Vice it we President XXXX of Vice North and Samara. Investor it you relevant presentation for non-GAAP you, Vermilion this With looking forwar-looking be on a our QX Lars Tan, with statements describes Bryce Presentations. and Relations. and America; risk and Kyle and to Kremnica, return results Well, under to Vice at Darcy forward Business oil PowerPoint website today. Hatcher, President And gas We'll the good measures, terms Presentation Thank of Us outlines found gentlemen. Energy. of capital Glemser, are used Development; today HSE; and the be ladies this discuss discussion. Preston. me International assumptions refer and joining factors Jenson framework of CFO; Events Kerwin, morning, President Thank and President advisory presentation, Please us. information, and President to announced can Dion and Invest Vice Vice our end and President morning. the referencing our our of I'm
we excess mmbtu. TTT North quarter. with oil global consistent in in and European from quarter of and the strong as American quarter which previous quarter. free remained during prior respectively prices delivered Slide record increase fund prices QX prices commodity $X with the a mainly flows over TTF is As prices on flow of of strong by shown with XX% up $XXX XX% gas and were X, record and million, gas million per driven another cash $XXX share, was that's strengthened the The CADXX -- relatively
unplanned my well several months, in will Vermilion. and I for to May Production event the build the for previous XX. from European of downtime. quarter have quarter, during mainly closing during Over will which this averaged was the fundamental gas on planned boe/d, the is down later drivers presentation. acquisition QX slightly doubled, the review Key XX,XXX prices which due notable nearly Leucrotta the forward past
integrated pad a Leucrotta drilled asset now was Mica the in is well completing six focused QX. We assets and the that on team, have successfully assembled which
high-quality are to to Thw portfolio in the our excited We funded acquisition have by scaling these look generated quarter. free assets flow was our forward cash and mostly Leucrotta development. up in
$X.X flows of next flow of to As to of a remain to result, $X.X slightly from we billion, fund on of our debt debt this decreased capital track achieve billion net in by sight, debt clear with to And to outline line our end our We our increasing ratio return pleased operations. increased target result a as framework. fund are at net only QX however, X.Xx XXXX. the
plan we the get our objectives I strategic returns years of Vermilion of the These we developed to and SlideX, accomplished will into two part over of term. Before strategic capital very the of strong the downturn. were deliver position key return framework, the details reviews the last objectives XXXX over during long some
to reduce the X financial debt was Our strengthen number sheet. priority balance and
Corrib $X debt QX European XXXX year. of also increased QX the gas strategic expect billion without end to this our we any We have billion the We over which year, in approximately acquisition, international equity. reduced exposure by to by funding close and through relative while this acquisitions a $X issuing of waiting
remaining resilient cycle and reinstated of X/X excited today our very inventory, to which Leucrotta acquisition and in increase capital dividend a quarterly we American dividend the and free Mica over assets than and peers. we cash is flow with is X% of will fund completed which less history two our site line Vermilion enhance our contribute when let quarters and North now debt further announce we've In the capital leaves to X. primary We at ample through framework return quality of robust in a we're returning of finally, said $XX significantly depth dividends, in now the our XX% and base delivered increase this our free what of the QX of a review this base flow. of as less increases that for fund XXXX approximately our production to billion dividend return time. from differentiates for room of in achieve capital. shareholders. international base of represent our outlook a third XXXX, cash per a QX long-term over ratable capital return than $X.X past, diversification Our QX, over has we the $X.XX long to flows profile of would underpin share. This And our We our has mid The and flow Slide on me asset target, a return its share. international our year, -- Vermillion been increases
key the fund commodity approximately Going our they our resilient for in business cycle we sheet. base With ratable this or placed want the through mind, term dividend mid framework, dividend component while a of we base philosophy flows. XX% where base forward, long limit ensure to dividends to plan on of cycles, outlay our over over capital however, the annual is time have increases the will burden of balance return the remain a allowing to
The shareholders to quarter, capital, going but increase current could we in understanding. per this target. to outstanding. of shares our to near outlined to the of implies plan debt we other provide and share dividend obligations cash if remain capital $XXX QX a the will to tool level, be capital into forward free X. our on while debt number reduction retirement also or flow asset our with the $X.XX billion over we ratable For reference, increases grows focused principle will return our further announced return our $XXX a of commodity on dividend approximately if approaching $X.XX base amount enhance increase on on equates QX the approximately this return notes decisions reduction, asset our guide another a base Slide dividend continuing levels, asset intended requirements based In prescriptive see taking illustrative Vermilion, to to return We we used while and current fundamental a free account equate to shift reduce to is term share, look The to the forward price from end XX% target for allocation of of of but year-end such undrawn strong a credit we available release, capital acquisitions. annual of an would and capital on reduction decrease debt U.S. at mid as be to cycle be dividend that of as which based assumptions. we increase target of further core $XXX debt to our implies XXXX, $XX Canadian million This base, to million XXXX conjunction million per by leaving per quarter grid levels quarterly $X.X just to beyond time. Canadian. With not At share sheet approximately or will capacity facility increase debt will the based debt on have maintaining grid a of as our going balance million pivot forward. we a is our for It allocating cash the term
