,309 145,443 (669,607) 1,634,865 ​ Reconciliation of fund flows from operations to net (loss) earnings: ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ Dec 31, 2023 Dec 31, 2022 Fund flows from operations 1,142,611 1,634,865 Equity based compensation (42,756) (44,390) Unrealized gain on derivative instruments 179,707 540,801 Unrealized foreign exchange gain (loss) 12,438 (84,464) Accretion (78,187) (58,170) Depletion and depreciation (712,619) (577,134) Deferred tax recovery (expense) 190,193 (288,707) Gain on business combination 439,487 — Loss on disposition ​ (352,367) ​ — Impairment (expense) reversal ​ (1,016,094) ​ 192,094 Unrealized other expense — (1,833) Net (loss) earnings (237,587) 1,313,062 ​

Business combination (Tables)

Business combination (Tables)	12 Months Ended
	Dec. 31, 2023
Business combination
Summary of consideration paid and fair value of assets acquired and liabilities assumed	​ ​ ​ ​ ​ Consideration Cash consideration paid 488,893 ​ ​ ​ ​ ​ Allocation of consideration Cash acquired 400,002 Capital assets 768,026 Acquired working capital deficit (109,134) Asset retirement obligations (42,277) Derivative liability (51,789) Deferred tax liability (36,448) Net assets acquired ​ 928,380 Gain on business combination (439,487) Total net assets acquired, net of gain on business combination 488,893

Investment in securities (Table

Investment in securities (Tables)	12 Months Ended
	Dec. 31, 2023
Investment in securities.
Summary of fair value measurement	The total consideration paid and the fair value of the investments acquired are detailed in the table below: ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 Balance at January 1 56,366 ​ — Acquisition of securities 21,603 ​ 23,282 Fair value adjustment (1) (4,708) ​ 33,084 Balance at December 31 73,261 ​ 56,366 (1) The investment is classified as a level 1 instrument on the fair value hierarchy and therefore uses observable inputs when making fair value adjustments.

Capital assets (Tables)

Capital assets (Tables)	12 Months Ended
	Dec. 31, 2023
Capital assets
Schedule of changes in Vermilion's capital assets	​ The following table reconciles the change in Vermilion’s capital assets: ​ ​ ​ ​ ​ ​ ​ 2023 2022 Balance at January 1 5,691,522 4,824,195 Acquisitions 836,295 572,535 Dispositions ​ (676,471) ​ — Additions 569,110 528,056 Increase in right-of-use assets 3,103 13,871 Transfers from exploration and evaluation assets 40,521 1,223 Impairment (expense) reversal ​ (1,016,094) ​ 192,094 Depletion and depreciation (699,343) (546,381) Changes in asset retirement obligations 138,239 65,462 Foreign exchange (4,373) 40,467 Balance at December 31 4,882,509 5,691,522 ​ ​ ​ Cost 12,966,256 12,058,520 Accumulated depletion, depreciation, and impairment (8,083,747) (6,366,998) Balance at December 31 4,882,509 5,691,522
Schedule of benchmark price forecasts used to calculate the recoverable amounts	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 (2) Brent Crude ($ US/bbl) (1) ​ 78.00 ​ 79.18 ​ 80.36 ​ 81.79 ​ 83.41 ​ 85.09 ​ 86.79 ​ 88.52 ​ 90.29 ​ 92.10 WTI Crude ($ US/bbl) (1) ​ 73.67 ​ 74.98 ​ 76.14 ​ 77.66 ​ 79.22 ​ 80.80 ​ 82.42 ​ 84.06 ​ 85.75 ​ 87.46 Light Sour Crude ($/bbl) (1) ​ 93.35 ​ 95.50 ​ 96.53 ​ 98.46 ​ 100.43 ​ 102.44 ​ 104.49 ​ 106.58 ​ 108.71 ​ 110.88 SK Plant Gate Gas - Spot Gas ($/MMbtu) (1) ​ 1.98 ​ 3.15 ​ 3.83 ​ 3.91 ​ 3.99 ​ 4.08 ​ 4.16 ​ 4.25 ​ 4.34 ​ 4.43 Henry Hub Gas ($ US/MMbtu) (1) ​ 2.75 ​ 3.64 ​ 4.02 ​ 4.10 ​ 4.18 ​ 4.27 ​ 4.35 ​ 4.44 ​ 4.53 ​ 4.62 (1) The forecast benchmark prices listed are adjusted for quality differentials, heat content, transportation and marketing costs and other factors specific to the Company’s operations when determining recoverable amounts. (2) In 2033 and beyond, commodity price forecasts are inflated at a rate of 2.0% per annum. ​
Schedule of sensitivity impacts on impairment charges	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Segment CGU Impairment Recoverable Amount 1% increase in discount rate 5% decrease in pricing Canada Saskatchewan 542,937 704,636 ​ 42,657 79,452 France France (1) 226,858 523,303 ​ 24,653 70,035 United States United States 246,299 239,179 ​ 12,819 38,290 Total ​ 1,016,094 1,467,118 ​ 80,129 187,777 (1) During 2023, Vermilion finalized an evaluation of the management and organization of Vermilion’s assets in France resulting in a combination of its Neocomian, Chaunoy, Champotran, and Aquitaine Basin CGUs into the France CGU. If these CGUs were not combined, impairment recognized would have increased by $23.2 million.
Summary of carrying balance and depreciation charge relating to right-of-use assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at Dec 31, 2023 ​ As at Dec 31, 2022 ($M) Depreciation Balance Depreciation Balance Office space 8,115 25,893 8,328 31,199 Gas processing facilities 7,691 6,326 7,691 13,415 Oil storage facilities 2,667 7,037 2,429 8,970 Vehicles and equipment 5,433 9,760 4,716 13,944 Total 23,906 49,016 23,164 67,528 ​

Exploration and evaluation as_2

Exploration and evaluation assets (Tables)	12 Months Ended
	Dec. 31, 2023
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: ​ ​ ​ ​ ​ ​ 2023 2022 Balance at January 1 270,593 233,290 Acquisitions — 43,227 Additions 21,081 23,761 Dispositions ​ (25,862) ​ — Changes in asset retirement obligations (980) 646 Transfers to capital assets (40,521) (1,223) Depreciation (27,386) (30,503) Foreign exchange 1,454 1,395 Balance at December 31 198,379 270,593 ​ ​ ​ Cost 432,345 476,571 Accumulated depreciation (233,966) (205,978) Carrying amount at December 31 198,379 270,593 ​

Asset retirement obligations (T

Asset retirement obligations (Tables)	12 Months Ended
	Dec. 31, 2023
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: ​ ​ ​ ​ ​ ​ 2023 2022 Balance at January 1 1,087,757 1,000,554 Additional obligations recognized 60,012 5,184 Dispositions ​ (151,566) ​ — Changes in estimated abandonment timing and costs 1,159 207,919 Obligations settled (56,966) (37,514) Accretion 78,187 58,170 Changes in rates 133,575 (145,555) Foreign exchange 6,905 (1,001) Balance at December 31 1,159,063 1,087,757 ​
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, 2023 Dec 31, 2022 Canada 3.0 % 3.3 % United States ​ 4.2 % 4.1 % France 3.0 % 3.4 % Netherlands 2.1 % 2.7 % Germany 2.3 % 2.5 % Ireland 2.7 % 3.2 % Australia 4.0 % 4.2 %

Derivative instruments (Tables)

Derivative instruments (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023 Dec 31, 2022 Fair value of contracts, beginning of year 239,596 (300,865) Reversal of opening contracts settled during the year (43,267) 164,208 Assumed in acquisitions 51,866 (339) Realized gain (loss) on contracts settled during the year 234,365 (405,894) Unrealized gain during the year on contracts outstanding at the end of the year 171,448 376,593 Unwinding of contracts assumed in acquisitions (51,526) — Net receipt from counterparties on contract settlements during the year ​ (234,365) ​ 405,893 Fair value of contracts, end of year 368,117 239,596 Comprised of: Current derivative asset 313,792 162,843 Current derivative liability (732) (55,845) Non-current derivative asset 76,107 132,598 Non-current derivative liability (21,050) — Fair value of contracts, end of year 368,117 239,596 ​
Summary of (gain) loss on derivative instruments	The gain on derivative instruments for 2023 and 2022 were comprised of the following: ​ ​ ​ ​ ​ ​ ​ ​ Year Ended Dec 31, 2023 Dec 31, 2022 Realized (gain) loss on contracts settled during the year (234,365) 405,894 Reversal of opening contracts settled during the year 43,267 (164,208) Unwinding of contracts assumed in acquisitions ​ (51,526) ​ — Unrealized gain on contracts outstanding at the end of the year (171,448) (376,593) Gain on derivative instruments (414,072) (134,907)

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023 Dec 31, 2022 Less than 1 year 24,029 23,588 1 - 3 years 31,077 40,374 3 - 5 years 4,591 16,246 After 5 years 2 177 Total lease payments 59,699 80,385 Amounts representing interest (5,630) (9,392) Present value of net lease payments 54,069 70,993 Current portion of lease obligations (21,068) (19,486) Non-current portion of lease obligations 33,001 51,507 ​ ​ ​ ​ ​ Total cash outflow ​ 21,002 ​ 25,422 Interest on lease liabilities ​ 3,908 ​ 4,254 ​

Taxes (Tables)

Taxes (Tables)	12 Months Ended
	Dec. 31, 2023
Taxes
Summary of deferred tax asset and liability	The following table reconciles Vermilion’s deferred tax asset and liability: ​ ​ ​ ​ ​ ​ ​ ​ As at ​ Dec 31, 2023 Dec 31, 2022 Deferred tax assets: ​ ​ ​ Non-capital losses 632,870 ​ 200,781 Derivative contracts (89,619) ​ — Other (437) ​ 39 Stock based compensation 6,757 ​ — Asset retirement obligations 77,292 ​ 5,818 Capital assets (447,463) ​ (81,105) Unrealized foreign exchange 2,651 ​ — Deferred tax assets 182,051 ​ 125,533 Deferred tax liabilities: ​ ​ ​ Derivative contracts ​ — ​ 58,941 Asset retirement obligations 105,147 ​ 100,670 Capital assets 279,889 ​ 734,146 Stock based compensation ​ — ​ (5,805) Other 6,275 ​ (16,322) Unrealized foreign exchange ​ — ​ (4,282) Non-capital losses (10,341) ​ (390,008) Deferred tax liabilities 380,970 ​ 477,340
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, 2023 Dec 31, 2022 (Loss) earnings before income taxes (278,282) ​ 2,051,099 Canadian corporate tax rate 24.35 % 24.60 % Expected tax (recovery) expense (67,762) ​ 504,570 ​ (Decrease) increase in taxes resulting from: ​ ​ ​ ​ Petroleum resource rent tax rate (PRRT) differential (1) (14,177) ​ 13,729 ​ Foreign tax rate differentials (2) (3) 33,404 ​ 101,701 ​ Equity based compensation expense (1,914) ​ (11,610) ​ Amended returns and changes to estimated tax pools and tax positions (7,664) ​ (5,691) ​ Statutory rate changes and the estimated reversal rates on temporary differences (3) (17,474) ​ 14,274 ​ Derecognition (recognition) of deferred tax assets 202,216 ​ (118,304) ​ Non-taxable amounts related to business combinations (172,692) — ​ Windfall taxes (3) 78,426 222,859 ​ Other non-deductible items (73,058) ​ 16,509 ​ Provision for income taxes (40,695) ​ 738,037 ​ (1) In Australia, current taxes include both corporate income tax rates and PRRT. For both 2023 and 2022, corporate income tax rates were applied at a rate of 30% and PRRT was applied at a rate of 40% . (2) The applicable tax rates for 2023 were: 25.8% in France, 50.0% in the Netherlands, 31.2% in Germany, 25.0% in Ireland, and 21.0% in the United States (2022: 25.8% in France, 50.0% in the Netherlands, 31.3% in Germany, 25.0% in Ireland, and 21.0% in the United States). (3) On October 6, 2022 the Council of the European Union adopted a regulation that implemented a temporary windfall tax on the profits of oil and gas producers resident in the European Union. This windfall tax was referred to as a temporary solidarity contribution and was calculated on the amount by which the taxable profits for the elected years exceeded the greater of zero and 120% of the average taxable profits for the 2018 to 2021 period. The regulation required Member States to implement the temporary solidarity contribution at a minimum rate of 33% while providing Member States with the option to apply the temporary solidarity contribution to fiscal years beginning on or after January 1, 2022, January 1, 2023, or both. The temporary solidarity contribution does not apply to 2024 or later years and is considered a tax pursuant to IAS 12 “Income Taxes”.

