05:21 PM EST, 03/06/2024 (MT Newswires) -- Vermilion Energy ( VET ) Wednesday reported operating and condensed financial results for the year ending Dec. 31, 2023.

The Q4 2023 fund flows from operations (FFO) was $372 million ($2.27/basic share) and exploration and development (E&D) capital expenditures were $143 million, resulting in free cash flow (FCF) of $229 million ($1.40/basic share).

Net debt decreased by $164 million in Q4 2023 to $1.1 billion, the lowest level in a decade and a 50% reduction from the peak in 2020. In addition, Vermilion returned $45 million to shareholders comprised of $16 million of dividends and $29 million of share buybacks.

The 2023 FFO was $1,143 million ($6.98/basic share) and E&D capital expenditures were $590 million, resulting in FCF of $552 million ($3.37/basic share).

Net debt decreased by $266 million in 2023 to $1.1 billion, representing a trailing net debt-to-FFO ratio of under 1.0 times. In addition, Vermilion returned $160 million to shareholders, comprised of $65 million in dividends and $95 million of share buybacks.

Reported a 2023 net loss of $238 million ($1.45/basic share) driven by non-cash impairment charges and dispositions, partially offset by strong price realization and acquisition activity. Excluding non-cash impairments, net earnings were $536 million ($3.27/basic share).

Price: 15.97, Change: +0.11, Percent Change: +0.69