04:31 PM EDT, 05/01/2024 (MT Newswires) -- Vermilion Energy ( VET ) on Wednesday said its first-quarter profit plunged on weaker revenue and lower oil and gas prices.

The international oil and gas producer said it earned C$2.31 million, or C$0.01 per share, in the period, down from C$380.22 million, or C$2.34, in the year-prior period.

Revenue fell 8.1% to C$508.04 million from C$552.63 million.

"Production during Q1 2024 averaged 85,505 boe/d, above the upper end of our Q1 2024 guidance range primarily due to strong operating performance from our Germany and United States assets," the company said.

The company declared a cash dividend of C$0.12 per share, payable on July 15 to shareholders of record on June 28.

Vermilion is an international energy producer that is involved in the acquisition, exploration, development and optimization of producing assets in North America, Europe and Australia.