Long-term debt (Tables)

Long-term debt (Tables)	12 Months Ended
	Dec. 31, 2023
Disclosure of Long-term Debt
Summary of outstanding long-term debt	The following table summarizes Vermilion’s outstanding long-term debt: ​ ​ ​ ​ ​ ​ ​ ​ As at ​ Dec 31, 2023 Dec 31, 2022 Revolving credit facility — 147,666 2025 senior unsecured notes 395,839 404,463 2030 senior unsecured notes ​ 518,176 ​ 529,222 Long-term debt 914,015 1,081,351
Summary of change in long-term debt	The following table reconciles the change in Vermilion’s long-term debt: ​ ​ ​ ​ ​ ​ 2023 2022 Balance at January 1 1,081,351 ​ 1,651,569 Net repayments on the revolving credit facility (146,324) ​ (1,121,868) Issuance of 2030 senior unsecured notes — 499,037 Amortization of transaction costs 2,182 1,833 Foreign exchange (23,194) 50,780 Balance at December 31 914,015 1,081,351
Summary of financial covenants	As at December 31, 2023, the revolving credit facility was subject to the following financial covenants: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at Financial covenant Limit Dec 31, 2023 Dec 31, 2022 Consolidated total debt to consolidated EBITDA Less than 4.0 0.65 0.51 Consolidated total senior debt to consolidated EBITDA Less than 3.5 — 0.07 Consolidated EBITDA to consolidated interest expense Greater than 2.5 ​ 17.33 ​ 27.10
Summary of detailed information about redemption price of unsecured notes option	​ ​ ​ ​ ​ Year Redemption price 2025 103.438 % 2026 102.292 % 2027 101.146 % 2028 and thereafter 100.000 % ​
Revolving credit facility
Disclosure of Long-term Debt
Summary of outstanding long-term debt	As at December 31, 2023, Vermilion had in place a bank revolving credit facility maturing May 29, 2027 with the following terms: ​ ​ ​ ​ ​ ​ ​ As at ​ Dec 31, 2023 Dec 31, 2022 Total facility amount 1,600,000 1,600,000 Amount drawn — (147,666) Letters of credit outstanding (18,116) (13,527) Unutilized capacity 1,581,884 1,438,807

Shareholders' capital (Tables)

Shareholders' capital (Tables)	12 Months Ended
	Dec. 31, 2023
Shareholders' capital
Summary of changes in shareholders' capital	The following table reconciles the change in Vermilion’s shareholders’ capital: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 Shareholders’ capital Shares (‘000s) Amount ($M) Shares (‘000s) Amount ($M) Balance at January 1 ​ 163,227 ​ 4,243,794 ​ 162,261 ​ 4,241,773 Vesting of equity based awards 3,657 ​ 23,575 2,578 ​ 44,811 Shares issued for equity based compensation 655 ​ 11,242 549 ​ 13,699 Share-settled dividends on vested equity based awards 64 ​ 1,179 178 ​ 4,377 Repurchase of shares (5,332) ​ (137,224) (2,339) ​ (60,866) Balance at December 31 162,271 ​ 4,142,566 163,227 ​ 4,243,794

Capital disclosures (Tables)

Capital disclosures (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023 Dec 31, 2022 Long-term debt 914,015 1,081,351 Adjusted working capital (1) ​ 164,552 ​ 265,111 Unrealized FX on swapped USD borrowings ​ — ​ (1,876) Net debt 1,078,567 1,344,586 ​ ​ ​ Ratio of net debt to four quarter trailing fund flows from operations 0.9 0.8 (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, 2023
Vermilion incentive plan
Disclosure Of Equity Based Compensation
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 LTIP: ​ ​ ​ ​ ​ ​ Number of LTIP Awards (‘000s) 2023 2022 Opening balance 5,503 6,405 Granted 1,694 1,108 Vested (2,476) (1,733) Forfeited (243) (277) Closing balance 4,478 5,503

Per share amounts (Tables)

Per share amounts (Tables)	12 Months Ended
	Dec. 31, 2023
Per share amounts
Schedule of determination of basic and diluted net earnings per share	Basic and diluted net (loss) earnings per share have been determined based on the following: ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ Dec 31, 2023 Dec 31, 2022 Net ( loss) earnings (237,587) 1,313,062 ​ ​ ​ ​ ​ Basic weighted average shares outstanding (‘000s) 163,719 163,489 Dilutive impact of equity based compensation (‘000s) — 4,937 Diluted weighted average shares outstanding (‘000s) 163,719 168,426 ​ ​ ​ Basic (loss) earnings per share (1.45) 8.03 Diluted (loss) earnings per share (1.45) 7.80 ​

Financial instruments (Tables)

Financial instruments (Tables)	12 Months Ended
	Dec. 31, 2023
Financial instruments
Summary of financial instruments	The following table summarizes the carrying value relating to Vermilion’s financial instruments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at Dec 31, 2023 ​ As at Dec 31, 2022 ​ ​ ​ ​ ​ ​ Amortized ​ ​ ​ ​ ​ ​ ​ Amortized ​ ​ ($M) FVTPL FVTOCI Cost Total FVTPL FVTOCI Cost Total Cash and cash equivalents 141,456 ​ — — ​ 141,456 13,836 ​ — — ​ 13,836 Derivative assets 389,899 ​ — — ​ 389,899 295,441 ​ — — ​ 295,441 Investment in securities — ​ 73,261 — ​ 73,261 — ​ 56,366 — ​ 56,366 Derivative liabilities (21,782) ​ — ​ — ​ (21,782) (55,845) ​ — ​ — ​ (55,845) Accounts receivable — ​ — 242,926 ​ 242,926 — ​ — 373,651 ​ 373,651 Accounts payable and accrued liabilities — ​ — (380,370) ​ (380,370) — ​ — (481,444) ​ (481,444) Dividends payable — ​ — (16,227) ​ (16,227) — ​ — (13,058) ​ (13,058) Lease obligations ​ — ​ — ​ (33,001) ​ (33,001) ​ — ​ — ​ (51,507) ​ (51,507) Long-term debt (1) — ​ — (914,015) ​ (914,015) — ​ — (1,081,351) ​ (1,081,351)
Summary of increase (decrease) to net earnings before tax	The following table summarizes the increase (positive values) or decrease (negative values) to net (loss) earnings before tax due to a change in the value of Vermilion’s financial instruments as a result of a change in the relevant market risk variable. This analysis does not attempt to reflect any interdependencies between the relevant risk variables. ​ ​ ​ ​ ​ ​ ($M) Dec 31, 2023 Dec 31, 2022 Currency risk - Euro to Canadian dollar $0.01 increase in strength of the Canadian dollar against the Euro 5,855 5,640 $0.01 decrease in strength of the Canadian dollar against the Euro (5,855) (5,640) ​ ​ ​ ​ ​ Currency risk - US dollar to Canadian dollar ​ ​ $0.01 increase in strength of the Canadian dollar against the US $ 6,816 5,441 $0.01 decrease in strength of the Canadian dollar against the US $ (6,816) (5,441) ​ ​ ​ ​ ​ Commodity price risk - Crude oil ​ ​ US $5.00/bbl increase in crude oil price used to determine the fair value of derivatives (27,573) — US $5.00/bbl decrease in crude oil price used to determine the fair value of derivatives 27,573 — ​ ​ ​ ​ ​ Commodity price risk - European natural gas ​ ​ € 5.0/GJ increase in European natural gas price used to determine the fair value of derivatives (256,731) (88,524) € 5.0/GJ decrease in European natural gas price used to determine the fair value of derivatives 262,862 91,828 ​ ​ ​ ​ ​ 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, 2023 134,381 235,396 26,820 430,993 December 31, 2022 192,572 278,520 23,412 607,796 ​

Related party disclosures (Tabl

Related party disclosures (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ Dec 31, 2023 Dec 31, 2022 Short-term benefits 5,451 5,124 Equity based compensation 8,015 ​ 8,951 ​ 13,466 ​ 14,075 Number of individuals included in the above amounts 15 ​ 16 ​

