Vermilion Energy Reports Third Quarter Net Loss of $35 Million

The Tip Desk · November 4, 2026 · 2 min read

The energy producer generated $237 million in fund flows from operations during the third quarter ended September 30, 2026.

Vermilion Energy Inc. (VET), the energy producer, reported a net loss of $35 million, or 0.23 a share, for the third quarter ended September 30, 2026. The company said the loss was driven by unrealized losses on derivative instruments, which were partially offset by strong crude oil and European gas pricing. These unrealized losses primarily reflected significant increases in forward European gas and oil prices during the quarter.

Despite the reported net loss, the company generated $237 million in fund flows from operations, or 1.55 a share. Free cash flow exceeded $90 million, which fully funded $146 million in exploration and development capital expenditures.

Third quarter production averaged 117,349 boe/d, with natural gas making up 71% of that volume. The company attributed these levels to planned maintenance in Canada, Germany, and Ireland. A 32-day turnaround in Ireland was completed on-time and on-budget, and production there was fully restored in September 2026.

Vermilion realized an average natural gas sales price of $5.60/mcf. The company said this figure was more than triple the AECO benchmark due to portfolio diversification and structural exposure to premium international gas markets. Month ahead TTF averaged $25/MMBtu in the quarter, and the company stated that current prices for key European gas markets remain elevated.

Net debt was reduced by approximately $60 million to $1.17 billion at September 30, 2026. This brought the total net debt reduction to approximately $900 million over the previous 18 months.

The company returned $41 million to shareholders through share buybacks of $20 million and dividends of $21 million. The share repurchases were twice the value repurchased through the first half of 2026.

Vermilion remains on track to deliver its full-year 2026 production guidance of approximately 122,400 boe/d within a capital budget of $620 million.