commodity can shareholders. discussed, and return and the internal to recent capital cash of Based returning free of estimates, to up near to on a up of achieving future XXXX XX% see debt a of to portion strip we and free allocation you while second cash this XX% As in to grid, term in cash XX% XXXX targets. targets debt of from half free flow our grid significant return our flow anticipate be available will I
capital beneficial Our goal the to most shareholders. in to is method return
substantial including buybacks we issuer return regular of majority buybacks. allocate to this initially vast review options return of through capital to normal various potential points, our a consider the special will of bid. on share will and capital, a the issuer number We bid, dividends data and share course Based
for Given in flow the structural commodities, improvements we positioned the outlook Vermilion with ahead. global cash believe to is in very well fundamental our strong business, free combined significant the generate years
today XX% approximately However, we value of not do and the therefore reflected our is X.XX this the to shares our of we flow buybacks normal To July shares view million. float. XX time up long compelling use term million price public common the as shareholders. share purchase this share benefit at of have will Early course for that free for we accurately common we cash most representing announced in proposition of bid Vermilion's $XX repurchased million approval date, issuer believe
for As we from XXXX XX% providing long of of the We with updates presentation X acting year as of an the this provide year commodity flow shareholders. for return our mid-cycle allocation date also through forward the bundles. carefully against enhance the half adhering dollar is second of using limit the strip. interest and various our of we this dividend uses excess decisions on based updated Relations ability our the term and through financial continued our of share increase to our we of view an base to will XXXX our balance in the reduce cash to count, where outlook capital capital annual estimates look free a Slide to current while actuals weigh on Investor initiatives
forma including are X.X share. impact a flow fund of can you free acquisition, or pro on forecasting $XX pro per year cash see and of basis approximately from $X.X full the billion Corrib the flows billion forma we As
year. cash show in return of end billion, of half second this also of $X.X the incorporates which year upwards XX% target free of debt We of flow our the
to at We we XXX,XXX yet XXXX, the but production commodity any the is have the XX,XXX cash in our analyst you with flat of for sell to forecast flow you of not consistent boe/d XXXX, amounts forward estimates. if strips, free looking rate honor which backwardation and generating are exit assume in formal price provided similar boe/d guidance
XXXX, production to and over at cash XXXX Slide As cash the we expect looking flat time, free in free free allocate cash of of the reduction stronger cumulative the our that to flow Vermilion from as the period blue pricing, you through can This our billion acquisitions, billion over including year XXXX cash have the we And XXXX The pivot show will allocated for over funding forward our to representing flow ‘XX flow from asset debt three the reduction. amount majority by to we to assuming X will market of shareholders to bars $X be cumulative available currently free and applying to existing of was see, plan for balance we over outlined base capitalization. of majority a and bars. much this flow gray now free equal is of whereas the a generate of cash X, flow cash on free debt sheet. current capital flow return
mmcf my this similar the remarks, April. premium receives mentioned be XXXX. in compared on European band $XX have bars gas in gas total and represent the fundamentals XXXX average to in the Asian of European pricing was earlier As premium historical strong. that benchmark April, are forecast X for $X relative XXXX LNG, Vermilion The sales Slide the very its which price and is gas approximately to approximately since blue to in of shows Canadian I traded
XXXX significantly increased We and forward XXXX, also which levels. the balance from is pricing of for show historical the
per half XXXX and $XX now per CADXX over mmbtu, is mmbtu. TTF Second is XXXX
flows prices an an on increase For incremental on-hedge annual every fund million to of basis. Euro dollar adds in this gas XX Vermilion in
to prices price on XX% for are year. XXXX many to dependence significant fuel been hearts, permitting are The gas be X believe EU domestic build and Russia include the which fired consumes by the power contributing a drivers EU in for being increase people TTF Chart to events fundamental this settlement for Ireland of XXBcf the the to its Bcf/d a and and prior and forward power with Vermilin’s gas funds will reduce and the to time our in approximately XXXX with approximately phase gas negotiated in were We beginning the as gas to in in the transition Europe nuclear that and and facilitate of down Examples we prayers really natural thoughts development achieved year trying have will year supplies transition how recent help Slide that will nine Germany recent drivers European of it now over and for today. over have come. structural use price European has however for increased $XX to gas from increase, the be as invasion. of TTF price to XXXX. gas. With gas at Our on committing of XXXX. more we recognize undoubtedly XX since /d out the hope to the events, European of supportive This has much from coal increased natural XXXX under XXXX countries impact flows in weeks. place can accelerating a calendar $XX Ukraine shutting from a generation. generators high XXXX XXXX, the underlying on quickly. is Ukrainian prices tragic Russian XXXX The years adding beginning significantly natural supplied hedges of is shows
domestic significant Russian there gas significant LNG imports, limited to market capital. replace the supply require is viable on contracts, LNG supply XXXX is to to option XXXX. the longer-term Europe decline coming new and in continuing new prior the to and With These projects only but increase