Supplemental information (Table

Supplemental information (Tables)	12 Months Ended
	Dec. 31, 2023
Supplemental information
Summary of changes in non-working capital	Changes in non-cash working capital was comprised of the following: ​ ​ ​ ​ ​ ​ ​ ​ Year Ended Dec 31, 2023 Dec 31, 2022 Changes in: Accounts receivable 130,725 (45,067) Crude oil inventory (37,676) 413 Prepaid expenses 76,452 (45,617) Accounts payable and accrued liabilities (101,074) 40,786 Income taxes payable (42,953) 304,516 Dividends payable ​ 3,169 ​ — Working capital assumed in acquisitions ​ (109,134) ​ — Foreign exchange 7 (12,046) Changes in non-cash working capital (80,484) 242,985 ​ ​ ​ ​ ​ Changes in non-cash operating working capital (61,117) 216,869 Changes in non-cash investing working capital (19,367) 26,116 Changes in non-cash working capital (80,484) 242,985
Schedule of components of cash and cash equivalents	Cash and cash equivalents was comprised of the following: ​ ​ ​ ​ ​ ​ ​ ​ As at ​ Dec 31, 2023 Dec 31, 2022 Cash on deposit with financial institutions 140,795 13,701 Guaranteed investment certificates 661 135 Cash and cash equivalents 141,456 13,836
Summary of wages and benefits	Wages and benefits included in operating expenses and general and administration expenses were: ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ Dec 31, 2023 Dec 31, 2022 Operating expense 87,418 75,165 General and administration expense 61,550 45,525 Wages and benefits 148,968 120,690
Summary of contractual obligations and commitments	As at December 31, 2023, we had the following contractual obligations and commitments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ($M) Less than 1 year 1 - 3 years 3 - 5 years After 5 years Total Long-term debt (1) 58,690 480,682 72,743 583,597 1,195,712 Lease obligations (2) 58,034 80,281 53,839 43,907 236,061 Processing and transportation agreements 42,127 54,205 27,493 151,777 275,602 Purchase obligations 32,087 13,519 2,374 105 48,085 Drilling and service agreements 18,572 49,784 — — 68,356 Total contractual obligations and commitments 209,510 678,471 156,449 779,386 1,823,816 (1) Includes interest on senior unsecured notes. (2) Includes undiscounted IFRS 16 - Leases obligations of $59.7 million recognized in the financial statements as at December 31, 2023, future undiscounted IFRS 16 - leases due to commence in 2024 of $117.5 million, and surface lease rental commitments of $56.5 million and other of $2.4 million that are not considered leases under IFRS 16 and are not represented on the balance sheet. (3) Commitments denominated in foreign currencies have been translated using the related spot rates on December 31, 2023. ​
Summary of outstanding risk management positions	The following tables summarize Vermilion’s outstanding risk management positions as at December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Weighted ​ Weighted ​ Weighted Daily Weighted ​ ​ ​ ​ ​ ​ Daily ​ Average ​ ​ ​ Average ​ ​ ​ Average ​ Daily ​ Average ​ Bought ​ Average ​ ​ ​ ​ ​ ​ Bought Put ​ Bought Put ​ Daily Sold ​ Sold Call ​ Daily Sold ​ Sold Put ​ Sold Swap ​ Sold Swap ​ Swap ​ Bought ​ Unit Currency Volume Price Call Volume Price Put Volume Price Volume Price Volume Swap Price WTI Q1 2024 ​ bbl ​ USD ​ — ​ — ​ — ​ — ​ — ​ — ​ 12,500 ​ 79.00 ​ — ​ — Q2 2024 ​ bbl ​ USD ​ — ​ — ​ — ​ — ​ — ​ — ​ 9,500 ​ 80.11 ​ — ​ — Q3 2024 ​ bbl ​ USD ​ — ​ — ​ — ​ — ​ — ​ — ​ 9,500 ​ 80.11 ​ — ​ — AECO ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Q1 2024 ​ mcf ​ CAD ​ 4,739 ​ 3.17 ​ 4,739 ​ 4.22 ​ — ​ — ​ 4,739 ​ 3.69 ​ — ​ — Q2 2024 ​ mcf ​ CAD ​ 4,739 ​ 3.17 ​ 4,739 ​ 4.22 ​ — ​ — ​ 19,904 ​ 3.14 ​ — ​ — Q3 2024 ​ mcf ​ CAD ​ 4,739 ​ 3.17 ​ 4,739 ​ 4.22 ​ — ​ — ​ 19,904 ​ 3.14 ​ — ​ — Q4 2024 ​ mcf ​ CAD ​ 4,739 ​ 3.17 ​ 4,739 ​ 4.22 ​ — ​ — ​ 9,849 ​ 3.31 ​ — ​ — Q1 2025 ​ mcf ​ CAD ​ 4,739 ​ 3.17 ​ 4,739 ​ 4.22 ​ — ​ — ​ 23,695 ​ 3.89 ​ — ​ — Q2 2025 ​ mcf ​ CAD ​ 4,739 ​ 3.17 ​ 4,739 ​ 4.22 ​ — ​ — ​ 23,695 ​ 3.89 ​ — ​ — Q3 2025 ​ mcf ​ CAD ​ 4,739 ​ 3.17 ​ 4,739 ​ 4.22 ​ — ​ — ​ 23,695 ​ 3.89 ​ — ​ — Q4 2025 ​ mcf ​ CAD ​ 4,739 ​ 3.17 ​ 4,739 ​ 4.22 ​ — ​ — ​ 23,695 ​ 3.89 ​ — ​ — Q1 2026 ​ mcf ​ CAD ​ 4,739 ​ 3.17 ​ 4,739 ​ 4.22 ​ — ​ — ​ 23,695 ​ 3.89 ​ — ​ — Q2 2026 ​ mcf ​ CAD ​ 4,739 ​ 3.17 ​ 4,739 ​ 4.22 ​ — ​ — ​ 23,695 ​ 3.89 ​ — ​ — Q3 2026 ​ mcf ​ CAD ​ 4,739 ​ 3.17 ​ 4,739 ​ 4.22 ​ — ​ — ​ 23,695 ​ 3.89 ​ — ​ — Q4 2026 ​ mcf ​ CAD ​ 4,739 ​ 3.17 ​ 4,739 ​ 4.22 ​ — ​ — ​ 23,695 ​ 3.89 ​ — ​ — NYMEX Henry Hub ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Q1 2024 ​ mcf ​ USD ​ 20,000 ​ 3.50 ​ 20,000 ​ 4.45 ​ — ​ — ​ 4,000 ​ 3.51 ​ — ​ — Q2 2024 mcf USD 20,000 3.50 20,000 4.45 — — 4,000 3.51 — — Q3 2024 mcf USD 20,000 3.50 20,000 4.45 — — 4,000 3.51 — — Q4 2024 mcf USD 20,000 3.50 20,000 4.45 — — 4,000 3.51 — — Q1 2025 ​ mcf ​ USD ​ 24,000 ​ 3.50 ​ 24,000 ​ 4.49 ​ — ​ — ​ — ​ — ​ — ​ — Q2 2025 ​ mcf ​ USD ​ 24,000 ​ 3.50 ​ 24,000 ​ 4.49 ​ — ​ — ​ — ​ — ​ — ​ — Q3 2025 ​ mcf ​ USD ​ 24,000 ​ 3.50 ​ 24,000 ​ 4.49 ​ — ​ — ​ — ​ — ​ — ​ — Q4 2025 ​ mcf ​ USD ​ 24,000 ​ 3.50 ​ 24,000 ​ 4.49 ​ — ​ — ​ — ​ — ​ — ​ — Q1 2026 ​ mcf ​ USD ​ 24,000 ​ 3.50 ​ 24,000 ​ 4.49 ​ — ​ — ​ — ​ — ​ — ​ — Q2 2026 ​ mcf ​ USD ​ 24,000 ​ 3.50 ​ 24,000 ​ 4.49 ​ — ​ — ​ — ​ — ​ — ​ — Q3 2026 ​ mcf ​ USD ​ 24,000 ​ 3.50 ​ 24,000 ​ 4.49 ​ — ​ — ​ — ​ — ​ — ​ — Q4 2026 ​ mcf ​ USD ​ 24,000 ​ 3.50 ​ 24,000 ​ 4.49 ​ — ​ — ​ — ​ — ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Weighted ​ Weighted ​ Weighted Daily Weighted ​ ​ ​ ​ ​ ​ Daily ​ Average ​ Daily ​ Average ​ Daily ​ Average ​ Daily ​ 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 2024 mcf EUR 4,913 41.03 4,913 84.26 — — — — — — Q2 2024 mcf EUR — — — — — — 2,457 14.65 — — Q3 2024 mcf EUR — — — — — — 2,457 14.65 — — TTF Q1 2024 mcf EUR 35,623 37.85 35,623 71.90 — — 7,370 41.19 — — Q2 2024 mcf EUR 7,278 25.96 7,278 45.76 — — 30,709 14.08 — — Q3 2024 mcf EUR 7,278 25.96 7,278 45.76 — — 30,709 14.08 — — Q4 2024 mcf EUR 4,913 13.19 4,913 18.32 — — 34,394 15.13 — — Q1 2025 mcf EUR 4,913 13.19 4,913 18.32 — — 34,394 15.13 — — Q2 2025 mcf EUR — — — — — — 17,197 14.40 — — Q3 2025 ​ mcf ​ EUR ​ — ​ — ​ — ​ — ​ — ​ — ​ 17,197 ​ 14.40 ​ — — Q4 2025 mcf EUR — — — — — — 12,284 13.51 — — Q1 2026 mcf EUR — — — — — — 12,284 13.51 — — Q2 2026 mcf EUR — — — — — — 9,827 9.67 — — Q3 2026 mcf EUR — — — — — — 9,827 9.67 — — Buy TTF, Sell NBP Basis Q1 2024 mcf EUR — — — — — — 22,111 (0.26) — — THE Q4 2024 mcf EUR — — — — — — 2,457 14.95 — — Q1 2025 mcf EUR — — — — — — 2,457 14.95 — — Q2 2025 mcf EUR — — — — — — 2,457 14.95 — — Q3 2025 ​ mcf ​ EUR ​ — ​ — ​ — ​ — ​ — ​ — ​ 2,457 ​ 14.95 ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ VET Equity Swaps Initial Share Price ​ Share Volume ​ Swap Jan 2020 - Apr 2025 ​ ​ 20.9788 CAD ​ 2,250,000 ​ Swap Jan 2020 - Jul 2025 ​ ​ 22.4587 CAD ​ 1,500,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign ​ ​ ​ Monthly Bought Put ​ Weighted Average ​ Monthly Sold Call ​ Weighted Average ​ Monthly Sold Swap ​ Weighted Average Exchange ​ Amount Bought Put Price Amount Sold Call Price Amount Sold Swap Price Collar ​ Jan 2024 - Dec 2024 ​ 4,000,000 ​ USD ​ 1.3600 ​ 4,000,000 ​ USD ​ 1.3963 ​ — ​ ​ ​ — Forward Jan 2024 - Dec 2024 ​ — ​ ​ — ​ — ​ ​ ​ — ​ 4,000,000 ​ USD ​ 1.3531
Summary of sold option instruments counterparties	The following sold option instruments allow the counterparties, at the specified date, to enter into a derivative instrument contract with Vermilion at the detailed terms: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Weighted ​ Weighted Weighted ​ ​ ​ ​ ​ ​ ​ ​ Daily ​ Average ​ ​ ​ Average ​ ​ ​ Average ​ Daily Sold ​ Average ​ ​ ​ ​ ​ ​ Option Expiration ​ Bought Put ​ Bought Put ​ Daily Sold ​ Sold Call ​ Daily Sold ​ Sold Put ​ Swap ​ Sold Swap Period if Option Exercised Unit Currency Date Volume Price Call Volume Price Put Volume Price Volume Price WTI ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Oct 2024 - Sep 2025 ​ bbl ​ USD ​ 29-Mar-2024 ​ — ​ — ​ — ​ — ​ — ​ — ​ 1,000 ​ 80.00 ​

Material accounting policies -

Material accounting policies - Additional Information (Details)	Dec. 31, 2023 item
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, 2023	Dec. 31, 2022
Disclosure Of Segmented Information [Line Items]
Total assets	$ 6,235,821	$ 6,991,058
Drilling and development	569,110	528,056
Exploration and evaluation	21,081	23,761
Royalties	(191,694)	(306,017)
Revenue from external customers	2,007,861	3,415,211
Transportation	(88,856)	(78,896)
Operating	(513,381)	(489,034)
General and administration	(80,716)	(57,677)
Corporate income taxes	(71,072)	(226,471)
Windfall taxes	(78,426)	(222,859)
Interest expense	(85,212)	(82,858)
Fund flows from operations	1,142,611	1,634,865
Reportable segments [member]
Disclosure Of Segmented Information [Line Items]
Total assets	6,235,821	6,991,058
Drilling and development	569,110	528,056
Exploration and evaluation	21,081	23,761
Crude oil and condensate sales	1,133,611	1,692,229
NGL sales	83,993	133,513
Natural gas sales	804,951	1,650,652
Sales of purchased commodities	177,000	244,834
Royalties	(191,694)	(306,017)
Revenue from external customers	2,007,861	3,415,211
Purchased commodities	(177,000)	(244,834)
Transportation	(88,856)	(78,896)
Operating	(513,381)	(489,034)
General and administration	(80,716)	(57,677)
Windfall taxes	(78,426)	(222,859)
Interest expense	(85,212)	(82,858)
Realized gain (loss) on derivative instruments	234,365	(405,894)
Realized other (expense) income	(420)	12,982
Fund flows from operations	1,142,611	1,634,865
Reportable segments [member] | Operating Segments [Member]
Disclosure Of Segmented Information [Line Items]
Realized foreign exchange gain (loss)	(4,532)	15,195
PRRT [Member] | Reportable segments [member]
Disclosure Of Segmented Information [Line Items]
Corporate income taxes	20,860	(18,318)
Corporate income tax [Member] | Reportable segments [member]
Disclosure Of Segmented Information [Line Items]
Corporate income taxes	(91,932)	(208,153)
Canada | Reportable segments [member]
Disclosure Of Segmented Information [Line Items]
Total assets	1,805,049	3,612,487
Drilling and development	288,223	275,203
Exploration and evaluation	0	0
Crude oil and condensate sales	621,985	910,863
NGL sales	68,753	114,128
Natural gas sales	170,653	319,293
Sales of purchased commodities		0
Royalties	(103,511)	(196,005)
Revenue from external customers	757,880	1,148,279
Purchased commodities		0
Transportation	(43,163)	(44,849)
Operating	(233,417)	(240,899)
General and administration	(96,296)	(28,643)
Windfall taxes	0	0
Interest expense	0	0
Realized gain (loss) on derivative instruments	0	0
Realized other (expense) income	0	0
Fund flows from operations	384,951	833,878
Canada | Reportable segments [member] | Operating Segments [Member]
Disclosure Of Segmented Information [Line Items]
Realized foreign exchange gain (loss)	0	0
Canada | PRRT [Member] | Reportable segments [member]
Disclosure Of Segmented Information [Line Items]
Corporate income taxes	0	0
Canada | Corporate income tax [Member] | Reportable segments [member]
Disclosure Of Segmented Information [Line Items]
Corporate income taxes	(53)	(10)
USA | Reportable segments [member]
Disclosure Of Segmented Information [Line Items]
Total assets	254,884	618,116
Drilling and development	91,977	63,353
Exploration and evaluation	0	0
Crude oil and condensate sales	129,775	130,150
NGL sales	15,240	19,385
Natural gas sales	6,143	16,698
Sales of purchased commodities	0	0
Royalties	(41,487)	(44,427)
Revenue from external customers	109,671	121,806
Purchased commodities	0	0
Transportation	(751)	(618)
Operating	(23,424)	(27,372)
General and administration	(9,734)	(5,863)
Windfall taxes	0	0
Interest expense	0	0
Realized gain (loss) on derivative instruments	0	0
Realized other (expense) income	0	0
Fund flows from operations	75,762	87,953
USA | Reportable segments [member] | Operating Segments [Member]
Disclosure Of Segmented Information [Line Items]
Realized foreign exchange gain (loss)	0	0
USA | PRRT [Member] | Reportable segments [member]
Disclosure Of Segmented Information [Line Items]
Corporate income taxes	0	0
USA | Corporate income tax [Member] | Reportable segments [member]
Disclosure Of Segmented Information [Line Items]
Corporate income taxes	0	0
France | Reportable segments [member]
Disclosure Of Segmented Information [Line Items]
Total assets	587,824	823,544
Drilling and development	48,297	44,250
Exploration and evaluation	0	2
Crude oil and condensate sales	285,626	365,431
NGL sales	0	0
Natural gas sales	0	0
Sales of purchased commodities	0	0
Royalties	(37,425)	(40,353)
Revenue from external customers	248,201	325,078
Purchased commodities	0	0
Transportation	(24,511)	(20,100)
Operating	(80,134)	(57,588)
General and administration	(20,642)	(16,444)
Windfall taxes	0	0
Interest expense	0	0
Realized gain (loss) on derivative instruments	0	0
Realized other (expense) income	0	0
Fund flows from operations	108,601	201,057
France | Reportable segments [member] | Operating Segments [Member]
Disclosure Of Segmented Information [Line Items]
Realized foreign exchange gain (loss)	0	0
France | PRRT [Member] | Reportable segments [member]
Disclosure Of Segmented Information [Line Items]
Corporate income taxes	0	0
France | Corporate income tax [Member] | Reportable segments [member]
Disclosure Of Segmented Information [Line Items]
Corporate income taxes	(14,313)	(29,889)
Netherlands | Reportable segments [member]
Disclosure Of Segmented Information [Line Items]
Total assets	237,326	240,276
Drilling and development	44,147	21,629
Exploration and evaluation	0	23
Crude oil and condensate sales	2,306	2,119
NGL sales	0	0
Natural gas sales	184,548	560,738
Sales of purchased commodities	0	0
Royalties	(1,567)	(512)
Revenue from external customers	185,287	562,345
Purchased commodities	0	0
Transportation	0	0
Operating	(39,157)	(45,903)
General and administration	(8,317)	(4,255)
Windfall taxes	0	0
Interest expense	0	0
Realized gain (loss) on derivative instruments	0	0
Realized other (expense) income	0	0
Fund flows from operations	89,464	361,540
Netherlands | Reportable segments [member] | Operating Segments [Member]
Disclosure Of Segmented Information [Line Items]
Realized foreign exchange gain (loss)	0	0
Netherlands | PRRT [Member] | Reportable segments [member]
Disclosure Of Segmented Information [Line Items]
Corporate income taxes	0	0
Netherlands | Corporate income tax [Member] | Reportable segments [member]
Disclosure Of Segmented Information [Line Items]
Corporate income taxes	(48,349)	(150,647)
Germany | Reportable segments [member]
Disclosure Of Segmented Information [Line Items]
Total assets	425,532	398,612
Drilling and development	48,463	25,087
Exploration and evaluation	11,248	1,070
Crude oil and condensate sales	57,464	62,464
NGL sales	0	0
Natural gas sales	138,017	418,796
Sales of purchased commodities	0	0
Royalties	(5,993)	(21,232)
Revenue from external customers	189,488	460,028
Purchased commodities	0	0
Transportation	(13,333)	(9,751)
Operating	(43,857)	(41,523)
General and administration	(13,104)	(6,949)
Windfall taxes	0	0
Interest expense	0	0
Realized gain (loss) on derivative instruments	0	0
Realized other (expense) income	0	0
Fund flows from operations	90,661	370,292
Germany | Reportable segments [member] | Operating Segments [Member]
Disclosure Of Segmented Information [Line Items]
Realized foreign exchange gain (loss)	0	0
Germany | PRRT [Member] | Reportable segments [member]
Disclosure Of Segmented Information [Line Items]
Corporate income taxes	0	0
Germany | Corporate income tax [Member] | Reportable segments [member]
Disclosure Of Segmented Information [Line Items]
Corporate income taxes	(28,533)	(31,513)
Ireland | Reportable segments [member]
Disclosure Of Segmented Information [Line Items]
Total assets	1,137,648	465,643
Drilling and development	20,283	3,030
Exploration and evaluation	0	0
Crude oil and condensate sales	74	15
NGL sales	0	0
Natural gas sales	302,330	324,330
Sales of purchased commodities	0	0
Royalties	0	0
Revenue from external customers	302,404	324,345
Purchased commodities	0	0
Transportation	(7,098)	(3,578)
Operating	(39,464)	(16,580)
General and administration	(19,054)	122
Windfall taxes	0	0
Interest expense	0	0
Realized gain (loss) on derivative instruments	0	0
Realized other (expense) income	0	0
Fund flows from operations	236,073	304,309
Ireland | Reportable segments [member] | Operating Segments [Member]
Disclosure Of Segmented Information [Line Items]
Realized foreign exchange gain (loss)	0	0
Ireland | PRRT [Member] | Reportable segments [member]
Disclosure Of Segmented Information [Line Items]
Corporate income taxes	0	0
Ireland | Corporate income tax [Member] | Reportable segments [member]
Disclosure Of Segmented Information [Line Items]
Corporate income taxes	(715)	0
Australia | Reportable segments [member]
Disclosure Of Segmented Information [Line Items]
Total assets	280,532	249,253
Drilling and development	26,005	95,173
Exploration and evaluation	0	0
Crude oil and condensate sales	36,381	221,187
NGL sales	0	0
Natural gas sales	0	0
Sales of purchased commodities	0	0
Royalties	0	0
Revenue from external customers	36,381	221,187
Purchased commodities	0	0
Transportation	0	0
Operating	(52,360)	(57,478)
General and administration	(8,182)	(4,964)
Windfall taxes	0	0
Interest expense	0	0
Realized gain (loss) on derivative instruments	0	0
Realized other (expense) income	0	0
Fund flows from operations	(3,288)	145,443
Australia | Reportable segments [member] | Operating Segments [Member]
Disclosure Of Segmented Information [Line Items]
Realized foreign exchange gain (loss)	0	0
Australia | PRRT [Member] | Reportable segments [member]
Disclosure Of Segmented Information [Line Items]
Corporate income taxes	20,860	(18,318)
Australia | Corporate income tax [Member] | Reportable segments [member]
Disclosure Of Segmented Information [Line Items]
Corporate income taxes	13	5,016
Corporate | Reportable segments [member]
Disclosure Of Segmented Information [Line Items]
Total assets	1,507,026	583,127
Drilling and development	1,715	331
Exploration and evaluation	9,833	22,666
Crude oil and condensate sales	0	0
NGL sales	0	0
Natural gas sales	3,260	10,797
Sales of purchased commodities	177,000	244,834
Royalties	(1,711)	(3,488)
Revenue from external customers	178,549	252,143
Purchased commodities	(177,000)	(244,834)
Transportation	0	0
Operating	(1,568)	(1,691)
General and administration	94,613	9,319
Windfall taxes	(78,426)	(222,859)
Interest expense	(85,212)	(82,858)
Realized gain (loss) on derivative instruments	234,365	(405,894)
Realized other (expense) income	(420)	12,982
Fund flows from operations	160,387	(669,607)
Corporate | Reportable segments [member] | Operating Segments [Member]
Disclosure Of Segmented Information [Line Items]
Realized foreign exchange gain (loss)	(4,532)	15,195
Corporate | PRRT [Member] | Reportable segments [member]
Disclosure Of Segmented Information [Line Items]
Corporate income taxes	0	0
Corporate | Corporate income tax [Member] | Reportable segments [member]
Disclosure Of Segmented Information [Line Items]
Corporate income taxes	$ 18	$ (1,110)

