Post Tagged with: "average"

Vermilion Energy Increases Dividend, Reduces Debt

Vermilion Energy Increases Dividend, Reduces Debt

International producer Vermilion Energy Inc. (ticker: VET) increased production by 8% from Q3 2017, reaching an average of 72,821 BOEPD in Q4 2017. For Q4 2017, Vermilion Energy reported net earnings of $8.645 million, or $0.07 per share. This compares to a net loss of $4.032 million, or $(0.03) per share in Q4 2016. Vermilion’s 2017 annual production volumes increased by 7% to 68,021 BOEPD. For 2017, the company earned $62.258 million, or $0.52 per share. This compares to a net loss of $160.051 million, or $1.38 per share in 2016. Capital expenditures in 2017 were $320 million, resulting in $282 million of free cash flow, Vermilion said. This has allowed the company to fund its increased dividend and reduce debt. The board of directors has approved a 7% increase to the monthly dividend to $0.23 per share from $0.215 per share, effective with the April 2018 dividend to be[Read More…]

Permian Basin Economic Indicators

Permian Basin Economic Indicators

The Federal Reserve Bank of Dallas reported that wages in the Permian Basin fell for the second quarter in a row after spiking in first quarter 2017. The rig count and crude oil production rose in January, the Fed said. Wages Average weekly wages fell 0.3% in the Permian Basin, while wages fell by almost 1% statewide between second quarter 2017 and third quarter 2017. The Permian Basin’s decline was led by Midland’s drop of 0.6%. The average weekly wage in the Permian during third quarter 2017 was over $1,200—about 15% more than the Texas average. This is likely because of the larger share of energy jobs in this area relative to the state’s job market, the Fed said. Energy – continued oil production streak and improved rig count The Permian Basin’s rig count rose to 410 rigs in January 2018—an increase of 12 rigs from the prior month and[Read More…]