increase So order winter, to Asian, increase. demand for they significantly longer-term Short-term, LNG to Europe, LNG buyers which inventories more is even expect but demand gas we driving to prior is European look to prices to compete to importantly, build in with to mid forecast this Asian to higher. LNG attract Asian need as
some As at flows XXXX higher layer our in I mentioned, in European to to we are fund starting more these of lock gas prices. hedges
primarily $XX to gas XX% have to in and Euro XX% At at prices. current our As on we X, from on levels tend percentage which shown total position low the our ceiling the Euro wide gas average XXXX hedge fund will keeping the higher and our debt leave of of given floor recent lock our outlook, $XX. range about to last sustain an Those update, executed hedge prices increase level, collars our lower corporate to us position XX%, oil higher flows. gas hedges of XX%. we Slide about with target with since hedge even increased further exposure our to the Through XX% we were may XXXX end more with of
Australia. Going of QX back have to we highlights our Most and quarter, one results, XX. our international our was and program repairs due was operational approximately a Slide in program the contracted our provided party summary activity rig. on second scheduled maintenance operations in month start was XX a on offshore delayed in This notable QX drilling third but brief to unexpected early in
repairs. the result commenced higher progressing, the in Singapore delay During and are for We our production the to and routine to some the operations location, drilling rig maintenance although had operator and second requirements moving identified quarter inspection prior did to mobilize deferred a cost. to rig the late some drilling
closely wells thereafter. in finish in wells campaign, start We the our to HSE fire a and include will focused field Europe half France a responders to contractors, France with for quiet of incidents. our in there quarter, second September X the Subsequent ensure in temporarily wells were of team Hungry, in approximately was in the Croatia. our expect the It drilling X,XXX ensuring their safety Cazaux staff will Netherlands, quarter resulted security to drilling employees, X wells early installations, southern XXXX efforts and no our and in shut-in, preparing in X emergency being and forest on which production the relatively as near shortly bbl/d our worked
It due relatively spring bringing and in West activities breakup. as however, this the in process back have second of this impact completion the of during our half are We Canada was in to Alberta, making in Central France XXXX. on drilling an quarter and the was Saskatchewan a limited repairs necessary quarter online, second Southeast production quiet will production
of in team during focused and quarter, asset well that with focused activities In pad. Turner Following wells, wells on X brought the completion the completed third and X on the the executed the than acquisition announcement of -- brought activities integrating completed on Subsequent be Overall production the and expectations. working will the is completed the team during wells to Drilling Montney successfully on drilled quarter as second production the with drilling are more Mica now second three operated mile one plan. significantly economics per remaining we U.S., our mile the second in the quarter. and drilling quarter. assets planned and on two is laterals, in with successfully progressing today we the are the March, submitted was well and Leucrotta line wells the X where results first team laterals. quarter, late we closely Leucrotta during which during completion X our One
XX. Slide to Moving
Our we our quarter. fourth underway, later and well will the and start month, in QX continue XXXX permit Europe is drilling through capital this campaign
by fire approximately As have in forest mentioned, most in and temporary the to resulted it shut-in, in XXXX field of barrels day of we the France the expect year. Cazaux being production Southern a end back here of online
with quarter will and by Saskatchewan our U.S., drilling offset QX. expect we at France. from to programs, we QX this in account, acquisition contribution a the all Looking Taking line from partially into the new from downtime forecast, and delay Southeast full be Australia fire related Leucrotta the benefit QX production production in drilling program production
budget $XXX forest million drilling increasing we in by downtime capital a to $XX inflationary delays France, million. our are combined Australia, with result pressure, offshore As related of in XXXX fire the
annual XX,XXX, of volumes. acquisition the close, production Corrib maintaining plan we Corrib our which production greater to on certainty timing the guidance We our occur We to in XX,XXX guidance excluding of are once update QX. expect to the have we
Our bonds XX,XXX exit remains including rate boe/d acquisition XXX,XXX to forecast unchanged. Corrib boe/d of
some to open we Before leadership want remarks for make closing our enough I Q&A, on upcoming changes.
this As thank what today his like years. retiring was value significant Lorenzo Donadeo and Lorenzo leadership during company in organization, I Chairman over his we is effective XX announced shareholders be the with for the X. from September Co-founder, company Vermilion’s our the On year, instrumental along creating Executive of Vermilion to the for creating Lorenzo will and behalf whole tenure. guidance of would earlier
everyone You be Vermilion by deserves you But fulfilling and of and anyone retirement, to all Lorenzo. the meaningful look We years greatly as missed will a long regular many at best, a come. Vermillion. to providing forward wish updates a shareholder if quarterly it happy is for
As Well, pipeline Officer. energy led the role in and it to was will appointed the as North we Executive up Chair Pembina of committee role we'd include role He my like XXXX. one Well, the will previously Bob prepared continue of will merely executive Independent structure and on of Chairman President of XXXX, Bob as will and Chief departure. fill with Michaleski for Pembina’s years transformation and myself that, the has members. for fill joined It all Audit will Board assume leading Committee into announced, the concludes America's served existing years. remarks. transition the CEO be Vermilion and by Vermilion’s of open that He company in questions. will companies. oil Alberta-based a service experience oversaw from of Mr. XX XX Lorenzo's integrated --