Segmented information - Reconci

Segmented information - Reconciliation of Fund Flows from Operations to Net Earnings (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Segmented information
Fund flows from operations	$ 1,142,611	$ 1,634,865
Equity based compensation	(42,756)	(44,390)
Unrealized gain on derivative instruments	179,707	540,801
Unrealized foreign exchange gain (loss)	12,438	(84,464)
Accretion	(78,187)	(58,170)
Depletion and depreciation	(712,619)	(577,134)
Deferred tax recovery (expense)	190,193	(288,707)
Gain on business combination	439,487
Loss on disposition	(352,367)
Impairment expense (reversal)	1,016,094	(192,094)
Unrealized other expense		(1,833)
Net (loss) earnings	$ (237,587)	$ 1,313,062

Business combination - Consider

Business combination - Consideration Paid and Fair Value of Assets Acquired and Liabilities Assumed (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 CAD ($)
Disclosure of detailed information about business combination [line items]
Gain on business combination	$ 439,487
Equinor Energy Ireland Limited [Member]
Disclosure of detailed information about business combination [line items]
Cash consideration paid	488,893
Cash acquired	400,002
Capital assets	768,026
Acquired working capital deficit	(109,134)
Asset retirement obligations	(42,277)
Derivative liability	(51,789)
Deferred tax liability	(36,448)
Net assets acquired	928,380
Gain on business combination	(439,487)
Total net assets acquired, net of gain on business combination	$ 488,893

Business combination - Addition

Business combination - Additional Information (Details) - Equinor Energy Ireland Limited [Member] - CAD ($) $ in Millions		10 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2023
Statement [Line Items]
Percentage of voting	100%
Additional operating percentage	36.50%
Operating interest percentage	56.50%
Cash flows from used in operations			$ 182.6
Revenue of acquiree since acquisition date		$ 161.7
Revenue of combined entity as if combination			$ 2,098.2
Profit (loss) of acquire		$ 43.6

Investment in securities (Detai

Investment in securities (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Investment in securities.
Balance at January 1	$ 56,366
Acquisition of securities	21,603	$ 23,282
Fair value adjustment	(4,708)	33,084
Balance at December 31	$ 73,261	$ 56,366

Capital assets - Change in Verm

Capital assets - Change in Vermilion's capital assets (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of Capital assets [Line Items]
Balance at January 1	$ 5,691,522
Balance at December 31	4,882,509	$ 5,691,522
Property, plant and equipment	4,882,509	5,691,522
Capital assets [Member]
Disclosure of Capital assets [Line Items]
Balance at January 1	5,691,522	4,824,195
Acquisitions	836,295	572,535
Dispositions	(676,471)
Additions	569,110	528,056
Increase in right-of-use assets	3,103	13,871
Transfers from exploration and evaluation assets	40,521	1,223
Impairment (expense) reversal	(1,016,094)	192,094
Depletion and depreciation	(699,343)	(546,381)
Changes in asset retirement obligations	138,239	65,462
Foreign exchange	(4,373)	40,467
Balance at December 31	4,882,509	5,691,522
Property, plant and equipment	4,882,509	5,691,522
Capital assets [Member] | Cost
Disclosure of Capital assets [Line Items]
Balance at January 1	12,058,520
Balance at December 31	12,966,256	12,058,520
Property, plant and equipment	12,966,256	12,058,520
Capital assets [Member] | Accumulated depletion, depreciation, and impairment
Disclosure of Capital assets [Line Items]
Balance at January 1	(6,366,998)
Balance at December 31	(8,083,747)	(6,366,998)
Property, plant and equipment	$ (8,083,747)	$ (6,366,998)

Capital assets - Recovery Amoun

Capital assets - Recovery Amounts (Details)	12 Months Ended
	Dec. 31, 2023 $ / MMBTU $ / bbl $ / MMBTU
2024 | Brent Crude ($US/bbl)
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts	78
2024 | WTI Crude ($US/bbl)
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts	73.67
2024 | Light Sour Crude ($/bbl)
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts	93.35
2024 | SK Plant Gate Gas - Spot Gas ($/MMbtu)
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts | $ / MMBTU	1.98
2024 | Henry Hub Gas ($ US/MMbtu)
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts | $ / MMBTU	2.75
2025 | Brent Crude ($US/bbl)
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts	79.18
2025 | WTI Crude ($US/bbl)
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts	74.98
2025 | Light Sour Crude ($/bbl)
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts	95.50
2025 | SK Plant Gate Gas - Spot Gas ($/MMbtu)
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts | $ / MMBTU	3.15
2025 | Henry Hub Gas ($ US/MMbtu)
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts | $ / MMBTU	3.64
2026 | Brent Crude ($US/bbl)
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts	80.36
2026 | WTI Crude ($US/bbl)
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts	76.14
2026 | Light Sour Crude ($/bbl)
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts	96.53
2026 | SK Plant Gate Gas - Spot Gas ($/MMbtu)
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts | $ / MMBTU	3.83
2026 | Henry Hub Gas ($ US/MMbtu)
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts | $ / MMBTU	4.02
2027 | Brent Crude ($US/bbl)
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts	81.79
2027 | WTI Crude ($US/bbl)
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts	77.66
2027 | Light Sour Crude ($/bbl)
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts	98.46
2027 | SK Plant Gate Gas - Spot Gas ($/MMbtu)
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts | $ / MMBTU	3.91
2027 | Henry Hub Gas ($ US/MMbtu)
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts | $ / MMBTU	4.10
2028 | Brent Crude ($US/bbl)
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts	83.41
2028 | WTI Crude ($US/bbl)
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts	79.22
2028 | Light Sour Crude ($/bbl)
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts	100.43
2028 | SK Plant Gate Gas - Spot Gas ($/MMbtu)
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts | $ / MMBTU	3.99
2028 | Henry Hub Gas ($ US/MMbtu)
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts | $ / MMBTU	4.18
2029 | Brent Crude ($US/bbl)
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts	85.09
2029 | WTI Crude ($US/bbl)
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts	80.80
2029 | Light Sour Crude ($/bbl)
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts	102.44
2029 | SK Plant Gate Gas - Spot Gas ($/MMbtu)
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts | $ / MMBTU	4.08
2029 | Henry Hub Gas ($ US/MMbtu)
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts | $ / MMBTU	4.27
2030 | Brent Crude ($US/bbl)
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts	86.79
2030 | WTI Crude ($US/bbl)
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts	82.42
2030 | Light Sour Crude ($/bbl)
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts	104.49
2030 | SK Plant Gate Gas - Spot Gas ($/MMbtu)
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts | $ / MMBTU	4.16
2030 | Henry Hub Gas ($ US/MMbtu)
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts | $ / MMBTU	4.35
2031 | Brent Crude ($US/bbl)
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts	88.52
2031 | WTI Crude ($US/bbl)
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts	84.06
2031 | Light Sour Crude ($/bbl)
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts	106.58
2031 | SK Plant Gate Gas - Spot Gas ($/MMbtu)
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts | $ / MMBTU	4.25
2031 | Henry Hub Gas ($ US/MMbtu)
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts | $ / MMBTU	4.44
2032 | Brent Crude ($US/bbl)
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts	90.29
2032 | WTI Crude ($US/bbl)
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts	85.75
2032 | Light Sour Crude ($/bbl)
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts	108.71
2032 | SK Plant Gate Gas - Spot Gas ($/MMbtu)
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts | $ / MMBTU	4.34
2032 | Henry Hub Gas ($ US/MMbtu)
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts | $ / MMBTU	4.53
2033 | Brent Crude ($US/bbl)
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts	92.10
2033 | WTI Crude ($US/bbl)
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts	87.46
2033 | Light Sour Crude ($/bbl)
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts	110.88
2033 | SK Plant Gate Gas - Spot Gas ($/MMbtu)
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts | $ / MMBTU	4.43
2033 | Henry Hub Gas ($ US/MMbtu)
Disclosure of Capital assets [Line Items]
Benchmark price forecasts used to calculate the recoverable amounts | $ / MMBTU	4.62
2033 and beyond
Disclosure of Capital assets [Line Items]
Commodity price forecast inflation rate percentage	2%

Capital assets - Impairment tes

Capital assets - Impairment tests and sensitivity impacts (Details) - Operating Segments [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2023 CAD ($)
Disclosure of Capital assets [Line Items]
Impairment	$ 1,016,094
Recoverable Amount	1,467,118
1% increase in discount rate	80,129
5% decrease in pricing	187,777
Canada
Disclosure of Capital assets [Line Items]
Impairment	542,937
Recoverable Amount	704,636
1% increase in discount rate	42,657
5% decrease in pricing	79,452
France
Disclosure of Capital assets [Line Items]
Impairment	226,858
Recoverable Amount	523,303
1% increase in discount rate	24,653
5% decrease in pricing	70,035
United States
Disclosure of Capital assets [Line Items]
Impairment	246,299
Recoverable Amount	239,179
1% increase in discount rate	12,819
5% decrease in pricing	$ 38,290

Capital assets - Carrying Balan

Capital assets - Carrying Balance and Depreciation (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of Capital assets [Line Items]
Depreciation	$ 23,906	$ 23,164
Balance	49,016	67,528
Office space
Disclosure of Capital assets [Line Items]
Depreciation	8,115	8,328
Balance	25,893	31,199
Gas processing facilities
Disclosure of Capital assets [Line Items]
Depreciation	7,691	7,691
Balance	6,326	13,415
Oil storage facilities
Disclosure of Capital assets [Line Items]
Depreciation	2,667	2,429
Balance	7,037	8,970
Vehicles and equipment
Disclosure of Capital assets [Line Items]
Depreciation	5,433	4,716
Balance	$ 9,760	$ 13,944

Capital assets - Additional Inf

Capital assets - Additional Information (Details) - CAD ($) $ in Thousands	1 Months Ended		12 Months Ended
	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Disclosure of detailed information about business combination [line items]
Net proceeds			$ 197,007	$ 0
Loss on disposition			$ (352,367)
Canada
Disclosure of detailed information about business combination [line items]
Discount rate applied to cash flow projections	13%		13%
USA
Disclosure of detailed information about business combination [line items]
Discount rate applied to cash flow projections	15%		15%
France
Disclosure of detailed information about business combination [line items]
Discount rate applied to cash flow projections	15%		15%
Operating Segments | France
Disclosure of detailed information about business combination [line items]
Increase in impairment charges if cash generating units are not combined			$ 23,200
Minor acquisition of Alberta assets
Disclosure of detailed information about business combination [line items]
Total consideration		$ 19,000
Capital assets		33,900
Asset retirement obligations		14,900
Capital assets
Disclosure of detailed information about business combination [line items]
Non-cash impairment charges			$ 1,000,000
Southeast Saskatchewan
Disclosure of detailed information about business combination [line items]
Net proceeds		182,200
Loss on disposition		226,800
Book value of net assets disposed		409,000
Book value of net assets disposed consisting of capital assets		534,000
Exploration and evaluation assets		25,900
Asset retirement obligations		$ 150,900
Non-core assets in Wyoming
Disclosure of detailed information about business combination [line items]
Net proceeds	$ 16,300
Loss on disposition	$ 125,500

Exploration and evaluation as_3

Exploration and evaluation assets - Reconciliation of Change in Carrying Amount (Details) - Exploration and evaluation assets [member] - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure Of Exploration And Evaluation Assets [Line Items]
Balance at January 1	$ 270,593	$ 233,290
Acquisitions		43,227
Additions	21,081	23,761
Dispositions	(25,862)
Changes in asset retirement obligations	(980)	646
Transfers to capital assets	(40,521)	(1,223)
Depreciation	(27,386)	(30,503)
Foreign exchange	1,454	1,395
Balance at December 31	198,379	270,593
Property, plant and equipment	198,379	270,593
Cost
Disclosure Of Exploration And Evaluation Assets [Line Items]
Balance at January 1	476,571
Balance at December 31	432,345	476,571
Property, plant and equipment	432,345	476,571
Accumulated depreciation
Disclosure Of Exploration And Evaluation Assets [Line Items]
Balance at January 1	(205,978)
Balance at December 31	(233,966)	(205,978)
Property, plant and equipment	$ (233,966)	$ (205,978)

Asset retirement obligations -

Asset retirement obligations - Reconciliation of Change in Carrying Amount (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Asset retirement obligations
Balance at January 1	$ 1,087,757	$ 1,000,554
Additional obligations recognized	60,012	5,184
Dispositions	(151,566)
Changes in estimated abandonment timing and costs	1,159	207,919
Obligations settled	(56,966)	(37,514)
Accretion	78,187	58,170
Changes in rates	133,575	(145,555)
Foreign exchange	6,905	(1,001)
Balance at December 31	$ 1,159,063	$ 1,087,757

Asset retirement obligations _2

Asset retirement obligations - Risk Free Rates (Details) - Provision for decommissioning, restoration and rehabilitation costs [member]	Dec. 31, 2023	Dec. 31, 2022
Canada
Disclosure Of Asset Retirement Obligations [Line Items]
Discount rate used in current measurement of fair value less costs of disposal	3%	3.30%
United States
Disclosure Of Asset Retirement Obligations [Line Items]
Discount rate used in current measurement of fair value less costs of disposal	4.20%	4.10%
France
Disclosure Of Asset Retirement Obligations [Line Items]
Discount rate used in current measurement of fair value less costs of disposal	3%	3.40%
Netherlands
Disclosure Of Asset Retirement Obligations [Line Items]
Discount rate used in current measurement of fair value less costs of disposal	2.10%	2.70%
Germany
Disclosure Of Asset Retirement Obligations [Line Items]
Discount rate used in current measurement of fair value less costs of disposal	2.30%	2.50%
Ireland
Disclosure Of Asset Retirement Obligations [Line Items]
Discount rate used in current measurement of fair value less costs of disposal	2.70%	3.20%
Australia
Disclosure Of Asset Retirement Obligations [Line Items]
Discount rate used in current measurement of fair value less costs of disposal	4%	4.20%

Asset retirement obligations _3

Asset retirement obligations - Additional Information (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure Of Asset Retirement Obligations [Line Items]
Asset Retirement Obligations Based On Current Cost Estimates	$ 2,200	$ 2,300
Credit Risk Rate Used In Determining Other Provisions	3.60%	4.50%
Increase decrease in discount rate, asset retirement obligations	0.50%
Increase decrease in asset retirement obligations	$ 70.1
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	$ 34
Expected To Be Made Over The Next 60 years [Member]
Disclosure Of Asset Retirement Obligations [Line Items]
Asset retirement obligations based on a total undiscounted future liability	$ 3,400	$ 3,700
Bottom of range [member]
Disclosure Of Asset Retirement Obligations [Line Items]
Inflation rates used in determining the cash flow estimates	1.30%	1.60%
Top of range [member]
Disclosure Of Asset Retirement Obligations [Line Items]
Inflation rates used in determining the cash flow estimates	5.50%	4.20%

Derivative instruments - Change

Derivative instruments - Changes in Fair Value (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Derivative instruments
Fair value of contracts, beginning of year	$ 239,596	$ (300,865)
Reversal of opening contracts settled during the year	(43,267)	164,208
Assumed in acquisitions	51,866	(339)
Realized gain (loss) on contracts settled during the year	234,365	(405,894)
Unrealized gain during the year on contracts outstanding at the end of the year	171,448	376,593
Unwinding of contracts assumed in acquisitions	(51,526)
Net receipt from counterparties on contract settlements during the year	(234,365)	405,893
Fair value of contracts, end of year	368,117	239,596
Current derivative asset	313,792	162,843
Current derivative liability	(732)	(55,845)
Non-current derivative asset	76,107	132,598
Non-current derivative liability	$ (21,050)	$ 0

Derivative instruments - Gain o

Derivative instruments - Gain on derivative instruments (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Derivative instruments
Realized (gain) loss on contracts settled during the year	$ (234,365)	$ 405,894
Reversal of opening contracts settled during the year	43,267	(164,208)
Unwinding of contracts assumed in acquisitions	(51,526)
Unrealized gain on contracts outstanding at the end of the year	(171,448)	(376,593)
Gain on derivative instruments	$ (414,072)	$ (134,907)

Leases - Future Commitments (De

Leases - Future Commitments (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure Of leases
Total lease payments	$ 59,699	$ 80,385
Amounts representing interest	(5,630)	(9,392)
Present value of net lease payments	54,069	70,993
Current portion of lease obligations	(21,068)	(19,486)
Non-current portion of lease obligations	33,001	51,507
Less than 1 year
Disclosure Of leases
Total lease payments	24,029	23,588
1 - 3 years
Disclosure Of leases
Total lease payments	31,077	40,374
3 - 5 years
Disclosure Of leases
Total lease payments	4,591	16,246
After 5 years
Disclosure Of leases
Total lease payments	$ 2	$ 177

Leases - Additional Information

Leases - Additional Information (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Leases
Total cash outflow	$ 21,002	$ 25,422
Interest on lease liabilities	$ 3,908	$ 4,254

Taxes - Reconciliation of Defer

Taxes - Reconciliation of Deferred Tax Asset and Liability (Details) - CAD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets
Disclosure of income tax
Deferred tax asset/liabilities	$ 182,051	$ 125,533
Deferred tax liabilities
Disclosure of income tax
Deferred tax asset/liabilities	380,970	477,340
Non-capital losses | Deferred tax assets
Disclosure of income tax
Deferred tax asset/liabilities	632,870	200,781
Non-capital losses | Deferred tax liabilities
Disclosure of income tax
Deferred tax asset/liabilities	(10,341)	(390,008)
Derivative contracts | Deferred tax assets
Disclosure of income tax
Deferred tax asset/liabilities	(89,619)
Derivative contracts | Deferred tax liabilities
Disclosure of income tax
Deferred tax asset/liabilities		58,941
Capital assets | Deferred tax assets
Disclosure of income tax
Deferred tax asset/liabilities	(447,463)	(81,105)
Capital assets | Deferred tax liabilities
Disclosure of income tax
Deferred tax asset/liabilities	279,889	734,146
Stock based compensation | Deferred tax assets
Disclosure of income tax
Deferred tax asset/liabilities	6,757
Stock based compensation | Deferred tax liabilities
Disclosure of income tax
Deferred tax asset/liabilities		(5,805)
Asset retirement obligations | Deferred tax assets
Disclosure of income tax
Deferred tax asset/liabilities	77,292	5,818
Asset retirement obligations | Deferred tax liabilities
Disclosure of income tax
Deferred tax asset/liabilities	105,147	100,670
Unrealized foreign exchange | Deferred tax assets
Disclosure of income tax
Deferred tax asset/liabilities	2,651
Unrealized foreign exchange | Deferred tax liabilities
Disclosure of income tax
Deferred tax asset/liabilities		(4,282)
Other deferred tax liabilities | Deferred tax liabilities
Disclosure of income tax
Deferred tax asset/liabilities	6,275	(16,322)
Other deferred tax assets | Deferred tax assets
Disclosure of income tax
Deferred tax asset/liabilities	$ (437)	$ 39

Taxes - Reconciliation of Accou

Taxes - Reconciliation of Accounting Profit (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Taxes
(Loss) earnings before income taxes	$ (278,282)	$ 2,051,099
Canadian corporate tax rate	24.35%	24.60%
Expected tax (recovery) expense	$ (67,762)	$ 504,570
Petroleum resource rent tax rate (PRRT) differential (1)	(14,177)	13,729
Foreign tax rate differentials (2) (3)	33,404	101,701
Equity based compensation expense	(1,914)	(11,610)
Amended returns and changes to estimated tax pools and tax positions	(7,664)	(5,691)
Statutory rate changes and the estimated reversal rates on temporary differences (3)	(17,474)	14,274
Derecognition (recognition) of deferred tax assets	202,216	(118,304)
Non-taxable amounts related to business combinations	(172,692)
Windfall taxes (3)	78,426	222,859
Other non-deductible items	(73,058)	16,509
Provision for income taxes	$ (40,695)	$ 738,037

Taxes - Temporary Solidarity Co

Taxes - Temporary Solidarity Contribution Windfall Tax (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
France
Disclosure of income tax
Temporary solidarity contribution		33%
Netherlands
Disclosure of income tax
Temporary solidarity contribution		33%
Germany
Disclosure of income tax
Temporary solidarity contribution	33%	33%
Ireland
Disclosure of income tax
Temporary solidarity contribution	75%	75%

Taxes - Additional Information

Taxes - Additional Information (Details) $ in Thousands	12 Months Ended			24 Months Ended
	Dec. 31, 2024	Dec. 31, 2023 CAD ($)	Dec. 31, 2022 CAD ($)	Dec. 31, 2024 € / m³	Dec. 31, 2024 € / Mcf	Dec. 31, 2023 CAD ($)	Sep. 30, 2022
Disclosure of income tax
Applicable tax rate		24.35%	24.60%
Unused tax losses for which no deferred tax asset recognised		$ 3,200,000	$ 2,400,000			$ 3,200,000
Deductible temporary differences, unused tax losses and unused tax credits expired		202,200	118,300			202,200
Temporary differences associated with investments in subsidiaries, branches and associates and interests in joint arrangements for which deferred tax liabilities have not been recognised		1,000,000	700,000			1,000,000
Windfall taxes		78,426	222,859
Vermilion's Canada Segment
Disclosure of income tax
Deductible temporary differences, unused tax losses and unused tax credits expired		$ 1,400,000	$ 1,400,000			$ 1,400,000
France
Disclosure of income tax
Applicable tax rate		25.80%	25.80%
Temporary solidarity contribution		33%
Netherlands
Disclosure of income tax
Applicable tax rate		50%	50%
Temporary solidarity contribution		33%
Windfall royalty rate	65%			65%	65%
Netherlands | Bottom of range
Disclosure of income tax
Windfall royalty annual realized pricing				0.50	13.40
Germany
Disclosure of income tax
Applicable tax rate		31.20%	31.30%
Temporary solidarity contribution	33%	33%
Ireland
Disclosure of income tax
Applicable tax rate		25%	25%
Temporary solidarity contribution	75%	75%
USA
Disclosure of income tax
Applicable tax rate		21%	21%
European Union | Bottom of range
Disclosure of income tax
Average taxable profits							0%
Temporary solidarity contribution		33%
European Union | Top of range
Disclosure of income tax
Average taxable profits							120%
Corporate income tax | Australia
Disclosure of income tax
Applicable tax rate						30%
PRRT | Australia
Disclosure of income tax
Applicable tax rate						40%

Long-term debt - Outstanding Am

Long-term debt - Outstanding Amount (Details) - CAD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disclosure of Long-term Debt
Revolving credit facility		$ 147,666
Long-term debt	$ 914,015	1,081,351
Senior unsecured notes 2025
Disclosure of Long-term Debt
Senior unsecured notes	395,839	404,463
Senior unsecured notes 2030
Disclosure of Long-term Debt
Senior unsecured notes	$ 518,176	$ 529,222

Long-term debt - Change in Outs

Long-term debt - Change in Outstanding Amount (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Long-term debt
Balance at January 1	$ 1,081,351	$ 1,651,569
Net repayments on the revolving credit facility	(146,324)	(1,121,868)
Issuance of 2030 senior unsecured notes	0	499,037
Amortization of transaction costs	2,182	1,833
Foreign exchange	(23,194)	50,780
Balance at December 31	$ 914,015	$ 1,081,351

Long-term debt - Terms of Revol

Long-term debt - Terms of Revolving Credit Facility (Details) - CAD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Apr. 26, 2022
Revolving credit facility
Disclosure of Long-term Debt
Total facility amount	$ 1,600,000	$ 1,600,000
Amount drawn		(147,666)
Letters of credit outstanding	(18,116)	(13,527)
Unutilized capacity	$ 1,581,884	$ 1,438,807
Senior unsecured notes 2030
Disclosure of Long-term Debt
Total facility amount			$ 400,000

Long-term debt - Financial Cove

Long-term debt - Financial Covenants (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of Long-term Debt
Consolidated total debt to consolidated EBITDA	0.65	0.51
Consolidated total senior debt to consolidated EBITDA		0.07
Consolidated EBITDA to consolidated interest expense	17.33	27.10
Top of range
Disclosure of Long-term Debt
Consolidated EBITDA to consolidated interest expense	2.5
Bottom of range
Disclosure of Long-term Debt
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	28 Months Ended
	Apr. 26, 2022	Dec. 31, 2023	Apr. 30, 2025
Disclosure of Long-term Debt
Redemption price Percentage of senior unsecured notes	99.241%
Senior unsecured notes 2030
Disclosure of Long-term Debt
Redemption price Percentage of senior unsecured notes			106.875%
2025 | Senior unsecured notes 2030
Disclosure of Long-term Debt
Redemption price Percentage of senior unsecured notes		103.438%
2026 | Senior unsecured notes 2030
Disclosure of Long-term Debt
Redemption price Percentage of senior unsecured notes		102.292%
2027 | Senior unsecured notes 2030
Disclosure of Long-term Debt
Redemption price Percentage of senior unsecured notes		101.146%
Year 2028 and thereafter | Senior unsecured notes 2030
Disclosure of Long-term Debt
Redemption price Percentage of senior unsecured notes		100%

Long-term debt - Additional Inf

Long-term debt - Additional Information (Details) $ in Thousands, $ in Millions	Mar. 15, 2023	Apr. 30, 2025	Dec. 31, 2023 CAD ($)	Dec. 31, 2022 CAD ($)	Apr. 26, 2022 CAD ($)	Mar. 13, 2017 USD ($)
Disclosure of Long-term Debt
Revolving credit facility				$ 147,666
Redemption 100% option
Disclosure of Long-term Debt
Percentage of the principle amount of the notes		100%
Revolving credit facility
Disclosure of Long-term Debt
Total facility amount			$ 1,600,000	1,600,000
Senior unsecured notes 2025
Disclosure of Long-term Debt
Fair value of senior unsecured notes			392,700	391,300
Total facility amount						$ 300
Annual interest rate						5.625%
Senior unsecured notes	100%
Senior unsecured notes 2030
Disclosure of Long-term Debt
Fair value of senior unsecured notes			$ 511,700	$ 496,800
Total facility amount					$ 400,000
Annual interest rate					6.875%
Senior unsecured notes 2030 | Redemption 35% option
Disclosure of Long-term Debt
Percentage of the principle amount of the notes		35%

Shareholders' capital - Reconci

Shareholders' capital - Reconciliation of Change in Balance (Details) - CAD ($) $ in Thousands		12 Months Ended
	Jul. 10, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure Of Shareholder's Capital
Balance, beginning of year		$ 4,142,566	$ 4,243,794	$ 4,241,773
Balance, beginning of year (shares)		162,271,000	163,227,000	162,261,000
Vesting of equity based awards (shares)			3,657,000	2,578,000
Share-settled dividends on vested equity based awards (shares)			64,000	178,000
Repurchase of shares			$ 94,838	$ 71,659
Repurchase of shares (in shares)			(5,332,000)	(2,339,000)
Balance, end of year			$ 4,142,566	$ 4,243,794
Balance, end of year (shares)			162,271,000	163,227,000
NCIB purchasable common shares	16,308,587
NCIB common shares acquired and cancelled		1,440,000	5,330,000	2,340,000
NCIB common shares acquired and cancelled, value		$ 21,400	$ 94,800	$ 71,700
Equity based compensation
Disclosure Of Shareholder's Capital
Shares issued for equity based compensation (shares)			655,000	549,000
Issued capital
Disclosure Of Shareholder's Capital
Vesting of equity based awards			$ 23,575	$ 44,811
Shares issued for equity based compensation			11,242	13,699
Share-settled dividends on vested equity based awards			1,179	4,377
Repurchase of shares			$ (137,224)	$ (60,866)

Shareholders' capital - Additio

Shareholders' capital - Additional Information (Details) - CAD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Jul. 10, 2023
Shareholders' capital
Dividends paid, ordinary shares	$ 65.2	$ 45.8
Dividends paid, per share	$ 0.40	$ 0.28
Public float			10%

Capital disclosures - Ratio of

Capital disclosures - Ratio of Net Debt to Fund Flows Operations (Details) $ in Thousands	Dec. 31, 2023 CAD ($)	Dec. 31, 2022 CAD ($)	Dec. 31, 2021 CAD ($)
Capital disclosures
Long-term debt	$ 914,015	$ 1,081,351	$ 1,651,569
Adjusted working capital (1)	(164,552)	(265,111)
Unrealized FX on swapped USD borrowings		(1,876)
Current liabilities	696,074	892,045
Current assets	(823,514)	(714,446)
Net debt	$ 1,078,567	$ 1,344,586
Ratio of net debt to four quarter trailing fund flows from operations	0.9	0.8

Capital disclosures - Additiona

Capital disclosures - Additional Information (Details)	Dec. 31, 2023	Dec. 31, 2022
Disclosure Of Capital Disclosures
Ratio of net debt to four quarter trailing fund flows from operations	0.9	0.8
Top of range
Disclosure Of Capital Disclosures
Ratio of net debt to four quarter trailing fund flows from operations	1

Equity based compensation - Awa

Equity based compensation - Awards Outstanding (Details) - Vermilion incentive plan - EquityInstruments EquityInstruments in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure Of Equity Based Compensation
Opening balance	5,503	6,405
Granted	1,694	1,108
Vested	(2,476)	(1,733)
Forfeited	(243)	(277)
Closing balance	4,478	5,503

Equity based compensation - Add

Equity based compensation - Additional Information (Details) EquityInstruments in Thousands	12 Months Ended
	Dec. 31, 2023 CAD ($) EquityInstruments shares	Dec. 31, 2022 CAD ($) EquityInstruments	Dec. 31, 2021 EquityInstruments
Disclosure Of Equity Based Compensation
Equity based compensation	$ 42,756,000	$ 44,390,000
Vermilion incentive plan
Disclosure Of Equity Based Compensation
Weighted average fair value at measurement date, other equity instruments granted	$ 18.19	$ 25.60
Performance factor (ratio)	1.0	1.0
Annual forfeiture rate share options granted	5.30%	3.80%
Equity based compensation	$ 29,200,000	$ 29,200,000
Number of other equity instruments outstanding in share-based payment arrangement | EquityInstruments	4,478	5,503	6,405
Granted | EquityInstruments	1,694	1,108
Deferred Share Units
Disclosure Of Equity Based Compensation
Weighted average fair value at measurement date, other equity instruments outstanding	$ 14.26
Weighted average fair value at measurement date, other equity instruments granted	21.85
Equity based compensation	$ 2,300,000	$ 1,500,000
Number of other equity instruments outstanding in share-based payment arrangement | shares	470,952
Number of grants outstanding in share-based payment arrangement	106,644

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, 2023	Dec. 31, 2022
Per share amounts
Net (loss) earnings	$ (237,587)	$ 1,313,062
Basic weighted average shares outstanding ('000s)	163,719	163,489
Dilutive impact of equity based compensation ('000s)		4,937
Diluted weighted average shares outstanding ('000s)	163,719	168,426
Basic (loss) earnings per share	$ (1.45)	$ 8.03
Diluted (loss) earnings per share	$ (1.45)	$ 7.80

Financial instruments - Fair Va

Financial instruments - Fair Value and Amortized Cost (Details) - CAD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disclosure of detailed information about financial instruments [line items]
Financial assets, FVTOCI	$ 73,261	$ 56,366
Derivative liabilities
Disclosure of detailed information about financial instruments [line items]
Financial liabilities, FVTPL	(21,782)	(55,845)
Financial liabilities, Total	(21,782)	(55,845)
Dividends payable
Disclosure of detailed information about financial instruments [line items]
Financial liabilities, Amortized Cost	(16,227)	(13,058)
Financial liabilities, Total	(16,227)	(13,058)
Accounts payable and accrued liabilities
Disclosure of detailed information about financial instruments [line items]
Financial liabilities, Amortized Cost	(380,370)	(481,444)
Financial liabilities, Total	(380,370)	(481,444)
Lease obligations
Disclosure of detailed information about financial instruments [line items]
Financial liabilities, Amortized Cost	(33,001)	(51,507)
Financial liabilities, Total	(33,001)	(51,507)
Long-term debt
Disclosure of detailed information about financial instruments [line items]
Financial liabilities, Amortized Cost	(914,015)	(1,081,351)
Financial liabilities, Total	(914,015)	(1,081,351)
Cash and cash equivalents
Disclosure of detailed information about financial instruments [line items]
Financial assets, FVTPL	141,456	13,836
Financial assets, Total	141,456	13,836
Derivative assets
Disclosure of detailed information about financial instruments [line items]
Financial assets, FVTPL	389,899	295,441
Financial assets, Total	389,899	295,441
Investment in securities
Disclosure of detailed information about financial instruments [line items]
Financial assets, FVTOCI	73,261	(56,366)
Financial assets, Total	73,261	(56,366)
Accounts receivable
Disclosure of detailed information about financial instruments [line items]
Financial assets, Amortized Cost	242,926	373,651
Financial assets, Total	$ 242,926	$ 373,651

Financial instruments - Increas

Financial instruments - Increase (Decrease) to Net Earnings Before Tax (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
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	$ 5,855	$ 5,640
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	6,816	5,441
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	(5,855)	(5,640)
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	(6,816)	(5,441)
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	(256,731)	(88,524)
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	(27,573)
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	262,862	91,828
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	27,573
$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, 2023	Dec. 31, 2022
Not later than one month [member]
Disclosure of detailed information about financial instruments [line items]
Non-derivative financial liabilities, undiscounted cash flows	$ 134,381	$ 192,572
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	235,396	278,520
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	26,820	23,412
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	$ 430,993	$ 607,796

Financial instruments - Additio

Financial instruments - Additional Information (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of detailed information about financial instruments [line items]
Maximum exposure to credit risk	$ 632,800	$ 669,100
Percentage of trade and other current receivables	3.70%	0.50%
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	$ 904,418	$ 1,035,671

Related party disclosures - Com

Related party disclosures - Compensation of Directors and Other Members (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 CAD ($) individual	Dec. 31, 2022 CAD ($) individual
Disclosure Of Related Party Disclosures [Line Items]
Short-term benefits	$ 5,451	$ 5,124
Equity based compensation	8,015	8,951
Key management personnel compensation	$ 13,466	$ 14,075
Key management personnel [member]
Disclosure Of Related Party Disclosures [Line Items]
Number of individuals included in the above amounts | individual	15	16

Supplemental information - Chan

Supplemental information - Changes in Non-cash Working Capital (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Supplemental information .
Accounts receivable	$ 130,725	$ (45,067)
Crude oil inventory	(37,676)	413
Prepaid expenses	76,452	(45,617)
Accounts payable and accrued liabilities	(101,074)	40,786
Income taxes payable	(42,953)	304,516
Dividends payable	3,169	0
Working capital assumed in acquisitions	(109,134)	0
Foreign exchange	7	(12,046)
Changes in non-cash working capital	(80,484)	242,985
Changes in non-cash operating working capital	(61,117)	216,869
Changes in non-cash investing working capital	(19,367)	26,116
Changes in non-cash working capital	$ (80,484)	$ 242,985

Supplemental information - Comp

Supplemental information - Components of Cash and Cash Equivalents (Details) - CAD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Supplemental information
Cash on deposit with financial institutions	$ 140,795	$ 13,701
Guaranteed investment certificates	661	135
Cash and cash equivalents	$ 141,456	$ 13,836	$ 6,028

Supplemental information - Wage

Supplemental information - Wages and Benefits (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure Of Supplemental Information [Line Items]
Wages and benefits	$ 148,968	$ 120,690
Operating expense [Member]
Disclosure Of Supplemental Information [Line Items]
Wages and benefits	87,418	75,165
General and administration expense [Member]
Disclosure Of Supplemental Information [Line Items]
Wages and benefits	$ 61,550	$ 45,525

Supplemental information - Cont

Supplemental information - Contractual obligations and commitments (Details) $ in Millions	Dec. 31, 2023 CAD ($)
Disclosure Of Supplemental Information [Line Items]
Total contractual obligations and commitments	$ 1,823,816
Leases obligations	59.7
leases due to commence	117.5
Surface lease rental commitments of	56.5
Contractual obligation	2.4
Long-term debt
Disclosure Of Supplemental Information [Line Items]
Total contractual obligations and commitments	1,195,712
Lease obligations
Disclosure Of Supplemental Information [Line Items]
Total contractual obligations and commitments	236,061
Processing and transportation agreements
Disclosure Of Supplemental Information [Line Items]
Total contractual obligations and commitments	275,602
Purchase obligations
Disclosure Of Supplemental Information [Line Items]
Total contractual obligations and commitments	48,085
Drilling and services agreements
Disclosure Of Supplemental Information [Line Items]
Total contractual obligations and commitments	68,356
Less than 1 year
Disclosure Of Supplemental Information [Line Items]
Total contractual obligations and commitments	209,510
Less than 1 year | Long-term debt
Disclosure Of Supplemental Information [Line Items]
Total contractual obligations and commitments	58,690
Less than 1 year | Lease obligations
Disclosure Of Supplemental Information [Line Items]
Total contractual obligations and commitments	58,034
Less than 1 year | Processing and transportation agreements
Disclosure Of Supplemental Information [Line Items]
Total contractual obligations and commitments	42,127
Less than 1 year | Purchase obligations
Disclosure Of Supplemental Information [Line Items]
Total contractual obligations and commitments	32,087
Less than 1 year | Drilling and services agreements
Disclosure Of Supplemental Information [Line Items]
Total contractual obligations and commitments	18,572
1 - 3 years
Disclosure Of Supplemental Information [Line Items]
Total contractual obligations and commitments	678,471
1 - 3 years | Long-term debt
Disclosure Of Supplemental Information [Line Items]
Total contractual obligations and commitments	480,682
1 - 3 years | Lease obligations
Disclosure Of Supplemental Information [Line Items]
Total contractual obligations and commitments	80,281
1 - 3 years | Processing and transportation agreements
Disclosure Of Supplemental Information [Line Items]
Total contractual obligations and commitments	54,205
1 - 3 years | Purchase obligations
Disclosure Of Supplemental Information [Line Items]
Total contractual obligations and commitments	13,519
1 - 3 years | Drilling and services agreements
Disclosure Of Supplemental Information [Line Items]
Total contractual obligations and commitments	49,784
3 - 5 years
Disclosure Of Supplemental Information [Line Items]
Total contractual obligations and commitments	156,449
3 - 5 years | Long-term debt
Disclosure Of Supplemental Information [Line Items]
Total contractual obligations and commitments	72,743
3 - 5 years | Lease obligations
Disclosure Of Supplemental Information [Line Items]
Total contractual obligations and commitments	53,839
3 - 5 years | Processing and transportation agreements
Disclosure Of Supplemental Information [Line Items]
Total contractual obligations and commitments	27,493
3 - 5 years | Purchase obligations
Disclosure Of Supplemental Information [Line Items]
Total contractual obligations and commitments	2,374
After 5 years
Disclosure Of Supplemental Information [Line Items]
Total contractual obligations and commitments	779,386
After 5 years | Long-term debt
Disclosure Of Supplemental Information [Line Items]
Total contractual obligations and commitments	583,597
After 5 years | Lease obligations
Disclosure Of Supplemental Information [Line Items]
Total contractual obligations and commitments	43,907
After 5 years | Processing and transportation agreements
Disclosure Of Supplemental Information [Line Items]
Total contractual obligations and commitments	151,777
After 5 years | Purchase obligations
Disclosure Of Supplemental Information [Line Items]
Total contractual obligations and commitments	$ 105

Supplemental information - Outs

Supplemental information - Outstanding Risk Management Positions (Details)	12 Months Ended
	Dec. 31, 2023 item $ / Mcf $ / Mcf € / Mcf $ / bbl $ / shares shares
Crude Oil West Texas Intermediate Q1 2024
Statement [Line Items]
Description of presentation currency	USD
Derivative, daily bought put volume	0
Derivative, weighted average bought put | $ / bbl	0
Derivative, daily sold call volume	0
Derivative, weighted average sold call | $ / bbl	0
Derivative, daily sold put volume	0
Derivatives, daily sold swap volume	12,500
Derivative, weighted average sold swap price | $ / bbl	79
Crude Oil West Texas Intermediate Q2 2024
Statement [Line Items]
Description of presentation currency	USD
Derivative, daily bought put volume	0
Derivative, weighted average bought put | $ / bbl	0
Derivative, daily sold call volume	0
Derivative, weighted average sold call | $ / bbl	0
Derivative, daily sold put volume	0
Derivatives, daily sold swap volume	9,500
Derivative, weighted average sold swap price | $ / bbl	80.11
Crude Oil West Texas Intermediate Q3 2024
Statement [Line Items]
Description of presentation currency	USD
Derivative, daily bought put volume	0
Derivative, weighted average bought put | $ / bbl	0
Derivative, daily sold call volume	0
Derivative, weighted average sold call | $ / bbl	0
Derivative, daily sold put volume	0
Derivatives, daily sold swap volume	9,500
Derivative, weighted average sold swap price | $ / bbl	80.11
North American Gas Aeco Year One Q1 2024
Statement [Line Items]
Description of presentation currency	CAD
Derivative, daily bought put volume	4,739
Derivative, weighted average bought put | $ / Mcf	3.17
Derivative, daily sold call volume	4,739
Derivative, weighted average sold call | $ / Mcf	4.22
Derivative, daily sold put volume	0
Derivatives, daily sold swap volume	4,739
Derivative, weighted average sold swap price | $ / Mcf	3.69
North American Gas Aeco Year One Q2 2024
Statement [Line Items]
Description of presentation currency	CAD
Derivative, daily bought put volume	4,739
Derivative, weighted average bought put | $ / Mcf	3.17
Derivative, daily sold call volume	4,739
Derivative, weighted average sold call | $ / Mcf	4.22
Derivative, daily sold put volume	0
Derivatives, daily sold swap volume	19,904
Derivative, weighted average sold swap price | $ / Mcf	3.14
North American Gas Aeco Year One Q3 2024
Statement [Line Items]
Description of presentation currency	CAD
Derivative, daily bought put volume	4,739
Derivative, weighted average bought put | $ / Mcf	3.17
Derivative, daily sold call volume	4,739
Derivative, weighted average sold call | $ / Mcf	4.22
Derivative, daily sold put volume	0
Derivatives, daily sold swap volume	19,904
Derivative, weighted average sold swap price | $ / Mcf	3.14
North American Gas Aeco Year One Q4 2024
Statement [Line Items]
Description of presentation currency	CAD
Derivative, daily bought put volume	4,739
Derivative, weighted average bought put | $ / Mcf	3.17
Derivative, daily sold call volume	4,739
Derivative, weighted average sold call | $ / Mcf	4.22
Derivative, daily sold put volume	0
Derivatives, daily sold swap volume	9,849
Derivative, weighted average sold swap price | $ / Mcf	3.31
North American Gas Aeco Year Two Q1
Statement [Line Items]
Description of presentation currency	CAD
Derivative, daily bought put volume	4,739
Derivative, weighted average bought put | $ / Mcf	3.17
Derivative, daily sold call volume	4,739
Derivative, weighted average sold call | $ / Mcf	4.22
Derivative, daily sold put volume	0
Derivatives, daily sold swap volume	23,695
Derivative, weighted average sold swap price | $ / Mcf	3.89
North American Gas Aeco Year Two Q2
Statement [Line Items]
Description of presentation currency	CAD
Derivative, daily bought put volume	4,739
Derivative, weighted average bought put | $ / Mcf	3.17
Derivative, daily sold call volume	4,739
Derivative, weighted average sold call | $ / Mcf	4.22
Derivative, daily sold put volume	0
Derivatives, daily sold swap volume	23,695
Derivative, weighted average sold swap price | $ / Mcf	3.89
North American Gas Aeco Year Two Q3
Statement [Line Items]
Description of presentation currency	CAD
Derivative, daily bought put volume	4,739
Derivative, weighted average bought put | $ / Mcf	3.17
Derivative, daily sold call volume	4,739
Derivative, weighted average sold call | $ / Mcf	4.22
Derivative, daily sold put volume	0
Derivatives, daily sold swap volume	23,695
Derivative, weighted average sold swap price | $ / Mcf	3.89
North American Gas Aeco Year Two Q4
Statement [Line Items]
Description of presentation currency	CAD
Derivative, daily bought put volume	4,739
Derivative, weighted average bought put | $ / Mcf	3.17
Derivative, daily sold call volume	4,739
Derivative, weighted average sold call | $ / Mcf	4.22
Derivative, daily sold put volume	0
Derivatives, daily sold swap volume	23,695
Derivative, weighted average sold swap price | $ / Mcf	3.89
North American Gas Aeco Year Three Q1
Statement [Line Items]
Description of presentation currency	CAD
Derivative, daily bought put volume	4,739
Derivative, weighted average bought put | $ / Mcf	3.17
Derivative, daily sold call volume	4,739
Derivative, weighted average sold call | $ / Mcf	4.22
Derivative, daily sold put volume	0
Derivatives, daily sold swap volume	23,695
Derivative, weighted average sold swap price | $ / Mcf	3.89
North American Gas Aeco Year Three Q2
Statement [Line Items]
Description of presentation currency	CAD
Derivative, daily bought put volume	4,739
Derivative, weighted average bought put | $ / Mcf	3.17
Derivative, daily sold call volume	4,739
Derivative, weighted average sold call | $ / Mcf	4.22
Derivative, daily sold put volume	0
Derivatives, daily sold swap volume	23,695
Derivative, weighted average sold swap price | $ / Mcf	3.89
North American Gas Aeco Year Three Q3
Statement [Line Items]
Description of presentation currency	CAD
Derivative, daily bought put volume	4,739
Derivative, weighted average bought put | $ / Mcf	3.17
Derivative, daily sold call volume	4,739
Derivative, weighted average sold call | $ / Mcf	4.22
Derivative, daily sold put volume	0
Derivatives, daily sold swap volume	23,695
Derivative, weighted average sold swap price | $ / Mcf	3.89
North American Gas Aeco Year Three Q4
Statement [Line Items]
Description of presentation currency	CAD
Derivative, daily bought put volume	4,739
Derivative, weighted average bought put | $ / Mcf	3.17
Derivative, daily sold call volume	4,739
Derivative, weighted average sold call | $ / Mcf	4.22
Derivative, daily sold put volume	0
Derivatives, daily sold swap volume	23,695
Derivative, weighted average sold swap price | $ / Mcf	3.89
North American Gas Nymex Henry Hub Year One Q1
Statement [Line Items]
Description of presentation currency	USD
Derivative, daily bought put volume	20,000
Derivative, weighted average bought put | $ / Mcf	3.50
Derivative, daily sold call volume	20,000
Derivative, weighted average sold call | $ / Mcf	4.45
Derivative, daily sold put volume	0
Derivatives, daily sold swap volume	4,000
Derivative, weighted average sold swap price | $ / Mcf	3.51
North American Gas Nymex Henry Hub Year One Q2
Statement [Line Items]
Description of presentation currency	USD
Derivative, daily bought put volume	20,000
Derivative, weighted average bought put | $ / Mcf	3.50
Derivative, daily sold call volume	20,000
Derivative, weighted average sold call | $ / Mcf	4.45
Derivative, daily sold put volume	0
Derivatives, daily sold swap volume	4,000
Derivative, weighted average sold swap price | $ / Mcf	3.51
North American Gas Nymex Henry Hub Year One Q3
Statement [Line Items]
Description of presentation currency	USD
Derivative, daily bought put volume	20,000
Derivative, weighted average bought put | $ / Mcf	3.50
Derivative, daily sold call volume	20,000
Derivative, weighted average sold call | $ / Mcf	4.45
Derivative, daily sold put volume	0
Derivatives, daily sold swap volume	4,000
Derivative, weighted average sold swap price | $ / Mcf	3.51
North American Gas Nymex Henry Hub Year One Q4
Statement [Line Items]
Description of presentation currency	USD
Derivative, daily bought put volume	20,000
Derivative, weighted average bought put | $ / Mcf	3.50
Derivative, daily sold call volume	20,000
Derivative, weighted average sold call | $ / Mcf	4.45
Derivative, daily sold put volume	0
Derivatives, daily sold swap volume	4,000
Derivative, weighted average sold swap price | $ / Mcf	3.51
North American Gas Nymex Henry Hub Year Two Q1
Statement [Line Items]
Description of presentation currency	USD
Derivative, daily bought put volume	24,000
Derivative, weighted average bought put | $ / Mcf	3.50
Derivative, daily sold call volume	24,000
Derivative, weighted average sold call | $ / Mcf	4.49
Derivative, daily sold put volume	0
Derivatives, daily sold swap volume	0
North American Gas Nymex Henry Hub Year Two Q2
Statement [Line Items]
Description of presentation currency	USD
Derivative, daily bought put volume	24,000
Derivative, weighted average bought put | $ / Mcf	3.50
Derivative, daily sold call volume	24,000
Derivative, weighted average sold call | $ / Mcf	4.49
Derivative, daily sold put volume	0
Derivatives, daily sold swap volume	0
North American Gas Nymex Henry Hub Year Two Q3
Statement [Line Items]
Description of presentation currency	USD
Derivative, daily bought put volume	24,000
Derivative, weighted average bought put | $ / Mcf	3.50
Derivative, daily sold call volume	24,000
Derivative, weighted average sold call | $ / Mcf	4.49
Derivative, daily sold put volume	0
Derivatives, daily sold swap volume	0
North American Gas Nymex Henry Hub Year Two Q4
Statement [Line Items]
Description of presentation currency	USD
Derivative, daily bought put volume	24,000
Derivative, weighted average bought put | $ / Mcf	3.50
Derivative, daily sold call volume	24,000
Derivative, weighted average sold call | $ / Mcf	4.49
Derivative, daily sold put volume	0
Derivatives, daily sold swap volume	0
North American Gas Nymex Henry Hub Year Three Q1
Statement [Line Items]
Description of presentation currency	USD
Derivative, daily bought put volume	24,000
Derivative, weighted average bought put | $ / Mcf	3.50
Derivative, daily sold call volume	24,000
Derivative, weighted average sold call | $ / Mcf	4.49
Derivative, daily sold put volume	0
Derivatives, daily sold swap volume	0
North American Gas Nymex Henry Hub Year Three Q2
Statement [Line Items]
Description of presentation currency	USD
Derivative, daily bought put volume	24,000
Derivative, weighted average bought put | $ / Mcf	3.50
Derivative, daily sold call volume	24,000
Derivative, weighted average sold call | $ / Mcf	4.49
Derivative, daily sold put volume	0
Derivatives, daily sold swap volume	0
North American Gas Nymex Henry Hub Year Three Q3
Statement [Line Items]
Description of presentation currency	USD
Derivative, daily bought put volume	24,000
Derivative, weighted average bought put | $ / Mcf	3.50
Derivative, daily sold call volume	24,000
Derivative, weighted average sold call | $ / Mcf	4.49
Derivative, daily sold put volume	0
Derivatives, daily sold swap volume	0
North American Gas Nymex Henry Hub Year Three Q4
Statement [Line Items]
Description of presentation currency	USD
Derivative, daily bought put volume	24,000
Derivative, weighted average bought put | $ / Mcf	3.50
Derivative, daily sold call volume	24,000
Derivative, weighted average sold call | $ / Mcf	4.49
Derivative, daily sold put volume	0
Derivatives, daily sold swap volume	0
European Gas NBP Year One Q1
Statement [Line Items]
Description of presentation currency	EUR
Derivative, daily bought put volume	4,913
Derivative, weighted average bought put | € / Mcf	41.03
Derivative, daily sold call volume	4,913
Derivative, weighted average sold call | € / Mcf	84.26
European Gas NBP Year One Q2
Statement [Line Items]
Description of presentation currency	EUR
Derivatives, daily sold swap volume	2,457
Derivative, weighted average sold swap price | € / Mcf	14.65
European Gas NBP Year One Q3
Statement [Line Items]
Description of presentation currency	EUR
Derivatives, daily sold swap volume	2,457
Derivative, weighted average sold swap price | € / Mcf	14.65
European Gas TTF Year One Q1
Statement [Line Items]
Description of presentation currency	EUR
Derivative, daily bought put volume	35,623
Derivative, weighted average bought put | € / Mcf	37.85
Derivative, daily sold call volume	35,623
Derivative, weighted average sold call | € / Mcf	71.90
Derivatives, daily sold swap volume	7,370
Derivative, weighted average sold swap price | € / Mcf	41.19
European Gas TTF Year One Q2
Statement [Line Items]
Description of presentation currency	EUR
Derivative, daily bought put volume	7,278
Derivative, weighted average bought put | € / Mcf	25.96
Derivative, daily sold call volume	7,278
Derivative, weighted average sold call | € / Mcf	45.76
Derivatives, daily sold swap volume	30,709
Derivative, weighted average sold swap price | € / Mcf	14.08
European Gas TTF Year One Q3
Statement [Line Items]
Description of presentation currency	EUR
Derivative, daily bought put volume	7,278
Derivative, weighted average bought put | € / Mcf	25.96
Derivative, daily sold call volume	7,278
Derivative, weighted average sold call | € / Mcf	45.76
Derivatives, daily sold swap volume	30,709
Derivative, weighted average sold swap price | € / Mcf	14.08
European Gas TTF Year One Q4
Statement [Line Items]
Description of presentation currency	EUR
Derivative, daily bought put volume	4,913
Derivative, weighted average bought put | € / Mcf	13.19
Derivative, daily sold call volume	4,913
Derivative, weighted average sold call | € / Mcf	18.32
Derivatives, daily sold swap volume	34,394
Derivative, weighted average sold swap price | € / Mcf	15.13
European Gas TTF Year Two Q1
Statement [Line Items]
Description of presentation currency	EUR
Derivative, daily bought put volume	4,913
Derivative, weighted average bought put | € / Mcf	13.19
Derivative, daily sold call volume	4,913
Derivative, weighted average sold call | € / Mcf	18.32
Derivatives, daily sold swap volume	34,394
Derivative, weighted average sold swap price | € / Mcf	15.13
European Gas TTF Year Two Q2
Statement [Line Items]
Description of presentation currency	EUR
Derivatives, daily sold swap volume	17,197
Derivative, weighted average sold swap price | € / Mcf	14.40
European Gas TTF Year Two Q3
Statement [Line Items]
Description of presentation currency	EUR
Derivatives, daily sold swap volume	17,197
Derivative, weighted average sold swap price | € / Mcf	14.40
European Gas TTF Year Two Q4
Statement [Line Items]
Description of presentation currency	EUR
Derivatives, daily sold swap volume	12,284
Derivative, weighted average sold swap price | € / Mcf	13.51
European Gas TTF Year Three Q1
Statement [Line Items]
Description of presentation currency	EUR
Derivatives, daily sold swap volume	12,284
Derivative, weighted average sold swap price | € / Mcf	13.51
European Gas TTF Year Three Q2
Statement [Line Items]
Description of presentation currency	EUR
Derivatives, daily sold swap volume	9,827
Derivative, weighted average sold swap price | € / Mcf	9.67
European Gas TTF Year Three Q3
Statement [Line Items]
Description of presentation currency	EUR
Derivatives, daily sold swap volume	9,827
Derivative, weighted average sold swap price | € / Mcf	9.67
European Gas Buy TTF Sell NBP Basis Year One Q1
Statement [Line Items]
Description of presentation currency	EUR
Derivatives, daily sold swap volume	22,111
Derivative, weighted average sold swap price | € / Mcf	(0.26)
European Gas THE Year One Q4
Statement [Line Items]
Description of presentation currency	EUR
Derivatives, daily sold swap volume	2,457
Derivative, weighted average sold swap price | € / Mcf	14.95
European Gas THE Year Two Q1
Statement [Line Items]
Description of presentation currency	EUR
Derivatives, daily sold swap volume	2,457
Derivative, weighted average sold swap price | € / Mcf	14.95
European Gas THE Year Two Q2
Statement [Line Items]
Description of presentation currency	EUR
Derivatives, daily sold swap volume	2,457
Derivative, weighted average sold swap price | € / Mcf	14.95
European Gas THE Year Two Q3
Statement [Line Items]
Description of presentation currency	EUR
Derivatives, daily sold swap volume	2,457
Derivative, weighted average sold swap price | € / Mcf	14.95
Swap Contract One [Member] | VET Equity Swaps [Member]
Statement [Line Items]
Derivative interest maturity period	Jan 2020 - Apr 2025
Initial Share Price | $ / shares	$ 20.9788
Share Volume | shares	2,250,000
Swap Contract Two [Member] | VET Equity Swaps [Member]
Statement [Line Items]
Derivative interest maturity period	Jan 2020 - Jul 2025
Initial Share Price | $ / shares	$ 22.4587
Share Volume | shares	1,500,000

Supplemental information - Fore

Supplemental information - Foreign exchange (Details)	12 Months Ended
	Dec. 31, 2023 CAD ($) $ / shares $ / country
Collar
Disclosure Of Supplemental Information [Line Items]
Derivative interest maturity period	Jan 2024 - Dec 2024
Monthly Bought Put Amount	$ 4,000,000
Currency Bought	USD
Weighted Average Bought Put Price | $ / country	1.3600
Monthly Sold Call Amount	$ 4,000,000
Currency Sold	USD
Weighted Average Sold Call Price | $ / country	1.3963
Monthly Sold Swap Amount	$ 0
Weighted Average Sold Swap Price | $ / shares	0
Forward
Disclosure Of Supplemental Information [Line Items]
Derivative interest maturity period	Jan 2024 - Dec 2024
Monthly Bought Put Amount	$ 0
Weighted Average Bought Put Price | $ / country	0
Monthly Sold Call Amount	$ 0
Weighted Average Sold Call Price | $ / country	0
Monthly Sold Swap Amount	$ 4,000,000
Currency Swap	USD
Weighted Average Sold Swap Price | $ / shares	1.3531

Supplemental information - Sold

Supplemental information - Sold option instruments (Details) - WTI Oct 2024 - Sep 2025	12 Months Ended
	Dec. 31, 2023 item $ / bbl
Disclosure of financial assets [line items]
Derivative interest maturity period	Oct 2024 - Sep 2025
Description of presentation currency	USD
Option Expiration Date	Mar. 29, 2024
Derivative, daily bought put volume | item	0
Derivative, weighted average bought put | $ / bbl	0
Derivative, daily sold call volume | item	0
Derivative, weighted average sold call | $ / bbl	0
Derivative, daily sold put volume | item	0
Derivative, weighted average sold put | $ / bbl	0
Derivatives, daily sold swap volume | item	1,000
Derivative, weighted average sold swap price | $ / bbl	80